Middle East ETF News Older than One Year
Construction shares weigh on Abu Dhabi bourse
November 3, 2010--The ADX General index ended 0.07% lower at 2,761.75. Arkan Building Materials plummeted 6.22% to close at Dhs1.89.
Abu Dhabi Ship Building jumped 9.97% to finish at DhsDhs3.86.
Source: AME Info
Dubai stock markets lose slightly
November 3, 2010--The Dubai Financial Market (DFM) opened in the green on Wednesday, but eventually ended 0.37% lower at 6,349.38 points. Real estate and investment firms posted the largest declines. Union Properties lost 2.28% to finish at Dhs0.429, while investment company Almadina declined 1.65% to close at Dhs0.77.
At the Nasdaq Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1837.700, down 0.12%, from the previous close. POrt operator DP World (up 0.51% at $0.595) and Depa Ltd. (gaining 1.43% at $0.71) advanced, while jewellery trader Damas closed unchanged at $0.16.
Source: AME Info
Qatar Exchange regains territory, ends at 7,799
November 3, 2010--After declining three consecutive days, the Qatari bourse QE closed 0.42% Wednesday, ending at 7,799.24 points.
The country's largest lender Qatar National bank (QNB) added 0.85% to finish at QR166.40. "Qatar's economy remains extremely favourable, as per IMF estimates, the Qatar GDP is expected to grow 16.0% in 2010 to reach QR294.8bn driven by the expansion in natural gas production", Kuwait's Global Investment House says.
Source: AME Info
Kuwait investment firm shares post losses
November 3, 2010--The KSE market index dipped 0.15% to close at 7,118.5. Osoul Investment Co. lost 8.4%, ending at KD0.054.
Dar Al Thuraya Real Estate Co. topped the charts, by gaining 9.8% (closing at KD0.028).
Source: AME Info
Tadawul bourse dragged down by petrochemicals
November 3, 2010--The Saudi Arabian stock market Tadawul declined 0.45% to close at 6,344.02. Market leder Sabic, the world's largest petrochemical firm, declined 0.76% to close at SR98.25.
Saudi Kayan Petrochemical Company declined 1.11% to finish at SR17.75.
Source: AME Info
Oil prices rise above $85 on Saudi signal
November 2, 2010--Oil prices rose above $85 a barrel on Tuesday, as traders tested the claim of Saudi Arabia, Opec's de facto leader, that it was happy with prices as high as $90 a barrel.
Saudi Arabia sparked a $2 jump in oil prices on Monday when Ali Naimi, its oil minister, raised the trading range it has backed for nearly two years, declaring that crude was in a "comfortable zone" of $70 to $90 a barrel. Mr Naimi's comments marked a subtle shift by the minister, who in the past had voiced satisfaction with the $70-$80 a barrel range that has prevailed for a year.
In late afternoon trading in New York on Tuesday, the rally continued, with Nymex December West Texas Intermediate up $1.23 to $84.17 a barrel. In London, ICE December Brent rose $1.08 to a three-week high of $85.70 a barrel.
Source: Zawya
First Gulf Bank shares buck regional downtrend
November 2, 2010--With 20 decliners and only three gaining shares, the ADX benchmark index ended the session on Tuesday 1.42% lower to close at 2,763.66 points. Investors dumped real estate shares, such as Aldar Properties (down 6.18% at Dhs2.40) or RAK Properties (3.92% lower at Dhs0.50).
Shares of First Gulf Bank (FGB), the UAE's fourth largest lender by assets, added 0.60% to finish at Dhs16.75. Credit Suisse issued a strong buy recommendation for FGB shares on October 27: "We expect FGB to maintain high profitability of some 20% return on equity in 2011E despite the very high capitalization levels (tier 1 20%, CAR 23.4%), and is still trading at 1x book value. We see room for multiples re-rating and thus maintain our Outperform rating and 12 month target price of Dhs28 per share", says Credit Suisse analyst Mohamad Hawa.
Source: AME Info
Qatar bourse dips slightly
November 2, 2010--The Doha-based Qatar Exchange ended 0.05% lower on Tuesday, closing at 7,766.24, whilst insurers and services firms weighed on the market. Doha Bank regained territory, ending up 0.75% to close at QR53.60. Banks benefit from the government's diversification strategy.
Kuwait's Global Investment House comments on Qatar "Non oil & gas sector has surpassed oil & gas sector share in total GDP for the first time in the new millennium. Non oil sector GDP reached all time high of QR192.5bn and grew on a CAGR basis of 31.4% during the period 2005-2009. Financial services which make about 12% of the total GDP in 2009, reaching QR43.4bn. The State of Qatar was active in the financial sector during the crisis, it intervened strongly to help shore up capital of the banks, Qatar Investment Authority injected around US$1bn to shore up capital, in addition the government made available up to US$6bn to buy the equity and real estate portfolios of the banks as they were affected by the crisis."
Source: AME Info
Kuwait market KSE escapes GCC index losses
November 2, 2010--As the only stock exchange in the GCC, the KSE Market Index added 0.68% to close at 7,129.30.
The Gulf state's largest lender by assets and market share National Bank of Kuwait (NBK), surged 2.98%, ending at KD1.380. Islamc bank Kuwait Finance House (KFH) closed 1.66% higher at KD.1220.
Source: AME Info
Tadawul market adds 0.14%
November 2, 2010--Saudi Arabian investors turned a red day into the green during the last hour of trading in Riyadh, sending the Tadawul market 0.14% higher to 6,372.71 points.
Yanbu National Petrochemical Company added 1.42% while its rival Sabic dipped by half a percentage point to close at SR99. Earlier in the day, the Tadawul market said that the total amount of traded shares in the Saudi Stock Exchange last month was SR57.87bn.
Source: AME Info
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