Middle East ETF News Older than One Year
Kuwait GDP growth could reach 5.4%
July 30, 2012--The National Bank of Kuwait has said the Gulf country's GDP growth is likely to reach a healthy-looking 5.4% in 2012, but growth in the non-oil sector, at 4%, will remain below the regional average.
The country's consumer price inflation is expected to average 3-4% this year and next, little changed from recent levels, NBK said in the report. Key factors holding the economy back are the slow pace of execution of the government's four-year development program (2010/11-2013/14), and lingering effects from the financial crisis, which have undermined business confidence, said the report.
Source: AME Info
Red Sea Housing soars on billion-riyal investment program
July 30, 2012--The Saudi Stock Exchange remained buoyant Monday, despite a slight setback in oil prices. The Tadawul All-Share Index gained 0.8% to close at 6,822.86 points.
The surge was broadly supported as 112 out of 154 traded symbols advanced, while 29 declined. Red Sea Housing Services Company jumped three percent, finishing at SR30.90. Earlier in the day the company said that "the Board of Directors has approved the growth strategy to develop the company's activities for the period 2012 to 2020 and increase its global market share. The company is expected to invest a total of SR2bn to implement the strategy." The program consists of the following three initiatives: 1) Expanding the current business of the company, which involves providing housing solutions in remote areas, and enter in to new geographies such as Australasia, South America and North America. 2) Enter the affordable housing sector to serve the Kingdom of Saudi Arabia and other cities around the world. 3) Invest in the building and construction materials.
Source: AME Info
Qatar National Cement edges up, earns more in H1
July 30, 2012--The QE Index added 0.11% to reach 8,276.74 Monday.
Shares of Qatar National Cement Company gained 0.20%, after the firm said it achieved a net profit of QR225.3m in the first six months of 2012 in comparison to QR214.3m for the same period last year. The company’s Earning per Share (EPS) amounted to QR4.59 as of June 30, 2012 versus QR4.36 for the corresponding period in 2011.
Source: AME Info
National Bank of Abu Dhabi hits one-month high
July 30, 2012--In Abu Dhabi, the ADX General Index closed 0.40% higher at 2,495.12 points Monday.
The emirate's largest lender National Bank of Abu Dhabi or NBAD gained 0.60% to close at Dhs8.33. In the first six months of this year NABD's net profit rose 6.9% to reach Dhs2.087bn year-on-year.
Source: AME Info
DP World shares fall ahead of half-year results
July 30, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1624.95 today, up 21.480, or 1.34%, from the previous close. Dubai Ports (DP) World, globally the third largest maritime port
operator, declined 1.46% to hit $10.15. DPW announced earlier today it will publish 2012 half-year results on Wednesday, August 1.
Source: AME Info
Du gains slightly after releasing second quarter results
July 30, 2012--The Dubai market gauge DFMGI jumped nearly two percent Monday, closing at 1,537.89 points.The UAE's second telecom provider Du reported earlier today a net profit
(before royalty) increase of 57.1% year-on-year for the first six months, amounting to Dhs651m. Osman Sultan, du’s CEO, said, "The second quarter remained strong for du, with continued healthy customer additions, particularly in the high-value post-paid segment, which now represents nearly eight percent of our mobile customer base." Shares of market bellwether Emaar surged four percent to hit Dhs3.37. Trading volumes soared as 141m shares worth Dhs243m changed hands.
Source: AME Info
The Kuwait Market Price Index closed on a negative note at 5,747 points, a loss of 0.07%.
July 26, 2012--The Kuwait Market Price Index closed on a negative note at 5,747 points, a loss of 0.07%.
The Weighted Index closed at 396.1, a loss of 0.14%. The KSE 15 Index closed at 957.92, a loss of 0.1%. 35 stocks advanced while 40 declined. The Financial Services Index witnessed highest volume traded at 29.0 Mn and Banking Index witnessed the highest value traded at KD 18.0 Mn. Indices were mixed. Real Estate Index was the top gainer, up 0.26%. Healthcare Index was the top loser, down 1.67%. Many a blue-chip closed flat. NBK was the top gainer, up 1.01%, closing at KD 1. CBK was the top loser, down 5.06%, closing at KD 0.75.
Source: Markaz
Kuwait Market Price Index closed on a negative note at 5,751 points
July 25, 2012--The Kuwait Market Price Index closed on a negative note at 5,751 points, a loss of 0.69%.
The Weighted Index closed at 396.67, a loss of 0.7%. The KSE 15 Index closed at 958.87, a loss of 0.74%. 17 stocks advanced while 60 declined. The Financial Services Index witnessed highest volume traded at 40.7 Mn and Banking Index witnessed the highest value traded at KD 6.3 Mn. Several indices were negative. Real Estate Index was the top gainer, up 1.14%. Healthcare Index was the top loser, down 3.67%. Blue-chips were mixed. CBK was the top gainer, up 1.28%, closing at KD 0.79. ZAIN was the top loser, down 2.86%, closing at KD 0.68.
Source: Markaz
Kuwait maintains AA rating from Fitch
July 25, 2012--Kuwait's long-term foreign and local currency issuer default ratings at "AA" have been reaffirmed by Fitch Ratings with a 'Stable' outlook, supported by huge foreign assets and high oil prices, AFP has reported.
However, the ratings agency warned against heavy reliance on oil income and continued political disputes between MPs and the government that hinder reforms. The “ratings are primarily supported by its strong sovereign net foreign assets, estimated by Fitch at $323 billion in 2011,” the international ratings agency said, citing a budget surplus over the past 13 fiscal years.
Source: AME Info
SCA issues regulations for investment funds
July 24, 2012--The Security and Commodities Authority (SCA) has issued board's resolution No. 37 of 2012 concerning the rules of investment funds. The decision was signed by HE Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and SCA Chairman.
The announcement was made by HE Abdullah Al Turifi, CEO of SCA, who added that the resolution will enter into force on the day after its publication in the Official Gazette. Al Turifi said that it represents a positive step that will help strengthen corporate investment and provide more opportunities for stability in financial market. Al Turifi commented, “The resolution is part of the SCA’s endeavor to issue new investment products and diversify the investment tools available to traders in the markets. It will boost the investment climate in the local markets and help attract new investments and liquidity. The new regulations will be a pillar and a prerequisite for creating a market maker who keeps balance in the country’s markets.”
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