Middle East ETF News Older than One Year
Qatar Exchange extends 2010-rally
January 4, 2011--There is no let-up in buying at the QE market in Doha, despite a gain of 24.75% in 2010. On Tuesday, the QE Index added 1.13%, reaching 8,972.94.
Shares of Doha Bank surged 2.47% to end at QR66.50. The next board meeting of the quite expansive Qatari bank is scheduled to take place on January 18. Al Khalij Commercial Bank did not join the bull's run today and weakened by 0.59% to close at QR16.90.
Source: AME Info
Kuwaiti banking shares post strong gains
January 4, 2011--The KSE Market Index gained 0.38% (closing at 6,974.1) as National Bank of Kuwait (up 1.38% at KD1.460) and Kuwait Finance House (1.66% higher at KD1.220) lifted the market sentiment.
The banking sector index surged 2.23%. Real Estate Trade Centers, also known as Marakez, was the main loser, finishing off 8.6% at KD0.530.
Source: AME Info
Lack of catalysts drag Abu Dhabi bourse down slightly
January 4, 2010--The ADX General Index closed 0.17% lower at 2,748.19. RAK Bank was the main losing share, finishing 5.63% down at Dhs4.70. Pharmaceutical producer Julphar ended 3.74% lower at Dhs1.80.
Leasing specialist Waha Capital gained 1.30% to close at Dhs0.77. Earlier in the day, Waha Capital announced that Abu Dhabi Islamic Bank arranged a $32m structured Ijara financing for Waha's subsidiary Waha Maritime to fund the acquisition of six offshore supply vessels. ADIB shares added 1.30% to finish at Dhs3.00.
Source: AME Info
Dubai market rises, then declines 0.23%
January 4, 2010--The DFM General Index opened positively but eventually declined to 1,659.39 points (off 023%). Bank Emirates NBD bucked the trend, rebounding by 4.4.29% to reach Dhs2.92.
Emaar Properties declined (1.12% lower at Dhs3.54) as well as Arabtec (down 0.49% at Dhs2.03). Trading values and volumes declined by 2%, as some 118.4m shares worth Dhs165.7m were traded.
Source: AME Info
SABB HSBC Saudi PMI signals strong non-oil private sector growth
January 3, 2011--The Saudi British Bank "SABB" has published the results of the headline SABB HSBC Saudi Arabia Purchasing Managers' Index (PMI) for December 2010 - a monthly report issued by the bank and HSBC. It reflects the economic performance of Saudi Arabian non-oil producing private sector companies and establishments through the monitoring of a number of variables, including output, new orders, exports, input prices, output prices, quantity of purchases, stocks and employment.
At 61.3 in December, the headline index was down slightly from November's series record high of 62.2. Nevertheless, the latest reading signalled another considerable gain in the health of the Saudi Arabian non-oil private sector. Moreover, the rate of the improvement remained above the series trend.
Activity levels continued to grow in the final month of the year. Although the rate of increase moderated slightly from November's peak, it was nonetheless sharp. Anecdotal evidence showed that output was raised to accommodate another inflow of new business.
New order receipts increased at a substantial rate during December as market conditions improved. A combination of promotional work, good business reputations and company expansions also helped stimulate demand. Although export growth picked up sharply on the month, data suggested that the domestic market remained the principal driver of total new order expansion.
Source: Gulf Base
The Saudi Arabian Tadawul market gained 0.31% to reach 6,676.66. Market bellwether and petrochemical giant SABIC added 1.42% to reach SR107.00.
January 3, 2011--The Saudi Arabian Tadawul market gained 0.31% to reach 6,676.66. Market bellwether and petrochemical giant SABIC added 1.42% to reach SR107.00.
Mohammad Al Mojil Group Company, a licensed general contractor specializing in onshore and offshore oil & gas and petrochemical projects, was the main gainer today, finishing 4.74% higher at SR19.90. Oil prices gained 12% in 2010. Earlier in the day, Swiss bank Sarasin's analyst and commodity strategist Eliane Tanner said in her 2011 outlook that "We do not think that major oil price spikes are likely in 2011 in this context because the oil market should continue to be well supplied this year as well. Spare capacity is still at a relatively high level and OECD inventories are well filled. Since we also expect global economic growth to weaken slightly in 2011, growth in demand should be slightly more moderate than in 2010." Shares of Tihama Advertising & Public Relations Co. declined 1.92% to end as the top loser at SR25.50.
Source: AME Info
Buyers are back at Qatar market
January 3, 2011--The QE Index in Doha climbed 1.50% higher to reach 8,872.53 points.
The gulf state's largest lender Qatar National Bank surged 3.21% to reach Qr193.00. Industries Qatar added 2.57%, closing at QR143.60. Al Meera Consumer Goods Company failed to attract sufficient demand, ending 0.97% lower at QR61.50.
Source: AME Info
Strong banks fail to lift Kuwait market
January 3, 2011--The KSE Market Index ended down 0.11% on Monday, closing at 6,947.6 points. Kuwait Finance House (KFH), the largest Islamic bank in the country, surged 3.44% to reach KD1.200.
Burgan Bank added 1.88%, finishing at KD0.540. The KSE Bank index gained 1.08%, but weak performing insurers (off 0.88%) and industrials (0.54% lower) weighed on the market sentiment.
Source: AME Info
TAQA shares perform double-top
January 3, 2011--The Abu Dhabi bourse ADX continued its step-by-step surge on Monday, closing 0.46% higher at 2,752.97. The oil- and gas-bellwether Abu Dhabi National Energy Co., better known as TAQA, climbed 0.68% to reach Dhs1.48.
TAQA is on the way to perform a double-top as the share currently trades 4.5% below the 2010-high at Dhs1.55. Earlier in the day, Swiss Private Bank Sarasin analyst Eliane Tanner in Dubai said in a study on crude oil prices in 2011, that "A faster-than-expected decline in inventories and spare capacities could trigger heightened fears of an oil shortage at the beginning of 2011 or towards the end of the year, and thus encourage speculative investments." Ms. Tanner concludes, that "this could result in price spikes, potentially even higher than $100 per barrel." Shares of Abu Dhabi National Hotels were the main losers at the ADX on Monday as they dived 3.33% to finish at Dhs3.05.
Source: AME Info
Dubai market without momentum
January 3, 2011--Early hopes of a January rally got a hit on Monday, when the DFM General Index struggled to defend the 1,660 support line, ending off 0.30% at 1,663.29. On Sunday the index surged 2.32%.
After hitting a 15-month high on Sunday, investors booked profits at Drake and Scull International, which headed 0.91% lower to reach Dhs1.09. Emaar Properties closed flat at Dhs3.58. Bank Emirates NBD was the main loser, declining 6.04% to end at Dhs2.80. Traded value declined 5% to Dhs167.63m as 120.6m shares changed hands, almost the same amount compared to Sunday.
Source: AME Info
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