Middle East ETF News Older than One Year
Dubai market rebounds on BoJ stimulus
April 8, 2013--The DFM General Index closed 2.2% higher Monday to reach a 3-week high at 1,916.64 points.
The market reacted to the Bank of Japan's stimulus measures by increasing its monthly bond purchases to Y7.5tr ($76bn), sending the Yen to 2009-low. For the 2nd day straight, shares of Dubai Islamic Bank gained the most (up 5.73% at Dhs2.40). Emaar edged up 2.10% to hit Dhs5.34. Ajmanbank fell 0.64% to Dhs1.55. The Islamic bank from the emirate of Ajman said Mohammed J. A. Zaqout has been appointed CEO, effective on April 21.
Source: AME Info
Muscat market gains the third day straight
April 4, 2013--The Omani MSM-30 Index finished Thursday trading at 6,111.31 points.
Bank Muscat shares jumped one percent, finishing at OR 0.623. The next resistance level lies st OR0.64, the double-top from March 20 and Feb. 20. Earlier in the week, Oman's minister of finance Darwish bin Ismail bin Ali Al-Balushi said he expects the economy in th sultanate to increase by 6% in 2013.
Source: AME Info
Qatar Exchange rises amid narrowing Bollinger bands
April 4, 2013--The QE 20 Index ende up 0.10% at 8,576.86 points Thursday.
Medicare gained the most (up 8.33% at QR39). Al Ahali Bank posted the biggest decline, finishing off 5.36% at QR53.
Source: AME Info
Abu Dhabi market consolidates above 3,000 points
April 4, 2013--The ADX General Index closed 1.21% higher at 3,058.81 points Thursday.
Sorouh Real Estate advanced 2.91 percent to reach Dhs1.77. Earlier on Wednesday, National Bank of Abu Dhabi said in selected areas (Al Reem & Al Raha) in Abu Dhabi, average listed residential sales price were up 11.6% year-on-year in March.
Source: AME Info
Air Arabia soars on Mideast air traffic prospects
April 4, 2013--The Dubai equity market index DFMGI closed a volatile first trading week in April 1.42% higher at 1,880.42 points Thursday.
Air Arabia shares jumped 3.52% to hit Dhs0.823. Lower oil prices (down 2.8% (DME Oman crude)) lifted the Sharjah-based budget carrier. In addition, the latest IATA report published Wednesday said carriers in the Middle East registered the highest growth in February among all regions. Passenger traffic in the Middle East grew in Feb. by 10.6%, while European and North American registered insignificantly higher growth in the same month. According to Mick Gilligan, head of research at investment boutique firm Killik and Co., world passenger air traffic is poised to grow by 5 percent per annum in the next 20 years, mostly driven by growth in the emerging markets. Shares of Dubai-based Takaful Al Emarat Insurance lost the most (off 4.70% at Dhs0.61). Around 170m shares were traded, valued at Dhs240.7m.
Source: AME Info
Prince Alwaleed calls for opening Tadawul to foreign investors
Wednesday, April 3, 2013--Prince Alwaleed bin Talal has urged the Saudi government open the kingdom's stock market to foreign investors, Bloomberg has reported.
Saudi Arabia, which last year said it will open the gauge gradually, only allows non-resident foreigners outside of the six-nation Gulf Cooperation Council to invest through equity swaps and exchange-traded funds. "Effective measures to invite foreign investors from any state must be taken to allow them to invest in Saudi Arabia," prince Alwaleed said. "Of course there is a fear that it will lead to so-called hot money, which is to enter the market and exit quickly, but we can set regulations to control that." [AMEInfo.com]
Source: AME Info
Banks extend Zain KSA's 'junior debt', shares rise
April 3, 2013--The Tadawul All-Share Index hit an 11-month high Wednesday, closing at 7,178.1 points.
Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, rose 0.61% to SR8.20. Earlier in the day, Zain KSA said the syndicate of lenders led by Arab National Bank under the long-term borrowing facility or the junior debt amounting to SR2.25bn $600m has unanimously consented to an extension of the maturity date of the junior debt to 01 May 2013. "As it has been announced earlier on Tadawul at 23 April 2011, this financing facility is fully covered with an unconditional and irrevocable guarantee by Zain KSA and it is considered subordinated to the Murabaha financing agreement that amounts to SR9bn ($2.4bn)", said Zain KSA. Further announcements related to this subject will be made in due course. On March 27, the syndicate extended the Murabaha facility for the 8th time to April 30.
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index hits 3-week high
April 3, 2013--The FTSE NASDAQ Dubai UAE 20 Index finished 1% higher at 2245.550 Wednesday.
DP World gained 1.54% to reach $14.48. Interior design firm Depa Limited closed unchanged at $0.40.
Source: AME Info
Najran Cement Co. soars on sales increase in Q1
April 2, 2013--The Tadawul All-Share Index gained 0.21% to reach 7,172.57 points Tuesday.
Sabic ended flat at SR96.75, Najran Cement Company closed 3.70% higher to reach SR23.85. Earlier in the day, Najran said the value of sales for the first quarter was SR216.62m compared with SR187.1m for the same quarter of the previous year, representing an increase of 15.8% year-on-year. Quarter-on-quarter the increase in sales value was up 36.5%, the Najran-based firm (located North of the border to Yemen) said in a statement to the Tadawul market.
Source: AME Info
Kingdom Holding leads Tadawul rebound, Almarai seals SR1.3bn sukuk
April 1, 2013--The Tadawul All-Share Index added 0.45% to reach 7,157.85 points on Monday, support by oil prices which hit a 2-week high at $107.39 (up 0.40%).
Kingdom Holding Company gained the most (up 9.82% at SR18.45). Market bellwether Sabic, the world's 1st producer of petrochemicals, closed 0.80% higher at SR96.75. Dairy food producer Almarai advanced 1.12% to reach SR68. Earlier in the day, Almarai said it successfully raised the remaining amount of a SR1.3bn sukuk on March 31 under the sukuk Programme established by Almarai in 2012 for SR2.3bn, of which SR1.0bn was issued in March last year. "The total order book reached SR2.4bn, i.e. 1.9 times the issuance size. The current issue was made on a floating rate basis (7 and 5 years), and was a private offering to sophisticated investors resident in KSA.
Source: AME Info
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