Middle East ETF News Older than One Year
Qatar rated 'AA' by S&P
November 23, 2012--Qatar's sovereign credit ratings have been rated by Standard & Poor's (S&P) at 'AA/Stable/A-1+,' the Peninsula has reported.
The agency said the ratings reflect its view of is high levels of economic wealth and strong fiscal and external balance sheets with modest levels of debt and large external liquidity. “We believe the ratings are constrained, along with those of the peer group,” it said.
Source: AME Info
Industries Qatar gains as QAPCO opens new polyethylene plant
November 22, 2012, 2012--The QE Index gained insignificantly Thursday and closed a tricky week at 8,409.85 points.
Market bellwether share Industries Qatar (IQ) edged up by 0.30% to close at QR150.50. Deutsche Bank markets research has set a buy rating for the company and has set IQ's price target at QR164. Earlier in the day, Qatar Petrochemical Company (QAPCO), which is owned 80% by IQ, said Qatar's ruling Emir H. H. Sheikh Hamad Bin Khalifa Al-Thani inaugurated QAPCO's third low-density polyethylene plant. The QR2.3bn will produce 300,000 metric tons of LDPE a year. The plant will be able to produce 300,000 metric tons of LDPE per year which will push up QAPCO’s annual production of LDPE to 700,000 metric tons per annum.
Source: AME Info
Kuwait bourse rises to one-month high
November 22, 2012--The KSE Market Index gained the fourt day straight Thursday, closing up 0.35% to hit 5,888.30 points as banks and telecoms mostly advanced.
Shares of Burgan Bank rose 1.92% to reach KD00.530. Islamic bank Boubyan closed unchanged at KD0.630. On Wednesday, Boubyan Chairman and Managing Director Adel Abdul Wahab al-Majed told the Reuters Middle East Investment Summit that credit volumes at Islamic banks in Kuwait reached KD11.1bn ($39.3bn) in the first nine months of 2012, up 13.2 percent on last year, Arab Times reported.
Source: AME Info
Dana Gas again in focus at Abu Dhabi market
November 22, 2012--The Abu Dhabi market ADX ended flat at 2,660 Thursday, after the gauge lost 1.1% over the week amid nervous hands due to the war in Palestine which ended Wednesday night with a ceasfire brokered by Egypt and the U. S. Shares of Dana Gas closed likewise unchanged at Dhs0.39.
Earlier in the day, the Sharjah-based energt firm said it signed a set of agreements with the Sharjah and Ajman Governments to jointly develop the shared field located around 40km off the two coasts. In addition, Bloomberg reported Dana Gas plans to pay sukuk-holders $100m as part of its restructuring of $920m worth of debt the firm owes to investors after failing to settle a $920m sukuk which matured on October 31. The news agency cited "a person familiar with the deal". Developers and merger candidates Aldar Properties and Sorouh Real Estate fell again in lockstep, finishing off 0.80% at Dhs1.25 and Dhs1.23, respectively.
Source: AME Info
Arabtec puts cards on Depa stake purchase on the table
November 22, 2012--The Dubai Financial Market General Index ended a sluggish trading week 0.21% lower at 1,596.54 points.
Shares of the UAE's largest real estate builder firm Arabtec Construction fell 2.14% to Dhs2.29. Earlier in the day, NASDAQ Dubai-listed interior design firm Depa Limited said that Arabtec Holding bought 149,555,275 ordinary shares in the company from a range of investment funds at a price of $0.44 per share, representing approximately 24% of Depa’s total issued share capital. Shares of Depa, which jumped 47% Wednesday, fell back to $0.32, down 14.77% today. Depa, which was responsible for the inner outfit of the seven-star hotel Burj Al-Arab and the world's tallest tower Burj Khalifa (828m), lost last July a contract to shape the interior design of the New Doha International Airport. The contract was cancelled by the Qatari party and was worth $250m. In the first six months 2012, Depa reported a net loss of Dhs110m, down from a profit of Dhs48m in the same period in 2011.
Source: AME Info
Kuwait market remaines buoyant on oil
November 21, 2012--The Kuwait Stock Exchange gained value for the third consecutive day, closing one percent higher at 5,867.51 as National Bank of Kuwait (up 1.04% at KD0.970) and Islamic bank Kuwait Finance House (3.8% higher at KD0.810) helped to lift the market.
As oil prices (DME Oman Crude) continued trading at a three-week high, the KSE received addtional tailwinds for its buoyant momentum. Earlier in the day, Mark McFarland, Chief Investment Strategist at Emirates NBD's private banking division said the bank's models still indicate a preference of emerging markets equities over developed market equities. "PMI data in China, Russia, Turkey and the Middle East is improving, not deteriorating" said McFarland. [AMEInfo.com]
Source: AME Info
Egyptian bourse to resume same-day trading within days
November 21, 2012--The Egyptian Financial Supervisory Authority (EFSA) has announced same-day trading is set to return to the Egyptian Stock Exchange in a few days, Ahram has reported.
Egypt's Bourse halted same day trading as uncertainty swept the market following the January uprising in 2011.
Source: AME Info
Bahrain Bourse's year-to-date loss widens to nine percent
November 20, 2012-Not a single share gained in Manama, with the Bahrain All-Share Index falling by a quarter percentage point Tuesday to close at 1,040.49 points.
The Gulf kingdom hit the news Tuesday after Bahrain lawmaker Osama al-Tamimi burned an Israeli flag in the Bahraini parliamant in order to protest against the Israeli bombardement of Gaza. Shares of Bahrain Telecom or Batelco declined by 0.50%, while Islamic financial institiuon Ithmaar Bank managed to finish flat. [AMEInfo.com]
Source: AME Info
Riyad Bank gains on SR400m Islamic loan for Abdullah A. M. Al Khodari
November 20, 2012--The Saudi equity index Tasi closed unchanged at 6,662.04 Tuesday.
Riyad Bank advanced 0.44% to reach SR22.80. Earlier in the day, real estate maintenance firm Abdullah A. M. Al-Khodari Sons Co. said it signed an Islamic credit facilities agreement with Riyad Bank amounting to SR400m ($106m). "The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company's specific projects under modes of Islamic financing," the firm said in a statement to the Tadawul bourse. Abdullah A. M. Al-Khodari, whose shares closed flat at SR26.40, also said it received an award letter from the Ministry of Municipal and Rural Affairs for the construction of storm water drainage network in the Tuwaiq District in the Saudi capital. The firm's share in the project is valued at SR71.6m ($19m).
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index ends five-day losing streak
November 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1752.73 Tuesday, up 0.48%.
Interior designer DEPA Ltd. surged 4.90% to close at $0.30. Global maritime port operator DP World slipped 0.60% to $11.53. Earlier in the day, the NASDAQ Dubai's regulator DFSA said it notified the bourse that it suspended the securities of Man Industries (India) Limited (ISIN US56164P1084) from the Official List of Securities of the DFSA. Trading of the secondary listed shares was halted as of today and would remain until further notice.
Source: AME Info
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