Middle East ETF News Older than One Year
Sabic advances as joint venture with China's Sinopec materializes
April 03, 2012--The Saudi Arabian Tadawul market index added 0.28% Tuesday, closing at 7,930.58 points.
Dairy food producer Almarai gained the most (up 10%), while Saudi Electricity was the top losing share (off 5.38%). Global petrochemicals and metals producer Sabic advanced 0.23%. Earlier in the day, Sabic announced the foundation of a polycarbonate project in the Eastern coastal city of Tianjin near the capital Beijing, with an annual production of 260 kilo metric tons in collaboration with China Petroleum & Chemical Corporation, known as Sinopec. "The 50/50 joint venture aims to form a $1.7bn polycarbonate project in Tianjin, which is expected to be operational by 2015," Sabic said in a statement to the Tadawul bourse.
Doha bourse tumbles as Citigroup warns of 'hard landing' of Qatar's non-oil economy
April 03, 2012--The Qatar Exchange fell 0.16% to 8,852.87 points Tuesday. United Development Company (UDC), builder of the man-made island The Pearl Qatar, added half a percent, while its rival Mazaya dived three percent.
Contrary to GCC markets in the UAE, Saudi Arabia or Kuwait, the QE did not add significant value year-to-date. Earlier in the week, Citigroup Middle East's Chief Economist Farouk Soussa said in the ME Macro Monthly: "We think imbalances are growing in the (Qatari) economy and that there are significant risks of misallocation of resources and a hard landing in the non-oil sector once the build phase of the projects is completed, particularly in the infrastructure sector." Soussa concluded: "We believe there is a substantial risk that demand for such infrastructure will significantly lag supply, and utilisation rates will accordingly remain low." He expects Qatar's real GDP to grow by six percent in 2012, down from 18% in 2011.
Source: AME Info
International Fish Farm Holding shares are up, up and away
April 03, 2012--The Abu Dhabi bourse (ADX) rebounded 0.14% Tuesday, reaching 2.563.57, as the real estate and investment sector edged up in particular.
Sorouh Real Estate was the most liquid share (3.50% higher at Dhs1.20), and reached the same price like Aldar Properties (up 0.85% at Dhs1.20). Both developers entered into merger talks in mid-March 2012. International Fish Farm Holding or Asmak (Arabic for fish) gained the most, closing 9.75% higher at Dhs13.55. Asmak has increased more than fourfold in value as the fish farming and agriculture firm is massively expanding in the Middle East and India, contributing to reduce the region's dependence on food imports from imports. The GCC currently imports nine tenths of its food needs from abroad. Around 66m ADX-listed shares were traded, valued at Dhs88m.
Source: AME Info
Arabtec shares soar 15 percent as Abu Dhabi's Aabar Investments doubles stake
April 03, 2012--The DFM General Index edged 2.37% higher to close at 1,693.67 Tuesday amid rising trading volumes.
Arabtec Construction (up 15% at Dhs3.45) was the stock of the day, posting the highest gain and the largest turnover. Earlier in the day, Abu Dhabi-based sovereign wealth fund (SWF) Aabar Investments declared it has raised its stake in Arabtect to 10.45% from 5.3%, Bloomberg reported. A week ago, Dr. Nasser Saidi, Chief Economist and Head of External Relations of the DIFC Authority called for a reversal of SWF cash flows: "Arab SWF should invest at home rather than abroad. This is key to raise the Middle East's profile in the global logistics and infrastructure chain and to create jobs for the increasing and overall young population." Aabar has also stakes in Italy's Unicredit and German car giant Daimler. In 2010, Aabar cancelled a planned 70% purchase in Arabtec. Market bellwether Emaar Properties jumped 3.58% to reach Dhs3.18. Emirates NBD tumbled 5.23% to close at Dhs2.90. Twenty shares advanced, while fove declined. Some 442m shares were traded (2.5 times more than than on Monday), valued at Dhs671.8m.
Source: AME Info
Egypt sells 10-year bonds, first time since revolution
April 03, 2012--Egypt: Egypt has sold 10-year bonds for the first time since the start of its revolution more than a year ago, at an average yield of 17.03%, in line with forecasts,
as the nation moves closer to securing foreign aid, Bloomberg has reported. The government auctioned EGP1bn ($166m) of the notes maturing in April 2022. The offering is part of a finance ministry plan to raise EGP27.5bn from bond sales in the fiscal fourth-quarter that started on Sunday, 18% of its total target.
Source: AME Info
Sabic advances as joint venture with China's Sinopec materializes
Tuesday, April 03, 2012--Saudi Arabia: The Saudi Arabian Tadawul market index added 0.28% Tuesday, closing at 7,930.58 points. Dairy food producer Almarai gained the most (up 10%), while Saudi Electricity was the top losing share (off 5.38%).
Global petrochemicals and metals producer Sabic advanced 0.23%. Earlier in the day, Sabic announced the foundation of a polycarbonate project in the Eastern coastal city of Tianjin near the capital Beijing, with an annual production of 260 kilo metric tons in collaboration with China Petroleum & Chemical Corporation, known as Sinopec. "The 50/50 joint venture aims to form a $1.7bn polycarbonate project in Tianjin, which is expected to be operational by 2015," Sabic said in a statement to the Tadawul bourse. [AMEInfo.com]
Source: AME Info
Saudi stock index takes a break while Riyadh prepares for Najran Cement's IPO
April 02, 2012--The Saudi Arabian Tadaul bourse ended flat Monday, closing at 7,908.3 points amid sluggish oil prices.
The price of the black gold (WTI) fell slightly below $103 per barrel today, marking a 4.2% decline over the last two weeks, as "Saudi oil production is at the highest level in 30 years, in order to compensate Iran's oil exports' reductions due to sanctions," according to Citigroup Middle East Chief Economist Farouk Soussa. Market breadth stood neutral on Monday, as 68 shares advanced, while 65 declined. Earlier in the day, the Capital Market Authority said is has issued its resolution approving the initial public offering of 85,000,000 shares, which represent half of Najran Cement Company share capital. The offer price will be SR10 per share, and the subscription period will be from April 16 to April 22. According to the company's website, "Najran Cement Company was established in 2005 as a Saudi Closed Joint Stock Company with a paid up capital of SR1,150m. The firm's objective is to be a main supplier of cement in the southern region and an important exporter to Yemen."
Source: AME Info
Kuwait bourse rebounds as market capitalisation rises slightly in March
April 02, 2012--The KSE Market Index added 0.40% to close at 6,189 Monday amid gains in the insurance and real estate sector. Arab Insurance Group posted the second highest advance (up 9.84%), while Al-Ahli Bank of Kuwait lost the most (down 7.7%).
Earlier in the day, Kuwait's Global Investment House (unchanged) said "the market capitalization of the KSE amounted to KD29.81bn by the end of March 29, 2012, recording an increase of 1.24% from the end of February 2012. On the broader market for equities, advancing stocks outnumbered declining stocks by a ratio of 80 to 75, while 50 stocks remained unchanged."
Source: AME Info
NASDAQ Dubai: DP World approaches $12-level
April 02, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1702.53 Monday, up 0.24%, from the previous close. Shares of global maritime port operator Dubai Ports (DP) World added 1.20% to reach $11.79.
Citigroup Middle East's Chief Economist Farouk Soussa said in his ME Macro Monthly released on Sunday that "Dubai is benefitting as a hub from increased south-south trade, and has received substantial Chinese investment over the past year or two." Jewelry trader Damas International and interior design company Depa ended flat.
Source: AME Info
Food and beverage giant Agthia Group hits seven-month high on rising sales
April 02, 2012--Like the Dubai bourse, the Abu Dhabi equity gauge ADX General Index (ADXGI) dipped slightly on Monday (down 0.32%) as foreign investors from the investment reduce trading ahead of Easter holidays.
Islamic insurer Methaq Takaful lost the most (down 9.17%). Earlier in the day, Methaq reported for 2011 a full-year loss of Dhs51.09m, compared to Dhs15.6m in 2010. Shares of Agthia Group, one of the UAE’s leading food and beverage companies, advanced half a percent to hit the highest level since August 2012. In 2011, Agthia's Consumer Business Division (CBD) recorded a solid 18% net sales growth year on year at Dhs376.9m, while Agri Business Division (ABD), which manages the Flour & Animal Feed business, delivering a 12% net sales growth reaching Dhs767.4m, the compan said on March 29. Net profits, however, net dived 25% to Dhs86m, "caused by the higher soft commodity and PET prices", Agthia said, adding that "despite a truly challenging environment, we remain optimistic about the prospects for future revenue and profit growth as the Company pursues its strategy of introducing new and value-added products, continued geographical expansion, and high operating efficiencies."
Source: AME Info
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