Middle East ETF News Older than One Year
Losses in Emaar, DFM weigh on Dubai market
March 15, 2012--The DFM measure DFMGI fell half a percent to close at 1,683.41 points Thursday.
Market bellwether Emaar Properties fell 0.32%, the DFM, the only Arab bourse listed to the public, plummeted 3.10%. Over the week, the Dubai measure has advanced five percent. Commercial Bank of Dubai or CBD, the number nine in the UAE banking market, gained 7.80%. Earlier in the day, CBD announced that the annual general assembly held on Wednesday approved a 20% cash dividen and 5% bonus sharesof the capital as of December 31st 2011. Gary Dugan, CIO Private Banking at Emirates NBD (off 0.63%) said in his weekly commentary published Wednesday, that the UAE markets were still attractive, but warned of volatility. "Valuations are low, the UAE and KSA equity markets could certainly justify moving to a higher level but you must have a stomach for the ups and downs," Dugan said.
Source: AME Info
GCC companies saw 2011 profits up 26% at $52.3bn
March 15, 2012--According to an economic report, Gulf companies reported a 26% increase in 2011 profits to $52.3bn compared with 2010, KUNA has reported.
The net profits of commodities sector's companies reached $13.3bn in 2011 compared to $3.8bn in the previous year, thanks to the record rise petrochemicals' prices, the report issued by Kuwait Financial Center (Marzak) has added. The report has pointed out that the banking sector profits rose by 17% in 2011 to $20bn due to the huge government spending. The data also showed 23% slid in telecommunication sector profits. Meanwhile the real estate sector posted a total net profit of $2.4bn
Source: AME Info
Saudi Cable Company wins multi-million contract, shares jump
March 14, 2012--The Riyadh-based Tadawul All Share Index ended up 0.62% Wednesday, finishing at 7,567.98 points.
Saudi Cable Company advanced two percent. Earlier in the day, Saudi Cable said it has won on Tuesday, March 13 2012 a contract from Sepco for an amount of SR109m ($29.1m) approximately for supply of high voltage cables. Sabic shares advanced 0.72%, while Qassim Agriculture lost the most (down 4.68%).
Source: AME Info
Kuwait Stock Exchange edges up on banks, real estates
March 14, 2012--The KSE Market Index ended 0.25% higher at 6,138.8 points Wednesday.
National Bank of Kuwait or NBK (up 1.8%) and Al Ahli Bank of Kuwait (ABK, gaining 5%) helped the gauge to rebound. Almadina for Finance and Investment poseted the largest decline (off 7.5%). Kuwait Real Estate Co. added slightly. The KSE's year-to-date gain remains for days stuck at six percent.
Source: AME Info
Abu Dhabi energy group Taqa soars, as total revenues increase
March 14, 2012--The Abu Dhabi market measure ADX General Index added 0.28% to reach 2,630.
Abu Dhabi National Energy Co., known as Taqa (the Arabic word for energy), jumped 4.76%, after reporting a 13% year-on-year increase in total revenues for 2011. Net profit after minority interests, however, fell 27% to reach Dhs744bn ($202.90bn).
Source: AME Info
Bahrain market slips, whilst economy is expected to rebound in 2012
March 14, 2012--Bahrain: The Bahrain Al Share Index ended off 0.27% to close at 1,149.13 points in amid lacklustre trading Wednesday.
Bahrain Telecom fell 1.46%. Earlier in the day, Kuwait-based Global Investment House said "the Bahraini economy is expected to recover strongly by 3.6% in real terms in 2012 (up from a 1.5%-decline in the year before) as oil prices are expected to remain high and other sectors such as tourism and financial sector recover after a turbulent 2011." Global added that "compared to its regional peers, in the GCC, Bahrain is the least oil dependent nation. However, it still forms a major proportion as mentioned above. The contribution has picked up in 2010 and likely to remain high in 2011 due to sustained rise in crude oil prices."
Source: AME Info
Damas Jewellery, DP World edge higher at NASDAQ Dubai
March 13, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1723.14 up 1.28%, from the previous close Tuesday.
Shares of jewelry trader Damas surged four percent, while Dubai Ports (DP) World added 0.90%. Interior designer Depa Limited fell 2.22%.
Source: AME Info
Kuwait market, Qatar Exchange dip slightly
March 13, 2012--The Kuwait Stock Exchange ended off 0.03% at 6,148.6 Tuesday, while the Doha-based QE 20 Index declined 0.05%, finishing at 8,629.79 points.
Industry shares at both markets edged higher, but a lackluster trading could not move the indexes into a clear direction.
Source: AME Info
Aldar Properties, Sorouh Real Estate rise, but not in lockstep anymore
March 13, 2012--The Abu Dhabi market gauge ended up 0.31% to reach 2,623.02 points.
Shares of the emirate's leading developers Aldar and Sorouh gained 1.45% and 2.24%, respectively. Both firms, which started merger talks on Sunday, advanced in lockstep he last on Monday and on Sunday. The lockstep rise triggered an investigation by the ADX market supervision department. The UAE's first telecom provider Etisalat ended even at Dh9.30. Earlier in the day, Etisalat said it started legal procedures for winding up its Indian subsidiary Etisalat DB Telecom (formerly Swan Telecom). Etisalat, which was confronted with a legal row with the India's telecom regulator and eventually the supreme court on licences, blamed in its statement to the ADX its jointventure partners in India of 'unwillingness and lack of cooperation' to meet funding requirements in the licence issue. As a consequence, Etisalat to shut down operations in India.
Source: AME Info
Emaar, Arabtec help Dubai bourse to rebound
March 13, 2012--The DFM General Index added 0.88% to reach 1,682 points.
Market bellwether Emaar Properties as the most liquid share surged two percent to close at Dhs3.05. Arabtec Construction added 2.04%, ending at Dhs3.00. Banks edged lower as investment bank Shuaa Capital fell 3.16% and Islamic financial institution ended off 1.20%. Some 241.6m shares were traded, valued at Dhs269m.
Source: AME Info
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