Middle East ETF News Older than One Year
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
Doha Insurance jumps ten per cent on rising annual net profit
January 25, 2012--The Qatar Exchange (QE) Index gained Wednesday for the first time in weeks, closing 0.40% higher at 8,420.53 points.
Shares of Doha Insurance gained 9.97% to reach QR34.20. Earlier in the day, the insurer reported a 12-month net profit of QR65.8m versus QR60.7m in 2010.
Source: AME Info
Increasing sales push Saudi Arabia's Advanced Petrochemical net profit, share price higher
January 25, 2012--The Riyadh market measure Tadawul All Share Index (Tasi) added 0.15% Wednesday, closing at 6,476.86 points. Sabic shares finished flat at SR91.75.
Advanced Petrochemical Company gained 1.37% to reach SR29.60. In 2011, as it was revealed earlier in the day, the firm achieved a 56% higher net profit than in the year before, amounting to SR512.8m. "The reasons for the increase in net profit of 2011 compared to the same period in 2010 are mainly due to the improved product prices and increased sales," Advanced Petrochemical said in a statement.
Source: AME Info
Aldar, Sorouh gain on Abu Dhabi Executive Council's green light for new construction plans
January 24, 2012--The Abu Dhabi market gauge ADXGI added 0.40%, finishin at 2,361.55 points. Development bellwethers Aldar Properties and Sorouh Real Estate gained six per cent and 5.30%, respectively.
Earlier in the day, the Abu Dhabi Executive Council approved the new development of projects. "It appears to be a reaffirmation of the plans on a number of projects," commented Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi (NBAD). "Budgets and opening dates were approved for the museum projects in the cultural district on Saadiyat Island. One of the most eye catching is the proposed “development of an auto city which will be located adjacent to Industrial City Abu Dhabi. It is intended to act as a cluster development for all auto-related businesses and is intended to serve the future growth needs of the automobile sector in Abu Dhabi." Shares of Abu Dhabi Islamic Bank, which were among the top gainers in recent days, dipped 1.30% to Dhs3.07. Some 72m shares worth Dhs66.3 changed hands at the ADX Tuesday.
Source: AME Info
Banks push Bahrain Bourse slightly higher
January 24, 2012--The Manam-based Bahrain All Share Index advanced 0.30% to reach 1,144.38 points. United Gulf Bank posted the largest gain, closing four per cent higher at BD0.308.
Islamic financial institution Al Salam Bank added 2.63%, while Bank of Bahrain and Kuwait or BBK gained 1.50%. The Kingdom of Bahrain implemented a policy of reconcilation with opposition groups after it was hit by the Arab Spring last year. Since the start of the year the market gauge shows increasing signs of stabilisation. Bellwether Bahrain Telecom, branded and known as Batelco finished flat at BD0.394. Earlier in the day Batelco announced that it is investing JD50m to obtain 3G license in Jordan, via Umniah, a 96% owned subsidiary. "Umniah has obtained a 3G license pursuant to paying JD50 million to the Telecommunications Regulatory Commission (TRC) and will further invest towards infrastructure and network expenses related to the roll out during the next 6 months," the statement posted by Batelco on the Bahrain Bourse website says.
Source: AME Info
Qatar Exchange declines further
January 24, 2012--The QE Exchange Index fell a quarter per cent to 8,386.88 points. While market belwether Industries Qatar added half a per cent, Doha Bank (off 2.40%) and Al Ahli Bank (down 5.30%)weighed on the gauge.
Shares of Qatar Cinema ended unchanged at QR75.30. Earlier in the day, Qatar Cinema said the preliminary financials revealed a net profit of QR13.4m in 2011 up from QR13.4m, up from QR12.9m in 2010.
Source: AME Info
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
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