Middle East ETF News Older than One Year
Islamic banks outperform at Abu Dhabi market ADX
April 11, 2012--The Abu Dhabi Securities Exchange ADX declined 0.58% to 2,532.03 points, as share fell across all sectors.
While the conventional Bank of Sharjah or Bos dipped 0.60%, shares of Abu Dhabi Islamic Bank, known as ADIB, and Sharjah Islamic Bank advanced 1.74% and 1.12%, respectively. According to The Banker Middle East, Shari'ah-compliant UAE lenders account for 30 percent of the global islamic banking industry. 64.5m shares were traded, valued at Dhs103.5m.
Source: AME Info
Air Arabia shares extend bullish flight
April 11, 2012--The Dubai bourse DFM dipped slightly on Wednesday, ending off 0.38% at 1,672.01 points.
While the UAE's first developer Emaar slipped 0.62%, logistics provider Aramex gained the most (up 1.11% at Dhs1.82). Air Arabia advanced 0.42% to close at Dhs0.721. Earlier in the week, the low-budget carrier from Sharjah decided to raise its dividen payout to 6 fils per share. Some 177.1m shares were traded, valued at Dhs238m.
Source: AME Info
Egypt inflation dips in March
April 11, 2012--According to figures by Egypt's state statistics agency CAPMAS, urban consumer inflation was 9% in the 12 months to March, down from 9.2% in February, Reuters has reported.
On a monthly basis, urban inflation increased 1.2%. The urban consumer price index for March was 122.6 versus 112.4 a year earlier, the data showed.
Source: AME Info
Sabic shares hit five-week low as sluggish oil prices weigh on Riyadh
April 10, 2012--The Tadawul All Share Index or Tasi could not follow the rebound in Dubai (up 1.26% on Tuesday) and fell for the fifth session straight, closing off 1.89% at 7,551.88 points as Asia,
European and U. S. markets started weakly into the post-Easter week. Declining oil prices (down 4.24% month-on-month' 6.25% lower year-on-year) added to the negative sentiment in Riaydh as well. Petrochemicals giant Sabic fell to the lowest level since March 6, diving 2.61% to SR102.50. ACE Arabia Cooperative Insurance Company gained the most (up 9.91% at SR94.25). 19 out of 148 traded shares advanced, while a whopping 124 declined in value.
Source: AME Info
Qatar Exchange week-long decline halted
April 10, 2012--The Doha-based measure QE 20 added 0.16% Tuesday, closing at 8,771.07 points.
All sector indexes ended in the green. The country's largest lender Qatar National Bank or QNB added 0.10%, so did market bellwether Industries Qatar.
Source: AME Info
Kuwait shares gain across the board, lift market by half a percent
April 10, 2012--The KSE Market Index finished at 6,148.7 Tuesday, 0.47% higher compared to the previous close. According to a study released today by Global Investment House (unchanged),
Kuwait’s public finance in 2011/12 is all set to post a surplus for the thirteenth year in a row. "Total government revenue is expected to reach KD29.5bn for 2011/12 while expenses even if they touch the usually budgeted high figure of KD19.4bn will amount to a budget surplus of KD10.1bn," Globa said. Islamic financial institution Boubyan Bank soared 3.57%. Ajwan Gulf Real Estate lost the most (off 7.5%).
Source: AME Info
Abu Dhabi bourse's real estate rebound offset by sluggish Etisalat shares
April 10, 2012--The Abu Dhabi market gauge ADXGI closed even at 2,546.82 points.
Developers Aldar and Sorouh gained 2.56%, while market heavyweight Etisalat fell
Source: AME Info
Dubai market bounces back amid rising trading volumes
April 10, 2012--The Dubai Financial Market (DFM) General Index gained 1.26% Tuesday to close at 1,678.40 points,
despite a negative debut of the week at European exchanges. Shares of the DFM, the only listed Arab market, jumped 3.42% to reach Dhs1.21. Emaar added 0.93%, ending at Dhs3.25. Drake and Scull International or DSI fell one percent to hit Dhs1.01. Earlier in the day, the global maintenance specialist said its subsidiary in Qatar sees progressive tender activities and expects a substantial pick up in the Qatari construction index in Quarter two. “Tenders for major projects in the hospitality, rail and the infrastructure sectors are underway in Quarter two and we are currently bidding across all our business lines. (...),” said Khaldoun Tabari, CEO of DSI. Trading volumes surged 40%, as some 273m shares were traded, valued at Dhs352.5m.
Source: AME Info
GCC private sector nets $320b for domestic economy
April 10, 2012--According to figures by the Federation of GCC Chambers of Commerce and Industry (FGCC), the private sector in the GCC countries has grown by an annual average 15% over the past few years to boost its
contribution to the domestic economy to nearly $320bn in 2010, Gulf Times has reported. From around $205bn in 2005, the private sector’s contribution to the GCC’s overall GDP surged to nearly $236bn in 2006, an increase of about 14.9%, the figures showed.
Source: AME Info
Kuwait Audit Bureau mulls tax hike
April 10, 2012--Kuwait Audit Bureau has said it will "seriously consider" a new taxation mechanism that will increase revenue into the state's budget and also function as an effective tool of monetary and economic policy,
Kuna has reported. A recent report by bureau he bureau said it is now “crucial to make overall tax reforms” to overcome loopholes in the implementation of the current income tax policy and address shortcomings which affect national labour.
Source: AME Info
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