Middle East ETF News Older than One Year
Kuwait bank shares fluctuate as loan growth remains weak
January 24, 2012--The KSE Market Index closed half a per cent higher at 5,820.60 points. The banking sector index was the only segment which lost Tuesday (off 0.12%).
National Bank of Kuwait, the country's largest lender, ended even at KD1.140. Islamic bank Kuwait Finance House dipped 1.14% to KD0.860. According to credit data compiled by National Bank of Abu Dhabi (NBAD), loan growth in the Kuwaiti banking sector improved in December 2011 but was still low at around one per cent (year-on-year). Loans to the private sector declined slightly.
Source: AME Info
Saudi market advances slightly as prospects for foreign investors lom
January 24, 2012--The Tadawul market index in Riyadh edged 0.10% higher to close at 6,466.54 points, as losses in bellwether Sabic (down half a per cent at SR91.75) weighed on the gauge. According to new regulations by the Saudi Arabian Capital Market Authority (CMA), foreign companies are to be allowed to list securities on the Arab world's biggest bourse, fuelling speculation the country may completely open to foreign investors, Reuters Thomson has reported.
Under the new rules, securities on another exchange with comparable listing rules to those in Saudi Arabia can apply for a dual listing in the kingdom. The Kingdom currently does not allow foreigners to directly own shares in Tadawul listed companies. The government allowed citizens of neighbouring GCC states to trade in shares in 2007.
Source: AME Info
Dubai bourse gains the second day amid rising turnover
January 23, 2012--The DFM General Index closed 0.46% higher at 1,340.70 points. Arabtec Construction (up four per cent at Dhs1.79) was the most liquid share, while Union Properties surged 3.64%, finishing at Dhs0.285.
Bellwether Emaar, the largest UAE developer, did not follow and fell 0.40% to Dhs2.46. Market breadth remained on the bullish track as 20 shares gained and ten lost value. Some 118m shares were traded, valued at Dhs101.4m
Source: AME Info
Etisalat shares consolidate above nine Dirham
January 23, 2012--The Abu Dhabi market gauge ADXGI advanced half a per cent to reach 2,352.74 points. Market bellwether Emirates Telecommunications gained 0.33%, finishing at Dhs90.6. Dana Gas ended even at Dhs0.38. Abu Dhabi National Energy Co. or Taqa, the largest oil and gas commpany in the UAE, gained 1.69%.
Earlier in the day, the EU decided to impose an oil embargo on Iran from July on in order to put pressure on Tehran to stop its nuclear enrichment program. Taqa has no operations or interest in the Islamic Republic of Iran.
Source: AME Info
Qatar International Islamic Bank slips despite annual net profit jump
January 23, 2012,--The QE Index in Doha fell 0.41% to 8,409.15 points. Qatar International Islamic Bank or QIIB declined to QR51.60 (off 1.71%). Earlier in the day, the Shari'ah-compliant bank said its net profit in 2011 was QR653m, a growth 17% percentage from the prior year.
QIIB added in its media statement: "The Board of Directors recommended to the General Assembly of shareholders the distribution of dividend 35% of it’s paid up capital equivalent to QR3.5 per each share."
Source: AME Info
NASDAQ Dubai, DP World fluctuate slightly
January 23, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1369.50 today, down 0.05%, from the previous close. Bellwether DP World declined 0.85% to $10.51.
Depa Limited closed even at $0.34. Damas Jewellery remained on a growth track (up 2.8% at $0.36). Dubai Gold Securities added 0.37% as Gold prices stabilised around the level of $1,676 per ounce Monday.
Source: AME INFO
Zain KSA surges to 14-week high
January 23, 2012--Lacklustre trading in Riyadh led the Saudi Tadawul measure increase by 0.15%, closing at 6,460.55 points.
Sabic ended even at SR92.25. Shares of telecom provider Zain KSA, jumped 5.31% to hit SR5.95. Last week , Zain KSA reported that net loss during the twelve-month period amounted to SR1,925m, compared to SR 2,358m for the same period last year, which represented a decrease of 18%. The Zain KSA share was upgraded to 'buy' by Riyad Capital in December 2011.
Source: AME Info
Kuwait hires HSBC to assist with stock exchange privatisation
January 23, 2012--The government of Kuwait has hired HSBC Holdings to help with the privatisation of the country's stock exchange, and set up a new company that will own and operate the third-biggest bourse by market capitalisation in the Arabian Gulf, Bloomberg has reported. The government plans to sell 50% of the exchange to listed companies and the remainder to Kuwaitis in an initial public offering.
Currently, Dubai's stock exchange is the only publicly traded Gulf Arab stock market. The Kuwait exchange has been regulated since March 2011 by the CMA, the country's first stock-market regulator.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary
January 22, 2012--Economic Data Overview
The highlight of the US economic data releases for the coming week will probably be the preliminary numbers for fourth quarter GDP on Friday.
Decent consumer spending, modest inventory building, higher net exports, and an improved residential housing market combined to increase the pace of growth as 2011 came to a close. While there are already doubts that it will signal significant upward momentum as the first quarter 2012 gets under way, it will still be a stronger number in a long string of lacklustre data.
The December numbers for new orders for durable goods on Thursday is likely to be quite strong, but it will be largely attributable to a massive increase in new orders at Boeing that will boost the transportation component for a second month. The underlying trend is for higher new orders for durable goods, and the ex-transportation reading should be for modest growth.
The Richmond Fed's Survey of Manufacturing on Tuesday should add to the perception that the factory sector retains some strength at the start of 2012. The general activity index in the reports from the New York and Philadelphia Feds both suggest that expansion continued at a moderate pace in January.
The Conference Board's Leading Economic Index for December on Thursday will include a number of methodological changes, and there will be revisions in the data. Nonetheless, the overall trend of gains should remain intact, and indicate that the recovery continues at a moderate pace.
The final reading of the Reuters/University of Michigan Consumer Sentiment Index for January on Friday could show some revision to the 74.0 in the preliminary report. Weekly measures of confidence suggest that it will be small. Although gasoline prices are on the rise, food prices have moderated. Conditions in the labor market are somewhat better. On balance, consumers remain quite cautious by historical standards, but are regaining some optimism in the near-term.
The BLS will report on state and regional unemployment in December on Tuesday, and mass layoff activity in December on Wednesday. In the former report, we will get some detail of where the declines in the national unemployment rate occurred. In the latter, we should get confirmation that large scale layoffs were less than usual at year-end.
The FOMC meets on Tuesday and Wednesday
Source: Dubai Gold & Commodities Exchange (DGCX)
Kuwait bourse ends a strong week unchanged
January 19, 2012--The KSE Market Index closed even at 5,798.5 points Thursday, but the Northern Gulf state's gauge added 0.90% during the week, the highest advance in the GCC.
Gulf Franchising Holding gained the most (up 11% at KD0.020). Kuwait Insurance Co. posted the largest day loss (off 6.6% at KD0.280).
Source: AME Info
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