Middle East ETF News Older than One Year
Profit booking at Saudi insurers weighs on market index
October 3, 2012--The Tadawul All-Share Index dipped 0.13% to close at 6,887.29 points.
ACE Arabia Cooperative Insurance Co. lost the most, ending off seven percent at SR159. Five out of the six top losing shares were insurers on Wednesday, as the sector has been the best performing segment year-to-date. Gains at petrochemical leader Sabic (up 0.30% at SR91.50) failed to support the market. Trading volumes were low. 50 shares advances, while 82 stocks declined in value.
Source: AME Info
Doha Bank eyes mortgage market for non-resident Indians
October 3, 2012--The QE Index in Doha slipped 0.37% to 8,503.97 Wednesday.
Doha Bank fell by 1.64% to close at QR54.10. Earlier in the day Doha Bank said it entered into an agreement with Indiabulls Group for offering of Mortgage Loans to NRI customers for acquiring properties in India. In a statement to the QE, Doha Bank said that "Indiabulls Group is one of leading business houses in India in the areas of Housing Finance, Real Estate and Infrastructure development. Indiabulls Housing Finance Company has its presence through 180 branches in 100 cities across India,", adding that "Doha Bank’s NRI customers will be able to seek Mortgage Loans from Indiabulls to acquire properties in India. This is a unique arrangement to serve NRI customer for their property needs back home."
Source: AME Info
DP World jumps over three percent as UK subsidiary P&O Maritime expands into East Africa
October 3, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1786.160 today, up 29.690, or 1.69%, from the previous close.
DP World, the world's third largest port operator, gained 3.25% to htit $11.75, the highest level since end of April this year. Earlier in the day DP World said that P&O Maritime, a UK port operator DP World acquired in 2006, expands into Mozambuique, East Africa. In an e-mailed statement, DP World said "The company is now set to provide management, pilotage, mooring services, crewing and maintenance for tugs, pilot boats and mooring boats along with other marine services at the Port of Maputo. Under the agreement with the port, and as part of its commitment to enhance the port services’ safety, reliability, and efficiency, P&O Maritime will invest in new, state of the art assets as well as training and development of local people at the Port of Maputo over a period of ten years."
Source: AME Info
Banking shares advances fail to lift Kuwait market
October 2, 2012--The KSE Market Index slipped 0.05% Tuesday, closing at 5,971.83 points.
National Bank of Kuwait, Ahli Bank of Kuwait and Kuwait International gained slightly but failed to offset losses of Bahrain's Islamic investment bank Gulf Finance House (off 1.40%) and Sokouk Holding Company (down 8.93%).
Source: AME Info
Saudi Stock Exchange advances amid neutral market breadth
October 2, 2012--The Tadawul All-Share Index closed 0.20% higher at 6,896.10 points.
While bellwether Sabic ended flat, Sagr Insurance gained the most (up 9.74%). AXA Co-operative Insurance failed to follow the positive sector trend and fell two percent. Earlier in the day AXA said it officially opened of a point of sales in Jeddah at Automall Center on King Abdul Aziz Road, which will be promoting the company's retail products to individuals. 65 shares advanced and 65 shares declined in Riyadh.
Source: AME Info
Bahrain's Ithmaar Bank in advanced merger talks with First Leasing Bank
October 2, 2012--The Bahrain All-Share Index in Manama gained 0.05% Tuesday, finishing at 1,079.30 points.
Islamic investment bank Ithmaar closed unchanged. Earlier in the day, Ithmaar said in a statement to the Bahrain Bourse "that negotiations on a proposed merger with one of its Bahrain-based associates, First Leasing Bank, had reached an advanced stage." “Since Ithmaar Bank’s reorganisation in April 2010 with its then wholly-owned subsidiary, Shamil Bank, and its subsequent transformation from an investment bank into an Islamic retail Bank, Ithmaar has focused on developing its retail and commercial banking operations," said Chief Executive Officer and Member of the Board, Mohammed Bucheerei. "This is in line with the Ithmaar board-approved vision of becoming a premier Islamic retail bank," he said.
Source: AME Info
Saudi bourse lifted by U. S. manufacturing report, oil price rebound
October 2, 2012--The Tadawul All-Share Index gained 0.62% on the first trading day of the fourth quarter to reach 6,882.12 points amid a healthy advance decline ratio of 116 to 22.
Earlier on Monday, U. S. manufacturing activity showed the first increase in four months, taking selling pressure from oil prices. Petrochmical and metals producer Sabic, the Riyadh-based market's bellwether, closed 0.30% higher at SR91.25. Monday's rebound occured after tricky September trading. "After two consecutive months of gain, the Tasi benchmark fell 4.1% in September. The decline was in line with global stock markets as concerns of the global recovery increase," Jadwa Investment Senior Economist Fahad Alturki said. He added that " Nevertheless, the Saudi Stock Exchange gained since January 1 7.24%, representing the second highest advance in the GCC behind Dubai (up 18.88%).
Source: AME Info
Lebanon to issue dollar bond in October
October 2, 2012--Lebanon's central bank governor has said the government may issue a dollar-denominated sovereign bond this month, Reuters has reported.
"The government and the ministry of finance are thinking of going to the market again, maybe in October, with an issue of the Republic of Lebanon in dollars," Riad Salameh said on the sidelines of a meeting of Arab central bankers in Kuwait. Asked about growth prospects for the economy, which has been hit by the conflict in neighbouring Syria and domestic political tensions, Salameh said: "This year, the forecast stands around 2%, maybe a little bit more, but less than 3%."
Source: AME Info
Kuwait Stock Exchange slips as profit booking prevails
October 1, 2012--The KSE Market Index fell 0.13% Monday, closing at 5,974.68 points.
Last week, the gauge bucked an overall negative sentiment at GCC markets, so that yesterday's and today's decline must be regarded as profit booking. Nearly all banking shares ended even today. According to National Bank of Abu Dhabi's research, "Banking system growth appears to be picking up; pace will be a function of implementation of the country’s development plan." Kuwait banking sector assets were $165.8bn (up 9.9% y-o-y, up 1.4% m-o-m) in August. Loans and advances were up by +1% m-o-m and up by +5.1% y-o-y to $97bn. Deposits were up by +1.2% m-o-m to $119.5bn (+10.6% y-o-y). Loan to deposit ratio stood at 81.1%.
Source: AME Info
Gulf stocks still down 4 yrs after crisis
September 30, 2012--All seven stock markets in the energy-rich Gulf states failed to recover four years after the global financial crisis despite high oil prices, a Kuwaiti economic report said on Sunday.
Although major bourses in the West, where the crisis began, have recovered successfully with Dow Jones now 17.8% higher than its level four years ago and Germany's DAX up 15.4%, Gulf shares remain way behind their levels in August 2008, Al-Shall Economic Consultants said.
Source: FIN24
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