Middle East ETF News Older than One Year
Jazeera Airways gains, while Kuwait Airways staff strike continues
March 19, 2012--The Kuwait Stock Exchange closed down 0.04% at 6,231 Monday, as investment and real estate firms weighed on the gauge.
Jazeera Airways, the northern gulf state's budget carrier, advanced one percent, as its state-owned rival Kuwait Airways had to ground flights due to a strike by ground staff and airline employees who demand higher wages. The strike entered its third day on Monday. Earlier last week, Jazeera Airways announced it had secured flight rights to the Iraqi city of Al-Najaf. Jazeera plans to launch direct flights to Al-Najaf within the next six months. The airline under its CEO Stefan Pichler will be the first Kuwaiti carrier operating flights to the northern neighbouring country..
Source: AME Info
Merger candidates Aldar Properties, Sorouh Real Estate regain some ground
March 19, 2012--The Abu Dhabi market measure ADXGI closed insignificantly lower at 2,604.74 points Monday.
Developers Aldar and Sorouh, which started merger talks at the beginning of last week, advanced 0.75% and 0.77% respectively. Market bellwether Etisalat added slightly, whereas losses in the banking and industrial sector weighed on the market index. Some 73m shares were traded, valued at Dhs112.
Source: AME Info
Tadawul bourse closes roller coaster trading day unchanged
March 19, 2012--The Saudi Stock Exchange closed even at 7,616.01 points Monday, albeit market bellwether Sabic added a quarter percent to reach SR10.
But market breadth turned deeper into the red as 42 shares advanced, while 102 declined. Shares of telco provider Etihad Etisalat, known as Mobily, fell 0.80% to SR380. Earlier in the day, Etihad Atheeb Telecom (not traded) announced its collaboration with Mobily to provide fixed voice services to a number of commercial and residential complexes.
Source: AME Info
Choppy trading drags Bahrain Bourse slightly lower
March 19, 2012--The Bahrain All Share Index closed off 0.46% at 1,148 Monday. Islamic financial institution Ithmaar was the top gainer (up 5.90%), while Ahli United Bank fell 2.90%.
Earlier in the day, Kuwait's Global Investment Bank released a study on corporate profitability in the Kingdom of Bahrain, saying that "The companies listed on the Bahrain stock exchange witnessed a substantial jump in profitability in 2011. The aggregate net profit, based on 39 companies out of a total of 50 companies increased by 181.2% to BD928m. However, it is important to put this surge into perspective as 88% of the growth was contributed by the Investment sector. The investment sector posted a profit of BD228.5m in 2011 compared to a loss of BD299.4m in 2010. If we exclude Gulf Finance House profit and loss figures from the calculation, Bahrain's corporate profitability increased by 36.5% year-on-year in 2011."
Source: AME Info
Agricel launches revolutionary soil-less 90% water saving farming
March 15, 2012--Agricel, a specialist of unique soil-less agricultural technologies, launched a series of revolutionary farming methods that will fundamentally improve the way farming is carried out forever.
Agricel aims to remedy the problems of extreme food shortages due to finite agricultural land and resources and an exploding population whilst creating demand for jobs around the globe," Ghobash concluded.
Agricel is introducing its two main products: the Film Farm - Hydrogel based IMEC film; and the hydrophilic booster, SkyGel - a super absorbent polymer that acts as a reservoir holding water up to 1,000 times its weight whilst boosting plant productivity and yield. The IMEC Film and SkyGel are developed specifically to reduce the use of water, increase plant productivity and crop yield, while producing a best in class nutritious and healthy food that is highly rich in sugars, GABA and Lycopene.
Source: AME Info
Qatar Exchange rebounds on banks, insurers and United Development Company
March 15, 2012--The QE 20 Index advanced 0.40% to re-reach 8,659.87 points Thursday.
The four largest listed lenders added between 0.30% to 0.70%. Shares of United Development Company or UDC, builder of the man-made island The Pearl Qatar, soared 2.61%. Earlier in the day, UDC announced that "The Arbitral Tribunal of the International Chamber of Commerce has issued its award in the suit filed by one of the contractors at The Pearl- Qatar against United Development Company, and the other one filed by the latter against the said contractor. "After stating that each party should compensate the other, the Arbitral Tribunal ended by ordering United Development Company to pay the contractor an amount of Thirty Million Three Hundred Seventy Four Thousand Five Hundred Seventy Six Qatari Riyal and Sixty One Dirham, with annual interest of 4% on the original amount of Twenty Seven Million Nine Hundred Thirty Five Thousand One Hundred Fifty Six Qatari Riyal and Ninety Three Dirham. The statement concluded: "United Development Company has filed an annulment suit before the competent Qatari court. The esteemed court has decided to suspend the execution of the arbitral award till the issuance of the judgment in the annulment suit."
Source: AME Info
Exhausted Abu Dhabi stock exchange dips slightly
March 15, 2012--After advancing for six consecutive trading sessions, the ADX General Index ended off 0.16% at 2.625.85 points Thursday.
Shares in Aldar Properties and Sorouh Real Estate, fell 3.40% and 4.10%, respectively. The two largest developers in Abu Dhabi annoounced Sunday, they were currently examining if a merger with the blessing of the Abu Dhabi government would be possible. Market bellwether Etisalat, the UAE's first telco provider advanced slightly. Some 83m shares were traded, valued at Dhs134.4m.
Source: AME Info
DP World drags FTSE NASDAQ Dubai UAE 20 Index down
March 15, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1694.150 today, down 1.57%, from the previous close.
Shares of global port operator Dubai Ports (DP) World dived 2.57% to $11.01. Interior design firm Depa Limited closed even. No other shares posted trading volumes at the NASDAQ Dubai.
Source: AME Info
Losses in Emaar, DFM weigh on Dubai market
March 15, 2012--The DFM measure DFMGI fell half a percent to close at 1,683.41 points Thursday.
Market bellwether Emaar Properties fell 0.32%, the DFM, the only Arab bourse listed to the public, plummeted 3.10%. Over the week, the Dubai measure has advanced five percent. Commercial Bank of Dubai or CBD, the number nine in the UAE banking market, gained 7.80%. Earlier in the day, CBD announced that the annual general assembly held on Wednesday approved a 20% cash dividen and 5% bonus sharesof the capital as of December 31st 2011. Gary Dugan, CIO Private Banking at Emirates NBD (off 0.63%) said in his weekly commentary published Wednesday, that the UAE markets were still attractive, but warned of volatility. "Valuations are low, the UAE and KSA equity markets could certainly justify moving to a higher level but you must have a stomach for the ups and downs," Dugan said.
Source: AME Info
GCC companies saw 2011 profits up 26% at $52.3bn
March 15, 2012--According to an economic report, Gulf companies reported a 26% increase in 2011 profits to $52.3bn compared with 2010, KUNA has reported.
The net profits of commodities sector's companies reached $13.3bn in 2011 compared to $3.8bn in the previous year, thanks to the record rise petrochemicals' prices, the report issued by Kuwait Financial Center (Marzak) has added. The report has pointed out that the banking sector profits rose by 17% in 2011 to $20bn due to the huge government spending. The data also showed 23% slid in telecommunication sector profits. Meanwhile the real estate sector posted a total net profit of $2.4bn
Source: AME Info
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