Middle East ETF News Older than One Year
Abu Dhabi bourse remains stuck at 2,590 points
April 6, 2011--Wednesday marked another lacklustre trading day in Abu Dhabi. The ADX General Index closed 0.06% higher at 2,591. Shares of developer RAK Properties closed unchanged at Dhs0.39.
Earlier in the day RAK Properties announced that it intends to hand over the 43-storey RAK Tower on Al Reem Island in Abu Dhabi "soon". The tower consists of 212 residential apartments. ADX Heavyweights Aldar Properties and Dana Gas also closed unchanged at Dhs1.50 and Dhs0.66 respectively. National Marine Dredging Co. was the top gainer (up 9.17% at Dhs10.00), while National Bank of Fujairah (down 9.92% at Dhs3.18) posted the largest loss. Some 99.7m stocks worth Dhs145.46m were traded.
Source: AME Info
Dubai market recovers 1.30%
April 6, 2011--Thanks to a strong "home run" during the last hour of trading, the DFM General Index closed 1.30% higher at 1,557.64. On Tuesday, five-year credit default swaps for Dubai sovereign bonds decreased to 380 basis points, the lowest level since November 2008.
Aabtec Construction surged 3.61%, closing at Dhs1.72%. Shuaa Capital ended flat at Dhs1.12. Earlier in the day the Dubai-based investment bank that its Chief Financial Officer David Deards stepped down on April 5th with a successor yet to be appointed. In 2010 Shuaa halved its losses to $61m from $144.2m in 2009. Shares of Emaar Properties dipped 0.32%, finishing at Dhs3.16. Some 101.38m stocks valued at Dhs164.1m changed hands. Seventeen stocks gained, seven closed lower and two closed flat.
Source: AME Info
Egypt economic growth now expected to be 2.5%
April 6, 2011--Egypt's finance minister, Samir Radwan has sharply revised down earlier estimates of the country's economic growth rate to 2.5%, the Associated Press has reported.
The budget deficit could widen to 8.5% from earlier estimates of 7.9%. The deficit could expand further, hitting 9.5% in fiscal 2011-2012, the minister said. Egypt would seek to broaden its "fiscal landscape" by trying to secure aid and reaching out to the oil rich Gulf countries, Radwan said.
Source: AME Info
Regional tensions weigh on Tadawul market
April 5, 2011--The Saudi Stock Exchange closed 0.87% lower at 6,548.42 as growing diplomatic tensions between Riyadh and Tehran dragged the market sentiment down. Iran blames
Saudi Arabia of having "invaded" Bahrain, while the GCC foreign miinisters told Tehran on Sunday to stay ouf domestic Arab affairs. Weak performing energy and utilities shares were the main reason behind the index decline. Market bellwether SABIC ended off 0.23% at SR106.75. AXA Cooperative Insurance Company posted the largest advance, closing 4.15% higher at SR27.60.
Source: AME Info
Qatar Exchange adds 0.42%
April 5, 2011--The Doha-based QE Index reached 8,496.25 on Tuesday. Shares of Qatar Telecom (Qtel) belonged to the driving forces behind the index surge, as Qtel closed 3.08% higher at QR144.
Qatar National Bank (QNB) added half a percent to close at QR138. Capital Intelligence (CI), the international credit rating agency, today announced that it has raised QNB's Financial Strength Rating (FSR) to 'AA-' from 'A+', as AMEinfo.com reported earlier in the day. The ratings action follows continuous improvement in the Bank's overall performance and financial condition, as these are reflected by the Bank's very strong credit metrics. The Bank's Long-Term and Short-Term Foreign Currency Ratings are affirmed at the same level as the Sovereign Ratings of 'AA-' and 'A1+', respectively. Al Khaleej Takaful declined 1.11%, ending at QR44.65.
Source: AME Info
Kuwait bourse advances insignificantly
April 5, 2011--The KSE Market Index closed 0.04% higher at 6,303.6, thankks to gains in the banking and investment segment.
Telecom giant Zain advanced by 1.4% to reach KD1.380. Most shares ende unchanged amid a lacklustre trading session on Tuesday.
Source: AME Info
Taqa shares struggle with Dhs1.50 resistance
April 5, 2011--In Abu Dhabi, the ADX General Index closed at 2,590.14, down 0.43% from the previous close.
The industry sector index (off 3.96%) was the main losing segment. Abu Dhabi National energy Co., known as Taqa, declined by 1.32% and finished at Dhs1.50. The stock performed well in March, but has been struggling with the barrier at Dhs1.50 since December 2010. Twelve shares gained, 14 lost and four ended even.
Source: SEC.gov
Profit bookings drag Dubai market down
April 5, 2011--The DFM General Index closed 0.71% lower on Tuesday at 1,537.68. With oil prices (brent curde) surging to two-and-and-a-half-year high at $120 per barrel amid the ongoing civil unrest in the MENA-region, investors prefer to cash in profits.
Emaar Properties ended down 0.94% at Dhs3.17, while Arabtec dived 2.35%, closing at Dhs1.66. Cooling specialist Tabreed gained 1.75% to reach Dhs1.16. With 90.66m shares worth Dhs117.85m stocks changing hands, trading volumes remained low. Eight stocks gained, 12 declined and three finished even.
Source: AME Info
The Palestine Exchange alone in green amongst Arab Exchanges at the end of the first quarter 2011
April 5, 2011--The Palestine Exchange’s index “The Al-Quds Index” led all Arab markets’ indices as at 31 March 2011 where it closed up by 1.65% compared to the close of 2010. This makes the Palestine Exchange the only exchange in green amongst all Arab stock markets as at the end of the first quarter 2011.
Ahmad Aweidah, CEO of the Palestine Exchange (PEX) called upon local and international investors to grab this opportunity and invest in listed stocks on PEX. Aweidah noted that most listed companies are seeing growth in their profits and dividend distributions, he also referred to the 16.31% growth in PEX market cap during this quarter.
Aweidah announced that PEX will be launching in the coming weeks a local promotional campaign to promote investment in listed stocks. He added: “the campaign will address local retail investors informing them of the benefits of investment in stocks where return on investment has ranged between 5-7% over the last five years while investors get less than 1% on cash deposits in banks”. Aweidah indicated that many listed stocks on PEX are very attractive in valuation; 21 out of 42 listed equities are trading at prices which are lower than their book value.
Source: FESE
Tadawul bourse weakens by 0.16%
April 4, 2011--The Saudi stock market closed slightly lower at 6,605.92. Petrochemical giant SABIC bucked the trend once again by closing 0.47% higher at SR107.00.
Saudi Public Transport Co. lost 6.25%, finishing at SR7.50. Sanad Insurance & Reinsurance Cooperative Company was the top gainer, closing 9.88% to reach SR18.35. Fifty-three shares gained, 75 lost value and 17 closed flat.
Source: AME Info
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