Middle East ETF News Older than One Year
QIB gains after Qinvest/EFG Hermes JV is terminated
May 2, 2013--The QE 20 Index surged 0.93%, closing at 8,748.68 points Thursday.
Qatar Islamic Bank or QIB advanced 0.73%, ending at QR68.90. QIB owns the majority in investment bank QInvest. A planned joint-venture between Qinvest and Egyptian counterpart EFG Hermes was automatically terminated on late Wednesday after both sided failed to get the nod from the Egyptian regulator. The parties tried to make a good face on the bad game. "Both institutions look forward to separately creating value for their shareholders and remain open going forward to capitalizing on their complementary strengths to pursue together suitable business opportunities in a less-structured framework," said Qinvest in a statement to the Qatar Exchange.
Source: AME Info
Abua Dhabi bourse climbs to near 4.5-year high
May 2, 2013--The ADX General Index advanced 0.20%, closing at 3,280.18 points amid record-high volumes.
Some Oman and Emirates Investment Holdings posted the biggest increase, ending up 14.58% at Dhs1.10. Abu Dhabi Commercial Bank was the most liquid share, finishing off 1.07% at Dhs4.61.
Source: AME Info
Deyaar on the move as Q1 profit doubles
May 2, 2013--The DFM General Index lost 0.37% to 2,128.79 points Thursday.
The gauge gained 2.31% over the week. Deyaar Development jumped 3.95% to hit Dhs0.395. Earlier in the day, the Islamic real estate firm said the profit in the first quarter was Dhs19.4m, up from Dhs9.4m. "The real estate market has seen an incline, which has backed our growth and will continue to do so in the future," said Deyaar chairman Abdulla Ali Obaid Al Hamli. Emaar dipped 1.28% to Dhs5.47, despite chairman Mohammed Alabbar's announcement to develop (again) the world's tallest tower in Dubai which shall top the over 1,000 meters high Kingdom Tower, currently under construction in Jeddah, Saudi Arabia. Union Properties bucked the sluggish market trend by gaining 2.36%, finishing the first trading days in May at Dhs0.477.
Source: AME Info
Al Baraka Banking Group falls to 6-week low
May 2, 2013--The Manama-based Bahrain All-Share Index declined 0.14% to 1,102.60 points Thursday.
Al Baraka Banking Group, the oldest Islamic bank in the kingdom, dived 2.86% to $0.68. Khaleeji Commercial Bank (not traded) reported today a Q1 net profit of BD302,000, up from a loss of BD593,000 it suffered in Q4 2012.
Source: AME Info
Tadawul market slips as Sabic tests SR90-support level
May 1, 2013--The Tadawul All-Share Index declined insignificantly on Wednesday and closed at 7,175.36 points.
Saudi Basic Industries Corp. or Sabic, the KSA market bellwether and world's first petrochemicals producer, declined 0.55% to SR90.75. The shares tested the SR90- level on April 21 and Dec. 30 2012. Emprirical evidence in chart analysis shows that support levels usually weaken the more often they are tested.
Source: AME Info
Tadawul market slips as Sabic tests SR90-support level
May 1, 2013--The Tadawul All-Share Index declined insignificantly on Wednesday and closed at 7,175.36 points.
Saudi Basic Industries Corp. or Sabic, the KSA market bellwether and world's first petrochemicals producer, declined 0.55% to SR90.75. The shares tested the SR90- level on April 21 and Dec. 30 2012. Emprirical evidence in chart analysis shows that support levels usually weaken the more often they are tested.
Source: AME Info
Aluminium Bahrain shares advance, Chief Support Functions Officer quits
May 1, 2013--The Bahrain All-Share Index in Manama extended its rebound journey on Wednesday by gaining 0.28% to reach 1,104.17 points.
Aluminium Bahrain or Alba advanced 0.85%, finishing at BD0.474. Earlier in the day, Alba said that Basem Al Sharqi is no longer the firm's Chief Support Functions Officer. Alba chief executive Tim Murray will be serving as as acting Chief Support Functions Officer until further notice.
Source: AME Info
Ooredoo falls slightly, telco giant reports higher Q1 profit
May 1, 2013--The Qatar Exchange 20 Index slipped 0.11% to 8,667.85 points.
Shares of the country's first telecom operator Ooredoo fell 0.87% to QR68.40. Earlier in the day, Ooredoo (Arabic for "I want") said its net profit in the first quarter amounted to QR808m, reoresenting a 13.6% year-on-year. The results included the impact of the increased shareholding in Asiacell (Iraq) and Watania (Kuwait). Ooredoo said it witnessed further strong momentum from international operations in Algeria, Indonesia and Iraq. The IPO of Asiacell at Baghdad stock market in Feb. this year raised $1.3bn and was the biggest going public since 2008.
Source: AME Info
Aluminium Bahrain shares advance, Chief Support Functions Officer quits
May 1, 2013--The Bahrain All-Share Index in Manama extended its rebound journey on Wednesday by gaining 0.28% to reach 1,104.17 points.
Aluminium Bahrain or Alba advanced 0.85%, finishing at BD0.474. Earlier in the day, Alba said that Basem Al Sharqi is no longer the firm's Chief Support Functions Officer. Alba chief executive Tim Murray will be serving as as acting Chief Support Functions Officer until further notice.
Source: AME Info
Zain KSA plummets on extension of Murabaha facility for the umpteenth time
April 30, 2013--The Saudi Arabian Tadawul All-Share Index advanced 0.18% to reach 7,179.8 points Tuesday.
Shares of Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, ended down 4.90% at SR8.75. Earlier in the day, Zain KSA said the syndicated Murabaha (Islamic cost plus profit) facility of approximately SR9bn ($2.4bn) has been extended from April 30 to May 29 by the group of financiers, while the "junior debt" worth SR2.25bn ($600m) has been extended from May 1 to June 5 2013. Zain KSA added it currently prepares with the financiers "to finalize the arrangements of the new financing agreements that are intended to replace both facilities and intends to use the extension period to finalise such long-term financing arrangements." In addition, Zain KSA expected "hat the new Murabaha Facility will enjoy 5 years term in addition to lower interest rate."
Source: AME Info
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