Middle East ETF News Older than One Year
Shuaa Capital shares cheap like in Feb. 2012
December 6, 2012--The Dubai equity market index DFMGI closed the Thursday 0.10% lower at 1,609.63 in a lackluster trading session.
Emaar as the most liquid share fell 0.53% to Dhs3.76. Air Arabia surged 2.21% to hit Dhs0.741. Earlier in the day, the Sharjah-based budget carrier announced the start of services to Basra, its third destination in Iraq. Investment bank Shuaa Capital fell temporarily over 5% but regained territory in a last-minute move and closed off 3.53% at Dhs0.52, the lowest level in 10 months. ON Wednesday, Shuu said it has entered into a Memorandum of Understanding (MoU) with PT Pratama Capital Indonesia. The MoU involves the development of a mutually beneficial collaboration between the two firms, offering a variety of investment banking services to issuers and investors in the UAE and the Republic of Indonesia. Shuaa narrowed its Q3 losses to Dhs13.9m from Dhs156.2m year on year and aims to profitable in 2013 the earliest.
Source: AME Info
DP World shares show some form of exhaustion
December 5, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed Wednesday trading insignificantly higher at 1796.67.
After rising over 25% since Jan. 1 amid a strong economic recovery of the emirate of Duabi, Dubai Ports (DP) World slipped 0.65% to $12.16. Earlier in the day, HSBC Middle East released the monthly Purchasing Manager Index for the UAE, saying that "The PMI, which is a snapshot of the performance of the non-oil private sector, was above the series average of 52.7, and indicated a solid improvement overall." In addtion, in the first half of 2012, the emirate's real economy gained 4.1%, the highest six-month increase in 5 years, according to the Dubai statistics center. Depa Ltd. fell 0.28% to $0.359. NASDAQ Dubai suspended the secondary listing of Man Industries (India) followig the announcement of the latter on Nov. 20., pursuant to Markets Rule 9.6.6. With the delisting, a total of 9 equities remain listed at the Middle East's only international bourse by regulation standards.
Source: AME Info
Saudi Stock Exchange rebounds, ends bullish trading week
December 5, 2012--The Tadawull All-Share Index closed Wednesday trading 0.20% higher at 6,729.19, despite a negative advance-decline ratio of 62 to 71.
The gauge improved its year to date gain to 4.85%. SABIC, the world's number one in petrochemical production, surged 0.85% to hit SR89.50. Atheeb Telecom fell 1.43% to SR13.80 after the share gained over 30% since the beginning of December. Atheeb and Etihad Etisalat, known as Mobily, agreed on Dec. 2 on a network cooperation. The Saudi Tadawul market will remain closed Thursday and resumes trading Saturday, Dec. 8.
Source: AME Info
Egypt plans new law for Islamic bonds
December 5, 2012--The Egyptian Financial Supervisory Authority (EFSA) has finalised a draft law to regulate Islamic bonds, or sukuk, the Daily News Egypt has reported.
The proposed legislation aims to expand the scope of activities that sukuk can finance and allow the issuance of business sukuk. Under the legislation, an Islamic supervision committee will be entitled to identify the types of sukuk that may be released provided that they are compliant with Shari'ah. The committee, which is to be independent from EFSA and the issuing party, will consist of three experts familiar with the Islamic "Jurisprudence of Transactions" chosen by the issuing entity from a list of registered experts prepared by Dar Al-Ifta.
Source: AME Info
Batelco gains on acquisition abroad
December 5, 2012--The Bahrain All-Share Index fell half a percentage point, finishing at 1,041.72 points Wednesday.
Bahrain Telecom or Batelco advanced 0.50% to hit BD0.402. Earlier this week, Batelco said it bought various companies from Cable & Wireless Communications (CWC), which comprise its Monaco and Islands Division. "Batelco will acquire the entire CWC interest in The Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia as well as a 25% shareholding in Compagnie Monagesque de Communications SAM , which holds CWC's 55% interest in Monaco Telecom, for a consideration of $680m.
Source: AME Info
Kuwait market falls on U. S. woes, oil setback
December 4, 2012--The KSE Market Index failed for umpteenth time to crack the 6,000 Tuesday as the gauge fell 0.82% to 5,907.11 points.
All sectors except healthcare declined in value. On Monday, U. S. Institute for Supply Management said the world's largest economy's manufacturing output for November shrank to a 3-year low. Consequently, oil prices (U. S. crude) slipped 0.36% Tuesday, weighing on the sentiment in Kuwait. Shares of Commercial Bank of Kuwait or CBK bucked the Kuwait market trend, closing up 1.5% to reach KD0.670.
Source: AMEInfo.com
Bahrain GDP grew 0.7% in Q3
December 4, 2012--Bahrain's Central Informatics Organisation has said the Gulf country's economic growth has picked up again in the third quarter of 2012, after shrinking in April-June, Reuters has reported.
Gross domestic product (GDP), adjusted for inflation, grew 0.7% quarter-on-quarter in July-September, compared with a 1.3% fall in the second quarter, which was the first quarterly decline since a 6.6% slump in the first three months of 2011. On an annual basis, Bahrain's real GDP expanded 3.1% in the third quarter, despite ongoing political turmoil weighing on the regional financial hub, down from a 4.3% growth in the previous three months. The GDP increase was mainly attributed to non-oil economic activities, which grew 5.9% in constant prices in the third quarter, although construction and real estate still expanded at lower single digit rates.
Source: AME Info
Saudi Arabian Tadawul bourse's year-end rally gets a damper
December 4, 2012--The Saudi Arabian equity index Tasi closed 0.24% lower at 6,716.46 Tuesday, ending a three-day gaining streak.
Oil prices declined 1.40% (U. S. crude) on disappointing U. S. manufacturing data from Monday, spoiling buyers' mood in the Riyadh. Sabic declined 0.84% to SR88.75. Atheeb Telecom advanced the most, ending up 8.95% at a three-month high, at SR14.
Source: AME Info
Bahrain GDP grew 0.7% in Q3
December 4, 2012--Bahrain's Central Informatics Organisation has said the Gulf country's economic growth has picked up again in the third quarter of 2012, after shrinking in April-June, Reuters has reported.
Gross domestic product (GDP), adjusted for inflation, grew 0.7% quarter-on-quarter in July-September, compared with a 1.3% fall in the second quarter, which was the first quarterly decline since a 6.6% slump in the first three months of 2011. On an annual basis, Bahrain's real GDP expanded 3.1% in the third quarter, despite ongoing political turmoil weighing on the regional financial hub, down from a 4.3% growth in the previous three months. The GDP increase was mainly attributed to non-oil economic activities, which grew 5.9% in constant prices in the third quarter, although construction and real estate still expanded at lower single digit rates.
Source: AME Info
Egypt: EGX Gains EGP 3.7 Billion-Main Index Up 1.8 Percent
December 4, 2012--The Egyptian Exchange (EGX) achieved 7.3 billion pounds in profit at the closing of trading on Sunday 2/12/2012 prompted by purchases by foreign, Egyptian and Arab investors.
The gains came amidst optimism over completing the transitional period in the country after the vote on the constitution in December 15 referendum.
The EGX 30 benchmark index increased by 1.8 percent to reach 4,894.64 points.
Source: Allafrica.com
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