Middle East ETF News Older than One Year
Batelco closes flat as first quarter profit decreases slightly
April 26, 2012--The Bahrain All Share Index dipped 0.20% Thursday, closing a sluggish week at 1,145.24 points.
The kingdom's first telco firm Bahrain Telecommunications, known as Batelco, ended unchanged at BD0.46. Earlier in the day, Batelco announced a net profit for the first quarter of BD16.1 ($42.7m), representing an 8% decrease year-on-year. In a statement to the exchange, Batelco Chairman Sheikh Hamad Bin Abdulla Al Khalifa blamed a "significant competition in Bahrain and a highly competitive environment across the Middle East and Africa" for the decline in Q1 profits. Nevertheless, Batelco shares outperformed the bourse's market index since January 1, as Batelco advanced year-to-date by 17.9%. The market gauge has gained only 0.14% during the same period.
Source:AME Info
Emirates NBD shares dive as first quarter profit is reported
April 25, 2012--The Dubai bourse DFM fell 0.59% Wednesday, closing at 1,660.26, as Emaar (off 0.61% at Dhs3.28) and Tamweel (down 1.56% at Dhs1.26) weighed on the measure.
The UAE's largest lender Emirates NBD plummeted 2.77% to Dhs2.81. Earlier in the day, ENBD its first quarter profit increased to hit Dhs641m compared to Dhs152m in Q4 2010. While customer loans where almost unhachanged at Dhs204.1bn, total assets were up 4% at Dhs296.7bn. District cooling specialist Tabreed gained the most (up 992% at Dhs1.44. Trading volumes remained solid, as 300m shares were traded, valued at Dhs448.5m.
Source: AME Info
Aldar Properties advance, announces launch of new village in Al Ain
April 25, 2012--The ADX General Index gained 0.28% to reach 2,512.19 points.
Real estate bellwether Aldar Properties advanced 1.77%, finishing at Dhs1.15. Earlier in the day, Aldar announced the opening of a new operative village in Al Ain that will cater for the ongoing development in Al Ain and improve the quality of labour accommodation. "The first permanent camp of its kind in the Garden City, the Al Ain Operative Village has a current capacity of 5,690 residents over 74,911sqm and facilities (...)", Aldar said in a statement to the ADX. Abu Dhabi National Energy Co. or Taqa declined 2.96% to Dhs1.32.
Source: AME Info
Qatar Telecom adds slightly, announces details for capital increase
April 25, 2012--The QE 20 Index declined 0.13% to 8,652.87 points. Al Ahli Bank (up 2.79% at QR69.90) was the only lender which advanced.
Shares of the country's first telco provider Qatar Telecom or Qtel closed 0.10% higher at QR129.00. Earlier in the day Qtel announced the details of the rights of subscription for the capital increase decided on March 25. "It shall be given to the shareholders, who are registered in the shareholder register with the Qatar Exchange (QE) and Abu Dhabi Securities Exchange (ADX) on Wednesday, 9 May 2012, at a price of QR75 per share (QR10 nominal value plus a premium of QR65), subject to the announced terms and conditions," Qtel said in a statement to the Qatar Exchange. On March 25 Qtel won approval from its shareholders to increase its authorised share capital to QR5bn or $1.37 billion. In addtion, shareholders gave green light for a 40 per cent rights issue.
Source: AME Info
Kuwait Stock Exchange extends gains the fourth day
April 25, 2012--The KSE Market Index ended 0.14% higher at 6,336.5 points. Investment firm Manazel Holding posted the largest gain (up 11.36% at KD0.0245).
Financials performed overall weaker. The northern Gulf state's largest Islamic financial institution Kuwait Finance House fell 1.33% to KD0.740. "Banking system growth remains muted in Kuwait," said National Bank of Abu Dhabi's Chief Economist and Head of Research Dr. Giyas Gokkent. Kuwait banking sector assets were $163.3bn (+6.4% year-on-year, +1.6% month-on-month) in March. Loans and advances were up by 2.5% year-on-year to $96bn at the end of March 2012 (+0.5% month-on-month) and accounted for 58.8% of banking sector assets.
Source: AME Info
Oil price advance helps Saudi market to rebound
April 25, 2012--The Riyadh bourse Tadawul saw its market gauging re-gaining 0.40% Wednesday, closing at 7,541.5 points.
Petrochemicals leader Sabic added a quarter percent to reach SR102.75. Shares of Southern Cement lost the most (off 2.62% at SR102.25). Oil prices edged higher today, trading at $103.88 per barrel (WTI) in early New York trading.
Source: AME Info
Gary Anderson Named New CEO of DGCX
Gary Anderson Named New CEO of DGCX
Dubai
April 25, 2012--The Dubai Gold and Commodities Exchange (DGCX) today announced the appointment of Gary Anderson as its new Chief Executive Officer (CEO).
Previously, as an Executive Director for Goldman Sachs International, he had responsibility for all aspects of its trading activities on the London International Financial Futures and Options Exchange (LIFFE) floor. He has also served as a member of the Boards of LIFFE, the Futures and Options Association and the London Clearing House.
Before joining DGCX, Anderson was a Founding Partner in Triniti Financial Group, which provides professional trading environments and financial backing for day traders.
Source: DGCX
Qtel denies 'immediate refinancing requirements', shares dip slightly
April 24, 2012--The Qatar Exchange 20 Index failed to benefit from the improved global sentiment Tuesday and fell 0.34% to 8,664.20 points.
Qatar Telecom slipped 0.39% to QR128.90. Qatar Islamic Bank added 0.26% to reach QR77.50. Earlier in the day, Qtel said in clearification of media reports that it does not have any immediate refinancing requirements and accordingly is not undertaking any refinancing at this time. "Current year maturities will be addressed using cash on hand. As part of its ongoing financial management strategy, Qtel continually looks to optimize its funding options as part of its capital structure management," Qtel said in a statement to the Doha-based bourse.
Source: AME Info
DP World shares recover, but remain stuck in the $11 to $12 range
April 24, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1711.19 today, up 0.74%, from the previous close.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Market bellwether Dubai Ports (DP) World added 0.43% to reach $11.70. DPW have been trading in a range between $11 and $12 since mid-January this year. Interior designer Depa Limited closed unchanged at $0.45.
Source: AME Info
Agility gains half a percent, files claim against U. S. Defense Logistics Agency Troop Support
April 24, 2012--The Kuwait Stock Exchange (KSE) Market Index closed unchanged at 6,327.60 Tuesday.
Logistics and transport company Agility rose to KD0.425, up 0.49%. Earlier in the day, Agility said in a statement to the KSE and to the Dubai market DFM, it has files a claim against U. S. Defense Logistics Agency (DLA) Troop Support at the Armed Services Board of Contract Appeals alleging U. S. government officials employed by DLA and the U. S. Department of Justice of 'conspiring' against Agility and depriving the firm of its contract right. The U. S. used Kuwait as a logistics hub during the Iraq war in 2003 and the following occupation which officially ended end of 2011. The Kuwaiti logistics giant Agility seeks $225m, comprising of $158.9m plus interest.
Source: AME Info
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