Middle East ETF News Older than One Year
Saudi Stock Exchange advances on bullish Emirates NBD statements
February 29, 2012--The Riyadh-based measure Tadawul finished Wednesday 0.80% higher at 7,226.43 points as oil prices remained on the bullish path.
Earlier in the day Emirates NBD's CIO Private Banking Gary Dugan said in his weekly comment: "The rise in oil prices is good news for GCC economic growth and financial markets. The Saudi Taduwal index in particular could have a lot further to rise (...) All the hallmarks of previous rampant bull markets are in place again." The influential British private banker from Dubai added: "The valuation of the market remains at a reasonable level. The prospective PE of the market at around 14.0x is not that cheap relative to global markets. However for local investors maybe only a PE multiple closer to 18.0x would represent a point at which they might pull back from further purchases. The potential is for a further 30% upside in the market." Market bellwether Sabic closed 0.78% higher at SR101.50. Shares of Abdullah A. M. Khodari Sons Co. slipped half a percent to SR53.75. Earlier in the day, the real estate contractor announced the signing of an Islamic credit agreement for additional facilities with Saudi Arabia's largest lender National Commercial Bank (NCB) on Tuesday. The facilities are worth SR567m. Al Khodari Sons said in a statement: "The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company's specific projects."
Source: AME Info
Insurers, industrials help Qatar Exchange to regain territory
February 29, 2012--The QE 20 Index advanced half a percent to reach 8,746.98 points.
Market heavyweight Industries Qatar gained 1.44%. Qatar Insurance soared two percent. United Development Company, the real estate firm behind man-made Pearl Qatar, closed unchanged. Earlier in the day, UDC announced the Annual General Assembly has approved the distribution of 64.35k shares as bonus shares at the rate of four shares for each ten shares (40 percent of the capital), resulting in an increase of UDC's capital of QR2.25bn.
Source: AME Info
Kuwait bourse adds slightly after long National Day weekend
February 29, 2012--The KSE Market Index ended up 0.20% at 6,129. 9 points. During the first two months of 2012, the KSE has gained 5.40%, far less than the market in Dubai (up 27.86%) and Abu Dhabi (eight percent higher).
According to Gary Dugan, CIO Private Banking at ban Emirates NBD in Dubai, "The rise in oil prices is good news for GCC economic growth and financial markets." He added: "However what strikes me is that all the hallmarks of previous rampant bull markets are in place again. Retail investor interest in the market is high. The recent rally in the equity market seems to have stirred investors to even switch money from their love affair with property to equities. The valuation of the market remains at a reasonable level."
Source: AME Info
Abu Dhabi market shaves 2,600-level as banks, real estate shares advance
February 29, 2012--The ADX General Index closed 0.70% higher at 2.611.13 points Wednesday.
International Fish Farming Holding or Asmak jumped 10% (top gainer), while Aldar Properties, as the most liquid share, edged 3.40% higher. Abu Dhabi Islamic Bank (ADIB) slipped 0.85%. Some 185.5m shares were traded, valued at Dhs213.5m.
Source: AME Info
While bellwether Emaar dips slightly, the Dubai market edges up further
February 29, 2012--The Dubai Financial Market (DFM) General Index hit a 15-month high Wednesday, closing 1.90% higher at 1,730.43 points. Year-to-date, the gauge gained a whopping 28.26%, the best performance among all Arab equity markets.
While Emaar Properties slipped 0.32%, Union Properties soared 10.30%. According to Gary Dugan, CIO Private Banking at Dubai's bank Emirates NBD (up 0.90%), the fear among investors that they could "miss the bull market train", fuels the index increase, although fundamentals would not justify the sharp increase. In his weekly economic commentary published earlier in the day, Dugan said: "We fear that the current robust performance of global equities may pause in the near term. Given the fear of institutional investors that they may miss out on a market rally they are still buying even when the fundamentals have deteriorated. The rise in oil prices should have normally led to a setback in equity markets. However we find that more investors have felt forced to buy the markets even if they have major reservations about the medium term outlook." Some 784m shares were traded, valued at Dhs838.8m.
Source: AME Info
Saudi Arabian Tadawul bourse advances slightly
February 28, 2012--The Tadawul All Share Index (Tasi) closed 0.30% higher at 7,168.99 points. Shares of Watanyia Insurance Company fell 3.5%.
Earlier in the day Watanyia announced it received Tuesday the approval from the Saudi Monetary Agency (Sama) to market and sell its Group Personal Accident Insurance. Market bellwether Sabic, the global petrochemicals producer, added 0.25% to reach SR100.75. Market breadth turned negative as 38 shares advanced, 106 declined.
Source: AME Info
DP World hits seven-month high on improved economic prospects for UAE
February 28, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1744.51 today, up 3.74%, from the previous close. Shares of port operator DP World jumped 6.52% to close at $12.50.
According to Al Ramz Securities, improved economic prospects for the UAE and rising confidence of internaitonal investors into the Gulf state have led to the strong rise in local stock market indexes in Dubai and Abu Dhabi. Damas Jewelry (up 2.43%) and interior designer Depa Ltd. (gaining two percent) also rebounded.
Source: AME Info
Aldar, Sorouh soar on bullish construction prospect for UAE
February 28, 2012--The Abu Dhabi market gauge ADXGI closed 0.70% higher at 2,593.22 points.
Shares of developers companies Aldar Properties and Sorouh Real Estate gained 3.50% and 4.50%, respectively. Gulf News reported earlier today, the combined value of current construction projects in the UAE is about $1.25tr (Dhs4.59 trillion). "New research states that 2012 will see $15.07bn worth of contracts awarded in the Emirates — an increase of 26.57 percent over last year," Gulf News said, quoting research firm Venture Middle East. Only two shares lost at the ADX, among them bellwether Etisalat (off 0.10%). According to Talal Touqan, Head of Equity Research at Al Ramz Securities in Abu Dhabi, the strong rebound at UAE markets is not only teachnical, but also due to fundamental reasons, among them: "Forceful cash dividends and high yields, an average that exceeds 5 per cent; Recovering corporate results, especially in the property sector; Cyclicality, low return on other asset classes (a state of exhaustion hit bond yields, cash deposits, as well as commodities except energy)" Year-to-date, the ADXGI gained 7.82%.
Source: AME Info
Dubai market rebounds, eyes 1,700 points
February 28, 2012--The Dubai Financial Market (DFM) General Index hit at a 16-month high Tuesday, closing 2.66% higher at 1,698.22 points.
Shares of the DFM, the sole Arab exchange which is listed publicly, gained 4.61% to reach Dhs0.999. Islamic banks Ajman Bank and Dubai Islamic Bank failed to join the rebound and lost 6.44% and 1.80%, respectively. Market breadth returned to the bullish mode, as 27 shares advanced and three declined. Some 644m shares were traded, valued at Dhs755m.
Source: AME Info
Bahrain Bourse declines half a percent, fails to reach year-to-date break even
February 28, 2012--The Bahrain All Share Index closed 0.50% lower at 1,140.33 points, as industry bellwether Aluminum Bahrain or Alba plummeted 6.50%.
Islamic bank Gulf Finance House and Ithmaar Bank advanced 8.70% and 5.90%, respectively.
Source: AME Info
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