Middle East ETF News Older than One Year
Qatar Telecom adds slightly, announces details for capital increase
April 25, 2012--The QE 20 Index declined 0.13% to 8,652.87 points. Al Ahli Bank (up 2.79% at QR69.90) was the only lender which advanced.
Shares of the country's first telco provider Qatar Telecom or Qtel closed 0.10% higher at QR129.00. Earlier in the day Qtel announced the details of the rights of subscription for the capital increase decided on March 25. "It shall be given to the shareholders, who are registered in the shareholder register with the Qatar Exchange (QE) and Abu Dhabi Securities Exchange (ADX) on Wednesday, 9 May 2012, at a price of QR75 per share (QR10 nominal value plus a premium of QR65), subject to the announced terms and conditions," Qtel said in a statement to the Qatar Exchange. On March 25 Qtel won approval from its shareholders to increase its authorised share capital to QR5bn or $1.37 billion. In addtion, shareholders gave green light for a 40 per cent rights issue.
Source: AME Info
Kuwait Stock Exchange extends gains the fourth day
April 25, 2012--The KSE Market Index ended 0.14% higher at 6,336.5 points. Investment firm Manazel Holding posted the largest gain (up 11.36% at KD0.0245).
Financials performed overall weaker. The northern Gulf state's largest Islamic financial institution Kuwait Finance House fell 1.33% to KD0.740. "Banking system growth remains muted in Kuwait," said National Bank of Abu Dhabi's Chief Economist and Head of Research Dr. Giyas Gokkent. Kuwait banking sector assets were $163.3bn (+6.4% year-on-year, +1.6% month-on-month) in March. Loans and advances were up by 2.5% year-on-year to $96bn at the end of March 2012 (+0.5% month-on-month) and accounted for 58.8% of banking sector assets.
Source: AME Info
Oil price advance helps Saudi market to rebound
April 25, 2012--The Riyadh bourse Tadawul saw its market gauging re-gaining 0.40% Wednesday, closing at 7,541.5 points.
Petrochemicals leader Sabic added a quarter percent to reach SR102.75. Shares of Southern Cement lost the most (off 2.62% at SR102.25). Oil prices edged higher today, trading at $103.88 per barrel (WTI) in early New York trading.
Source: AME Info
Gary Anderson Named New CEO of DGCX
Gary Anderson Named New CEO of DGCX
Dubai
April 25, 2012--The Dubai Gold and Commodities Exchange (DGCX) today announced the appointment of Gary Anderson as its new Chief Executive Officer (CEO).
Previously, as an Executive Director for Goldman Sachs International, he had responsibility for all aspects of its trading activities on the London International Financial Futures and Options Exchange (LIFFE) floor. He has also served as a member of the Boards of LIFFE, the Futures and Options Association and the London Clearing House.
Before joining DGCX, Anderson was a Founding Partner in Triniti Financial Group, which provides professional trading environments and financial backing for day traders.
Source: DGCX
Qtel denies 'immediate refinancing requirements', shares dip slightly
April 24, 2012--The Qatar Exchange 20 Index failed to benefit from the improved global sentiment Tuesday and fell 0.34% to 8,664.20 points.
Qatar Telecom slipped 0.39% to QR128.90. Qatar Islamic Bank added 0.26% to reach QR77.50. Earlier in the day, Qtel said in clearification of media reports that it does not have any immediate refinancing requirements and accordingly is not undertaking any refinancing at this time. "Current year maturities will be addressed using cash on hand. As part of its ongoing financial management strategy, Qtel continually looks to optimize its funding options as part of its capital structure management," Qtel said in a statement to the Doha-based bourse.
Source: AME Info
DP World shares recover, but remain stuck in the $11 to $12 range
April 24, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1711.19 today, up 0.74%, from the previous close.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Market bellwether Dubai Ports (DP) World added 0.43% to reach $11.70. DPW have been trading in a range between $11 and $12 since mid-January this year. Interior designer Depa Limited closed unchanged at $0.45.
Source: AME Info
Agility gains half a percent, files claim against U. S. Defense Logistics Agency Troop Support
April 24, 2012--The Kuwait Stock Exchange (KSE) Market Index closed unchanged at 6,327.60 Tuesday.
Logistics and transport company Agility rose to KD0.425, up 0.49%. Earlier in the day, Agility said in a statement to the KSE and to the Dubai market DFM, it has files a claim against U. S. Defense Logistics Agency (DLA) Troop Support at the Armed Services Board of Contract Appeals alleging U. S. government officials employed by DLA and the U. S. Department of Justice of 'conspiring' against Agility and depriving the firm of its contract right. The U. S. used Kuwait as a logistics hub during the Iraq war in 2003 and the following occupation which officially ended end of 2011. The Kuwaiti logistics giant Agility seeks $225m, comprising of $158.9m plus interest.
Source: AME Info
Saudi Arabian Tadawul index declines on Europe, China and oil
April 23, 2012--The Saudi Stock Exchange saw it market gauge Tasi falling 0.74% Monday, closing at 7,525.17 points.
Ongoing worries over the Euro zone debt crisis and over a not so soft landing of China's economy weighed on the sentiment. Lower oil prices, (U. S. crude off over 1.6% at $102) also mitigated the Tasi's strong start into the week last Saturday. While Sabic slipped half a percentage point to SR102.75, Banque Saudi Fransi closed flat at SR38.90. Earlier in the day, the lender said the sale of the share fractions which resulted from a capital increase from SR7.2bn to SR904bn during the extraordinary shareholders meeting held on 7.4.2012 was completed. Twenty-nine shares advanced, while 110 declined. Some 544k shares were traded, valued at SR10.6bn.
Source: AME Info
Qatar National Bank dips, increases its stake in Iraq's Mansour Bank
April 23, 2012--The Doha-based Qatar Exchange (QE) 20 Index closed 0.11% lower at 8,693.43 points.
The gas-rich country's largest lender by assets Qatar National or QNB fell 0.30% to QR134. Earlier in the day, QNB said it has obtained the approval of the Central Bank of Iraq take the majority in Mansour Bank in Iraq, increasings its stake from 23% to 51%. "In accordance with the memorandum of understanding, signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with needed technical and logistical support," QNB said in a statement to the Qatari bourse. Doha Bank gained against the trend, closing 0.34% higher at QR59.70.
Source: AME Info
Batelco share price rise halted at Bahrain Bourse
April 23, 2012--The Manama-based Bahrain All Share Index declined 0.47% to 1,151.26 points. Islamic investment bank Ithmaar was the only gaining stock (up 8.70% at $0.125).
Shares of Bahrain Telecommunications or Batelco fell 1.26% to BD0.472 on profit booking. During the last month, Batelco has gained over 25%.
Source: AME Info
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