Middle East ETF News Older than One Year
Iran trade sanctions hurt UAE
June 05, 2012--The UAE's has said international financial sanctions against Iran are hurting its trade with the Islamic Republic, Reuters has reported.
“Trade with Iran was always with consumable items…We should not really stop that. The issue is with the financial transactions…regarding that, it has been affected,” the UAE’s economy minister Sultan bin Saeed Al-Mansouri told a news conference. “If you want to export 20 tonnes of rice, the financial system does not allow you to do that,” Al-Mansouri said without providing further details.
Source: AME Info
Bahrain Bourse slips by a quarter percentage point
June 5, 2012--The Manama-based market has not picked in trading activity in 2012, as nine tenths of listed stocks are not listed on a daily basis.
On Tuesday, the Bahrain All Share Index fell 0.25% to close at 1,131.46 points. Al-Ahlia Insurance advanced 2.58% to hit BD0.318. National Bank of Bahrain lost the most (off3.64% at BD0.530.
Source: AME Info
Tadawul market recovery continued
June 04, 2012--The Saudi Stock Exchange's benchmark index TASI gained for the second consecutive trading session Monday.
The gauge added 0.33% and finished at 6,770.19 points, although market breadth was negative. Forty-nine out of 152 symbols traded advanced, while 19 declined and 24 securities closed unchanged. The rebound in Riyadh occured despite heavy losses in East Asia and Europe as concerns over the global economy dominate investors' sentiments.
Source: AME Info
DP World shares continue to trade in narrow range
June 04, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1522.05 off 0.38%, from the previous close.
DP World fell 1.07% to close at $10.15 amid rising trading volumes compared to the last two session. Since May 8, DP World has been trading in a range between $10 and $11.
Source: AME Info
Qatar Exchange decline halted as market index closes flat
June 04, 2012--The QE 20 Index finished Monday trading session at 8,332.64 points.
While most financials posted small advances, industry and real estate shares performed negatively. International Islamic Bank soared 2.06% to reach QR49.50. With a year-to-date loss of five percent, the Doha-based market is the worst performing bourse in the GCC.
Source: AME Info
Abu Dhabi real estate leaders gain, banks remain under pressure
June 04, 2012--The ADX General Index declined 0.18% to hit 2,422.39 points, as oil prices continued to slide Monday (down nearly two percent at $96.75 per barrel (Brent).
Developers Aldar Properties and Sorouh Real Estaet recovered by 3% and 1.05%, respectively. Etisalat and Dana Gas ended unchanged. The financials were mostly behind the market index decline, as the emirate's first lender National Bank of Abu Dhabi or NBAD fell 2.35% and RAK Bank declined 1.43%, respectively.
Source: AME Info
Nervous hands leave Dubai market no chance for a rebound
June 04, 2012--The DFM General Index opened even but eventally slipped 0.33% to close at 1,437.03 points.
Earlier in the day, UAE Minister of Economy Sultan Bin Saeed Al-Mansouri said he expects the country's real GDP in 2012to slow down to 3% from 4.2% in 2011, "because global risk factors have increased, with regards to the Euro zone debt crisis and a possible slowdown in China." Emaar Properties, as the most liquid share, fell 1.08% to Dhs2.76. Bank Emirates NBD bucked the downtrend, gaining 1.85% to reach Dhs2.75. Markets in Asia and Europe gave also bad input tot the DFM, as Grexit-fears and the debt-pain in Spain remain on top of traders' agenda. Some 87.6m shares were traded, valued at Dhs95.2m.
Source: AME Info
Qatar International Islamic Bank retreats from Syrian Islamic bank
May 31, 2012--The QE 20 Index slipped 0.66% to 8,416.83 points. Qatar International Islamic Bank or QIIB closed 0.80% lower at QR49.50.
Earlier in the day, that it is resigning its seat on the Board of Directors of Syria International Islamic Bank (“SIIB”) and withdrawing its representative from the Board following the decision taken by the U.S. Department of the Treasury (“Treasury”) to impose sanctions against SIIB. QIIB confirmed that it would also take the necessary steps to ensure that Treasury’s sanctions against SIIB would not be evaded by persons dealing with QIIB. . Yousef Ahmed Al Naama, who had served as QIIB’s representative on the Board of SIIB, said that “in light of the decision taken to impose sanctions on Syria International Islamic Bank, I and my fellow Qatar-based, non-executive directors no longer felt we were in a position to continue our roles as directors. Qatar International Islamic Bank takes the issue of sanctions imposed by the international community seriously. We were unaware of the actions taken by SIIB that led to the decision to impose sanctions and we cannot condone any such activity by continuing in our roles as directors.”
Source: AME Info
Abu Dhabi-listed blue chip firms drag market index down
May 31, 2012--The ADX index fell 0.36% to 2,441.03 points Thursday, as market bellwether Etisalat (off 0.23%), Dana Gas (down 2.50%) and Sorouh Real Estate (one percent lower) weighed on the gauge.
National Marine Dradging Co. closed as a top gainer, closing 9.90% higher. After a strong first quarter, when the measure in Abu Dhabi gained 6.22%, the year-to-date gain decreased to 1.56% due to ongoing global concerns over the indebted Euro zone and the threat of an exit of member state Greece ("Grexit").
Source: AME Info
Dubai market ends tricky May with a mini day-gain
May 31, 2012--The DFM General Index added 0.06% Thursday, closing at 1,471.49 points amid higher higher trading volumes than yesterday. In line with the gauge,
Emaar Properties closed unchanged at Dhs2.91. Shuaa Capital gained the most (up 6.76% at Dhs0.695. Earlier in the day, Shuaa announced that its Group Chief Compliance Officer has resigned effective May 31 and that its Head of Legal Ghassan Hitti will assume his responsibilities in addition to his current position. Some 140m shares were traded valued at Dhs123.5m. In Q1 2012, the DFMGI advanced 21.92%, but after the sluggish trading during April and May, the year-to-date gain shrank to 8.73%.
Source: AME Info
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