Middle East ETF News Older than One Year
For the Kuwait bourse it's all the way down
September 22, 2011--The KSE Market Index declined 0.67% to 5,916.2. Small gains in the banking sector failed to prevent the market from declining further,
as industries and services dragged the index down. Year-to-date, the KSE remains with a minus of over 14% one of the worst performing stock markets in the GCC.
Source: AME Info
Abu Dhabi blue chips Etisalat, Dana Gas and ADCB all close flat
September 22, 2011--The ADX General Index ended Thursday trading unchanged (at 2,557.45), and so did telco giant Etisalat,
Sharjah-based Dana Gas and Abu Dhabi Commercial Bank, known as ADCB. Aldar Properties dived 2.44% to Dhs1.20. Some 55.2m shares were traded, valued at Dhs79.3m.
Source: AME Info
Dubai bourse DFM finishes a fickle week in the red
September 22, 2011--The DFM General Index headed 0.84% lower to 1,460.29 points, as a direct reaction to Thursday's sell-out in Asia and Europe. Earlier in Wednesday,
Fed-Chief Ben Bernanke gave a pessimistic outlook for the world's largest economy. Investors booked profits at blue chips Arabtec (0ff 0.73% at Dhs1.36), Emaar (down one percent at Dhs2.79). Bahrain's Gulf Finance House was the top gainer (up 1.38% at Dhs0.513).
Source: AME Info
Qatar plans multi-billion dollar agricultural city
September 22, 2011--A Qatari government official has said that the Gulf state plans to invest billions of dollars in an agricultural city to house food growers and processors in order to boost its food supply security and combat rising food prices, Reuters has reported.
Ahmed al Obaidly, head of the agricultural and environment committee at the Qatar Chamber of Commerce and Industry has added that his country aims to have the full chain, from production to end use. The official has indicated that Qatar eyes a complete city which will include research and development, food processing, distilleries and growers, as well as utilities and universities.
Source: AME Info
Regional banks push for share of Islamic product marketplace
September 21, 2011--Foreign and local banks are intensifying their struggle for the for the region's high net worth clients by expanding their Islamic Wealth Management services.
In wealth management there is no such thing as an "invisible hand", which economist Adam Smith described as the growth-driving result of a free market economy in his "Inquiry into the Nature and Causes of the Wealth of Nations", published in 1776. In fact, private bankers must work hard to lure High net worth individuals (HNWI) and Ultra-HNWI (clients with over $1m and over $30m at their disposal).
Source: AME Info
Saudi investors prefer to wait-and-see
September 21, 2011--The Saudi Tadawul index closed unchanged at 6,142.26 points, despite a bearish advance-decline ratio of 52 to 72.
Sabic dipped half a percent to SR92.50. Saudi Fisheries advanced the most, gaining 9.94% to reach SR38.70. Petro Rabigh bucked the trend (up 3.93% at SR25.10).
Source: AME Info
Bahrain Tourism Company surges 2.60%
September 21, 2011--The Bahrain Bourse ended flat at 1,256.50 points on Wednesday. Shares of Bahrain Tourism Company soared 2.60% to reach BD0.316,
as the Kingdom recovers from the turmoil during the Arab Spring. Islamic bank Al Baraka Banking Group dipped 0.88% to $1.12.
Source: AME Info
Kuwaiti investors dump Global Investment House shares
September 21, 2011--The Kuwait Stock Exchange returned to the bearish mode, as the KSE Market Index finished 0.35% to close at 5,955.9 points.
Shares of Global Investment House, known as Global, dived 5.9% to reach KD0.0395. Earlier in the day, National Bank of Umm al-Qaiwain (NBQ) has said that the Dubai Supreme Court will deal with its appeal that NBQ has raised against a ruling from April 25th, when the court in Dubai ordered NBQ to pay $250m plus $54.6m interest to Global. The dispute goes back to the year 2008 when both financial institutions agreed to issue a convertible bond. Shares of National Petroleum Services Co. advanced the most on Wednesday (up 8.2% at KD0.330).
Source: AME Info
Abu Dhabi exchange closes unchanged
September 21, 2011--The ADX General Index ended even at 2,557.99, as gains in the real estate sector were neutralised by losses at banks and consumer staples.
RAK Properties posted the largest advance (up 2.94% at Dhs0.35), while Ras al-Khaima Cement Co. fell by 1.18% to Dhs0.83. Some 44m shares were traded, valued at Dhs61.8m.
Source: AME Info
DSI rises as Kuwait branch wins $73m MEP contract
September 21, 2011--The DFM General Index closed 0.45% higher at on Wednesday at 1,472.65 points. Shares of Drake and Scull International (DSI) gained one percent to reach Dhs0.859.
DSI announced earlier in the day that DS Kuwait secured a contract to execute and coordinate the complete Mechanical, Electrical and Plumbing (MEP) contract for works for an administrative block and mosque for a public sector client in Kuwait. The deal is valued at $73m. Arabtec (up 0.74% at Dhs1.37) was the most active share by volumes. The Dubai-based, internationally operating construction giant announced that its board elected Mr. Ibrahim Belselah as the Chairman of the Board of Directors to replace Sheikh Butti Bin Maktoum Bin Juma Al Maktoum who served since the firm's public listing. Deyaar Development, which finances its real estate project solely in line with Islamic Law or Shari'ah, lost 1.14%, finishing at Dhs0.261. Deyaar said today it will showcase its projects, especially those in Dubai's Business Bay, at the Cityscape Global fair and exhibition next week from September 27 to 29. Around 47.2m shares were traded, valued at Dhs48m.
Source: AME Info
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