Middle East ETF News Older than One Year
Etisalat closes even, starts legal procedures in India
February 23, 2012, 13 hours ago
The Abu Dhabi market gauge ADXGI advanced for the sixth consecutive day, closing 0.20% higher at 2,539.20 points.
At the ADX, some 160.6m shares were traded, valued at Dhs191.3m. Dana Gas fell two percent to Dhs0.48. Market bellwether Etisalat closed even at Dhs9.56. Earlier in the day, Etisalat announced it has filed "proceedings of civil action in the Bombay High Court against Shahid Balwa, Vinod Goenka and Majestic Infracon Private Limited, the former promoters of Swan Telecom, for fraud and misrepresentation." Etisalat had to shut down its operations in India, running under the name Etisalat DB, for allegedly violating rules related to the sale of wireless, according to The National.
Source: AME Info
Qatar Exchange regains further ground as bellwether Industries Qatar approaches key resistance level
February 23, 2012--The QE 20 Index added half a percent to close at 8,732.75 points.
The Doha-based market measure is the only gauge in the GCC which has not reached break-even year-to-date, but has gained 2.2% during the least week. Market bellwether Industried Qatar advanced 1.40%. The share has bottomed out in a w-formation end of 2011 is constantly approaching a key resistance level at QR150 it failed to crack three times last year.
Source: AME Info
UAE remains largest Arab market
Country overtook Saudi Arabia but remains second exporter
February 23, 2012 --The UAE retained its position in 2010 as the largest market in the Arab world, with its imports of goods and services accounting for nearly 28 per cent of the total Arab imports, according to official data.
But the country remained second to Saudi Arabia in terms of exports despite an increase in its exports of goods and services in 2010, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF).
The AMF, an IMF-style regional establishment affiliated to the Cairo-based Arab League, gave no data for 2011 but the UAE’s commercial exchange is expected to have sharply grown during that year because of a surge in crude prices and business upturn following a downturn in 2009.
Source: Emirates 24/7
Tadawul index shaves 7,000 resistance level as Sabic hits six-months high
February 22, 2012--The Saudi Stock Exchange's benchmark index Tasi advanec 0.93% Wednesday to reach 7,031.26 points as oil prices (U. S. crude) consolidatet at $105 per barrel.
Saudi Basic Industries or Sabic, the petrochemical bellwether, reached a six-month high at around SR100.50 (up 1.26%). Saudi Automotive Services Co. lost the most (off five percent). Eighty-eight shares advanced and 36 fell.
Source: AME Info
Muscat Securities Market gains slightly, Omani Minister calls for more economic integration in GCC
February 22, 2012--The MSM-30 Index added 0.11% Wednesday, closing at 5,672.87 points. The Omani stock market gauge is close to break even this year (off 0.39% year-to-date).
Earlier in the day, His Excellency Sheikh Saad Ben Hamad Almardouf Alsaidi, Minister of Commerce and Industry and Chairman of the Capital Market Authority, said in a speech at at the Thomson Reuters Accelus 6th GCC Regulators' Summit hosted in association with Oman Centre for Corporate Governance: "It is extremely urgent and necessary that the GCC countries adopt a unified economic, financial and legislative stand within the international organizations particularly IOSCO (International Organization of Securities Commissions) so that they could positively influence the region." His Excellency said this would in turn "develop the legal and regulatory frameworks for the financial markets and adapt them according to the markets' needs and circumstances in line with the interest and requirements of the Gulf common market."
Source: AME Info
Kuwait market fickle ahead of National Day
February 22, 2012--Banks and real estate shares mostly weighed on the KSE Market Index, which slipped 0.16% to close at 6,088.5 points.
The country's largest lender National Bank of Kuwait (NBK) fell 1.69% to KD1.160. "Will higher oil prices spike the markets' rise?" Gary Dugan, CIO Private Banking at Emirates NBD, asked in his weekly commentary. Dugan wrote: "We continue to caution against chasing markets after such a strong run-up in recent weeks. For sure there is a growing confidence that the worst Euro zone outcomes may have been avoided. However there are also head winds to markets that will at the very least slow progress. The recent 10% rise in oil prices if sustained will detract from global growth and slow the pace of interest rate cuts in the emerging countries. The situation in Greece is better but still far from secure and any significant setback in negotiations could lead to some rapid profit taking." Year to date, Kuwait, which wil celebrate its National Day on Sunday, February 26, has seen a 4.72% rise in its stock market gauge.
Source: AME Info
Etisalat gaines as telecom provider denies media reports on syndicated loan
February 22, 2012--In Abu Dhabi, the ADX General Index advanced 0.31% to reach 2,534.91 points. Market bellwether Emirates Telecommunications, known as Etisalat (Arabic for connections) added 0.42%, finishing at Dhs9.55.
Earlier in the day Etisalat denied media reports that it is currently seeking a syndicated loan. Nevertheless, the firm added that constantly evaluating financing opportunities in both local and international markets. Some 80m shares were traded, valued at Dhs121.6m
Source: AME Info
Dubai market rally shows no signs of exhaustion
February 22, 2012--The DFM General Index hit 1,608.92 points (up 0.80%), the highest closing since mid-June 2011, although bellwether Emaar declined slighly (off 0.65% at Dhs3.05.
But market breadth remained solid, as 22 shares advanced and seven declined. Trading volumes also confirmed the current strength of the Dubai bourse, as 464m shares worth Dhs420m were traded. Real estate district cooling provider Tabreed soared 14.90% to reach Dhs0.911. Having gained 18.80% year to date, the highest advanced aming all Arab stock exchanged, the DFM might be technically ripe for a correction, but the market strength and the positive economic outlook for the emirate of Dubai speaks another language (as yet).
Source: AME Info
Banks push Qatar bourse higher
February 21, 2012--The QE 20 Index gained 0.35% to reach 8,681 points Tuesday.
The country's second largest lender Commercial Bank of Qatar (CBQ) advanced 1.85%, while Al Ahli Bank dived 2.11%. Market bellwether Industried Qatar (up 0.60%) supported the bullish sentiment in the GCC amid rising oil and gas prices.
Source: AME Info
Kuwaiti stock investors cash in some profits, send bourse slightly lower
February 21, 2012--After gaining for three days in a row, the KSE Market Index fell 0.27% to 6,098.2 points Tuesday as banks and services shares underperformed, while real estates and investment stocks edged slightly higher.
Islamic bank Kuwait Finance House (KFH) closed 2.3% lower. Coast Investment and Development Co. soared 8.33%, closing as the third best share Tuesday.
Source: AME Info
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