Middle East ETF News Older than One Year
Etisalat, developers drive Abu Dhabi market advance
February 21, 2012--The ADX General Index rose the third day straight Tuesday, closing at 2,527.04 points.
Finance House soared the most (up 6.75%), while the UAE's first telco operator Etisalat added 2.14. While Aldar Properties ended even, RAK Properties and Sorouh Real estate advanced 5.41% and 1.83%, respectively. Market breadth remained bullish (18 shares advanced, five declined), although the ADX gauge gained the third day straight. Around 176m shares worth Dhs200.7m changed hands.
Source: AME Info
Dubai market gauge flirts with 1,600 points
February 21, 2012--Despite a sluggish Tuesday opening, the DFM General Index rebounded 1.74% to close at 1,596.26 points.
Rising oil prices and a general relief at global markets over Greece's second bailout package worth EUR130bn it was granted by EU finance ministers Monday supported the positive sentiment. Dubai Investment or DIC gained the most (up 12.54%). Emaar Properties reached an eight-month high at Dhs3.07. Gulf General Investment Co. failed to benefit from the bullish mood and fell 6.56%. Some 312.9m shares were traded, valued at Dhs374.8m.
Source: AME Info
Saudi central bank sees price stability soon
February 21, 2012--The Saudi Arabian Monetary Agency (SAMA) has said that relative price stability or a slight decline in inflationary pressures is expected in the near-term, Reuters has reported.
"There are two factors that may... lead to the expectation of a relative stability or a slight decline in the inflationary pressures in the coming period," SAMA said in its latest inflation report. "These include a decline in world food prices, and relative stability in the domestic market."
Source: AME Info
Yemen eyes Islamic bonds issue in near future
February 20, 2012--Mohamed Awad Bin Humam, the governor of the Yemeni central bank, has said his country plans to issue Islamic bonds soon to finance government projects, Reuters has reported.
"We have plans with the finance ministry to issue Islamic bonds to finance government projects and other sukuk," Bin Humam said. "We will try to do so as soon as possible." [AMEInfo.com]
Source: AME Info
Rising oil prices keep Saudi Stock Exchange on track
February 20, 2012--The Tadawul bourse advanced for the third consecutive day, closing half a percent higher at 6,904.38 points.
After The Islamic Republic of Iran announced on Sunday it has stopped oil sales to British and French companies, oil prices (U. S. crude) soared to a ten-month high at $105 per barrel. Sabic gained 1.58% to close at SR96.50. Amana Insurance posted the largest loss (off 4.22%).
Source: AME Info
Kuwait Stock Exchange gains the third day straight
February 20, 2012--The KSE Market Index closed half a percent higher at 6,114.7 points. While banks underperformed overal, advances in the real estate segment pumped the gauge up.
After a s tricky start into 2012, the KSE rebounded and has advanced 5.17% year-to-date. According to the DIFC Economic Weekly, "better than expected financial results of GCC companies, amid positive news from the global markets, supported rallies in the region’s stock exchanges leading to substantial gains in Kuwait and Dubai bourses."
Source: AME Info
Qatari bourse advances 0.32% as country's inflation remains low
February 20, 2012--The QE 20 Index closed 0.32% higher at 8,650.36 points Monday, mostly driven by gains in the industrial and services sectors.
Market heavyweight Industries Qatar added 1.28%, while the country's largest lender Qatar National Bank slipped 0.15%. According to the DIFC weekly economic commentary, Qatar’s January Consumer Price Index rose 1.2% year-on-year.
Source: AME Info
Aldar Properties shares consolidate above one Dirham
February 20, 2012--The Abu Dhabi market gauge ADXGI closed 0.61% higher at 2,504.17 points.
While the sheikhdom's leading energy company Taqa (off 0.80%) weighed on the measure, insurers Watania and Methaq Takaful soares 10% and seven per cent, respectivley. Real estate bellwether Aldar Properties surged 2.88% to close at Dhs1.07. Some 227m shares were traded, valued at Dhs210.9m
Source: AME Info
Shares of Dubai developers remain buoyant amid solid construction prospects for the UAE
February 20, 2012--The Dubai Financial Market (DFM) General Index dipped 0.14% to 1,568.94 points. Emaar Properties, the most liquid stock, gained 0.34% and Islamic developer Deyaar soared 1.90% to reach Dhs0.321.
According to Dr. Nasser Saidi, Chief Economist at the DIFC Authority and Head of External Relations, "the UAE has the largest share of the $1 trillion worth of construction projects to be completed by 2020 in the GCC - at $636bn," he wrote in his weekly DIFC economic commentary published earlier on Monday. Dubai Islamic Bank (off 1.35%) and telecom operator Du (1.32% lower) weighed on the benchmark. Some 299m shares were traded, valued at Dhs290.4m.
Source: AME Info
Thai economy shrinks 10.7% on flood impact
February 20, 2012--Thailand's economy suffered a double-digit contraction in the fourth quarter of 2011, the sharpest on record, it said Monday after the kingdom's worst floods in half a century pummelled industry.
Gross domestic product (GDP) shrank 10.7 percent in October-December from the previous quarter, according to the National Economic and Social Development Board (NESBD). GDP fell 9.0 percent compared with the same period in 2010.
It was the sharpest drop in a single quarter since comparable records began in 1993, according to Apichai Thamsermsukh, an official at the government agency.
Source: AFP
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