Middle East ETF News Older than One Year
S&P affirms Dubai's DIFC Investments credit ratings
February 02, 2012--Dubai-based DIFC Investments’ 'B+' long-term and 'B' short-term corporate credit ratings have been affirmed by Standard & Poor's Ratings Services, Reuters has reported. The outlook for the real estate and financial investments group remains ‘Negative,’ S&P said.
“The affirmation of the 'B+' long-term rating on DIFCI reflects Standard & Poor's lowering of the stand-alone credit profile (SACP) to 'ccc-' from 'ccc+' primarily due to our opinion of the company's weak liquidity position, with $119m of cash as of December 31, 2011, against $1.4bn of debt falling due in 2012”, the firm said.
Source: AME Info
Kuwait banks drag stock market gauge lower
February 01, 2012--Kuwait: The KSE Market Index slipped 0.22% to 5,865.4 points. While shares of National Bank of Kuwait ended even,
Al Ahli Bank of Kuwait fell 1.50%. Islamic lender Boubyan Bank bucked the downtrend by adding 1.1%. Year-to-date the KSE's main measure has added 0.68%.
Source: AME Info
Saudi Arabia's Emaar The Econonomic City rises to seven-month high
February 01, 2012--Bullish prospects for the Saudi stock market in 2012 keep the Riyadh-based Tadauwul market index on rising.
The main gauge Tasi added 0.60% to reach 6,663.50 points. Earlier in the day, the largest exchange by market cap in the GCC announced the IPO of Takween Advanced Industries Company. The Saudi Arabian Monetary Agency (SAMA) plans to open its capital market to non-GCC investors in the first quarter this year. Dar Al Arkan Real Estate Development was the most liquid share, adding 8.54%. Shares of Emaar The Economic City were lifted by 4.4%. Sabic shares remained in a fluctuating mode, ending half a per cent lower at SR94.00. Market breadth decreased as 79 shares advanced and 58 declined.
Source: AME Info
Dubai Market hits four-month high as trading volumes continue to rise
February 01, 2012--The Dubai equity market gauge DFMGI closed 1.24% higher at 1,453.53 points. Emaar Properties pushed 2.19% up, ending at Dhs2.80. Arabtec Construction soared fiver per cent. In the least four weeks, Arabtec shares increased their value by over a fourth. District cooling producer Tabreed fell half a per cent to close at Dhs0.54.
Tabreed achieved a profit for the year 2011 of Dhs181.5m, up from Dhs146.3m in the prior year, as the firm revealed earlier in the day. Some 192m shares were traded, valued at Dhs260.1m. Diluted earnings per share fell from Dhs0.36 to Dhs0.09. As trading volumes advance, shares of the DFM, the only Arab bourse which is publicly listed, are increasingly demanded. DFM shares were up 1.36% today and up 11% during the last week of trading.
Source: AME Info
Egypt money supply tipped 6.7% last year
February 01, 2012--The Egyptian central bank has said the country’s M2 money supply rose by 6.7% in the year to the end of December, Reuters has reported.
Money supply was EGP1,039bn ($172.26bn), up from EGP1,032bn at the end of November and EGP974bn at the end of December 2010. M2 is a category of money supply that includes general use in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.
Source: AME Info
Iran grain shipments stranded due to sanctions, 400,000 tonnes
February 01, 2012--Around 400,000 tonnes of grain have been held up on at least 10 ships outside Iranian ports for as long as three weeks as the result of the European Union sanctions, Reuters has reported, citing trade sources.
"The myriad of sanctions have worked to the point where the Iranian banking system is virtually defunct, thereby not allowing international trade houses to receive workable letters of credit," one European grain trader said. "Their ships are stopped while people figure out how to get payment done, it's a mess." The trader said. "The exporters cannot unload without payment as they would face multi-million dollar losses if they do not get their money," said another grain trader.
Source: AME Info
Iran reserves total $120 billion cash, 907 tons of gold
February 01, 2012--The chairman of the Tehran Chamber of Commerce announced Iran has $120bn in foreign exchange reserves and possesses 907 tonnes in gold reserves,
Mehr news has reported. Iran had purchased the gold in recent years at an average $600 per ounce, said Yahya Ale-Eshagh.
Source: AME Info
Egyptian officials look to set up Islamic index
February 1, 2012--Egypt's newly-elected Islamists say they want to introduce an index of companies that comply with sharia law as part of a wider move towards an Islamic economy.
Officials from Freedom and Justice, the political arm of the Muslim Brotherhood, and from Nour, a party of ultraconservative Salafi Islamists, argue that such an index would encourage a slice of investors who, they allege, have shunned the bourse for fear that it might somehow contravene religious law.
Source: FT.com
Tadawul market adds 3.25% in January
January 31, 2012--The Saudi Arabian Tadauwul All Share Index advanced one per cent Tuesday, closing at 6,626.04 points. Market bellwether Sabic added likewise one per cent.
During the first month of the year, the Riyadh-based gauge gained 3.25%, the second highest GCC performance behind the Dubai Financial Market (up six per cent). Rising oil prices supported the sentiment. The barrel oil rose over 2.3% to reach $101 on concerns over an escalation of the tensions between the West and Iran.
Source: AME Info
Saudia Dairy & Foodstuff Co. advances on land ownership registration in Riyadh
January 30, 2012--Saudi Arabia's Tadawul market index continued its step-by-step rise, climbing 0.10% higher at 6,560.25 points.
While petrochemicals and metals giant Sabic ended even, shares of Mobile Telecommunications Company Saudi Arabia, known as Zain Ksa, hit an 11-month high at SR7.55 (up 4.90%). Saudia Dairy and Foodstuff Company or Sadafco gained half a per cent to reach SR52.25. Earlier in the day, Sadafco announced the completion of all regulatory and legal requirements to register the ownership of the land in Riyadh Sulaymaniya district on Sunday. Year-to-date, the Tadawul gaugae gained 2.22%. the bourse's announcement to allow forein companies to list its shares in Riyadh soon has lifted the market sentiment. The move is expected to have positive spill-over effects in all GCC capital markets.
Source: AME Info
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