Middle East ETF News Older than One Year
Qatar market declines further
February 17, 2011--The Qatar Exchange in Doha was besides Bahrain open for trading on Thursday, while other GCC markets closed on the occasion of the Prophet Mohammed's (PBUH) birthday
The QE Index closed 1.34% lower at 8,703.07 as insurers in particular lost out. General Insurance underperformed 1.56% to close at QR63.00. Real estate firm United Development Company, known as UDC and builder of the business- and lifestyle-island The Pearl Qatar, closed glat at QR27.30. UDC held its Ordinary and Extraordinary General Assembly Meetings held on Wednesday, and has resolved distribution of a 20% cash dividend. The EGM also approved UDC's plan to distribute 26.812.500 shares as bonus shares at the rate of two shares for each ten shares (%20 of the capital) and thus increase the capital of the Company QR1.608.750.000 and to issue convertible bonds not to exceed QR1.072.500.000 or equivalent in foreign currency in private subscription the conditions of which shall be determined by the Board of Directors which is authorized to take all required measures. Shares of Qatar Islamic Bank bucked the trend by gaining 0.12% to reach QR84.40.
Source: AME Info
Bahrain market defies regional downtrend
February 17, 2011--The Bahrain bourse gained 0.58% on Thursday and closed at 1,475.10.
On a year-to-date basis, the market has advanced 2.99%, the highest gain among all Arab stock markets. However, only Nationall Bank of Bahrain was heading upwards today, gaining 8.82% to reach BD0.74. According to Dubai-based Institute for Corporate Governance Hawkamah, 95% of Bahrain-listed shares are not traded on a daily basis.
Source: AME Info
Abu Dhabi bourse follows regional downtrend
February 16, 2011--The local stock market in Abu Dhabi, the ADX, saw its benchmark index declining by 1.18% to close at 2,683.97.
Shares of the emirate's third largest lender Abu Dhabi Commercial Bank (ADCB) finished 0.83% lower at Dhs2.38. National Bank of Ras al-Khaima, known as RAK Bank, added 0.85% to reach Dhs5.95. Aldar Properties weakened 2.78% to close at Dhs1.78. Guld Medical Projects Co. ended falt at Dhs1.77. Earlier in the day, GMPC disclosed a 2010 net profit of Dhs50.379m compared to a net profit of Dhs89.209m in 2009. Six shares gained, 21 declined and three closed even.
Source: AME Info
Industry shares weigh on Qatar Exchange
February 16, 2011--The QE Index dived 1.78% to close at 8,821.07. Shares of Industries Qatar plummeted 3.03%, finishing at QR144. The country's second lender Commercial Bank of Qatar, known as CBQ, closed 2.11% lower at QR88. Earlier in the day,
CBQ announced it has signed a Memorandum of Understanding (MoU) with Qatar Development Bank (QDB), "that will see the two banks work together on "Al Dhameen" a loan assurance program for Small and Medium Enterprises (SMEs), in Qatar." Qatar General Insurance was one of the top gainers, closing 5.09% higher at QR64.
Source: AME Info
Real estate firms lose at Kuwait bourse
February 16, 2011--The KSE Market or Price Index declined 1.38% to close at 6,559.5 points. Kuwait Real Estate Co. dived 5% to close at KD0.056. The real estate sector index was the main losing segment (down 2.29%).
The country's largest lender National Bank of Kuwait (NBK, down 1.42% at KD1.380) remained locked up in its trading range between KD1.400 and 1.360. A number of insurers bucked the trend such as Warba Insurance Co. which gained 6.25% to reach KD0.170.
Source: AME Info
Saudi Stock Exchange loses 1.8%
February 16, 2011--In line with the global downturn, the Tadawul All Share Index in Riyadh declined 1.8% to finish at 6,486.83 points.
Petrochemical bellwether SABIC dived 2.17% to close at SR101.25. Zain KSA bucked the trend by gaining 0.62% to reach SR81.10. Only six shares advanced on Wednesday, 137 lost and two ended unchanged.
Source: AME Info
Egyptian Exchange again delays reopening
February 16, 2011--The Egyptian Exchange has again postponed its reopening and says it will only open when the strike-hit banking system gets back to normal.
Dates mentioned include 20 or 22 Feb, and the bourse is likely to introduce rules to limit trading volatility. It closed on 27 Jan after a 16% fall in its EGX30 Index.
Source: AME Info
Fish producer Asmak jump 10% on return to profits
February 15, 2011--The local stock market of the sheikhdom Abu Dhabi saw its ADX benchmark index to close 0.18% higher at 2,715.91. Shares of Abu Dhabi Islamic Bank, known as ADIB, climbed 2.25% to reach Dhs3.13.
ADIB reported an impressive 1,211%-rise in net profits for 2010 of Dhs1.023bn. ADIB has been running a massive marketing campaign for the last half year in order to promote its Sharia'ah-compliant credit card, enabling customers to collect air miles for Abu Dhabi's national carrier Etihad Airways while paying with the card. Shares of International Fish Farming Co., known as Asmak (Arabic for fishes), jumped 10% higher to reach Dhs8.80. Asmak generated a net profit of Dhs72.41m for 2010 compared to a net loss of Dhs14.39m a year earlier. After touching a five-year low on Monday, Sorouh Real Estate fell further today, finishing down 1.52% at Dhs1.30. Eight stocks gained, 10 ended flat and nine closed even in Abu Dhabi.
Source: AME Info
Kuwait banks fail to lift stock market index
February 15, 2011--Despite gains in the banking and industry sector, the KSE Market Index weakened by 0.14% to close at 6,651.4 points.
Financial heavyweights National Bank of Kuwait (up 2.94% at KD1.400) and Islamic bank Kuwait Finance House (up 1.72% at KD1.180) were the main gainers in the banking segment. International Finance Co. posted the largest loss, declining by 8.1% to close at KD0.248.
Source: AME Info
Qatar market gains 0.50%
February 15, 2011--The QE Index in Doha closed on Tuesday at 8,981.10. Qatar Electricity And Water Company closed 0.62% lower at QR129.20. Earlier in the day, Qatar Electricity disclosed an audited net profit of QR1.2bn in 2010 compared to QR945m in 2009.
Logistics specialist Gulf Warehousing Co. surged 9.90% to reach QR27.75. The firm's Annual General Meeting on Monday approved the Board of Directors' proposal for distributing a cash dividend at the rate of 10% of the nominal value of the share representing QR1 per share.
Source: AME Info
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