Middle East ETF News Older than One Year
Dubai Financial Market rebounds lightly, defends level at 1,600 points
March 08, 2012--The DFM General Index added 0.20% Thursday, closing at 1,610.48 points.
The first trading week in March marked the time in 2012 when the DMF posted a week loss (off 5.4% amid profit booking). While most financial like the DFM (up 7.62%) or Dubai Investment Company (0.35% higher) helped the gauge to defend the important level at 1,600 points, construction, real estate firms and related stocks weighed on the index. Arabtec plummeted 8.90%, after the UAE's first construction company reported a 15% drop in net profits for 2011. Net profits amounted to Dhs260.5m. Islamic home finance provider Tamweel, which is owned 58.25% by Dubai Islamic Bank (up half a percent), lost the most (down 9.63%). Market breadth returned to positive as 22 shares advanced and six declined. Some 397m shares were traded, valued at Dhs484.5m.
Source: AME Info
Abu Dhabi Islamic Bank advances as Abu Dhabi banking sector increases UAE share
March 08, 2012--In line with the general recovery at global financial markets Thursday, the ADX General Index closed 0.33% higher at 2,561.74 points
. Fujairah Cement Industries gained the most (up 9.20%), while First Gulf Bank, as the most liquid shares, dipped slightly. Shares of Abu Dhabi Islamic Bank (ADIB) gained 0.30%. Earlier in the day, National Bank of Abu Dhabi's Chief Economist Dr. Giyas Gokkent said in an eMailed statement, "data from financial statements of listed banks continue to point to a rise in the share of Abu Dhabi based banks in the UAE banking system. Abu Dhabi based banks’ assets are getting closer to accounting for half of the UAE banking system, up from about 34% at the start of 2008." He added that "listed Abu Dhabi based banks’ deposits rose by 8.1% year-on-year in 2011, while top listed Dubai banks’ deposits fell by 3.5% year-on-year in 2011."
Source: AME Info
Kuwait's Jazeera Airways drops on profit booking
March 08, 2012--The Kuwait Stock Exchange (KSE) Market Index fell 0.10% to 6,177.10.
Only industrials and real estat shares advanced slightly. Shares of budget carrier Jazeera Airways closed two percent lower at KD0.480. Jazeera, which was one of the best performing stock in the GCC last year, reported earlier in the week it returned to profit in 2011, as net income amounted to KD10.6m or $38m compared to a loss of KD2.8m in the prior year. Year-to-date, Jazeera Airways advanced eight percent.
Source: AME Info
Aluminium Bahrain advances as AGM approves cash dividend
March 08, 2012--The Bahrain All Share Index gained for the fourth day straight Thursday, closing 0.32% higher at 1,161.11 points.
Aluminium Bahrain or Alba added 1.63%, reaching a three-week high at BD0.63. Earlier in the day the Kingdom's industry leader announced the Annual General Meeting held today approved the distribution of cash dividends amounting to BD94.71m ($252m) equivalent to 67% of the nominal value of the company's shares. Audited financial statements for the fiscal year 2011 were also approved at the AGM where net profit reached $564m, 53% higher to 2010. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said: "2011 is a break-through year for Alba - it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company's 40-year history."
Source: AME Info
Saudi Tadawul market dips slightly amid profit booking
March 07, 2012--The Riyadh-based market gauge Tasi closed at 7,374.92 points, off 0.34% Wednesday. Sabic slipped a quarter percent to SR101.75.
Al Ahsa Development Company gained 1.46% to reach SR20.80. Earlier in the day, Al Ahsa announced that three former Members of Board of Directors has filed a case against Al-the company in the Court, demanding regardless Directors remuneration, for the year 2009 for total amount of SR250k for each member which was approved during the Ordinary General Assembly Meeting, held on April 5 2010. The firm declared further: "The Management of the company has stopped to release the remuneration, after receiving a letter from the Capital Market Authority, stating that the company proceeded in violation in that Assembly, against the Article of Association provisions of Article 43 and Article 74 of Companies Regulations, was committed to what was stated in the Shareholders Report, and the regulations issued by the higher authorities, and approved the distribution of remuneration to the Members of the Board of Directors without dividends given to shareholders. Based on freezing of remuneration for Members of the Board of Directors, a case was raised against the against company in Dammam Court; and the company believes and legal adviser to the plaintiffs the former members of Board of Directors, are not eligible for any remuneration in accordance with the statue of the company and the corporate system."
Source: AME Info
Bahrain Bourse advances for the third consecutive trading day
March 07, 2012--The Bahrain All Share Index in Manama added 0.10% to reach 1,157.38 points Wednesday.
National Bank of Bahrain or NBB gained the most (up 2.63%). Bahrain Telecom, known as Batelco, added half a percent. Shares of Bahrain Middle East Bank fell 8.70%. Earlier in the day, Dr. Mark Mobius, Executive Chairman at Templeton Asset Management said at the Middle East Investment Summit in Dubai, "emerging markets will continue to see higher growth rates than their counterparts in the West, as they benefit from solid population growth rates, resulting in higher demand for commodities, goods and services." After a sluggish start into 2012, the Bahrain Bourse reversed the trend end of February and has gained 1.20% year-to-date.
Source: AME Info
Global Investment House bullish on Qatari banking sector, despite sluggish stock prices
March 07, 2012--The Doha-based QE 20 Index dived two percent to close at 8,605.17 points, as shares lost across the board. Market bellwether Industries Qatar added slightly (up 0.10%).
The Gulf state's largest lender by assets Qatar National Bank or QNB (off 0.22%) number two Commercial Bank of Qatar, known as CBQ (down 1.50%) outperformed. Earlier in the day, Kuwait's Global Investment House said in earlier today it was still bullish on the Qatar banking sector. "Albeit slightly expensive on relative valuations, Qatar's burgeoning economy will trickle down quite favorably to its banking sector. Qatari banks are still expected to exhibit one of the strongest loans disbursements in the GCC especially as the major spending on FIFA World Cup inches closer." Global added that provisioning was not an issue in Doha: "Qatari banks so far have enjoyed among the best asset quality in the region. The non-performing loan (NPL) ratio of banks under our coverage amounted to 1.3% with provisioning coverage at 103.6%. Regarding individual shares, Global said: "Overall, our recommendations remain unchanged. We continue to maintain a Strong Buy recommendation on CBQ, Buy on QNB and Hold recommendations on Doha Bank and Shari'ah-banks Qatar Islamic Bank (QIB) and Masraf al-Rayan (MAR)." While stock indexes in Riyadh and Dubai have seen double-digit increases year-to-date, the QE 20 gauge declined 1.90% since January 1.
Source: AME Info
Sluggish oil prices keep Abu Dhabi market under some pressure
March 07, 2012--Profit bookings in the banking and real estat setor dragged the ADX General Index down by 2.12%, closing at 2,554.62.
The ADX market correlates positively with oil prices, and the 'black gold' continued to trade sideways Wednesday around $106 per barrel (WTI). Shares of Sorouh Real Estate and Aldar Properties fell both 8.20%. Earlier in the day, Aldar announced it showcases projects and development on Yas Island at the International Tourism fair in Berlin, known as ITB, which kicked off Wednesday and will last until March 11. Yas Island harbours the UAE's only Formula-1 circuit. Aldar aims to attract tourists and investors likewise in the German capital. "Six hotels on Yas Island comprise 1,800 rooms and facilities, which have been developed around a plaza close to the race track, Yas Links Golf Course and the Yas Marina & Yacht Club," Aldar said in a statement. Pharmaceutical producer Julphar (the old name of the emirate of Ras al-Khaima or RAK) gained the most (up 7.60%). Some 120.3m shares worth Dhs146.8m changed hands.
Source: AME Info
Dubai bourse extends correction, but experts say bull run will continue in 2012
March 07, 2012--The Dubai Financial Market General Index or DFMGI closed at 1,607.77 points, down 4.80% fom the previous day.
It was the biggest drop in 2012 as yet. DFM heavyweight Emaar Properties fell 3.72%, while Islamic home finance company Tamweel plummeted 9.40%. From a chart-technical point of view, the index correction was necessary, as the DFMGI, after gaining almost 30% between January 1 and March 1, touched the upper Bollinger Band three times during the last five trading sessions. Nevertheless emerging market investment guru Dr. Mark Mobius, Executive Chairman at Templeton Asset Management, said earlier today at the Middle East Investment Summit in Dubai, he expects emerging markets to continue to outperform growth of the world economy in 2011 amid high propulation growth rates, financial discipline and ongoing demand for commodities. Shares of investment bank Shuaa Capital in Dubai bucked the downtrend by gaining one percent. Samer Sarraf, Senior Vice President UAE Country Head, at alternative investment firm Amwal AlKhaleej said earlier today, "compared to other emerging markets, such as India and China, the GCC countries are expected to enjoy more attractive valuations in 2012 when taking into account the growth." Sarraf added: "In 2012, India and China are expected to have real GDP growth figures of 7.8% and 8.2% respectively, higher than the 4.7% growth anticipated for the GCC . However, GCC's growth is priced cheaper than that of India's or China's, making it a particularly attractive hub for investors." Trading volumes slipped slightly at the DFM Wednesday, as 484m shares were traded, valued at Dhs585m.
Source: AME Info
Egypt GDP slowly mending with 0.4% Q4 growth
March 07, 2012--The deputy chairman of the Egyptian parliament's economic committee has said the country's economy grew by an annualised 0.4% in the fourth quarter of 2011, indicating the economy is on the mend after the turmoil of last year's popular uprising, Reuters has reported.
"The slowdown in the growth rate has been contained, and that is a good indicator for growth," said member of parliament Abbas Abdel Aziz. "The growth rate was 0.2% in the first quarter of last year. But in the second quarter it rose to 0.4%. This is an improvement."
Source: AME Info
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