Middle East ETF News Older than One Year
Saudi Arabia cuts output in September
October 09, 2011--Saudi Arabia: Saudi oil minister Ali al-Naimi has said the kingdom has cut oil production to 9.39 million barrels per day (bpd) in September
from around 9.8 million bpd in August, Reuters has reported. "Demand is always fluctuating but our position is that we will supply whatever our customers ask for," Naimi told reporters in Dhahran, adding that the global oil market is balanced.
Source: AME Info
Kuwait budget surplus widens to $29.2bn
October 08, 2011--Kuwait: According to figures by Kuwait's finance ministry, the Gulf country's budget surplus rose to KD8.1bn ($29.2bn) in the first five months of its 2011/12 fiscal year, on higher-than-expected oil revenue and lower spending, Reuters has reported.
Revenue of the world's sixth-largest oil exporter stood at KD11.9bn in April-August, while spending came at KD3.7bn, below a projected KD8.1bn, the data showed.
Source: AMEInfo.com
NASDAQ Dubai Monthly Trading Report: September 2010 Equities traded value rises 31% in first nine months of 2010
October 7, 2011--The value of equities traded on NASDAQ Dubai increased by 31% in the first nine months of 2010 compared to the same period in 2009, from USD722 million to USD948 million.
Volume fell by 13% from 2.32 billion shares to 2.02 billion. For both value and volume, this was the strongest performance by any UAE stock exchange over the nine-month period, measured by percentage change.
NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to Dubai Financial Market on July 11, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
Source: Dubai city
Qatar's Dlala Holding gains as 9-month profit doubles
October 06, 2011--The Qatar Exchange Index gained one percent, closing at 8,242.45 as shares in Doha advances across all sectors. Shares of investment and brokerage company Dlala Holding added 0.42% to close at QR14.31. Earlier in the day, Dlala revealed a net profit of QR16.
1m for the nine months period ended September 30, 2011 in comparison to a net profit of QR8.2m for the corresponding period last year. The company’s Earnings per Share (EPS) amounted to QR0.807 for the period ended September 30, 2011 versus QR0.41 for the corresponding period in 2010.
Source: AME Info
Aldar Properties shares gain, CFO resigns
October 06, 2011--The ADX General Index closed a quarter percent higher at 2,494. 46 points. ADX heavyweight Etisalat dipped half a percent to Dhs10.25. Real estate bellwether Aldar Properties surged 0.91% to reach Dhs1.10.
Earlier in the day Aldar said in a statement that its CFO Shafqat Ali Malik resigned to pursue other opportunities. A new CFO has yet to be appointed. Aldar has posted a $3.4bn loss in 2010. During the first half 2011, Aldar generated a net profit of Dhs316.4m ($86.3m).
Source: AME Info
DP World jumps 4.82% amid global stock market rebound
October 06, 2011, 7:18:07 AM
Shares of global maritime port operator DP World closed 4.82% higher at $10.65, as some 1.8m DPW stocks changed hands.
DP World has announced during the week that their new development in the United Kingdom, London Gateway will become operational in the fourth quarter of 2013. Dubai Gold Securities added 1.34% to reach $163.00 as the yellow metal recovered above $1,650.00 per ounce.
Source: AME Info
Arabtec soars on $204m India project
October 06, 2011--In the wake of a general stock market recovery in East Asia and in Europe, the DFM General Index closed 0.75% higher at 1,395.43 points Thursday. District cooling specialist Tabreed gained the most, ending up 7.45% at Dhs0.635. Shares of Arabtec Construction soared 2.35% to reach Dhs1.33.
Earlier in the day, Arabtec announced that it has received a letter of intent from its Indian joint venture partner Rehaja Developers to build three mixed use projects in New Delhi and Gurgaon with a value of Dhs750m or $204m. The city of Gurgaon is located in the southwest of the capital and, as a business and service hub, has attracted numerous international firms and banks in recent years. The aforementioned projects are scheduled to be completed within 5 years. Aramex fell 0.56% to Dhs0.479. Some 40m shares changed hands and were valued at Dhs41.8m.
Source: AME Info
Bahrain Bourse closes unchanged
October 06, 2011--The Manama benchmark Bahrain All Share Index ended unchanged at 1,165.71 points Thursday. Aluminum Bahrain (Alba) and Bahrain
Telecommunications (Batelco) ended flat. Bahrain Duty Free Shop Complex was the only advancing stock, closing up 0.74% at BD0.68. [AMEInfo.com]
Source: AME Info
Bargain hunters enter Riyadh bourse, lift Tasi benchmark above 6,000
October 05, 2011--Lifted by low valuations and stock market rebounds in Europe, the Tadawul bourse added 0.62% to reach 6,002.09 points, although market bellwether Sabic fell 0.57% to SR87.75.
Sanad Insurance & Reinsurance Cooperative Company jumped 10% (limit up), closing at SR19.25. Despite today's market mini rebound, prospects remain tricky. "The Euro zone crisis is hitting the emerging market financial markets hard(...) Analysts are now highlighting that the Euro zone banks are a major source of funding for many companies round the world. If Euro zone banks conserve their capital they may withdraw some of their funding of global companies, thereby creating a more widespread global credit crunch," says Gary Dugan, CIO Private Banking at Dubai-based Emirates NBD. Meanwhile, the risk that Dexia Bank from France and Belgium will collapse increased Wednesday after clients withdrew EUR300m. Dexia Bank owns risky securities, including sovereign bonds from Greece, worth EUR95bn. Also, in Saudi Arabia SABB HSBC Saudi Arabia Purchasing Managers' Index (PMI) for September 2011 slipped to a new low of 54.5 (from 57.9 in August).
Source: AME Info
Jazeera Airways shares fly higher and higher
October 05, 2011--The KSE Market Index closed up 0.26% at 5,819.6 points. Budget carrier Jazeera Airways ended 9.8% higher at KD0.310.
Jazeera's shares rose almost threefold during the last 12 months. Burgan Bank added 1.06% to reach KD0.475. Since the bank hit a 12-month low at KD0.440 in mid-September, Burgan recovered well during the last week, despite negative impact from the debt-crisis-ridden Euro zone.
Source: AME Info
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