Middle East ETF News Older than One Year
Insurers and real estates push Kuwait bourse higher
December 29, 2010--The KSE Market or Price Index ended 0.33% higher at 6,962.2 points. Pearl of Kuwait Real Estate Company topped the charts by finishing 15.26% higher at KD0.037.
Banks performed overall weaker. Burgan Bank, one of the top performing shares in 2010, lost 1.85% to close at KD0.530.
Source: AME Info
Yanbu Cement dips slightly on 2010 results
December 29, 2010--In Riyadh, the Saudi Arabian Tadawul market added 0.06% to close at 6,620.75. Shares of Yanbu Cement Co. declined 0.23% to close at SR42.80.
Earlier in the day, Yanbu Cement released unaudited financial results for 2010. Net profit for the twelve months is SR432m compared to SR482m for the corresponding period last year, a decrease of 10.4%. Earnings per share for the twelve months stand at SR4.11 compared to SR4.59 for the corresponding period last year. Of the 145 securities traded, seventy shares gained, 50 declined and 25 ended even.
Source: AME Info
New DFM rules may spur volatility: Analysts
Inclusion in MSCI Emerging Market index and broader sectoral representation will boost liquidity, say analysts
December 29, 2010--The recent announcement by Dubai Financial Market (DFM) to introduce a unified fluctuation band for listed securities could trigger more volatility in the market, analysts have warned.
On Sunday, DFM announced it would introduce a unified fluctuation band for all listed securities within one trading session based on 15 per cent up and 10 per cent down, as of January 2, 2011. Additionally, the exchange also announced that it would adopt modified rules for the DFM General Index (DFMGI) to further reflect the highly traded stocks and accurately mirror the market activity.
Based on the new modifications, DFM-listed securities will be grouped in one category and traded under a unified fluctuation band, contrary to the split between active and non-active. The current fluctuation band is 15 per cent up and 10 per cent down for active stocks and 5 per cent up and down for non-active stocks.
Source: Emirates 24/7
Saudi Arabian petrochems regain territory
December 28, 2010--Shares of Sabic and National Petrochemical Company gained 0.96% and 3.11%, closing at SR105.25 and SR21.55 respectively.
Petrochemicals in particular lifted the Tadawul market's main index Tasi by 0.56% t reach 6,616.9 points. Saudi Ceramic Co. was the main loser, ending 3.13% lower at SR147.00. 86 shares advanced, 30 declined and 29 shares ended flat.
Source: AME Info
National Bank of Kuwait reaches three-month high
December 28, 2010--The Kuwait bourse KSE is close to a happy-end for the year 2010. Its main index rose 0.30% to reach 6,939.3, improving the year-to-date performance to -0.94%.
Shares of Kuwait's largest lender National Bank of Kuwait or NBK gained 1.38% to reach KD1.460. Insurance firms performed mostly weaker. Al-Ahleia Insurance Co. plummeted two percent, finishing at KD0.485.
Source: AME Info
Qatar shares dip across the board
December 28, 2010--Profit taking continued at the Qatar Exchange on Tuesday. The QE Index weakened 0.86% to close at 8,645.65 points. 2010-highflyer stocks like Doha Bank (down 1.06% at QR65.60) or Industries Qatar (1.54% lower at QR134.40) performed weaker as investors cashed in on profits before the end of 2010.
On Monday, Qatar Petrochemical Company (QAPCO), a subsidiary of Industries Qatar, announced the opening of a new representative office in Philippines.
Source: AME Info
Abu Dhabi real estate blue chips advance
December 28, 2010--In Abu Dhabi, the local bourse ADX gained 0.33%, reaching 2.702.67 points. Aldar Properties and Sorouh Real Estate both regained territory, ending at Dhs2.32 (up 1.80%) and Dhs1.61 (0.62% higher) respectively.
Abu Dhabi National Energy Co. or TAQA closed flat at Dhs1.48. Earlier in the day, TAQA announced it had appointed Steven L. Phillips as General Councel. Mr. Phillips will oversse TAQA's global corporate activities along with its legal departments. TAQA runs operations in 13 countries worldwide.
Source: AME Info
Sabic shares face tricky resistance at 106 Saudi Riyal
December 27, 2010--The Riyadh-based Tadawul market's main index Tasi lost 0.45% to end at SR104.50. Market bellwether Saudi Basic Industries Corporation (Sabic) dipped 0.75% to close at SR104.50.
After reaching a new 2010 high on December 12 at SR106, Sabic failed to crack a key resistance line at that level. Mohamad Hawa, analyst at Credit Suisse, has set a target price at SR120. Insurance companies were still demanded in Riyadh. Amana Cooperative Insurance Co. posted the highest increase on Monday, closing up 3.91% at SR15.95.
Source: AME Info
Julphar shares break key resistance level
December 27, 2010--At the Abu Dhabi market ADX, which lost 0.38% on Monday to close at 2,693.89 points, shares of Gulf Pharmaceutical, known as Julphar, climbed 5.17% to reach Dhs1.83.
Julphar broke a key resistance level at Dhs1.80. Since the UAE imports 70% of its medical drugs, local pharmaceutical firms have been constantly expanding their businesses in recent years. Shares of market bellwether Aldar Properties weakened 1.77% to close at Dhs2.20. Like in Dubai, financial shares performed weaker in Abu Dhabi. National Bank of Umm al-Qaiwain posted the second largest decline, ending 4.52% lower at Dhs1.90.
Source: AME Info
Profit booking at Nasdaq Dubai drags DP World down
December 27, 2010-The FTSE NASDAQ Dubai UAE 20 Index closed at 1768.050 today, down 1.19%, from the previous close. Shares of Dubai-based DP World, the world's third largest port operator, declined 2.50% to end at $0.625.
Interior designer Depa Ltd. weakened 1.41% to end at $0.70. Trading volumes surged significantly after markets in Western countries resumed trading on Monday. Some 28.1m shares changed hands at the Nasdaq Dubai.
Source: AME Info
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