Middle East ETF News Older than One Year
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
Tadawul market bull run continues as construction-related shares surge
December 3, 2012--The Tadawul All-Share Index gained for the third day straight, ending 0.36% higher at 6,732.46 points.
The sentiment in Riyadh was supported by rising oil prices (up $0.62 at $108.31, DME Oman crude). The cement sector index (up 1.14%) gained the most among the Tasi sub-indices. Shares of Dar Al-Arkan Real Estate Development surged 0.63% to hit SR8.00. Earlier in the day, Arab News said the kingdom was in need of a SR1.3trillion ($346bn) housing investment by 2020 to satify the rising demand. Around 60% of the 28m Saudi nationals are younger than 30 years. Thorsten Schneider, business unit manager Gulf region at Germany's industrial giant Henkel Group said in an interview with Xinhua last month he was more bullish on Saudi Arabia than on the UAE in relation to construction and real estate. "The kingdom has a housing gap of 5 million homes, while residential construction in the UAE is much more volatile and speculative," said Schneider.
Source: AME Info
Kuwait's Zain Telecom gains as new CEO takes over
December 3, 2012--The KSE Market Index made a new attempt to capture 6,000 points by advancing 0.23% to reach 5,956.14 Monday.
Zain Telecom closed 1.22% higher at KD0.830 after the firm appointed Scott Gegenheimer CEO. Gegenheimer left Zain's competitor Wataniya six months ago and replaces Nabeel bin Salama who resigned in October.
Source: AME Info
Bahrain Bourse stabilises near 1,050
November 29, 2012--The Bahrain All-Share Index closed 0.10% higher at 1,048.81 points Thursday as Bank of Bahrain and Kuwait or BBK jumped 4.74% to reach BD0.398.
Bahrain Middle East Investemnt Bank, known as BMB, closed unchanged. Earlier in the day, Fitch Ratings has affirmed BMB's long-term issuer default rating at "B-". Fitch also revised BMB's outlook to "positive" from stable. The lender said this success reflects its de-leveraging efforts.
Source: AME Info.com
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