Middle East ETF News Older than One Year
Abu Dhabi bourse adds slightly despite negative market breadth
May 23, 2012--The ADX General Index closed 0.20% higher at 2,475.52 points Wednesday.
Gulf Medical Projects Company jumped 9.33% to reach Dhs2.11. Islamic insurer Watania plummeted nine percent to Dhs1.09. Real estate giants Aldar and Sorouh fell by 2.70% and 2.80% to Dhs1.07 and Dhs1.03, respectively. Fund managers became increasingly impatient due to pending updates on a merger between Aldar and Sorouh, The National reported today. Both developers announced in mid-March theyr entered talks to unify with the blessing of the Abu Dhabi government.
Source: AME Info
Najran Cement lures buyers amid improved sentiment
May 23, 2012--The Saudi Arabian Tadawul All-Share Index rose one percent Tuesday, as oil prices climbed above $92 per barrel.
Najran Cement, which was listed on May 12, was the most liquid share and posted the biggest day gain (up 4.56% at SR22.95). Najaran's Initial Public Offering (IPO) in April was oversubscribed by 306.11%. The IPO's subscription period, in which 85 million shares were floated at SR10 each, lasted from April 16 to April 28. Sabic added in line with the market index 1.06%. But market breadth showed that the new rebound is not carried by the whole market, as 95 shares advanced and 42 declined. Nama Chemicals lost the most, ending off 9.81% at SR17.
Source: AME Info
Batelco bucks Bahrain Bourse downtrend
May 22, 2012--The Bahrain All-Share Index declined 0.78% to 1,138.32, as financials weighed on the Manama-based gauge.
On a year-to-date basis, the measure fell back in the red zone (off half a percentage point). Islamic financial institution Ithmaar Bank plummeted 9.38% to $0.145. Bahrain Telecommunications, known as Batelco, added 0.42% to reach BD0.48. On May 20, Batelco and Omantel signed a partnership agreement. Building on existing agreements, this partnership will allow bi-lateral Data IP Services to be sold between Bahrain and Oman, as well as providing one-stop-shop transit services to Batelco's and Omantel's carrier partners, enabling both parties to extend corporate VPN solutions between their respective markets.
Source: AME Info
Doha-listed shares advance across the board
May 22, 2012--The QE 20 Index gained 0.90% to close at 8,498.73 Tuesday. Buyers were in particular keen on adding banking shares to their portfolios.
The country's largest lender by assets Qatar National Bank gained 0.75%, while Doha Bank soared by 1.60%. Barwa Real Estate closed flat at QR26.65. Earlierin the day, Barwa announced it has launched its major project "Barwa City", with an area of2.7m square meters in Mesaimeer area in Doha. The project offers 200,000 square meters of green spaces, 128 residential buildings for tenants and investors and 6,000 residential units with the capacity to accommodate 25,000 residents.
Source: AME Info
Taqa decline halted as energy giant eyes expanding to Turkey
May 22, 2012--The Abu Dhabi market measure ADXGI closed Tuesday's trading session 0.10% higher at 2,471.05 amid rising trading turnover.
Developer Aldar and Sorouh topped the charts by gaining 3.88% and 3.74%, respectively. Abu Dhabi National Energy Company or Taqa closed unchanged at DHs1.16. Earlier in the day, Taqa announced that a delegation has made a formal visit to Turkey to discuss ways of developing the relationship between Abu Dhabi and Turkey and to identify investment opportunities in Turkey’s energy sector. delegation was led by H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of Taqa’s Board and Chairman of the Abu Dhabi Department of Finance. Carl Sheldon, CEO of TAQA said: “Developing our international power business in the Middle East and North Africa region is a core to Taqa’s growth strategy. We have ambitious plans for growth and consider Turkey to be an attractive market offering a range of investment opportunities." Taqa, which is owned 51% by Abu Dhabi Water and Electricity Authority (ADWEA) already runs operations in 8 foreign countries, among them are Canada, The Netherlands, KSA and Ghana.
Source: AME Info
Dubai Financial Market knocks at 1,500 points
May 22, 2012--The DFM General Index added 0.60%, closing at a one-week high at 1,496.56 points Tuesday.
The gauge rose over one percent in the first hour of trading but stocks pared gains after European bourses became fickle when Fitch cut Japan's rating by two notches to A+ with negative outlook because of the Far Eastern country's negligence in reducing its debt. Takaful Emarat gained the most (up 9.12% at Dhs0.598). The Dubai-based Islamic insurer has recetly increased its product portfolio by introducing saving plans for families as well as insurances for blue collar workers. Emar gained slightly but remained below a key resistance level at Dhs3, closing at Dhs2.97. Islamic home financing company Tamweel fell 0.85% to Dhs1.17. With oil prices stabilising risng above $92 per barrel (U. S. crude), most GCC markets continued to recover today. In Dubai, some 122.6m shares were traded, valued at Dhs160.m.
Source: AME Info
Egypt to sell $500m in treasury bonds to Saudi
May 22, 2012--Egypt's planning minister Faiza Abu el-Naga has announced the signing of an agreement signed to sell $500m in treasury bonds to Saudi Arabia, Reuters has reported.
The bonds are part of a package of financial support promised by Saudi Arabia a year ago. As part of the package, Riyadh earlier this month transferred $1bn as an eight-year deposit at Egypt's central bank, Abu el-Naga said at the time. [AMEInfo.com]
Source: AME Info
Batelco bucks Bahrain Bourse downtrend
May 22, 2012---Bahrain: The Bahrain All-Share Index declined 0.78% to 1,138.32, as financials weighed on the Manama-based gauge.
On a year-to-date basis, the measure fell back in the red zone (off half a percentage point). Islamic financial institution Ithmaar Bank plummeted 9.38% to $0.145. Bahrain Telecommunications, known as Batelco, added 0.42% to reach BD0.48. On May 20, Batelco and Omantel signed a partnership agreement. Building on existing agreements, this partnership will allow bi-lateral Data IP Services to be sold between Bahrain and Oman, as well as providing one-stop-shop transit services to Batelco's and Omantel's carrier partners, enabling both parties to extend corporate VPN solutions between their respective markets.
Source: AME Info
Saudi Arabian Tadawul market re-captures 7,000-level
May 21, 2012--The Tadawul All-Share Index climbed 0.71% higher at 7,029.35 points.
Stabilising oil prices, trading above $91.50 per barrel Monday, helped the Riyadh-based exchange to rebound. Market bellwether Sabic advanced by half a percentage point to reach SR94.25. On Sunday, SABIC Vice-Chairman and CEO Mohamed Al-Mady has called for more productive engagement between US companies and the Saudi private sector to further strengthen business relations in hopes of helping accelerate their respective global growth agendas. Allied Cooperative Insurance Group lost the most (off 3.35% at SR34.60). 118 shares advanced, and 20 declined. Trading turnover remained low, as 375m shares were traded, valued at SR6.8bn.
Source: AME Info
Kuwait market slips slightly
May 21, 2012--The Kuwait Stock Exchange (KSE) Market index failed to join the global and regional receovery mood and slipped 0.10% to 6,415.24 points.
Global Investment House said earlier in the day that Court of Appeal of the Emirate of Dubai passed its verdict (judgment) in the case reverted to the Court of Appeal by the Dubai Court of Cassation, in connection with the appeal submitted by the National Bank of Umm Al Qaiwain in relation to the Court of Appeal’s ruling in favor of Global for the recovery of $250m plus accrued interest and fees. The Honorable court ordered NBQ to repay to Global Investment House $250m towards the refund of a deposit placed by the Company with the Dubai branch of this Bank in August 2008 plus interest at the rate of 9% with effect from 3 December 2008 till the date of repayment plus expenses.the date of this verdict, the due and The unpaid interest amounts to approximately $79m.
Source: AME Info
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