Middle East ETF News Older than One Year
Saudi Cement Company rides high on construction boom in the Kingdom
February 08, 2012--The Saudi Stock Exchange advanced 0.80% to reach a 22-month high at 6,797.09, as bellwether Sabic added 0.52% to close at SR95.75. Shares of Saudi Cement Company added 0.30%. The stock has gained 72% in the twelve months.
Eariler in the day, Saudi Cement announced it net profit for 2011 hit SR831.2m, an increase of %26 over 2010. The firm commented: "The main reasons for the increase in profit in comparison with previous year are increased production efficiency from relying on new production lines that have achieved more stable operating efficiency and an increase in local demand." According to Ventures Middle East, the construction industry in Saudi Arabia is expected to spend up to $420b over the next three years.
Source: AME Info
DGCX January 2012 Volumes Jump 95% from 2011
Gold futures rise 355.7% from December 2011 to reach 30,567 contracts
Monthly volumes of 475,942 contracts represent value of $ 19.32 billion
India Rupee record the highest monthly volume every of 431,902 contracts in January
February 7, 2012--Dubai Gold and Commodities Exchange (DGCX) got off to a strong start in 2012 with January volumes rising 95% from the same month last year to hit 475,942 contracts, valued at $ 19.32 billion.
Average daily volume (ADV) on DGCX in January was 21,634 contracts, up 86% from the 11,637 contracts traded per day a year ago.
January volumes were propelled primarily by currency futures, which aggregated 442,345 contracts, rising 124% from last year. Indian Rupee futures sustained its exceptional growth momentum, climbing 157% from January last year and reaching the highest ever monthly volume of 431,902 contracts. Among other currency futures, Sterling/Dollar grew 14% while Dollar/Yen rose 39% from December 2011 to reach 2,246 and 386 contracts respectively. US Dollar/Canadian Dollar futures also grew substantially by 104% over the previous month to reach 330 contracts.
Gold futures saw brisk trading in January, up 355.7% from December 2011 and hitting 30,567 contracts.
Stephen Gaterell, CEO of DGCX said: "The robust start to the year is a good portent for a strong performance in 2012. With volatility in currency and commodity markets continuing to be a feature of today's uncertain economic environment, DGCX products will be extremely valuable tools for market participants seeking to manage currency and commodity price risk. As a result, we are continuing to investigate options to expand our product offering as well as explore means of enhancing liquidity in our existing contracts."
Meanwhile, WTI Crude futures registered strong growth of 34% from the previous month, reaching 1,833 contracts.
Source: Dubai Gold and Commodities Exchange (DGCX)
The Middle East Investor Relations Society launches the Palestine Chapter, the latest initiative to promote IR best practice in the Middle East
February 7, 2012--2012 The Middle East Investor Relations Society (ME-IR Society) and a number of Palestinian companies following IR best practices met in Ramallah today to agree an Investor Relations Charter. The Charter will improve the quality of investor relations practices and educational resources in Palestine.
The Charter also creates an informal supervisory Board of ME-IR Society member companies which will assist with the development of IR initiatives in Palestine. The new Board consists of representatives from The Palestine Exchange (PEX); PADICO, PALTEL, Bank of Palestine, Jerusalem Pharmaceuticals; and Bank of New York Mellon.
The Charter was ratified by the inaugural Chairwoman of the Palestine Chapter, Fida Musleh/Azar - Manager of PEX Representative Office – Ramallah/ Manager of Public Relations and Investor Education Department and Maria Hunt, General Manager of the Middle East Investor Relations Society.
Source: FEAS
Kuwait Stock Exchange falls the second day straight
February 07, 2012--The KSE Market Index declined 0.22% to 5,827.20 points, as only the real estate sector index added value.
Union Real Estate gained the most (up 9.2%). Like most banking shares, National Bank of Kuwait closed unchanged. Islamic bank Kuwait Fincance House added 1.17% to reach KD0.860. [AMEInfo.com]
Source: AME Info
Abu Dhabi investment firm slashes jobs, more than 50% cut
February 07, 2012--Abu Dhabi-based investment firm, The National Investor (TNI) has made redundant more than 50% of its workforce and is planning more job cuts in a bid to reduce costs in response to tough financial markets, Reuters has reported, citing unnamed sources.
TNI, which operates in private equity, investment advisory and asset management businesses, had the first round of layoffs last year reducing its workforce to the current level of around 55 people the sources told the news service. "The latest round of redundancies began last week with more expected. Most lay-offs are in investment banking and equities," one source familiar with the matter said.
Source: AME Info
Egypt tweaks five-year bond sale, scraps seven-year
February 07, 2012--The Egyptian finance ministry has said the country’s central bank has sold only half the reopened five-year bonds it offered at an auction on Monday and none of the reopened seven-year bonds, Reuters has reported.
The bank had asked for EGP2bn ($331.5m) of the five-year bonds, but trimmed the sale to EGP1bn. The yields on the bonds ranged from 16.65% to 16.85%, up 16.6% to 16.75% at an auction a week earlier.
Source: AME Info
Banks, real estate firms weigh on Kuwait bourse
February 06, 2012--Kuwait: The Kuwait Stock Exchange (KSE) Market Index fell by 0.30% Monday, closing at 5,840.2 points.
Al-Safat Investment Co. posted the largest decline, falling by 7.5%. The banking segment and the developers index lost the most among the sector indexes. However, Real Estate Trade Centers or Marakez gained the most (up 10%). [AMEInfo.com]
Source: AME Info
Industry shares, consumer staples weigh on Abu Dhabi market measure
February 06, 2012--The ADX General Index ended off 0.10% at 2,475 Monday. Real estate bellwether Aldar Properties found out of the valley of tears in recent weeks and gained today 1.04% to reach Dhs0.96.
Sorouh Real Estate, RAK Properties and Dana Gas closed unchanged. Gulf Cement Co. dived 5.90%, finishing at Dhs0.96. Almost 85m shares were traded, valued at Dhs98.5m.
Source: AME Info
Profit booking hits NASDAQ Dubai-listed shares
February 06, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1519.59 up 0.15%, from the previous close.
Bellwether Dubai Ports (DP) World was the most liquid stock and fell half a per cent to hit $10.95. Jewelry trader and retailer Damas lost 2.70% and interior design firm Depa Limited plummeted 5.26%. Some 2.175m shares were traded at the NASDAQ Dubai.
Source: AME Info
Qatar National Bank, Doha Bank advance on bullish prospects for domestic financing market
February 06, 2012--The Qatar Exchange (QE) 20 Index ended even at 8,726. 37 points as market heavweight Industries Qatar slipped 0.44%.
The country's largest lender Qatar National Bank and retail giant Doha Bank added 0.40% and 1.40%, respectively. Earlier in the day H.E. Abdulla Bin Saoud al-Thani, Governor Qatar Central Bank said in a speech at the MEED Qatar Projects Conference in Doha: "At the end of 2011, total assets of the country’s commercial banks grew by 22.3% to $190.6bn in 2011 from 2010 while customer deposits increased by more than 18.5% to $100 billion, he said. Meanwhile credit facilities to customers rose by 28.2% to $103.5bn." According to delegates attending the conference, the governor's speech was a vote of confidence in the country's ability to finance more than $100 billion worth of projects to be completed, to realise the 'Qatar 2030 vision'.
Source: AME Info
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