Middle East ETF News Older than One Year
Etisalat, Taqa help Abu Dhabi bourse to rebound
January 03, 2012--The ADX General Index advanced half a per cent to reach 2,408.49 points, as bellwether Etisalat, the UAE's first telecom provider, gained 1.75% (closing at Dhs9.28).
Abu Dhabi National Energy Co., known as Taqa (up 1.69% at Dhs1.20) also helped the sentiment to improve. Around 39m shares were traded, valued at Dhs44m.
Source: AME Info
Qatar Exchange gains as banks prepare for annual reporting
January 03, 2012--Amid rising trading turnover, the Doha-based QE Index closed one per cent higher at 8,880.43 points, as stock gained across the board. Doha Bank surged 2.33%, while the country's largest lender
Qatar National Bank added 1.60%. According to Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi, Qatari banks continue to grow in the personal loan segment. Personal loans grew 8% month-on-month last November and 25.7% year-on-year. Meanwhile, a number of lender announced board meetings scheduled for January in order to discuss the financial statements of 2011.
Source: AME Info
Damas, DP World shine at NASDAQ Dubai
January 03, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 1.18% higher at 1,378.52 today.
Bellwether shares Dubai Ports (DP) World advanced 1.44% to reach $9.85, while Damas Jewellery surged four per cent, closing at $0.23. Dubai-based Damas has gained 50% in value since November 15 2011. Interior designer Depa Ltd. ended flat at $0.42. Some 1.13m shares changed hands at the NASDAQ Dubai, the Middle East's only capital market by international standards.
Source: AME Info
Dubai total trade with the world exceeds Dhs814bn at the end of 3rd Q 2011
January 03, 2012--United Arab Emirates: Dubai's non-oil total trade, which includes direct trade, free zone trade, and customs warehouse trade, exceeded Dhs814bn at the end of third
quarter in 2011, an increase by 23% compared to the same period of 2010 which reached Dhs661bn. [AMEInfo.com]
Source: AME Info
Oil prices, reform policy help Saudi Stock Exchange to advance
January 03, 2012--Saudi Arabia: The Riyadh-based Tadawul market surged a quarter per cent to reach 6,413.88 points. Arriyadh Development Co., a developer of of commercial , office and residential buildings, facilities and service buildings, posted the largest advance (up 5.78% at SR23.80).
Sabic gained half a per cent, reaching SR96.75. Rising oil prices (up 1.90% (U. S. crude)) along with the new economic reform policy of HH King Abdullah Bin Abdulaziz Al-Saud, Custodian of the Two Holy Mosques, fuel the Saudi market's recovery. The Tadawul insurance sector, which gained significantly in recent weeks, posted losses today, as investors booked profits here and there. Gulf General Cooperative Insurance Company fell 3.19% to SR39.40.
Source: AME Info
Kuwait Stock Exchange dips, as inflation declines
January 03, 2012--Kuwait: Losses in the industry and insurance sector dragged the KSE Market Index down by 0.20% to 5,780.9 points. National Bank of Kuwait or NBK closed even at KD1.100. Telecom operator Zain declined 1.12% to KD0.880.
Logistics specialist Agility ended 1.35% higher at KD0.375. According to National Bank of Abu Dhabi, the General Consumer Price Index in Kuwait fell in November 2011 to 4.16% from 4.82% the month before. The IMF expects consumer price inflation in the northern Gulf state to decline to 3.4% in 2012 from 6.2% last year due to a decline in global oil demand.
Source: AME Info
Kuwait inflation slows to 16-month low
January 03, 2012--Kuwait's annual inflation slowed to a 16-month low of 4.2% in November with prices unchanged from the previous month, and analysts expect price growth to remain at around current levels in the coming months, Reuters has reported.
"It is along the lines of expectations. We had an inflationary impulse earlier last year partly because of the global commodity prices, especially food prices, partly because of the increased government spending," said Jarmo Kotilaine, chief economist at National Commercial Bank in Jeddah. "Much of that impulse has already worked itself into the system and there has not really been anything new to push up the rate of price increases," he said.
Source: AME Info
Egypt cancels auctions of bonds
January 03, 2012--Egypt's finance ministry has announced the cancellation by the central bank of the EGP5bn ($829m) three-year and five-year re-opened bond auctions, Reuters has reported. The central bank,
which gave no reason for its decision, auctions the instruments on behalf of the ministry, which had offered EGP3bn of the three-year notes and EGP2bn of the five-year.
Source: AME Info
Is Islamic Finance ready for more standardization?
January 2, 2011--As new market participants enter the scene, Shariah banking continues to grow despite the threat of a global recession. But is the industry also progressing in terms of unity and transparency?
When bankers from East and West gathered in Manama at the 18th Annual World Islamic Banking Conference in November 2011, one topic was prevalent at nearly all discussion rounds: standardization.
Source: AME Info
Qatar Exchange adds slightly, as market revamps listing and IPO rules
January 02, 2012--The Qatar Exchange (QE), the only Arab stock exchange which gained in 2011 (up one per cent) ended 0.10% higher at 8,786.07 points Monday. The banking and financial sector was the only advancing segment.
The Qatar Financial Market Authority (QFMA) said it has introduced new rules for IPOs and secondary listings, Gulf News reported. According to Nasser Ahmed Al Shaibi, CEO of QFMA, the new rules have been designed in to attract small- and medium-sizes (SME) enterprises. The country's largest lender Qatar National Bank or QNB added 0.66% to reach QR153. According to National Bank of Abu Dhabi's latest research report on Qatar, Qatari banking assets were estimated at $177.9bn, down 0.3% month-on-month.
Source: AME Info
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