Middle East ETF News Older than One Year
Bahrain Bourse stays on the winning track
May 9, 2013--The Bahrain All-Share Index closed 0.38% higher at 1,134.31 points Thursday.
Aluminium Bahrain or Alba surged 2.8% to hit BD0.55. Yesterday, Alba said it registered a net income of $108m (BD40.5m) vs. $57m (BD21.3m) for the same period in 2012-an increase of 89% year-on-year. Inovest shares posted the biggest decline, ending down 3.85% at $0.25.
Source: AME Info
Qatar Exchange halts 5-day gaining streak
May 9, 2013--Investors in Doha took proftit ahead of the week, sending the QE 20 Index down by 0.12% to 8,847.88 points.
Losses in the financials and real estates sector weighed mostly on the gauge. Qatar National Bank, the first lender in the gas-rich Gulf state, sliped 0.70%, while Commercial Bank of Qatar (the number two) bucked the trend, closing up 0.60%.
Source: AME Info
Abu Dhabi market investors hail Dana Gas sukuk refinancing
May 9, 2013--The Abu Dhabi Securities Exchange (ADX) saw its market index rising by 0.76% to close at 3,369.21 points Thursday, the gauge's highest level since Nov. 4 2008.
Dana Gas advanced 3.70% at Dhs0.56. Earlier in the day, the Sharjah-based regional oil and gas firm confirmed that on 8th May 2013 it has completed the refinancing of the $1bn trust certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited. Dana added that this followed the "overwhelming approvals to the refinancing plan received from both sukuk certificate holders and shareholders on 23 April 2013." On Oct. 31 2012 Dana Gas failed to settle the $1bn Sukuk-al-Mudarabah on time. It was the first time a UAE-listed firm failed to do so after payment delays in its operations in Northern Iraq and Egypt occurred. The New Sukuk of $850m ($425m of convertible sukuk and $425m of ordinary Sukuk) have been listed on the Global Exchange Market of the Irish Stock Exchange.
Source: AME Info
Shuaa Capital jumps on Dubai Group debt deal
May 9, 2013--The DFM General Index consolidated at a 3.5-year high Thursday by closing up 0.70% at 2,177.68 points.
Investment bank Shuaa Capital gained the most, closing up 8.03% at Dhs0.659, a 10-month high. Earlier in the day, investment firm Dubai Group (not listed), owned by state-owned Dubai Holding, said it has agreed restructuring documentation, incorporating the final economic terms, with the coordinating committees and their respective professional advisers, representing the company’s financial lenders in regard to approximately $6bn (Dhs22bn) of bank facilities. Dubai Group has stakes in Shuaa Capital and EFG Hermes. Shares of Dubai Islamic Bank, known as DIB, lost the most (off 3.77% at Dhs2.81), while Islamic real estate financing company Tamweel added 2.42% to reach Dhs1.27. Earlier in the day, DIB said further to the deadline of the official offer period on 30 March, 2013, it has gained the necessary approvals and authorisations to issue new shares in order to execute the share swap for those Tamweel investors who validly accepted the offer within the allotted offer period. DIB is Tamweel's largest shareholder and announced on Jan.3 this year to take over 100% of Tamweel. "The share swap will be executed on Thursday 9th May, 2013 after the DFM has closed."
Source: AME Info
Bahrain Bourse stays on the winning track
May 9, 2013--The Bahrain All-Share Index closed 0.38% higher at 1,134.31 points Thursday.
Aluminium Bahrain or Alba surged 2.8% to hit BD0.55. Yesterday, Alba said it registered a net income of $108m (BD40.5m) vs. $57m (BD21.3m) for the same period in 2012 - an increase of 89% year-on-year. Inovest shares posted the biggest decline, ending down 3.85% at $0.25.
Source: AME Info
Doha-listed shares gain across the board
May 8, 2013--A volatile QE 20 Index added 0.14% to 8,858.29 Wednesday.
Qatar National Bank or QNB closed up 1.05%, finishing at QR144. "Qatar's banking sector exhibited tremendous growth reflecting a booming economy and rising financing needs for public sector projects," said Dr. Giyas Gokkent, chief economist and head of resear at National Ban of Abu Dhabi. Gokkent added that "Banking sector assets reached $233bn in Q1, an increase of 21% year-on-year." Shares of market heavyweight Industries Qatar fell by QR0.30 to QR168.
Source: AME Info
Petrochems lift Tadawul bourse
May 8, 2013--The Saudi Arabian Tadawul All-Share Index climbed up by 0.33% to reach 7,206.27 Wednesday, ending a 3-day losing streak in Riyadh.
The 2 leading producers of petrochemicals Sabic and National Petrochemical Company advanced 0.27% and 3.97%, respectively. Saudi Transport and Investment Company lost the most, ending down 3.72%.
Source: AME Info
Alba results trigger joy at Manama market
May 8, 2013--The Bahrain All-Share Index gained the 4th session straight Wednesday, closing at 1,130.03 points.
Bahrain Aluminium, known as Alba, said it registered in the first quarter a net income of $108m (BD40.5m) compared to $57m (BD21.3m) for the same period in 2012-an increase of 89% year on year.
Source: AME Info
Saudi Arabia Seeks to Lure Institutional Money to Bourse
May 7, 2013--Saudi Arabia, home to the biggest Arab bourse, seeks to boost institutional investments in its $387 billion stock market as the top OPEC producer weighs plans to allow foreigners to buy shares directly.
While foreign investments are welcome, they’re not crucial to liquidity, Mohammad Al-Sheikh, chairman of Capital Market Authority, said at the Euromoney conference in Riyadh today. The market is now dominated by individual investors, he said.
Source: Bloomberg
Sabic, Al Rajhi Bank pinned down as Saudi market falls the 3rd day
May 7, 2013--The Tadawul All-Share Index declined 0.10% to 7,182.48 points Tuesday.
Market heavyweights Sabic and Islamic bank Al Rajhi closed unchanged at SR91.50 and SR66.50, respectively. Insurers mostly weihghed on the gauge, with Ahlia Insurance Co. losing the most (off 4.81% at SR64.25).
Source: AME Info
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