Middle East ETF News Older than One Year
Kuwait bourse bucks regional index retreats
January 7, 2013--Contrary to losses at equity indices in Dubai, Abu Dhabi, Bahrain and Oman, the KSE Market Index closed Monday trading 0.13% higher at 6,021.96.
The country's largest Islamic bank Kuwait Finance House or KFH declined 1.17% to KD0.840. Al Safat Real Estate Co. gained the most (up 10.64%), while Metal and Recycling Co. (MRE) posted the largest decline, ending down 8.33%.
Source: AME Info
Advanced Petrochemical gains on solid Q4 profit
January 7, 2013--The Saudi market measure Tasi added 0.15% Monday, closing at 7,014.90.
Advanced Petrochemical Co. gained 0.37% to finish at SR27.40. Earlier in the day, Advanced Petrochem said its estimated net profit during Q4 2012 reached SR117m, representing an increase of 29.1% year-on-year due to higher sales and an increase in product prices. Compared to Q3 2012, the increase of was 16.7%. However, the firm's full year net profit in 2012 fell 36% to SR512.8m. Advanced Petrochem said the reasons for the decrease in FY net income are mainly due to decline in product prices and decrease in sales which was due to the turnaround during Q2 2012.
Source: AME Info
Aluminium Bahrain falls despite production record
January 7, 2013--The Bahrain All-Share Index erased since the beginning of the year its advances form the last week of Dec. 2012.
On Monday, the gauge slipped 0.86% to 1,054.99 points. Aluminium Bahrain or Alba plummeted 2.40% to BD0.41. Earlier in the day, Alba said it reached a production record in 2012 with 890,217 metric tonnes delivered, up from 881,310 mtpa achieved in 2011. The amount produced last year represented its highest metal production in its 41-year history.
Source: AME Info
DFM invites experts to counsel on its "Standard for Issuing, Acquiring and Trading Sukuk", slated for discussion and issuance in March 2013
Consultation period of 8 weeks aims to devise the most possible comprehensive standard
January 6, 2013--Dubai Financial Market (DFM) today launched the draft of its "Standard for Issuing, Acquiring, Trading Sukuk" on its website, www.dfm.ae.
The exchange invited various Islamic Finance professionals to counsel and feedback on the first of its kind comprehensive standard. The consultation period will be concluded on February 28th 2013, ahead of a hearing session to be held early March 2013 and eventually issuing the standard later in the same month.
The Standard thoroughly explains various types of Sukuk such as; Sukuk of ownership of tangible assets, Sukuk of usufructs, Sukuk of lease of services, Mudaraba, Musharaka and Salam Sukuk, in addition to the general Shari’a principles that govern issuance, owning and trading Sukuk, and identifying the forbidden financial instruments including; bonds, stocks of companies whose primary activity is prohibited and financial derivatives.
Source: Dubai Financial Market (DFM)
Qatar Exchange to launch QE Al Rayan Islamic Index
January 3, 2013--The Qatar Exchange 20 Index gained Thursday 1.42% to close at 8,569.13 points as shares advanced across the board.
Earlier in the day, the bourse said in an e-mailed statement it will launch on Jan. 7 together with Islamic bank Masraf Al Rayan (up 1.95% at QR26.10) the QE Al Rayan Islamic index. The new gauge is based on QE listed stocks of minimum free float size and liquidity that are Shari’a compliant according to Al Rayan's Shari'ah Supervisory Board. The index is total return based, reflecting dividend reinvestment and has been calculated back to January 2007. Since inception, the index has provided over 148% return and has returned over 14% in 2012. During the same period last year, the conventional QE 20 Index lost 5.87%.
Source: AME Info
Oman's MSM 30 Index climbs to 7-month high
January 3, 2013--The Omani stock market measure gained the 6th session straight Thursday, closing 0.30% higher at 5,781.85 points, representing the highest level since June 7 2012.
Like during many recent trading days, financials dragged the gauge higher. Bank Muscat surged 0.70% to reach OR0.584. Earlier in the day, the Oman Daily Observer reported that the 3rd Bank Muscat Shopping Festival, which lasted for 5 weeks and ended on Dec. 31, concluded on a high note with the lender's cardholders benefiting from a rewarding shopping experience and 120 winners receiving RO 300 each in five weekly prize draws. In addition, customers who shopped with Bank Muscat cards benefited from up to 85% discount offered by over 500 participating outlets.
Source: AME Info
Dubai bourse up, up and away
January 3, 2013--After reaching an 8-month high, the DFM General Index gained Thursday another 0.90% to close at 1,681.75 points.
Emaar shares closed at Dhs3.91, or up 1.30%, the highest level since Oct. 28 2010. Despite a record high turnover (407m stocks valued at Dhs360.6m were traded), shares of the DFM, the only Arab bourse listed to the public, closed unchanged at Dhs1.06. Islamic home financing firm Tamweel lost the most, closing off 2.46% at Dhs1.19.
Source: AME Info
Tadawul bourse follows global uptrend
January 2, 2013--The Tadawul All-Share Index or Tasi gained 1.17% on its second trading day in 2013 (the market was open on Jan. 1) closing at 6,940.31 points.
Sabic advanced 1.39% to hit SR91.50. For the last 3 years, the market bellwether share has been trading in a range between SR87 and SR111.
Source: AME Info
Kuwait bourse flirts with 6,000 points
January 2, 2013--Rising oil prices and the general global sentiment lifted the KSE Market Index by one percetn, closing at 5,994.02 points.
The price of the "black gold" (DME Oman Crude) advanced 1.32% to $107.50 per barrel Thursday after the U. S. reached a budget and tax hike compromise. Kuwait lenders in particular raised the market index. National Bank of Kuwait or NBK gained 1.04% to reach KD0.970. The country's largest Islamic bank Kuwait Finance House surged 2.46%, closing at KD0.830.
Source: AME Info
QE Al Rayan Islamic index debut on Jan 7
January 2, 2013--Qatar Exchange (QE) and Al Rayan Investment yesterday announced the launch of the QE Al Rayan Islamic index. The index, the first of its kind in the region, is based on QE listed stocks of minimum free float size and liquidity that are Shariah compliant.
Set to debut on January 7, 2013, the index is intended to support the creation of Shariah-compliant exchange traded fund (ETF) by Al Rayan Investment and has been issued with a fatwa by its Shariah Board.
A weighting scheme for the index has been customised to ensure both tradability and diversification across individual stocks and sectors. Qualifying stocks are ranked according to liquidity adjusted free float market capitalisation and then a tiered-weighting methodology is applied where fixed allocations are assigned to individual sub-segments of the basket.
The index is total return based, meaning the dividends are reinvested in the index and has been calculated back to January 2007.
Source: The Peninsula
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