Middle East ETF News Older than One Year
Bahrain exchange surges to 14-week high
August 25, 2010--The Bahrain Stock Exchange (BSE) closed 0.70% higher at 1,434.25 points due to gains in the banking sector. United Gulf Bank surged 6.15% to BD0.380.
Al Baraka Banking Group, a 100% Sharia-compliant bank, ended flat at $1.490. Al Baraka, one of the oldest regulated Islamic banks announced that it plans to expand to Saudi Arabia depending approval of the Saudi regulator. It also reached an MoU with the Islamic Corporation for the Development of the Private Sector.
Source: AME Info
Abu Dhabi bourse dips a quarter percent
August 24, 2010--Weak real estate share weighed on the ADX General Index (off 0.25% at 2,502.93 points). Industry bellwether Aldar Properties was the most liquid stock, finishing 0.90% down at Dhs2.17.
Qatar Telecom (Qtel) added 0.94% at Dhs161.00. According to Dubai-based Gitex Technology Week, global mobile applications sales and downloads are forecast to reach US$15.65 billion by 2013 and Middle East operators and device manufacturers are preparing for a telecoms windfall. Seven shares advanced, six ended flat and 15 shares declined in value.
Source: AME Info
Weak Asia input drags Dubai market down
August 24, 2010--Following Japan's fall to a 15-month low on Monday, the Dubai Financial Market (DFM) ended a choppy day of trading, finishing 0.45% lower at 1,493.46 points. The DFM resumed trading Bahrain's Gulf Finance House (GFH) shares after the Islamic investment bank disclosed its interim reviewed financial statements for the second quarter, reporting a $40m loss. GFH shares posted the largest loss, closing 10% lower at Dhs0.478 as the bank reported its seventh straight quarterly loss.
As GFH's total debt has mounted to $412m, it has named Germany's Deutsche Bank to restructure its loan portfolio. Nasdaq Dubai listed Dubai Ports (DP) World, which are also traded on the DFM platform, lost 0.20% and closed at $0.499. EFG Hermes downgraded the world's fourth largest container port operator to "Neutral" from "Buy" after the share saw "a strong rally in recent weeks (+20%) and is therefore likely to pause for breath", EFG Hermes writes in a statement released today, adding that "we lower our 2010 and 2011 net income estimates by 12% and 16%, respectively, due to higher depreciation, tax and minority interest charges." Low budget carrier Air Arabia (down 0.88% at Dhs0.793) denied media reports that it aims to buy another airline, after speculations came up that three airliners, including Sharjah-based Air Arabia, examine a possible takeover of Saudi competitor Sama Airlines. Sama grounded operations today after recording a loss of US$266 million, it has been reported. According to Bloomberg, it needs $80m to restart its operations.
Source: AME Info
Bahrain exchange defiant of Moody's downgrade
August 24, 2010--The Bahrain Stock Exchange (BSE) in Manama extended its step-by-step recovery as it ended Monday 0.39% higher at 1,424.27 points thanks to gains in the banking and insurance sector
Rating agency Moody's Investors Service downgraded Bahrain's sovereign rating to "A3" from "A2". Moody's sees "gradual but significant rise in the breakeven oil price" for Bahrain's national budget", along with a "relatively modest level of official financial assets" in the Kingdom. Nevertheless Manama plans to open a new and more internationally accepted market named Bahrain Financial Exchange (BFX) in the last quarter in 2010.
Source: AME Info
KFH Research reports recovery in growth of total value of Sukuk issuance in 2009 and first half of 2010
August 23, 2010--.A report prepared by KFH Research Limited about the global Sukuk market, shows remarkable recovery from the effects of the global financial crisis. There seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year
KFH Research expects Sukuk market to maintain its vitality during 2010, and foreseeable future under the push of positive factors monitored by the report. The most important factors are stimulus programs, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Sharia compliant products.
Source: AME Info
Arab equity investors lose $15bn in three weeks
Combined loss of 13 official stock exchanges in the Arab World stands at around $4billion
August 23, 2010--Arab equity investors ended the third week of August less wealthy by around $15 billion and nearly half the losses were in Saudi Arabia’s largest and most speculative stock market, official data showed on Sunday.
The combined loss of 13 official stock exchanges in the Arab world was far lower compared to the start of this year, standing at only around $four billion, showed the figures by the Abu Dhabi-based Arab Monetary Fund.
From about $905.7 billion at the end of July, the total market capitalization of the 13 bourses dipped to nearly $890.9 billion on August 21, a decline of around $14.8 billion in three weeks, the Arab League’s main financial institution said.
Source: Emirates24/7
Moody's downgrades Bahrain's sovereign ratings to A3
August 23, 2010--Moody's Investors Service has today downgraded Bahrain's local and foreign currency government bond ratings to A3 from A2. The outlook on these ratings is now stable.
Today's rating action was motivated by the following factors:
1.) A gradual but significant rise in the breakeven oil price in the Bahraini budget over recent years. This, together with a relatively modest level of official financial assets, has led to a divergence between the government's fiscal flexibility and that of rating peers.
Source: AME Info
Kuwait Stock Exchange dips slightly
August 23, 2010--The KSE Market or Price Index finished 0.16% lower at 6,674.7 points. The performance of National Bank of Kuwait (NBK, up 1.47% at KD1.380) proofs that this is a good time for stock pickers, despite market trading sideways for weeks.
NBK rose to the highest level since November 2008 when the global financial crisis hit the GCC. Bahrain's Islamic Bank Ithmaar'recovery was halted Monday as its shares lost 3.8%, closing at KD0.037.
Source: AME Info
Qatar market gains slightly
August 23, 2010--The QE Index closed 0.27% higher at 7,198.65 points on Monday. Trading volumes edged up by 47% as 6.4m stock changed hands in Doha. Industries Qatar ended flat at QR102.
Banks mostly gained value, as Qatar Islamic Bank closed 1.58% higher at QR77.20. Doha Bank finished up 0.86% at QR46.90. Al-Ahli bank failed to jump on the bandwagon as ist shares weakened 1.43% at QR55.00.
Source: AME Info
Saudi Tadawul bourse adds a quarter percent
Augus 23, 2010--The energy and utiliies sector index (up 2.39%) was the main driving force behind the Tadawul market's advance of 0.26% on Monday. Saudi Electricity surged 2.59% at SR13.85.
The Kingdom aims to invest $80bn in order to double ist power capacity until 2020. Saudi Arabia's Knowledge Economic City (KEC) and closed 1.69% higher at SR9.05. KEC shares were listed on August 9 at SR10.00 in a $272 IPO. Insurers and cement producers mostly last value.
Source: AME Info
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