Middle East ETF News Older than One Year
Emaar, Arabtec fall in lockstep, weigh on Dubai gauge
May 29, 2012--Despite a recovery at Western markets, the DFM General Index declined 0.14% to close at 1,474.97 points Tuesday amid higer trading volumes than yesterday.
According to EFG Hermes' Short Term Analysis on the UAE, "the DFMGI is moving tightly within our accumulation zone 1455 – 1500. We still consider the minor resistance zone 1505 – 1525 as a short-term profit taking area." Union Properties posted the largest advance, closing 7.65% higher at Dhs0.394. Emaar Properties and Arabtec Construction declined in lockstep and finished trading 1.03% lower at Dhs2.88 and Dhs2.87, respectively. Eleven stocks gained, 13 declined and one ended even. Around 84.5m shares were traded, valued at Dhs92.5m.
Source: AME Info
Greek surveys, oil price rebound pull Saudi bourse up
May 28, 2012--The Tadawul All-Share Index climbed 0.96% to reach 7,056.68 Monday.
According to four surveys conducted in Greece, the vast majority of the voters want to vote for the conservatives and they want that their country stays in the Euro zone. This triggered index gains and and a small rebound in oil prices. In Riyadh, Sabic advanced 0.80% to reach SR94.50. Market breadth improved strongly, as 129 out of 151 symbols traded advanced, while 11 securities declined.
Source: AME Info
Qatar Exchange re-captures 8,500-level
May 28, 2012--The QE 20 Index advanced 0.22% to hit 8,508.97 points Monday.
Al Khalij Commercial Bank gained the most among the financials, closing 4.35% higher at QR18. The country's largest lender Qatar National Bank could not follow and slipped 0.10% to QR134.40. Vodafone Qatar dived four percent to QR9.28 on profit booking after Qatar's second telecom provider hit a mutliple-year high last week.
Source: AME Info
Five Abu Dhabi blue chips close unchanged
May 28, 2012--The ADX General Index declined 0.15% to 2,456.68 points. Only four shares gained in that more than lacklustre session on Monday.
Islamic insurer Methaq Takaful advanced two percent to reach Dhs1.01. The two largest developers, Aldar Properties and Sorouh Real Estate and the lagrst lender, National Bank of Abu Dhabi, ended flat. First Gulf Bank also finished even. Telco giant Etisalat dipped slightly to close at Dhs8.76. Around 38m stocks were traded, valued at Dhs52.6m.
Source: AME Info
Arabtec Construction rises on new contracts awarded in Dubai
May 28, 2012--The Dubai benchmark index DFMGI fell 0.22% to close at 1,477.04 Monday, although bellwether Emaar gained 0.34% to hit Dhs2.91.
Dubai Islamic Bank (down 2.10% at Dhs1.89) and Tabreed (off 2.44% at Dhs1.20) weighed on the gauge, while low trading volumes led to a volatile trading session. Arabtec Construction gained 1.05% to close at Dhs2.90. Earlier in the day, Arabtec said that one of its subsidiaries, Arabtec Engineering Services was awarded three contracts in Dubai with a total value of Dhs47.2m. The contracts included sewerage and drainage system works and road improvements.
Source: AME Info
Lack of catalysts leave Bahrain Bourse flat
May 28, 2012--The Bahrain All-Share Index closed at 1,143 points Monday.
Bahrain Telecom and United Paper Industries ended likewise even, while BBK jumped 2.58% to hit BD0.398. Islamic financial institution Ithmaar Bank plummetd 6.25% to $0.15.
Source:AME Info
New homes in Bahrain being sold 'at loss'
May 28, 2012--According to a report by property consultancy CBRE, Bahrain's residential property market remains 'severely' depressed, amid continued uncertainty surrounding the political and economic environment,
The National has reported. New homes that are coming into the market are, in some cases, being sold at a loss, the report said. "Several middle-income housing projects have been launched in Bahrain in the last three months, and sales have reportedly been brisk to date," it said. "However, analysis reveals that some of these projects are effectively being sold at a loss, or at best, cost price, in order to stimulate the market and raise the profile of the ongoing master-planned projects of which they are merely a very early phase."
Source: AME Info
Tadawul bourse falls back, closes below 7,000 points
May 28, 2012--The Tadawul All-Share Index ended off 0.35% at 6,989.45 points Sunday.
Petrochemicals producer and market leader Sabic slipped 0.80% to hit SR93.75. Saudi Enaya Cooperative Insurance Company rose to a six-week high, finishing at SR49.30. Thirty-five shares advanced, while 95 declned and 21 closed flat amid low trading turnover.
Source: AME Info
Jordan's uranium reserves 'larger than previously believed'
May 27, 2012-The Jordan Atomic Energy Commission (JAEC) has announced the kingdom's uranium deposits are larger than previously believed, raising expectations for the potential of a Jordanian uranium industry,
Jordan Times has reported. Ongoing exploration in an 18-square-kilometre plot in the central region has revealed the presence of up to 25,000 metric tonnes of yellowcake; over 10,000 tonnes more than previously forecast, JAEC said. "We had roughly underestimated the quality and concentration of uranium on the top layers, and based on this discovery, we need to revise our total numbers," JAEC commissioner Khaled Toukan told the daily. [AMEInfo.com]
Source AME Info
Kuwait Stock Exchange falls after Minister of Finance's resignation
May 27, 2012-The KSE Market Index closed one percent lower at 6,277.21 points Sunday after the northern Gulf state's Minister of Finance Mustapha al-Shamali resigned last Thursday "following hearings in Parliament where he was accused of financial violations by opposition MPs," the DIFC Weekly Economic
Commentary reported earlier in the day. Commercial Bank of Kuwait or CBK dived 3.9% to KD0.750. Real Estate Trade Centers or Marakez plummeted 8.70% to KD0.052. The country's largest lender by assets and makret value National Bank of Kuwait resisted the negative sentiment and added 1.9% to hit KD1.060.
Source: AME Info
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