Middle East ETF News Older than One Year
DP World could become top 2012 performer
December 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed up 1.14% at 1805.27 Thursday.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange ADX and NASDAQ Dubai. "The gauge has been designed as a hedging and investment mechanism for GCC and international investors", according to the exchange. Shares of Dubai Ports (DP) World jumped 3.90% to hit $12.00. The share was priced at $9.70 on Jan. 1. Earlier in the week, DP World said that its flagship Jebel Ali Port has achieved a new milestone, handling more than 500,000 vehicles in less than 12 months. "This translates into almost one vehicle imported, exported or re-exported every minute of the day, 24x7." Shares of interior design firm Depa Limited dived 5.71%, finishing at $0.33.
Source: AME Info
Dubai market rises to 1,600, Emirates NBD up on Egypt deal
December 20, 2012--The Dubai equity index DFMGI gained 0.62% amid higher turnover than yesterday, closing at 1,601.39 Thursday.
Some 149m shares worth Dhs176m changed hands. Emaar Properties edged up by 0.54% to close at Dhs3.72 after the developer said yesterday it secured a $500m financing facility to build Emaar Square in Turkey, a mixed-used luxury district near Istanbul. The UAE's largest lender by assets Emirates NBD added 0.72%, ending at Dhs2.85. ENBD said earlier in the day, it purchased the Egyptian branch from French lender BNP Paribas for $500m. The deal is subject to regulatory approval in Egypt and in the UAE. Shuaa Capital, briefly fell below Dhs0.50 but eventually finished at Dhs0.503, down 1.76%. The UAE's oldest investment bank said in an e-mailed statement that Portugal's Urbanos Group, the majority shareholder of Groundforce Portugal, has appointed Shuaa as Middle East financial advisor. Groundforce Portugal is Portugal’s main airport cargo and passenger handling services provider with a 65% market share. The firm plans to establish and expand a presence in the Middle East.
Source: AME Info
Tadawul market ends week on a high note
December 20, 2012--The Saudi Arabian Tadawul All-Share Index closed Wednesday trading 0.44% higher at 6,888.59, as insurers led the market's rise to a 5-week high.
SABIC stood flat at SR92.25 after the Saudi bellwether gained 3.64% since Dec. 1. Saudi Enaya Cooperative Insurance Company fell one percent to SR49.50. Earlier in the day, Saudi Enaya said that CEO Gianin Zogg has resigned from his current position as effective Dec. 18. His resignation was accepted without prejudice and was handed in for personal reasons. The board of directors and the nomination and remuneration committee has appointed Sulaiman Mahmoud Hilal as the Interim CEO. "Later on Saudi Enaya will make an announcement once we have all approvals from regulation regarding the Interim CEO." Since July this year, Saudi Enaya has been trading sideways around SR50. The Tadawul bourse remains closed Thursday and will resume trading Saturday. All other GCC exchanges are open for trading from Sunday to Thursday.
Source: AME Info
Ma'aden advances on SR9bn Islamic financing agreement
December 18, 2012--The Tadawul All-Share Index Tasi ended a 5-day gaining streak Tuesday, closing 0.20% lower at 6,858.24 points.
SABIC slipped 0.27% to SR92.25. Saudi Arabian Mining Co. or Ma'aden (Arabic for 'metals') ended 0.30% higher at SR33. Earlier in the day, Ma'aden said that it has signed a SR9bn ($2.4bn) Murabaha revolving financing facility with a tenur of 5 years. The subscribing banks are National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Al Rajhi Bank, Bank Al Jazeera, J.P. Morgan Chase, Arab National Bank, Bank Al Bilad and Saudi Investment Bank. Under the Shari'ah-compliant Murabaha scheme, the banks purchase goods and re-sells them to the company at a higher price which the firm pays off over a pre-defined period at fixed rates in order to circumvent the payment of interest (interest or riba is non-permissible in Islam). The company increased the loan amount from SR7bn billion to SR9bn "to give the company more flexibility to finance the future projects", said Ma'aden, adding that "The deal was oversubscribed 2.5 times which demonstrate the banks trust in Maaden's credit worthiness." As an act of transparency, Ma'aden said further that Mr. Mansour bin Saleh Al Maiman is a board member in Ma'aden and a chairman in the National Commercial Bank (NCB), the largest bank in the kingdom.
Source: AME Info
NASDAQ Dubai primary listings retreat
December 18, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1774.19 Tuesday.
DP World, globally the third largest maritime port operator, fell 0.44% to $11.35. The Middle East's largest interior designer Depa Limited plummeted 2.51% to $0.35.
Source: AME Info
Kuwait market index knocks at 6,000 points.
December 18, 2012--The KSE Market Index gained the third day straight Tuesday, closing half a percentage point higher at 5,985.44 points.
The gauge improved its year-to-date performance from negative to plus 2.95% since the parliamentary elections were held on Dec. 1. Earlier in the day, AFP has reported that Kuwait's provisional budget surplus has surged 43% to KD14.7bn ($52.2bn) in the first seven months of the fiscal year, boosted by oil income. The figure compares with a KD7.3bn ($26bn) deficit projected in the budget for 2012-2013, which began on April 1. The surplus stood at $36.5bn in the same period last fiscal year. In the 2011-2012 fiscal year that ended on March 31, the Gulf country posted a record budget surplus of $47bn on the back of an all-time high income of $107.5bn. Oil income makes up about 95% of public revenues.
Source: AME Info
Bahrain Bourse resumes trading, advances slightly
December 18, 2012-- Following the closure of the stock market on the occasion of Bahrain's National Day, the Bahrain All-Share Index gained 0.24% to reach 1,048.73.
Islamic financial institution Ithmaar Bank posted the largest advance, closing 6.25% higher at $0.17. National Bank of Bahrain or NBB declined 0.95% to BD0.52.
Source: AME Info
Dallah Healthcare delivers strong listing debut in Riyadh
December 17, 2012--The Saudi Arabian Tadawul All-Share Index gained the fifth session straight Monday, closing up 0.30% at 6,870.98, the highest level since Nov. 11.
Shares of Dallah Healthcare Holding Co. were traded for the first time. Dallah closed at SR57.50, or 51.31% above the opening price. The offering prices stood at SR38 whilst the offered amount reached SR539.6m as 14.2m shares had been offered. Riyadh-based Dallah Health is engaged in the operation, management and maintenance of facilities and health centers, in addition to wholesale and retail trade in medical and surgical tools and equipments, artificial limbs, as well as equipment for the disabled and hospitals, according to the firm's website. Market bellwether share SABIC added 0.27%, finishing at SR92.50. Amana Insurance lost the most, closing off 10% at SR171.25.
Source: AME Info
Muscat market continues to trade sideways
December 17, 2012--The Omani MSM30-Index closed 0.15% higher at 5,644.59 Monday, as the gauge was mainly lifted by financials.
Since Dec. 6, the market measure has been trading in a range between 5,625 to 5,650. Bank Sohar (up 1.80%) and Bank Dhofar (3% higher) were among the most liquid shares. Islamic financial institution Bank Nizwa failed to join the upswing, falling by 0.94%. Oman is expected to introduce an Islamic finance regulatory framework in Q1 2013. The Sultanate of Oman legalized Islamic finance in May 2011 as the last GCC state.
Source: AME Info
Masraf Al-Rayan dips as deadline for IBB takeover nears
December 17, 2012--A day ahead of Qatar's National Day, the QE 20 Index closed Monday trading 0.18% higher at 8,350.74.
While Commercial Bank of Qatar (up 0.85%) and Qatar Islamic Bank or QIB (0.80% higher) supported the gauge, Islamic bank Masraf Al-Rayan declined 0.20% to QR26. Earlier in the day, Islamic Bank of Britain (IBB), majority-owned by Qatar International Islamic Bank, has said a deadline for a Qatari bank to decide on a proposed takeover offer had been extended to January, Reuters has reported. The UK's only Shari'ah-compliant retail lender has been in discussions since June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank. A deadline for Masraf to announce a firm intention to make an offer for IBB lapsed on December 10 and has now been extended to January 7. Masraf Al-Rayan also plans to expand within the GCC, a person familiar with the matter told AMEinfo.com. The Qatar Exchange will remain closed Tuesday, Dec. 18, on the occasion of the country's National Day. Trading will resume Wednesday.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
