Middle East ETF News Older than One Year
Dubai market remains fickle
February 10, 2011--The 2010 results of Bank Emirates NBD dominated the tape at Dubai market on Thursday. The DFM General Index finished the second February with a small loss of 0.28%, closing at 1,598.40 points. Shares of Emirates NBD finished 0.31% lower at Dhs3.20.
Earlier in the day, ENBD announced it has registered a net profit in 2010 of Dhs2.3bn, down 30% from the previous year. Market bellwether Emaar Properties declined by 1.22%, finishing at Dhs3.25. Traded volumes also declined by almost a quarter as some 67.84m shares worth Dhs89.46m changed hands. Ten stocks gained, 11 declined and three remained flat. Compared to the closing from last Thursday, the DFM gained over the week 1.09%.
Source: AME Info
Qatar bourse gains 0.36%
February 10, 2011--The QE Index closed the week at 8,949 points as banks and insurers recovered further.
Doha Bank surged 2.30% to close at QR62.40. Shares of Al-Khalij Bank Commercial Bank dipped 0.84% to finish at Qr20.10. Al-Khaliji is in final merger talks with International Bank of Qatar, known as IBQ. IBQ announced today for the year 2010 a net profit of QR458m, an increase of 34% compared to 2009.
Source: AME Info
Kuwait Stock Exchange weakens 0.29%
February 10, 2011--Kuwait's local stock market shows no signs of a sustainable stabilisation as the KSE Market index lost 3.11% since the start of 2010, the largest year-to-date decline among all GCC markets.
On Thursday, the KSE market finished at 6,738.9 (off 0.29%). Argan International Real Estate was the main gainer, surging by over ten percent to close at KD0.202. Investors booked profits at Islamic bank Kuwait Finance House or KFH (down 1.62% at KD1.200). KFH was a top performer in Kuwait during the second half of 2010.
Source: AME Info
Demand for exchange-traded funds grows:
February 10, 2011--Demand for exchange-traded funds (ETFs) globally has surged and although still modest there are 16 ETFs with assets worth $400m that are invested in Mena region equities which includes Qatar.
These equities are either listed in London or New York essentially and as part of their underlying components hold Qatari equities. These equities are in the GCC ex-Saudi Arabia index. However, so far ETFs are not traded in the Qatar ExchangeQatar Exchange.
"The global ETF industry grew on all major dimensions during 2010 and we expect this to continue in 2011," says Robert Broadwell (pictured), Vice-President of iShares, the world's leading ETF provider.
Source: Zawya
Qatar market weakens a quarter percent
February 9, 2011--The QE Index lost 0.26%, closing at 8,917.29 points. Shares of Qatar National Cement Co. dipped half a percent and finished at QR119.50.
. Earlier in the day Qatar National Cement Co. has disclosed a net profit of QR467m in 2010 compared to QR417m in 2009. Al Khalij Commercial Bank jumped 2.74% to reach QR20.27.
Source: AME Info
Kuwait Stock Exchange stabilises
February 9, 2011--The KSE Market or Price Index closed 0.09% higher at 6,758.8 points.
Insurance firms in particular recovered some territory lost in the vague of the Egypt crisis. Kuwait Insurance Co. jumped six percent to reach KD0.435. National Bank of Kuwait, known as NBK, dipped 1.4% to close at KD1.400.
Source: AME Info
Abu Dhabi adds 0.19%, Aldar and Taqa shares trade in opposite ways
February 9, 2011--In Abu Dhabi, the ADX General Index gained 0.19% to reach 2,709.13. Abu Dhabi National Energy Co., known as Taqa, gained 2.86% to reach Dhs1.45 while Aldar Properties lost 3.21% to close at Dhs1.82.
Both blue chip firms reported 2010 results earlier in the day. Aldar Properties announced a loss of Dhs1,357.7 million (before impairments and fair value losses). "The loss for the year, after recognizing the impairment and fair value losses, was Dhs12,658.4m compared to a 2009 profit of Dhs837.4m." Taqa reported an unaudited profit for 2010 of Dhs937m compared to Dhs182m in 2009.
Source: AME Info
Jordan ratings downgraded due to political unrest
February 9, 2011--International credit agencies Moody's and Standard and Poor's have revised their outlook on Jordan's foreign and local currency to negative from stable, AFP has reported.
Moody's lowered the outlook on Jordan's "Ba2" foreign currency government bond rating and downgraded the government's local currency bond rating to Ba2 with a negative outlook from Baa3, due to the political turmoil in the Arab world. The credit ratings agency also downgraded Jordan's local currency ceilings to Baa1 from A3.
Source: AME Info
Egypt stock market to reopen on February 13
February 9, 2011--The Egyptian stock exchange has announced is to reopen at the start of next week, February 13, the Daily News Egypt has reported.
The stock market has been closed since January 27, after the main EGX 30 index closed 10.52% lower to reach 5,646.5 points, the bourse's second sharpest drop.
Source: AME Info
Investment, industry shares halt Kuwait exchange's decline
February 8, 2011--After falling for three consecutive trading days, the Kuwait Stock Exchange Market Index surged 0.28% to reach 6,752.9. Al Safat Real Estate Co. was the top gainer, closing 13.88% higher at KD0.0205.
Most banks ended flat with Kuwait Finance House (up 1.63% at KD1.240) outperforming the market.
Source: AME Info
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