Middle East ETF News Older than One Year
DP World shares gain on growing container handling
October 25, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1411.560 today, up 0.45%, from the previous close. DEPA Limited, the Dubai-based interior design firm, ended even at $0.445.
Global maritime port operator DP World closed almost one per cent higher at $10.70. Earlier in the day DP World has said its global portfolio of container terminals has delivered another solid quarter handling gross volumes of 14.4 million TEU (Twenty-foot equivalent unit) in the third quarter of 2011, 10% ahead of the third quarter last year. Gross volumes for the first nine months of the year were 40.6 million TEU or 11% ahead of the prior year. This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired Suriname and additional capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 9%.
Source: AME Info
Qatar Navigation falls half a per cent, as nine-month profit dives
October 25, 2011--The QE Index ended unchanged at 8,452.46, as only the banking sector posted a small advance.
Shares of international shipping and transport company Qatar Navigation Company fell 0.52% to QR78.00. Earlier in the day, Qatar Navigation disclosed a net profit of QR584.3m for the nine months period ended September 30, 2011 in comparison to a net profit of QR1.1bn for the corresponding period last year.
Source: AME Info
Kuwait bourse declines 0.29%
October 25, 2011--The KSE Market Index closed 0.29% lower at 5,901.3 points. Shares of budget flyer Jazeera Airways gained 1.56% to reach KD0.325.
Earlier in the day, Jazeera Airways has said it has secured $200m in financing to buy four Airbus A320 aircraft, and said it expects "record" profits in 2011, Reuters has reported. Since the start of 2011, Jazeera under its German CEO Stafan Pichler rose almost three-fold. "We will do nothing, which does not generate shareholder value," Mr. Pichler told AMEinfo.com.
Source: AME Info
Abu Dhabi Commercial Bank Q3 profit climbes 90%
October 25, 2011--The ADX General Index broke a week-long series of losses and added 0.16% on Tuesday, closing at 2,450.61 points. Shares of the UAE's third largest lender Abu Dhabi Commercial Bank, known as ADCB, were not traded, ending unchanged at Dhs2.79.
Earlier in the day ADCB announced that it has earned Dhs613m in the third quarter, an 88% surge compared to the corresponding period the year before. Aldar Properties, Sorouh Real Estate, Abu Dhabi National Insurance Co. (Taqa) and Sharjah-based Dana Gas all closed flat.
Source: AME Info
Gulf Finance House soars as Islamic bank returns to Q3 profit
October 25, 2011--The Dubai Financial Market (DFM) General Index declined half a per cent to 1,353.69 points. Bahrain's leading Islamic investment bank Gulf Finance House or GFH posted the second highest advance (up 6.96% at Dhs0.507).
During the third quarter GFH earned $3.4m, up from a loss of 115.12m during the corresponding period in 2010. Emaar dipped 0.40% to Dhs2.47. Some 56m shares were traded, valued at Dhs47.7m.
Source: AME Info
Bahrain predicts economy to grow 5% next year
October 25, 2011--Sheikh Mohammad Bin Eisa Al Khalifa, CEO of Bahrain's Economic Development Board has said the Gulf country's economy is set to grow 5% next year after slowing down in 2011, as the government implements a stimulus package and receives aid from other Gulf countries,
Bloomberg has reported. "A lot of it is stimulus spending," Sheikh Mohammad said. "It is our largest capital-expenditure budget, plus the money coming in from the GCC."
Source: AME Info
Nasdaq Dubai to re-launch derivatives market
October 25, 2011--Nasdaq Dubai will relaunch its derivatives market, targeting regional institutions wanting to hedge their share portfolios, the exchange's chief executive told Reuters.
The bourse, owned by Dubai Financial Market , launched a derivatives exchange in November 2008 at the height of the global financial crisis and trading has been lacklustre.
Source: Trade Arabia
Dubai benefits from Arab Spring but investor sentiment remains low
October 24, 2011--United Arab Emirates: Dubai is still attracting firms and businesses in their droves.
The rebound will continue despite the US and Eurozone debt crisis. But not all market participants will see success to rival the hey-days of the first decade of the millennium. [AMEInfo.com]
Source: AME Info
Saudi could open stock exchange to foreign investors
October 24, 2011--Saudi Arabia: Deutsche Bank has said Saudi Arabia could shortly open its stock exchange to foreign investors, a move which would allow international capital to own shares outright on the Middle East's largest bourse for the first time, Reuters has reported.
Currently, international investors can only buy into Saudi shares through equity swap arrangements, where a licenced intermediary in the kingdom holds the stock on their behalf, or a small number of exchange traded funds (ETFs). [AMEInfo.com]
Source: AME Info
Kuwait producing 2.9m bpd
October 24, 2011-Kuwait: Mohammad al-Busairi, Kuwait's oil minister has said the Gulf country is producing 2.9 million barrels of oil per day and described current oil prices as "reasonable for the consumer and for production levels,"
Reuters has reported. Additional oil pumped into the market by Saudi Arabia and Kuwait had helped lower prices from levels in June, after they were pushed up by fighting in OPEC producer Libya, he said. [AMEInfo.com]
Source: AME Info
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