Middle East ETF News Older than One Year
Dubai market adds 0.28%
January 26, 2011--The DFM General Index closed at 1,627.97 Wednesday, up 0.28%, despite two times more share finishing lower than those adding value. Bank Emirates NBD posted the largest profit as it closed 2.08% higher to reach Dhs2.94.
Earlier in the day ENBD announced the launch of a co-operation with London-based The Fine Art Fund Group in order to spur its Private Banking unit. Emaar Properties closed flat at Dhs3.41. According to Deutsche Bank's research, 2011 will be another challenging year for MENA Real Estate, with Egypt being the only noticeable exception. Some 71.5m shares (down 19%) worth Dhs112.92m changed hands.
Source: AME Info
Qatar bourse closes insignificantly up
January 26, 2011--The Qatar Exchange closed 0.05% up at 9,020.24. While banks and industrial firms mostly gained, insurers and services firms weighed on the market.
Al Khalij Commercial Bank surged 9.05% to reach QR21.70. The bank is currently on the way to finalise its merger plans with International Bank of Qatar (IBQ).
Source: AME Info
Kuwait market index eyes 7,000 points
January 26, 2011--The KSE Market Index stabilised at 6,976 (up 0.05%), as all sector indices added small gains, except the real estate segment. Islamic Kuwait Finance House (KFH) plummeted three percent to KD1.260.
Al-Ahleia Holding Co. surged 11% to reach KDKD0.020. Credit Rating and Collection, known as Thassilat, was the main losing share, finishing down 10.6% at KD0.168.
Source: AME Info
Saudi market finishes the week slightly lower
January 26, 2011--The Saudi Stock Exchange's main index TASI dipped 0.39% to finish at 6,697.8 points. Trade Union Cooperative Insurance Company was the main gainer, closing 4.30% higher at SR20.60.
Petrochemical giant SABIC lost 0.93%, finishing at SR106.25. Earlier in the day Pascal Moura, Head of Central and Eastern Europe Middle East and Africa Company Research at Deutsche Bank, said at the German bank's Annual MENA Equity Conference that "in Petro-chemicals, the issue surrounding possible changes in feedstock costs for the Saudi petrochemical-based companies will dominate the debate in the sector. On Thursday, the Tadawul bourse will remain closed.
Source: AME Info
Waha Capital shares gain on profit increase
January 25, 2011--The local stock market ADX in Abu Dhabi dipped 0.13% to close at 2,670.59 points. Shares of Waha Capital surged 1.25% to reach Dhs0.81. Earlier in the day Waha reported a 15% increase in unaudited net profits for the 12-month period ending December 31, 2010.
"Net profits reached Dhs249m, compared to Dhs217m in 2009, while return on equity increased to 12.2%, from 11.6% in 2009", the company's statement to the ADX says. Real estate heavyweight Aldar Properties plummeted 5.24%, finishing at Dhs1.81. Aldar today sent invitations to its shareholders regarding the Extraordinary General Assembly in order to get approval for the issuance of a Dhs3.5bn convertible bond, among other measures to secure the firm's financial future. The EGM will take place on February 20 in the Crowne Plaza Hotel on Yas Island in Abu Dhabi.
Source: AME Info
Dubai market weakens by 0.41%
January 25, 2011--The DFM General Index fell on Tuesday to 1,623.50 points as real estate bellwether Emaar (down 1.45% at Dhs3.41) and contractor Drake and Scull International (down 1.77% at Dhs1.11) weighed on the market.
Logistics firm Aramex posted the largest advance, reaching Dhs2.13 (up 3.90%). Some 87.93m shares worth Dhs133.39m changed hands.
Source: AME Info
Saudi Stock Exchange's sharp rise halted
January 25, 2011--Investors took a break from after the recent market really in Riyadh, as he Tadawul bourse closed 0.02% up at 6,723.83 points, despite a negative advance-decline ratio.
National Gypsum Company posted the largest advance, ending 3.26% higher at SR31.70. Market bellwether SABIC dipped by 0.69%, closing at SR107.25. Thirty-nine stock closed higher, 86 declined and 20 closed unchanged.
Source: AME Info
Dubai market rebounds 1.62%
January 24, 2011--In a technical reaction, investors lifted the DFM General Index to 1,630.16 points. Dubai-based telecom provider du posted the largest gain, closing 5.30% higher at Dhs3.18. Dubai Islamic Bank (DIB) surged 1.86% to reach Dhs2.19.
Earlier in the day DIB announced the appointment of Ahmed Fathy Al Gebali as its new Chief Financial Officer (CFO). Traded value climbed 74% to Dhs197.44m, as 129.75m stocks changed hands. Twenty-two securities added value, two real estate firms (UPP and Deyaar Development) declined while one share closed unchanged.
Source: AME Info
Aldar shares extend losses
January 24, 2011--The ADX General Index in Abu Dhabi weakened 0.32% to finish at 2,674.18. Abu Dhabi Aviation Co. was the main gainer, reaching Dhs2.85 (up 8.85%). Real estate bellwether Aldar Properties plummeted 3.54% to Dhs 1.93 as the most active stock in relation to market volumes.
Credit Suisse analyst Ahmed Badr commented on Aldar last week: "Aldar announced a better than expected financing plan that includes asset sales to the Abu Dhabi Government worth Dhs16.4bn as well as the issuance of a convertible bond to (sovereign wealth fund) Mubadala that involves minimum dilution. Although the plan is a relief for Aldar (as it solves the short-term funding gap of about Dhs11bn in 2011E) (...), we maintain our Neutral rating as we remain cautious on future cash flow generation, given the weak real estate market prospects in Abu Dhabi."
Source: AME Info
Bank shares stabilise Kuwait bourse
January 24, 2011--The KSE market gained the second day straight, closing 0.29% higher at 6,959.9. Gulf Investment House topped the charts by gaining 9.6% at KD0.057.
Real estate stocks mostly underperformed, such as Real Estate Trade Centres, known as Marakez, which plummeted 14.49% to finish at KD0.295.
Source: AME Info
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