Middle East ETF News Older than One Year
Egypt to continue safeguarding currency exchange rate
February 15, 2012--Egypt: Egyptian finance minister, Momtaz el-Saieed has said his country will continue to "safeguard the exchange rate" of its currency, Bloomberg has reported.
The minister was responding to a newspaper report that said the US dollar may appreciate 5% against the Egyptian pound in the coming short period. "These reports are untrue," el-Saieed said. "We've increased our efforts to raise money from Egyptians abroad. We're offering certificates of deposits and land, and we expect these dollars will help stabilise the situation."
Source: AMEInfo.com
Egyptian gains lead year's global rally
February 14, 2012--Egypt's stock market is poised to extend gains this week amid increased optimism over political progress.
The EGX 30 Index has risen 28 per cent so far this year. January was a good month for world markets, too - giving them their best run in 18 years.
Trading in Egyptian stocks has increased, boosted by foreign participation, as sentiment improved after the country formed its first parliament since Hosni Mubarak was deposed from the presidency a year ago.
Source: The National
Saudi Arabian Mining Company (Maaden) returns to profit amid robust gold sales
February 14, 2012--The Riyadh-based Tadawul All Share Index (Tasi) declined 0.22% to 6,816.49 points Tuesday. Saudi Basic Industries Corporation or Sabic closed unchanged at SR95.
National Agriculture Marketing Co. (Thim'ar) dived three per cent to SR34.70. Saudi Arabian Mining Company or Maaden slipped 0.70% to SR28.30. Earlier in the day Maaden announced that its net income for the fiscal year 2011 amounted to SR413m compared to the net loss of SR9m in 2010. Maaden commented on the 2011 results: "The increase in the net income for the fiscal year 2011 is attributed to the beginning of commercial production of ammonia starting from 1st of October 2011, an increase in the average prices of ammonia in the fourth quarter, an increase in the average realized prices per ounce of gold sold, an increase in the volume of gold ounces sold compared to 2010 and the decrease of the Zakat (Islamic charity) provision compared to 2010. The net income improvement was achieved despite the low return on cash deposits and an increase in exploration expenses." The price of gold as a safe haven investment hit an all-time high in September 2011 at almost $1,800 per ounce. Currently, its value remains solid at around $1,720 due to the ongoing Euro zone crisis and tensions in the Middle East. According to Brad Bourland, Chief Economist at Jadwa Investment in Riyadh, "the commodity that is currently having the greatest impact on inflation in the Kingdom is gold. Gold, and to a lesser extent other precious metals, is the main material for jewelry, which is a key component of the 'other expenses and services' sub-index of the cost of living index." The research department of National Bank of Abu Dhabi (NBAD) reported today that in January 2012 inflation in Saudi Arabia stood at 5.30% year-on-year, but was unchanged month-on-month. The International Monetary Fund (IMF) expects that consumer price inflation in KSA will be the highest within the GCC this year.
Source: AME Info
Kuwait market storms 6,000 points on bullish investment, real estate shares
February 14, 2012--The KSE Market Index rose to a five-month high Tuesday, closing at 6,009.5 (up 1.10%).
Al-Dar National Real Estate gained 14.3% to reach KD0.020. Banks performed overall weaker. The country's largest lender by assets National Bank of Kuwait or NBK fell 1.70% to KD1.160. Its Islamic rival Kuwait Finance House slipped 1.20%. Budget carrier Jazeera Airways surged 3.3% to close at KD0.460. Earlier in the day, Jazeera's rival Air Arabia from Sharjah announced expansion of Kuwait services from its Sharjah hub. "Effective 25 March 2012, the carrier will offer three daily services to Kuwait," Air Arabia said in an e-mailed statement.
Source: AME Info
Buoyant Abu Dhabi bourse flooded with corporate results
February 14, 2012--On Valentines Day, investors in Abu Dhabi fell in love with real estate shares and sent Aldar Properties and Sorouh Real Estate up by five per cent and 7.50%, respectively.
Yesterday, Aldar announced it has returned to profits in 2011, which amounted to Dhs642.5m, mainly due to land sales. The Abu Dhabi market index ADXGI closed one per cent higher at 2,489.50. Abu Dhabi Islamic Bank or ADIB, jumped 4.28% to reach Dhs3.40. In 2011, ADIB posted a net profit of Dhs1.16bn, a 12.8% increase over 2010. Abu Dhabi's largest Shari'ah compliant financial institution improved its retail banking business in particular. Abu Dhabi Commercial Bank or ADCB, the UAE's third largest lender by market value, added 0.70%, closing at Dhs2.91. Earlier in the day, ADCB reported preliminary results for the last year. Worth mentioning is the net profit from Islamic financing which surged four-fold to Dhs139.98m. Basic earnings per share improved to Dhs0.51 from Dhs0.04. Pharmaceutical producer Julphar from the emirates of Ras al-Khaima, closed unchanged. In 2011, Julphar achieved a net profit of Dhs170.18m, a 10% increase over the prior year. Some 215m shares worth Dhs215m were traded. Market breadth remained bullish as 22 shares advanced, and four declined.
Source: AME Info
DP World fluctuate around $11 at NASDAQ Dubai
February 14, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1571.55 today, up 1.05%, from the previous close.
Bellwether Dubai Ports (DP) World advanced 0.92% to re-reach $11.00. Since January 26, DP World shares have been fluctuating around this level. Interior designer Depa Limited ended even at $0.43.
Source: AME Info
DFM shares surge as Dubai bourse trading volumes soar to 10-month high
February 14, 2012--The DFM General Index added another 1.16% Tuesday, closing at 1,539.23 points. It was the fifth consecutive gain at the local Dubai bourse DFM, whose shares, as the only Arab market, are listed publicly.
The bullish start of 2012 was accompanied by rising trading turnover, which hit the highest level since April 2011. DFM shares advanced by 2.46% to reach Dhs0.876. During the last four weeks of trading, DFM shares gained 13.16%. Emaar Properties briefly touched Dhs3.00 but eventually ended at Dhs2.98 (up 1.36%). After gaining over 45% during the last month, investment bank Shuaa Capital declined 2.60% today. Some 350.8m shares were traded, valued at Dhs400.4m.
Source: AME Info
Qatar Exchange advances slightly, trading voumes increase further
February 13, 2012--The QE 20 Index gained 0.10% to reach 8,694.77 points. The two largest lenders supported the tiny rebound, as Qatat National Bank or QNB added 0.22% and Commercial Bank of Qatar or CBQ gained half a per cent.
But bellwether Qatar Industries weighed on the gauge, as it fell 0.30% to QR134.00. Trading volumes increased by a third, as 17m shares were traded, valued at QR529.6m.
Source: AME Info
Aldar Properties shares rise back to one Dirham
February 13, 2012--The Abu Dhabi market measure ADXGI added 0.30%, closing at 2,463.35 points Monday.
The emiarte's first real estate developer Aldar Properties added one per cent to close at Dhs1.00. RAK Properties jumped over six per cent to reach Dhs0.34. Bellwether Etisalat declined further (off 0.32%), while Abu Dhabi National Energy Co., known as Taqa, fell 1.57%. Some 87m shares worth Dhs88.9m changed hands.
Source: AME Info
Dubai Financial Market storms 1,500-barrier, reaches 7-month high
February 13, 2012--The DFM General Index jumped 2.20% higher Monday, closing at 1,521.56 points. Emaar outperformed the market by gaining 2.80% to reach Dhs2.94.
Investment bank Shuaa Capital soared 13.42%. Earlier in the day, Shuaa reported a net loss for 2011 amounting to Dhs293.8m compared to FY net loss of 223.7m in 2010. Shuaa commented in an e-Mailed statement, the majority of the loss (Dhs129.9m) is directly attributable to brokerage, which includes the closure of Shuaa Securities branches in Jordan and Egypt. The brokerage units in Abu Dhabi and Riyadh remained but their were reduced in their sizes. Total employee costs were cut by 39%. Shares of engineering and construction specialist Drake and Scull International or DSI added 1.15% to close at Dhs0.97. Earlier in the day DSI reported a net profit of Dhs220m and Dhs3.1bn in revenues for fiscal year 2011 ended December 31st. “The figures indicate a revenue growth of 68 % and a net profit growth of 36 % in comparison to fiscal 2010. Earnings per share ("EPS") in 2010 were Dhs0.072 compared with Dhs0.095 recorded during the same period this year,” DSI said in a statement. Trading volumes soared as some 411m shares were traded, valued at Dhs381.1m
Source: AME Info
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