Middle East ETF News Older than One Year
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
Qatar Exchange dips 0.76%
March 16, 2011--The Doha-based QE Index closwed 0.76% lower at 8,122.54.
The insurance sector was the only segment which landed in the green. The country's largest lender by assets and market value Qatar National Bank lost 1.38% to close at QR136. Doha Insurance surged 3.13% to reach QR28.00.
Source: AME Info
Abu Dhabi bourse dips half a percent
March 16, 2011--The ADX General Index declined by 0.55% to close at 2,600.32.
Real estate and energy shares mostly gained, banks and construction companies weighed on the market. RAK Bank posted the largest loss, closing 9.17% lower at Dhs4.17. Abu Dhabi National Energy Co., known as Taqa, added 0.70% to reach Dhs1.43. In 2010, Taqa achieved a full-year net profit of Dhs2.068bn compared to Dhs6.206bn in 2009. Ten shares advanced, nine declined and five closed flat at the ADX.
Source: AME Info
Dubai market recovers half a percent
March 16, 2011--As global markets stabilised from the Japan shock on Wednesday, the DFM General Index closed 0.53% higher at 1,454.77. Emaar added 1.46% to reach Dhs2.78.
Shares of construction and maintenance specialist Drake and Scull International, known as DSI, gained 0.31% to reach Dhs0.958. Earlier in the day, DSI announced that it has signed a Memorandum of Understanding ('MOU') with Australian based company Earth Heat Resources Limited ('Earth Heat' or 'the Company'), an ASX listed New Energy Company, "to jointly explore, bid for and secure geothermal project opportunities in the Middle East and Africa", a statement to the DFM says. During the last week, DSI surged 9.20%. Investment firm GGICO dived three percent, ending as a top loser at Dhs0.325. Some 94.2m shares (off 19%) worth Dhs140.12m (likewise down 19%) changed hands.
Source: AME Info
Saud Tadawul bourse dives 3.51%
March 15, 2011--The Tadawul market in Riyadh dropped 3.51% to close at 6,011.85 as global markets were shaken by a worsening situation at Japan's nuclear reactor in Fukushima.
Only three shares gained while 138 lost and four closed even. Market bellwether and petrochemical giant SABIC plummeted 5.25%, finishing at SR94.75. As General Eletric in the U.S., SABIC is considered a market indicator for the entire GCC.
Source: AME Info
Kuwait market drops by 1.29%
March 15, 2011--The KSE Market index closed at 6,324.3, down 1.29% compared to the previous close.
Banks and investment shares lost in particular. National Bank of Kuwait, known as NBK, weakened 1.69% to close at KD1.160. Shares of Independent Petroleum Group were the main gainers, reaching KD 0.485 (up 5.43%).
Source: AME Info
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