Middle East ETF News Older than One Year
Abu Dhabi developers dip on profit booking
May 20, 2013--The ADX General Index declined 1.15% to 3,523.34 on Monday.
Like in Dubai, real estate firms weighed on the gauge. The two merging developers Aldar Properties and Sorouh Real Estate fell by 1.50% and 4.10%. Eshraq Properties and RAK Properties lost 3.20% and 3.40%, respectively. News that building workers employed by Dubai-based Arabtec Construction were on a strike for a wage hike since last Saturday derogated the sentiment. Abu Dhabi-based sovereign wealth fund Aabar holds 22% in Arabtec which appointed a new head of human resources last Thursday. National Bank of Umm al-Qaiwain gained the most, finishing up 7% at Dhs3.20.
Source: AME Info
Bahrain posts 20% growth in nonoil trade
May 20, 2013--According to a report by Global Investment House (GIH), Bahrain's real GDP is estimated to have expanded 3.9% in 2012 from the 1.9% growth seen a year earlier, Arab News has reported.
Even as the oil sector shrank by around 8.5% in 2012 due to a temporary technical disruption at the country's main Abu Sa'afa oil field, strong growth in the nonoil sector drove economic growth, the report said. Nonoil GDP rose to an expected 6.7% in 2012 from 1.4% in 2011. The national accounts data for 2012 point to a relatively consistent increase in production virtually across the kingdom's nonoil economy. The fastest growing sectors have been hotels and restaurants, followed by social and personal services, and manufacturing, GIH said.
Source: AME Info
Depa shares soar after Arabtec influence clarified
May 16, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71.
Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
Source: AME Info
Depa shares soar after Arabtec influence clarified
May 16, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71.
Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
Source: AME Info
Qatar Exchange loses slightly
May 16, 2013--The QE 20 Index fell 0.20% to 8,916.90 points Thursday.
Qatar National Bank or QNB closed off 0.90% to QR141.70. Qatar Navigation gained the most (up 3.26% at QR69.60) .
Source: AME Info
Record gaining streak halted in Manama
May 16, 2013--The Bahrain All-Share Index slipped 0.05% to 1,147.85 in a dull trading session on Thursday.
The market measure advanced 8 consecutive sessions from May 2 to May 14. Al Salam Bank fell 2.38% to BD0.082. Islamic bank Ithmaar was the most liquid share, finishing flat at $0.25. Year-to-date, the Bahrain gauge has gained 7.72%.
Source: AME Info
Aldar Properties finishes week at 3-year high
May 16, 2013--The Abu Dhabi market measure ADX General Index consolidated at a 4-year high, closing up 0.10% at 3,514.17 Thursday.
The biggest developer in the sheikhdom, Aldar Properties, surged 4.30% to hit Dhs1.70, the higest level since Feb. 2010. Dr. Giyas Gokkent, the chief economist and head of research at National Bank of Abu Dhabi (off 0.80% at Dhs12.40) said earlier today inflation in the housing sector in Abu Dhabi was down 0.6% year-on-year in April, with a relative contribution of minus 0.2% to CPI (up 0.6% at 1.1% in April).
Source: AME Info
Dubai bourse near 2,300, GGICO rises 75% in 2 weeks
May 16, 2013--A volatile but resilient Dubai market opened lower Thursday but eventually closed 0.41% higher at 2,296 points.
For the 3rd day straight, Gulf Genera Investment Co, better known as GGICI gained the most, ending up 11.11% at Dhs0.56, the highest leevl since June 2010. Dubai Islamic Bank (DIB) added 1.28% to reach Dhs3.17. Investment reating agency Moody's ts affirmed DIB's Long Term Issuer ratings at Baa1 with a 'stable' outlook. Moody’s also affirmed the LTI ratings of Tamweel (1.54% higher at Dhs1.32) at Baa3 and with the recent move by DIB to take over the company, Tamweel’s outlook on ratings has been upgraded to 'positive.' DIB owns 86.5% in Tamweel. Commercial Bank of Dubai posted the largest loss, finishing off 2.68% at Dhs4.00.
Source: AME Info
Record gaining streak halted in Manama
May 16, 2013--The Bahrain All-Share Index slipped 0.05% to 1,147.85 in a dull trading session on Thursday.
The market measure advanced 8 consecutive sessions from May 2 to May 14. Al Salam Bank fell 2.38% to BD0.082. Islamic bank Ithmaar was the most liquid share, finishing flat at $0.25. Year-to-date, the Bahrain gauge has gained 7.72%.
Source: AME Info
Oversold Saudi bourse bounces back on insurance shares
May 15, 2013--The Tadawul All-Share Index ended a 3-added 0.11% to reach 7,147.42 points Thursday.
Wafa Insurance gained the most (up 6.78%) while Allianz Saudi Fransi posted the third biggest advance (5.67% higher). The insurance segment posted heavy losses in the last 2 days after since the Saudi Arabian Capital Market Authority said it intends to curb speculative trading practices by imposing tighter regulations. Sabic ended unchanged at SR91.25. Market
Source: AME Info
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