Middle East ETF News Older than One Year
Qatar Exchange recovers slightly
March 17, 2011--In line with the general upswing at GCC markets in Thursday, the QE Index closed 0.78% higher at 8,185.72.
Qatar Meat and Livestock posted the largest advance, soaring five percent to reach QR18.20. Cinema was the top loser, finishing 8.16% lower at QR40.50. Qatar International Islamic Bank jumped 2.11% to reach QR46.00. Earlier in the day, the bank announced that it will offer to acquire the remaining issued share capital of Islamic Bank of Britain, known as IBB, not already held by the Company. "Under the terms of the offer, shareholders of IBB will receive one penny in cash for each IBB Share. The board of directors of IBB has approved the terms of the offer," the statement says.
Source: AME Info
Abu Dhabi market dips by 0.63%
March 17, 2011--The ADX Index closed 0.63% lower at 2,583.81.
Real estate bellwether Aldar Properties closed 0.78% higher at Dhs1.30. Earlier in the day, Aldar reported that it presents the property development on Yas Island, the place of Ferrari World and the UAE Formula-1, to MITT Moscow, "Russia's largest and most important travel industry event from 16-19 March, 2011," the statement says. Fujairah Cement Industries posted the largest gain (up 9.57% at Dhs1.03). First Gulf Bank dived 5.23%, closing at Dhs15.40.
Source: AME Info
Dubai bourse gains 1.16%
March 17, 2011--The DFM General Index opened in the red and constantly gained during the day and closed 1.16% higher at 1,474.47.
Market bellwether Emaar soared 2.16% to reach Dhs2.85. Shuaa Capital declined 0.95%, finishing at Dhs1.04. Nineteen shares gained, six lost and two finished flat. Traded value increased 2% to Dhs142.87m as 97.19m stocks changed hands. Over the week the DFM gained insignificantly.
Source: AME Info
Dubai bourse gains 1.16%
March 17, 2011--The DFM General Index opened in the red and constantly gained during the day and closed 1.16% higher at 1,474.47.
Market bellwether Emaar soared 2.16% to reach Dhs2.85. Shuaa Capital declined 0.95%, finishing at Dhs1.04. Nineteen shares gained, six lost and two finished flat. Traded value increased 2% to Dhs142.87m as 97.19m stocks changed hands. Over the week the DFM gained insignificantly.
Source: AME Info
Egypt says not targeting specific exchange rate
March 17, 2011-- Egypt's central bank has said it is prepared to allow the Egyptian pound to fall gradually in coming months if demand for the currency was to decrease, and that it was not targeting a specific exchange rate, Reuters has reported.
"Our policy is always that we don't target prices" for the currency, Hisham Ramez, the central bank's deputy governor told the news service. "Our policy is that we need the market, that prices be reflected by supply and demand."
Source: AME Info
Bahrain Bourse re-opens with a small profit
March 17, 2011--The Bahrain Bourse gained 0.10% on Thursday, closing at 1,414.44. Islamic Bank Al Baraka Banking Group surged 7.87% to reach $1.37. Investcorp dived 10%, finishing at $1,138.5.
Regarding the current unrest which is shattering Bahrain, where the ruling King Hamad Ibn Chalifa implemented a three-month martial law, Farouk Soussa, Chief Economist at Citi in Dubai writes in his latest analysis: "Less than 50% of Bahrainis, Saudis and Omanis of working age are actually officially employed, and this number is only just over 60% for the three other GCC countries. Compare this with the OECD average, where despite there being insufficient jobs for the number of nationals of working age, almost 90% of the population is in official employment."
Source: AME Info
Bahrain closes stock market
March 17, 2011--Bahrain's stock exchange closed down on Wednesday due to the security situation and the declaration of a state of emergency in the kingdom, Bloomberg has reported.
The announcement was made on the website of the bourse, which did not specify when trading is to resume. Bahraini authorities have imposed a curfew in parts of the country from 4 pm till 4 am local time, an army spokesman said on state television yesterday.
Source: AME Info
Kuwait says current oil prices are sustainable
March 16, 2011--Kuwait's oil minister Sheikh Ahmad al-Abdullah al-Sabah has said that oil prices, at their current levels, are sustainable and there will be no need for Opec to meet before June as prices are dropping,
Reuters has reported. "The oil price is sustainable at this level...the price is falling so there's no need for Opec to meet," Sheikh Ahmad said, adding that Kuwait had not increased its output yet.
Source: AME Info
Saudi Tadawul bourse gains 0.97%
March 16, 2011--The TASI Index closed 0.97% higher at 6,069.94, as bargain hunters entered the spot. Petrochemical leader SABIC gained 2.37% to reach SR97.
Anaam Holding was the top gainer, closing up 9.97% at SR45.40. Food Products Co. dipped 1.92% at SR15.30 9 (top losing share). Hundred-and-twenty-seven stocks gained, nine lost and nine finished even.
Source: AME Info
Kuwaiti shares lose across the board
March 16, 2011--The KSE Market or Price Index closed 1.16% lower at 6,250.9.
All sector indexes with the exception of the insurance segment landed in the red. Arkan Al-Kuwait Real Estate Co. bucked the trend by posting largest gain (up 6.55% at KD0.065). Manafae Investment Co. hit the bottom of the charts by finishing 13.55 lower at KD0.064.
Source: AME Info
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