Middle East ETF News Older than One Year
Egypt's external debt climbs to $34.9bn
January 29, 2012--The central bank of Egypt has said the country's external debt has reached $34.9bn at the end of the 2010-11 financial year, up by $1.2bn on the year before, Ahram has reported.
The European Union is Egypt's largest creditor and is owed a total of $10.8bn by the country. Japan is listed as the second biggest creditor to the tune of $4.2bn, while the US is in third place with $3.1bn. Kuwait topped the list of Arab creditors, with total loans to Egypt of $854.1m by the end of the 2010-11 fiscal year in June, followed by Saudi Arabia with $307.6m, while the UAE is owed $162.4m, the figures showed.
Source: AME Info
Egypt benchmark stock index climbs most in 10 months after uprising anniversary
January 26, 2012-- Egypt's stock market posted its strongest gains in about 10 months, with the benchmark index rallying over 7 percent on Thursday as the peaceful passing of the one-year anniversary of the uprising that ousted former President Hosni Mubarak injected optimism.
The Egyptian Exchange's briefly halted trade after the broader EGX100 index hit a 5 percent circuit-breaker — a measure aimed at calming the market. It continued its climb after trading resumed, closing up 5.76 percent and gaining almost 300 points, or 7.18 percent, by the end of the trading day.
"There is a gradual stability (in the political scene) emerging day by day, and there is growing confidence in the economy, day by day," said Khaled Nagah, trading manager at Mega Investments.
Source: Star Tribune
Dubai market gauge knocks out 1,400-resistance, hits six-week high
January 26, 2012--After a tricky opening amid profit booking, the DFM General Index quickly regained momentum and eventually closed 0.70% higher at 1,405.82 points. DFM shares improved to Dhs80 (up 0.63%). Market bellwether Emaar could not follow and dipped 0.74%.
Investment bank Shuaa Capital gained the most (up 3.33% at Dhs0.527). Some 164m shares were traded, valued at Dhs188.5m. Year-to-date, the DFM General Index has advanced by 3.60%, the second highest performance in the Arab world after the Egyptian Stock Exchange (up 21%).
Source: AME Info
Abu Dhabi Commercial Bank shares bullish amid soaring net profit
January 26, 2012--The Abu Dhabi market measure ADXGI advanced 0.63% to 2,390, Thursday. Abu Dhabi Commercial Bank jumped 5.70% to reach Dhs3.02. Earlier in the day, ADCB reported a 12-month-profit of Dhs3.045bn, compared to Dhs390.6m in the year before.
Income from net trading and from Islamic financing improved in particular. Some 70m ADX-listed shares were traded, valued at Dhs79.2m.
Source: AME Info
DP World rises to two-month high, sells stake in UK's Tilbury Container Services
January 26, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 1.74% higher at 1451.91. Global maritime port operator DP World surged 3.10% to hit $10.98.
Earlier in the day, DP World said it has sold all 34% of its shares in Tilbury Container Services Limited (operator of Tilbury Container Terminal in the United Kingdom) to a subsidiary of Otter Ports Holdings Ltd, owner of Forth Ports Limited, for a total consideration for the shares of £48.45m ($75.48m). Following a similar transaction with Associated British Ports, the shareholder of Forth Ports now own 100% of Tilbury Container Services. As the price for the ounce of gold surged above $1,700, Dubai Gold Securities were also demanded (up 2.36% at $168.90). Jewelry trader Damas closed even at $0.35.
Source: AME Info
Banks drive Kuwait bourse rise
January 26, 2012--The KSE Market Index addd 0.21%, finishing at 5,852.2 points. Shares of Kuwait Real Estate Company gained the most (9.8% higher at KD0.056).
With a day gain of 1.12%, the banking sector index was the top segment. Year-to-date, the KSE Market Index advanced 0.65%.
Source: AME Info
Commercial Bank of Qatar dips slightly, reports higher annual net profit
January 26, 2012--The Qatar Exchange gained 0.20% Thursday to reach 8,434.70 points. The country's second bank by assets Commercial Bank of Qatar or CBQ fell 1.50% to QR80.40. CBQ said it achieved a net profit of QR1.88bn in 2011, compared to QR1.63bn in 2010.
Earnings per Share (EPS) amounted to QR7.71 compared to QR7.24 in 2010. The bank recommended a profit distribution in the form of 6QR per share cash dividend. HE, Abdullah Bin Khalifa Al Attiyah, Chairman of the Board of Directors of CBQ commented: “The year 2011 proved to be yet another unsettling year for financial markets. Middle Eastern markets were unsettled in the first half of the year and the ongoing sovereign debt crisis in Europe has undermined the potential for global recovery. Despite this, Qatar’s economy has remained resilient and has demonstrated significant progress and growth during 2011, and CBQ has successfully identified market opportunities to grow its business and has delivered a record set of results for the full year.”
Source: AME Info
Dubai Financial Market jumps 2.35% on bullish prospects for emerging markets
January 25, 2012--The DFM General Index edged 2.35% higher to 1,396 points Wednesday amid high trading volumes. Emaar Properties soares 6.70% to hit Dhs2.72 while shares of the DFM, the only Arab market which is publicly listed, were propelled by 8.46%, closing at Dhs0.795.
Trading turnover and market breadth improved significantly at the DFM since the start of the year. According to Gary Dugan, Chief Investment Officer Private Banking at bank Emirates NBD (up 21.5% at Dhs2.85), "emerging economies will grow in 2012, despite global uncertainties," Dugan, said in an e-mailed statement. "even if the eurozone is in recession and struggling to make headway, emerging markets should continue to see solid economic growth, underpinned largely by demographics, including a young, vibrant population that is still growing in the Middle East." Logistics provider Aramex slipped half a per cent to Dhs1.80. Some 230m shares were traded, valued at Dhs242m.
Source: AME Info
Abu Dhabi bourse advances 0.60%, United Arab Bank profit soars
January 25, 2012--The Abu Dhabi market gauge ADXGI ended at 2,375.25 points, as market bellwether Etisalat, the UAE's first telecom company, edged slightly higher to reach Dhs9.11.
United Arab Bank or UAB ended even at Dhs3.64. Earlier in the day, UAE reported a 12-months profit of Dhs330.1m, compared to Dhs308m in the year before. Earnings per share improved to Dhs0.33 from Dhs0.30. Some 66m shares were traded, valued at Dhs73.6m.
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index gains on DP World, local markets surge
January 25, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1427.11 today, up 2.64%, from the previous close. The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai.
NASDAQ Dubai bellwether DP World, the global maritime port operator, closed 2.10% hugher at $10.65 after Emirates NBD published a report on improved prospects for the emerging markets in 2012. "In the majority of the emerging market countries, with the exception of China and Russia, demographics provide a solid basis for further strong growth well into the future," said Emirates NBD CIO Gary Dugan.
Source: AME Info
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