Middle East ETF News Older than One Year
Qatar Fuel advances to six-month high
September 13, 2012--The QE 20 Index lost 0.10% to 8,563.19 points.
Market bellwethers Industries Qatar (down 0.42%) and Qatar National Bank (0.15% lower) fell on profit booking afer both firms posted significant gains over the week. Qatar Fuel jumped three percent to reach QR287.40, the highest level since March this year.
Source: AME Info
Etisalat soars to 11-month high on pull-out from Indonesia's XL Axiata
September 13, 2012--Despite a very negative advance-decline ratio, the ADX General Index extented its gaining streak to the seventh (!) day, closing a quarter percentage point higher at 2,608.53.
Etisalat, the UAE's first telecom provider, was the share of the day, finishing 1.15% higher at Dhs9.67. Earlier in the day, Etisalat announced it has sold its 9.1%-stake in Indonesia's third largest mobile operator XL Axiata for Dhs1.87bn ($510m). The sale is expected to be complete until next Tuesday, September 18. Only three shares advanced in Abu Dhabi, while 14 (!) ended flat at nine securities declined in value. Merger candidates Aldar Properties and Sorouh Real Estate fell 0.80% and 1.63%, respectively. Trading activity was dull as 40m shares worth Dhs91.7m changed hands.
Source: AME Info
Dubai market ends the week higher
September 13, 2012--The DFM General Index closed 0.16% higher at 1,573.94 points Thursday.
Shuaa Capital gained the most, as the investment bank surged 3.25% to hit Dhs0.635. Market bellwether Emaar advanced 4.24% over the week, closing today at Dhs3.44. Drake and Scull International was the most active share by volume, closing off 0.12% at Dhs0.867. At the NASDAQ Dubai, global port operator DP World ended even at $10.60. Trading volumes at the DFM remained in the modest area as 96.3m shares worth Dhs115m changed hands.
Source: AME Info
Saudi inflation drops to 3.8%, a three year low
September 13, 2012--According to the data from Saudi Arabia's Central Department of Statistics, the kingdom's annual inflation eased to 3.8% in August, its lowest level in almost three years, although the monthly
increase was the fastest in 10 months, Reuters has reported. Consumer price growth in the kingdom has been slowing gradually since peaking at 5.4% in February and March, registering 4% in July. The month-on-month rate edged up to 0.4% in August from 0.3% in the previous month. “The rate of inflation will depend on how fast international food prices are rising. In addition, the expectation of another round of quantitative easing is likely to weaken the dollar which may help push domestic inflation,” said Fahad Alturki, senior economist at Jadwa Investment in Riyadh.
Source: AME Info
Saudi Automotive Services gets SR255m Islamic financing from Banque Saudi Fransi
September 12, 2012--The Tadawul All-Share Index added a quarter percentage point to reach 7,104.5, with Sabic as the most liquid share closing 1.40% higher at SR92.25.
Shares of Saudi Automotive Services fell by 0.50% to SR19.95. Earlier in the day, the firm said it signed up for a SR255m Islamic credit facility with Banque Saudi Fransi. The proceeds will be used to finance expansion plans. Shares of Banque Saudi Fransi closed unchanged at SR31.90.
Source: AME Info
Banks, insurers lift Qatar Exchange
September 12, 2012--The QE 20 Index advanced 1.13% to reach 8,570.56 points Wednesday as market heavyweight Industries Qatar (three percent higher) and Qatar National Bank (up 1.20%) led the buying spree.
Doha Insuracen ended as a top gainer (four percent higher). Al Meera Consumer Goods Company slipped 0.20% to QR165.20. Earlier in the day, Al Meera said it will rebrand four Giant stores it bought from Al Oumara Baking Co. in 2011 into Al Meera Supermarkets. In addition, Qatar Telecom or Qtel said its customers from now on access mobile products and services closer to home, as the company is opening kiosks in all branches of the Al Meera Supermarket, thanks to a new agreement. Qtel shares advanced by 0.40%.
Source: AME Info
IPO news lift Omani banking shares
September 12, 2012--The MSM-30 Index in Muscat added 0.20% to reach 5,563.18 Wednesday.
Oman's largest lender Bank Muscat was the most liquid share and gained 0.73% to close at OE0.533. On Tuesday, the bank said it has widened feedback channels for its customers in order to increase the level of service. In addition, news that the Sultanate's second Islamic financial institution Izz islamic bank will launch an IPO on September 22, according to the Oman Dialy Observer, raised the sentiment in the southern GCC state.
Source: AME Info
Abu Dhabi bourse gains the sixth session straight
September 12, 2012--Abu Dhabi market gauge rose to a six-month high, closing up 0.21% at 2,602.20 Wednesday.
The six-day gainig streak was fuelled by Sorouh (up 2.50%), Aldar (gaining 1.60%) and RAK Properties (2.86% higher). Gulf Cement Co. lost the most (off 2.04%), while bellwether share Etislat finish flat. Like in Dubai, trading volumes increased as 82.5m shares worth Dhs105.3m changed hands.
Source: AME Info
UAE central bank sees encouraging growth prospects for economy
September 12, 2012--The UAE central bank has said growth prospects of the country's economy are encouraging while banks operating in the country are well-equipped to deal with major stress scenarios and contingencies, Reuters has reported.
"As regards the prospects for 2012, the UAE economy may achieve better results than the International Monetary Fund estimate of 3.5% growth," it said in its inaugural financial stability review. Non-oil growth is expected to reach around 4% this year, and inflation would remain moderate in line with the IMF's estimate of 1.5% for the year, the bank said.
Source: AME Info
Oil price recovery helps Saudi market to stay afloat
September 11, 2012--The Tadawul All-Share Index advanced by 0.20% Tuesday, closing at 7,086.80 points as market bellwether Saudi Basic Industries Corpodation or Sabic, the world's first petrochemicals producer, gained 0.83% to hit SR91.25.
Oil prices (U. S. crude) hit a three-week high at above $97 per barrel. In the last four weeks, the "black gold" gained 4.55% in value. Allianz Saudi Fransi Cooperative Insurance Company extended its position above an all-time high, closing 8.23% to reach SR125. After hitting a 3.5-year high, Allied Cooperative Insurance Group fell on profit booking, ending down 6.80% at SR45.30.
Source: AME Info
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