Middle East ETF News Older than One Year
Bahrain Bourse to end on high in 2012
December 27, 2012--The Bahrain All-Share Index soared to a six-week high Thursday, closing up 1.16% at 1,063.92 points Thursday.
In one of the most active sessions this year, shares of Alumninum Bahrain jumped 9,95% to close at BD0.442. Islamic investment bank Gulf Finance House, known as GFH, ended flat at $00.12. GFH said on Wednesday, it will partially divest from Tunisia and India in order to increase its exposure in the GCC, The National reported. With today's gain, the Bahrain Bourse reduced its year-to-date loss to 6.97%.
Source: AME Info
SABIC, Dallah Healthcare push Tadawul market up
December 26, 2012--The Riyadh-based market measure Tasi ended a three-day losing streak Wednesday, closing unchanged at 6,866.71 points.
SABIC, which touched a three-week low yesterday, stabilised at SR90.75 (up 0.30%). Dallah Healthcare Holding Co. which did last out of 7 Saudi IPOs this year on Dec. 17, edged up by 1.50% to reach SR68. Riyad Bank fell 0.43% to SR23. Earlier in the day, the lender said it decided to recommend to the general assembly to distribute cash dividends for the second half of 2012 of SR975m at SR0.65 per share, after deduction of Zakat. "This brings the total distribution of dividends for the year 2012 to SR1.95b at SR 1.3 per share, represent 13% of the share nominal value," said Riyad Bank. Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, closed flat at SR7.95. Earlier in the Zain said the payment and the refund of the amounts in relation to the capital restructuring process approved by the EGM on 4/7/2012 will be conducted based on the following scheme: Refund of proceeds from the sale of the fractional proceeds resulting from the Company's capital reduction. The fractions of shares resulting from the Zain's capital reduction, which amounted to 221,519 shares in total, were accumulated in one portfolio and then sold at market price. The proceeds from such sale amounted to SR2.6m in total (which amounted to approximately SR12.02 per share, and payment was made to the shareholders who had a fractional entitlement to shares (to the extent that such shareholders had provided correct and up-to-date banking details for the receipt of such funds).
Source: AME Info
Al Salam Bank Bahrain lifts Manama market
December 26, 2012--The Bahrain All-Share Index gained 1.20% Wednesday, finishing at 1,051.71.
Islamic financial institution Al Salam Bank Bahrain surged 10% to close at BD0.055. Earlier in Oct. Salam Bank said it generated a net profit of BD6.8m for the third quarter, up from BD1.35m in the same period in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
Source: AME Info
Profit booking continues at Saudi Stock Exchange
December 25, 2012--After a whopping "home-run" which lifted the Tadawul market measure by 7% in December, investors continued to cash in profits Tuesday, sending the Tasi index down 0.24% to 6,864.65 points.
Market heavyweight SABIC fell 0.55%, closing at a three-week low at SR90.50. Shares of Saudi Enaya Cooperative Insurance Company fell 1.50% to SR49.50. Earlier in the day, the Islamic insurance firm said the Saudi Arabian Monetary Agency approved the appointment of Sulaiman Mahmoud Hilal as acting CEO the appointment of a new CEO for the company. On Dec. 19, former CEO Gianin Zogg resigned for "personal reasons".
Source: AME Info
DP World regain ground on London Gateway report
December 25, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.66% lower at 1791.53 Tuesday.
The gauge measures the performance of 20 liquid stocks listed on Dubai's local bourse DFM, the Abu Dhabi market ADX and the NASDAQ Dubai. The sharp fall of Dubai Ports (DP) World shares was halted today as the world's third largest maritime port company edged up by 0.61% to close at $11.50. The Abu Dhabi-daily The National reported today that DP World's construction of the London Gateway Port was progressing and that operations at the port shall kick off by "late next year". Shares of interior design firm Depa Ltd. surged 6%, finishing at $0.35.
Source: AME Info
Muscat bourse index quarrels with 2012 break-even level
December 25, 2012--The Omani market measure MSM-30 failed to break through the 5,700-level whch it briefly touched two days ago, closing off 0.13% at 5,676.13 points Tuesday, mostly due to losses among financials.
As the end of 2012 looms, the gauge's chances to end with a positive annual performance diminish. Since Jan. 1 the MSM30-Index declined by 0.33%. United Finance (down 1.31%) and Bank Muscat (0.36% lower) weighed on the gauge. Oman Oil bucked the trend, finishing 2.75% higher.
Source: AME Info
"Fiscal cliff" deadline, oil send Abu Dhabi shares lower
December 25, 2012--The ADX General Index fell 0.36% to 2,628.67 points Tuesday.
Only 32m shares were traded, valued at Dhs49m. As the deadline to avoid the U. S. "fall over the fiscal cliff" nears, a package of austerity measures which would come into effect if government and opposition will not reach an agreement over a new U. S. federal budget, investors preferred to stay on the sidelines. Consequently, oil prices (DME Oman crude) slipped by $0.77 to $105.63. Market heavyweight Etisalat fell slightly, closing at Dhs9.01. Islamic insurance firm Methaq Takaful gained one percent to reach Dhs1.02.
Source: AME Info
CBQ starts talks to buy Turkey's Alternatifbank
December 25, 2012--The Doha-based QE 20 Index fell the third day straight Tuesday, closing at 8,381.15.
The country's second lender Commercial Bank of Qatar (CBQ) ended flat at QR71. Earlier in the day, CBQ said it entered into negotiations with Anadolu Endüstri Holding A.S. for the acquisition of a majority stake in Alternatif Bank A.S., a publicly listed entity on the Istanbul Stock Exchange with its registered head office in Istanbul, Turkey. Qatari banks are on an expansion spree as the gas-rich Gulf state aims to become a regional financial hub in the Middle East. On Dec. 14, Qatar's first lender QNB bought from French lender Société Générale the entire 77.17 percent stake in National Société Générale Bank – Egypt for $2.558bn. Qatar's Islamic bank Masraf Al-Rayan has expressed interest in buying Islamic Bank of Britain (IBB) and to expand within the GCC. The deadline for the takeover of IBB, whose majority is owned by Qatar International Islamic Bank, was recently extended to Jan. Qatar First Investment Bank plans to list its shares to the public in early 2013.
Source: AME Info
Al Salam Bank Bahrain hits limit-up at sluggish Dubai market
December 25, 2012--While most Western exchanged remained closed Tuesday on the occasion of Christmas holidays, the Dubai market index DFMGI fell 0.90% to 1,594.12 points.
Investors booked profits at Ajman Bank, which lost 0.74% as the most liquid shareto close at Dhs1.34, and at Emaar (down 1.33% at Dhs3.70). Some 115m shares worth Dhs131.5m changed hands. Shuaa Capital ended 1.40% higher at Dhs0.507. Islamic financial institution Al Salam Bank Bahrain jumped 15% to hit Dhs0.517, representing a 9-month high. Investors on the Dubai market floor said the share price's rise came "out of nothing" as no new information was available on the Bahraini bank today. In Q3 this year, Salam Bank Bahrain generated a net profit of BD6.8m, up from BD1.35m in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
Source: AME Info
S&P cuts Egypt rating on political strife
December 24, 2012--Standard & Poors' cut Egypt's long-term credit rating on Monday and said another cut was possible if political turbulence worsened, undermining the country's ability to make hard choices on public finances.
The agency reduced Egypt's long-term sovereign rating to 'B-' from 'B', but left its short-term rating at 'B' for both foreign- and local-currency debt.
Source: FIN24
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