Middle East ETF News Older than One Year
Arab Banking Corp. president and ceo to retire in July
February 7, 2013--The Bahrain All-Share Index closed off 0.10% at 1,088.08 Thursday.
Shares of Arab Banking Corp., known as ABC, finished trading unchanged at $0.37. Earlier in the day, the lender said its president and chief executive Hassan Ali Juma will retire in July and will hand over to his day-to-day management responsibilities to his deputy Dr. Khaled Kawan at the AGM end of March. Juma has been serving ABC as president and ceo since April 2008. In a statement to the Bahrain Bourse, Juma thanked the board of directors and all shareholders and stakeholders for their support during his tenure.
Source: AMEInfo.com
Saudi Arabia's eXtra reports higher net profit
February 6, 2013--The Tadawul All-Share Index slipped 0.14% to 6,982.89 points.
Sabic lost another fell by a percentage point, the fourth day-loss in a row. United Electronic Company, known as eXtra, dived 3.18% to SR106.50. After the market closed, the IT and consumer electronics retailer said it earned in 2012 a net profit of SR158.6 m, representing an increase of 20.1 % compared to 2011. The surge in profits was mainly driven by the increase in all categories sales, the same stores positive growth, coupled with the increase in the number of the stores from 24 to 29, said eXtra. The company expects growth around of 20% in sales and profits in 2013. For the last month, eXtra shares have been trading in a narrow range between SR105 and SR112.
Source: AME Info
Egypt rating hinges on elections: Fitch
February 6, 2013--Fitch has said Egypt's credit rating could be further downgraded if the country does not manage to hold parliamentary elections that are accepted by most political factions, Reuters has reported.
Last week, the ratings agency cut Egypt to 'B' from 'B-plus', taking it deep into 'junk' territory, and warned it might cut further. "For us the key event is the parliamentary elections," said Paul Gamble, director and Fitch's primary analyst on Egypt, noting there was no "proper guidance" on the timing of the elections. "An inconclusive or contentious election programme will extend political uncertainty. While there is some tolerance of Egypt's rating level for such political risk, it's not unlimited," Gamble said.
Source: AME Info
Tadawul bourse falls below 7,000
February 5, 2013--The Saudi Stock Exchange's market index Tasi closed 0.47% lower at 6,992.52 Tuesday.
The gauge has been trading sideways since mid-January. Sabic fell the third day straight to SR92.50. Wataniya Insurance Co. dived 1.67% to close at SR117.50. Earlier in the day, Wataniya Insurance Co. said that Standard & Poor's has maintained Wataniya's rating at investment grade BBB with a stable outlook.
Source: AME Info
Arab Banking Corp. profit rises slightly, shares surge
February 5, 2013-- The Bahrain All-Share Index gained 1.31% to close at 1,099.59 points Tuesday.
Shares or Arab Banking Corp. or ABC jumped 5.41%, closing at $0.39. Earlier in the day, ABC said its net profit in 2012 reached $205m, up from $204 in the previous year. The lender added in a statement that the total operating income amounted to $816m as against $818m in 2011, "despite the severe impact of the stronger dollar in translating the revenues of subsidiaries in 2012." ABC said further that "strong revenues from our subsidiaries in MENA, Europe and Brazil, as well as from our wholesale banking and treasury operations" boosted the group's earnings. Operating expenses plummeted by $11m to $403m.
Source: AMEInfo.com
Saudi Arabian Amiantit Co. soars, publishes annual results
February 4, 2013--The Tadawul All-Share Index slipped 0.11% to 7,025.44 points Monday.
Sabic declined 0.80% in value and finished trading at SR93. Saudi Arabian Amiantit Co. jumped 3.44% to hit SR15.05. Earlier in the day, the producer of pipes, tanks and related accessories said the net income for 2012 amounted to SR111.3m, representing a decrease of 26% compared to the previous year. The firm said income for the year declined due to decrease of sales by 3% year-on-year. "The management adopted the policy of containing the sales knowing that this would result in declining sales growth because of the notable increase of the outstanding receivables and the willingness of the management to control and decrease the growth of the receivables by way of controlling the credit sales," it added. Other reason of declined profits is the share of the company in the net losses of Associates amounting to SR39.3m compared to SR11.4m for the prior year. However, operating expenses decreased by 8% year-on-year.
Source: AME Info
DP World shares pinned down at $13
February 4, 2013--The FTSE NASDAQ Dubai UAE 20 Indexindex closed up 0.39% at 2096.08 Monday.
DP Wordl fell 0.70% to $13.01. The share has been attempting to shave the resistance at this level since mid-January while trading turnover decreased since then.
Source: AME Info
Qtel gains on Asiacell's Iraq IPO
February 4, 2013--For the second day in a row, the QE 20 Index closed unchanged at 8,725.03 points.
Qatar Telecom added half a percentage point to close at QR112.50. Earlier in the day, the telecom firm's subsidiary Asiacell announced the successful completion of its share offer. The offering raised IQD1,485.1 billion ($1.27bn), representing 25% of its share capital. The company also announced the admission of its Shares to the Official List of Securities maintained by the Iraq Securities Commission and to trading on the Iraq Stock Exchange, under the ticker "TASC". Following the IPO, 25% of the shares will be in free float with Qtel now consolidating 64.06% of Asiacell, including an existing stake of 49% held through a wholly owned Iraqi subsidiary.
Source: AME Info
Aldar net profit doubles, shares dive
February 4, 2013--The ADX General Index added 0.33%, ending at 2,890.24 points.
The emirate's biggest developer Aldar Properties fell 4.17% to Dhs1.38. Earlier in the day, Aldar said the net income in 2012 doubled year-on-year to reach Dhs1.34bn. The firm's net asset value was up 15.3% to hit Dhs8.2bn, up from Dhs7.1bn. Last month, the board of directors gave green light to recommend to shareholders to merge with Abu Dhabi's second developer Sorouh Real Estate. Ali Eid AlMheiri, Chairman of Aldar Properties said "shareholders will benefit from both the continued efforts of our employees to realise value from our sizeable asset base and from our proposed merger with Sorouh that will create a significantly stronger platform from which to drive sustainable growth." Shares of developer Eshres were the most liquid securities Monday, closing 3.85% higher at Dhs0.54.
Source: AME Info
Aramex delivers higher net profit, shares edge up
February 4, 2013--After diving over two percent Sunday, the DFM General Index gained 0.90% to reach 1,864.66 points Monday.
Aramex gained 0.92% to reach Dhs2.19 after the Middle East's first logistics and parcel service provider reported a 15% year-on-year increase in net profits for 2012, amounting to Dhs244.1m. Emaar advanced 1.71%, closing at Dhs4.77. Deyaar Properties fell 2.68% to Dhs0.363. Shuaa Capital finished 1.32% higher at Dhs0.616. The Dubai-based investment bank said earlier in the day its asset management had been awarded "UAE Equity Fund of the Year" 2012 for the performance of its Emirates Gateway Fund by MENA Fund Manager. The SHUAA Emirates Gateway Fund outperformed its peers with a performance of 30.94% in 2012. Some 166m shares were traded at the DFM, valued at Dhs330.7m.
Source: AME Info
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