Middle East ETF News Older than One Year
Jordan passes draft law on sale of Islamic bonds
May 4, 2011-- Jordan's finance minister has said a draft law paving the way for the sale of Islamic bonds is to be sent to the parliament in June, Bloomberg has reported.
"Once it's ratified, we will then take a decision based on our needs as to if we will issue conventional bonds like we did last year or sukuk," Mohammad Abu Hammour said. The sale amount "won't be less than $500m, but if we see there is an appetite and market conditions are favourable we may go higher," he said.
Source: AME Info
Thin trading weighs on Dubai market
May 4, 2011--The DFM General Index dipped 0.71% amid low trading activity, closing at 1,618.23 points. shares of Islamic insurer Takaful Emarat posted the largest gain (up 3.76% at Dhs0.69).
A week ago, Takaful Emarat announced its new partnership with Reliance Asset Management (Malaysia) Sdn. Bhd. Market bellwether Emaar declined 0.61% to Dhs3.24. Seven stock gained, 19 lost and three ended flat. Some 58m shares valued at Dhs83.9m changed hands.
Source: AME Info
Abu Dhabi bourse adds 0.39%
May 4, 2011--The ADX General Index closed at 2,699.88 points on Wednesday. Sudan Telecommunications, known as Sudatel, ended flat at Dhs2.10. Earlier in the day,
Sudatel announced an unaudited net profit for the first quarter attributable to equity holders of $11.55m compared to $24.34m in the same quarter of 2010. Aldar shares closed 0.63% higher at Dhs1.56.
Source: AME Info
Lacklustre trading pulls Qatar Bourse down
May 4, 2011--The QE Index closed 0.20% lower at 8,493.12 points as only 7,2m shares valued at QR217.6m changed hands.
Barwa Real Estate shares dipped 0.16% to QR31.75. Earlier in the day, Barwa announced the appointment of Mr. Khalid Abdulla Al-Hitmi as CEO of Barwa Financial District, and Mr. Ahmad Abdulrahman Al-Sayed as Acting General Manager of Barwa Village.
Source: AME Info
Kuwait Stock Exchange closes flat
May 4, 2011--The KSE Market Index ended at 6,499.8 points Wednesday. Lebanese Al-Safwa Group posted the largest advance (up 14.7% at KD0.0195).
Financial bellwether National Bank of Kuwait declined 1.5% to KD1.240. The vast majority of listed shares did not post any price change.
Source: AME Info
Tadawul bourse declines 0.17%
May 4, 2011--The Saudi Stock Exchange closed 0.17% lower at 6,682.61 points.
Whilst the majority (70) of the 145 traded stocks gained, market bellwether Sabic (off 0.23% at SR110.75) weighed on the index. According to Kuwait's Global Investment House Saudi listed companies had positive 1Q2011 financial results, posting their best quarterly results since the third quarter of FY2008. "Aggregate net profit of Saudi corporate stood at SAR21.76bn, up by 23.7 percent and 13.5 percent, YoY and QoQ respectively," Global's statement says.
Source: AME Info
Tadawul bourse bucks fickle regional trend
May 2, 2011--The Saudi Stock Exchange rose on Sunday by 0.53%, closing at 6,719.53 points.
Market heavyweight Sabic added 0.90%, finishing at SR112.00. Al-Ahli Takaful Co. plummeted 3.15% to SR76.75. Ninety-six shares gained, 29 lost and 20 remained flat.
Source: AME Info
Dubai market stabilises amid thin trading
May 3, 2011--The DFM General Index added 0.12% to reach 1,629.73 points.
Emaar Properties was the most liquid share, gaining 0.62% at Dhs3.26. Real estate maintenance specialist Drake and Scull International closed flat at Dhs1.04. Earlier in the day, DSI reported that has been awarded a Dhs180m contract for a government project in Abu Dhabi. "The latest project award boosts DSI's project wins to AED 2.8 billion as of May 2011, an increase of approximately 200 % compared to the same period in 2010", DSI said in a statement. DFM shares lost 0.74% at Dhs1.34. Some 72.81m shares valued at 89.32m changed hands. Six stocks gained, 14 lost and seven closed flat.
Source: AME Info
Dana Gas shares close flat despite first 2011 gas discovery in Egypt
May 3, 2011--The ADX General Index ended 0.10% lower at 2,689.29 points.
Ras al Khaima-based Union Cement posted the largest gain (up 7.50% at Dhs1.29). Dana Gas from Sharjah closed unchanged at Dhs0.67. Earlier in the day, Dana Gas announced has announced its latest gas discovery in the Nile Delta, Egypt. "The 'South Abu El Naga-2' well, drilled as an appraisal of the previously announced South Abu El Naga Field in the West El Manzala Concession encountered 16.6 meters of net pay in the Abu Madi formation, thus extending the field", Dana Gas says in a statement to the ADX. Aldar shares added 1.93% to reach Dhs1.62. As in Dubai, trading turnover remained weak. Ten shares gained, 13 lost and eight ended flat in Abu Dhabi.
Source: AME Info
Kuwait bourse weakens 0.22%
May 3, 2011--The KSE Market Index closed at 6,502.3 points.
Shares of Global Investment House, which advanced significantly last week, dived 7.27% at KD0.051. Yiaco Medical Co. surged 6.57% to reach KD0.405. The share almost doubled during the last 12 months.
Source: AME Info
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