Middle East ETF News Older than One Year
Saudi stock market adapts trading days to new weekend rule
July 27, 2013--The Tadawul bourse in Riyadh, which remained closed today on Thursday June 27, will resume trading on Sunday June 30 as the GCC's biggest exchange by market capitalisation adapted its trading timings to the news Saudi work week which runs from June 30 on from Sunday through Thursday.
This is line with the work week other 5 GCC states Kuwait, Bahrain, Qatar, UAE and Oman. The new weekend on Friday, Saturday was implemented through a riyal decree by Saudi King Abdullah, Custodian of the Two Holy Mosques, earlier in the week.
Source: AME Info
Bank shares stabilise Bahrain Bourse
June 27, 2013--The Bahrain All-Share Index halted a 3-day losing streak on Thursday by adding 0.05%, closing at 1,188.78 points.
National Bank of Bahrain or NBB and preferred shares of Ahli United Bank gained 1.67% and 1.25%, respectively. Al Baraka Banking Group, the oldest Islamic Bank (founded in 1978) in the kingdom, lost 1.41%.
Source: AME Info
Kuwait market loses terrain ahead of half-year results
June 26, 2013--The KSE Market Index declined by 0.33%, finishing Wednesday trading at 7,899.77 points.
Renewed pressure on oil prices (off $0.11 at $98.82 per barrel) weighed on the sentiment. National Bank of Kuwait closed even, while Islamic bank Kuwait Finance House slipped 1.4% to end at KD0.660. After the closing, the government said the next parliamentary elections will be held on July 27 (a Saturday), during the second half of the Holy month of Ramadan.
Source: AME Info
Zain KSA expects 5-year extension of SR9bn Murabaha facility
June 26, 2013--The Saudi Stock Exchange dipped slightly in lackluster trading on Wednesday.
The Tadawul All-Share Index closed 0.17% lower at 7,504.38 points. Market bellwether Sabic, the world's biggest producer of petrochemicals and a rising metals producer, closed flat at SR91.50. Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, lost 1%, finishing at SR10.05. Earlier in the day, Zain KSA said that the group of creditors had extended the maturity date of the syndicated Murabaha facility of approximately SR9bn (S$2.4bn) (for the umpteenth time) to 31 July 2013. Zain KSA said in a statement to the Tadawul bourse it was currently in discussions with investors to finalize the arrangements of the new long-term financing agreement that is intended to replace the existed Murabaha facility and intends to use the extension period to finalise such long-term financing arrangements. "Zain KSA expects that the new Murabaha facility will enjoy five (5) years term in addition to lower financing cost. Subject to the further consent of the Financiers, the maturity date may be further extended. Further announcements will be made in due course," said the telecom provider. Murabaha is a Shari'ah-compliant alternative to the conventional loan. Under Murabaha, the bank or the group of financiers buy(s) goods and re-sell(s) them to the customer at a higher price over a defined period of time in order to avoid interest based on the prohibition of interest or riba as state in the Hily Quran in Sura 2:275. [AMEInfo.com]
Source: AME Info
Jadwa Investment-Saudi Monetary Update-Credit growth continues to rise
June 25, 2013--Net credit issued to the private sector increased by SR12.7
billion to record an annual growth of 16.5 percent in May. We expect the credit expansion momentum this year to contribute to an all-time high profit for the banks in 2013.
Total deposits increased by SR17.7 billion in May taking the annual growth to 16.7 percent. The loan-to-deposit ratio was broadly unchanged at 80 percent in May.
SAMA’s reserve assets continued to grow, adding SR31 billion in May. The additional FX reserves were entirely allocated to investment in foreign securities.
Bank excess deposits with SAMA remained elevated at SR79.9 billion in May, reflecting the strong liquidity position of the domestic banks.
view the Jadwa Investment-Saudi Monetary Update-Credit growth continues to rise
Source: Jadwa Investment
DGCX to list Sensex futures from July 5
June 25, 2013-- Dubai Gold & Commodities Exchange (DGCX) is set to launch on July 5 futures contracts of the Bombay Stock Exchange's benchmark index,
allowing overseas investors greater access to Indian equities, Zawya Dow Jones has reported. DGCX Sensex Futures, the first equities instrument to be traded on the bourse, will be listed on July 5, said DGCX.
Source: AME Info
Tadawul bourse on the gaining track
June 25, 2013--The Tadawul All-Share Index advanced 0.22%, finishing at 7,517.36 points on Tuesday.
the DME settlement price for the August 2013 Oman Crude Oil Futures Contract was $98.93 per barrel, up 1.49%, which helped the Riyadh-based gauge to stay afloat. Sabic fell 0.27% to SR91.50. Since the mid of April 2013, the market bellwether has been trading in a narrow range between SR90 and SR94. Middle East Specialized Cables Co. or MESC gained the most, finishing 6.57% higher at SR21.10.
Source: AME Info
DP World shares fall to one-month low despite NASDAQ Dubai rebound
June 25, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.17% higher at 2,557.87 from the previous close.
Shares of Dubai Ports (DP) World fell 0.65% to $15.45, the lowest level since May 26 2013. No other listed shares on the Middle East's only international market posted a price change on Tuesday.
Source: AME Info
Islamic banks drag Manama market down
June 25, 2013--The Bahrain All-Share Index declined 0.30% to 1,194.46 points on Tuesday.
Islamic financial institutions Gulf Finance House and Ithmaar Bank lost 6.67% and 4%, respectively. Bahrain National Holding jumped 5.88% to reach BD0.36.
Source: AME Info
Saudi Arabia Aligns Weekend in Next Step Toward Opening Market
June 24, 2013--Saudi Arabia will shift its weekend to Friday and Saturday starting next week, taking the biggest Arab economy a step closer to opening its stock market to foreign investors.
Government ministries and monetary agencies will adopt the new weekend from June 29, aligning Saudi Arabia with the other five Gulf Cooperation Council countries, according to a royal decree yesterday. The decision was taken based on “the economic position of the kingdom and its international and regional obligations,” it said. The Saudi weekend has been Thursday and Friday.
Source: Bloomberg
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