Middle East ETF News Older than One Year
Despite lying on the bargain table, DFM shares fall further
January 11, 2012--The Dubai Financial Market (DFM) General Index fell half a per cent to 1,333.52 points.
Heavyweight Emaar Properties dipped 1.18% to Dhs2.51. The DFM, the only publicly listed Arab market, dived 3.26% to hit Dhs0.772. DFM shares, also historically low valued, still suffer from index provider MSCI's decision to postpone a possible upgrade of the UAE to 'emerging market' from 'frontier market'. Bank Emirates NBD, the UAE's largest lender, ended even at Dhs2.80. According to the 'GCC Banking Competitiveness Report' published by Abu Dhabi Islamic Bank earlier in the day, the UAE has the most competitive banking market in the GCC. "“UAE banks’ net interest margin, which is the spread between what banks pay for deposits and what they charge for financing and loans remains the lowest among the GCC, at an average of 2.9%. Saudi banking spreads are currently closer to 3.5%, Qatar at 3.4% those of Kuwait banks are at around 3.2%,” the report by ADIB found out. Some 45.7m shares were traded, value at Dhs43.8m.
Source: AME Info
Qatari takeover plans lift Damas shares to $0.40
January 11, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.43% higher at 1370.33. Damas Jewellery soared 14.29% to hit $0.40. Earlier in the day Mannai Corp. from Qatar confirmed media reports it considers a cash offer for Damas for $0.45 per share as the founding brother Abdullah plan to sell part of their stake in Damas.
The offer done by Mannai, whose shares are listed at the Qatar Exchange, would have a value of Dhs1.65bn. Global maritime port operator DP World gained 3.23% to reach $10.22. Dubai Gold Securities advanced 1.28%, ending at $162.25. Around 1.46m shares changed hands at the NASDAQ Dubai.
Source: AME Info
Qatar market rebounds by one per cent, Mannai Corp. ends flat
January 11, 2012--The Qatar Exchange (QE) Index added 0.95% to reach 8,710.89 points. Qatar National Bank reovered from yesterday's price slump (minus five per cent) and surged 1.72% Wednesday, closing at QR147.50.
Shares of multi-product and services company Mannai Corp. closed unchanged at QR101. Earlier in the day, Mannai confirmed media reports it considers to buy a majority share in Dubai-based jewelry trader Damas for Dhs1.65bn.
Source: AME Info
First Gulf Bank advances on sukuk plans
January 11, 2012--The Abu Dhabi market gauge ADXGI added 0.14%, finishing at 2,365.46 points.
Real estate bellwether Aldar Properties plummeted 2.35% to Dhs0.82. Shares of First Gulf Bank or FGB, the UAE's fourth largest lender by assets, gained 0.65%, finishing at Dhs15.35. Earlier in the day, FGB said it plans to launch a Dhs1.82bn ($500m) Islamic bond or sukuk with a duration of five years. FGB said National Bank of Abu Dhabi (NBAD), HSBC, Standard Chartered Bank will function as joint lead managers. Fund raised with the sukuk shall promote the growth of FGB's Islamic window.
Source: AME Info
Fickle oil prices decelerate Saudi market advances
January 11, 2012--Despite market bellwether Sabic losing a quarter per cent Wednesday, the Tadawul All Share Index (Tasi) added 0.15% to close at SR94.50. Shares of Arab National Bank closed 0.36% higher at SR27.60.
Earlier in the day Arab National Bank announced that its net profit for the twelve months reached SR2.17bn compared to SR1.91bn for the same period last year representing an increase of 13.6%. As oil prices fluctuate around $100 per barrel, the advance-decline ratio worsened to 71 to 59. According to Gary Dugan, Chief Investment Officer (CIO) at Emirates NBD in Dubai, the tightness of supply (in commodities) has been a particular feature of the oil market where prices remained strong even in the face of the weakness of the global economy in 2011. Dugan added, that "Goldman Sachs forecasts that although in 2012 demand for oil from developed markets will fall 0.25 million b/d, emerging market demand could increase by 1.25 million b/d." Dugan concluded that a WTI oil price of $115-120 is still "very possible in 2012."
Source: AME Info
Egypt regulator prepares plan to revive markets
January 11, 2012--Egypt: The Egyptian Financial Supervisory Authority (EFSA) is preparing steps to help companies resume raising money in the country's moribund capital markets, with active issuance of stocks and bonds still likely to be many months away because of political uncertainty,
Reuters has reported. The EFSA is close to removing the remaining curbs on stock market trading imposed in February during turmoil surrounding the ouster of President Hosni Mubarak, said EFSA chairman, Ashraf El Sharkawy. It is also readying regulations to make it easier for companies to issue bonds. "There are two factors for the financial markets: the regulations and the political uncertainty. I can influence one but not the other," Sharkawy said.
Source: AMEInfo.com
QE tops among Arabian bourses
January 10, 2011--For the second consecutive year, Qatar Exchange (QE) emerged as the “best performing market” in the Arab region with its index growing 1.12% in 2011.
QE was also the only bourse in the Arab world to register “positive price returns”.
The year ended with capitalisation of more than QR457bn, representing an increase of 1.59% and adding more than QR7bn to total market capitalisation of QR450bn registered in 2010.
On the world stage, Qatar ranked number eight in terms of total return performance (including dividends) with a total return of about 5.6%.
Source: Gulf Times
Dubai Financial Market fluctuates, ends in the green
January 10, 2012--The DFM General Index added 0.36% to reach 1,340.32 points, finishing a roller coaster trading session on Tuesday.
Arabtec Construction topped again the list of the most liquid shares, gaining 1.18% to reach Dhs1.71. Bank Emirates NBD fell 0.71% to Dhs2.80. Thirteen sharea added value, nine fell and seven closed unchanged.
Source: AME Info
Lacklustre Abu Dhabi market ends even
January 10, 2012--The ADX General Index added 0.05% to reach 2,362.17 points. like the market gauge, Sorouh Real Estate and Bank of Sharjah closed unchanged.
Bellwether Etisalat, the UAE's first telecom operator extended its recovery tour and gained half a per cent, finishing at Dhs9.12. Some 40.25m shares were traded, valued at Dhs51.3m.
Source: AME Info
Qatari bank shares, market index tumble
January 10, 2012--The Qatar Exchange (QE) dived two per cent to 8,629.25 points, as shares lost value across the board, with banks taking a severe hit in particular.
The country's largest lender Qatar National Bank or QNB plummeted 5.17% to QR145. According to bloomberg, investors were disappointed with QNB's dividend payout plan. QNB's preliminary 2011 financials results revealed a QR7.5bn net profit (a 32% increase) and recommends a 40% cash dividend and 10% bonus shares at its AGM and EGM on January 29 2012.
Source: AME Info
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