Middle East ETF News Older than One Year
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
Saudi shares advance across the board
February 27, 2012--The Saudi Tadawul market gained 0.90% Monday, to close at 7,149.74 points. Sabic, the petrochemicals and metals producer, closed even at SR100.50.
Saudi Enaya Cooperative Insurance Company was successfully traded for the first time at the Tadawul bourse after its SR400m-IPO. The offer price per share was SR10, according to the firm's website. Enaya opened at SR24.50 and closed the day as a top gainer at SR36.70. Market breadth returned into positive territory as 98 shares advanced and 38 declined.
Source: AME Info
Stock prices, trading turnover slip at Qatar Exchange
February 27, 2012--After almost reaching a year-to-date break even yesterdat, the QE 20 Index fell back by 0.21% to 8,758.36 points Monday.
Shares of Doha Bank gained 0.76%, the share is on the way to test the resistance level at QR67, the level it failed to crack in mid-January. Industries Qatar weighed on the market as the share fell 0.80%.
Source: AME Info
Abu Dhabi bourse closed unchanged as real estate firms dip, banks and insurers gain
February 27, 2012--The ADX General Index closed even at 2,573.10 points Monday. First Gulf Bank was the most liquid stock, gaining half a percent.
RAK Properties shed 2.44%. Like the market gauge, Sharjah-based Dana Gas closed flat. Some 157.6m shares were traded, valued at Dhs181.2m.
Source: AME Info
Dubai investors halt market rally, book some profits
February 27, 2012--After hitting a 10-month high yesterday, the DFM General Index ended 1.33% lower at Monday.
Market bellwether Emaar Properties, the most liquid share, fell 1.90% to Dhs3.08. DFM shares lost after the exchange reported a decline of nine tenth in net profits for 2011 yesterday, amounting to Dhs8m. Arabtec Construction bucked the downtrend, closed 2.56% higher at Dhs3.20. Some 460m shares were traded, valued at Dhs468.5m.
Source: AME Info
Qatar nominal GDP reached $172bn in 2011-2.5% of global
February 27, 2012--QNB Capital has estimated Qatar's nominal GDP reached QR628bn ($172bn) in 2011, or 2.5% of global GDP and 12.5% of GDP in the GCC, Arab News has reported.
The Gulf country’s share of global and regional GDP rose from 2% and 11.8% in 2010, respectively. This was attributed to the exceptionally fast nominal GDP growth of around 48.6% in Qatar's oil and gas sector in 2011, which has led to overall nominal growth estimated at 35.4%, said QNB Capital.
Source: AME Info
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