Middle East ETF News Older than One Year
Saudi Arabia favours oil around $100 per barrel
January 17, 2012--Saudi Arabia: Saudi oil minister, Ali al-Naimi has said the kingdom favours an oil price of $100 per barrel, identifying an ideal oil price for the first time in more than three years.
"Our wish and hope is we can stabilise this oil price and keep it at a level around $100," al-Naimi was quoted as saying in an interview on CNN.
Source: AME Info
Saudi dairy producer Almarai dips as quarter-on-quarter net profit decreases
January 17, 2012--The Saudi Arabian Tadawul market index Tasi fell 0.80% Tuesday, closing at 6,370.16 points. Almarai Company, one of the largest producers of food and dairy products in the GCC, fell one per cent, finishing at SR98.50.
Earlier in the day, Almarai announced that "for the fourth quarter ended 31 December 2011 Almarai generated an interim consolidated net income amounting to SR285.5m, representing an increase of 0.6%, compared to the same period last year and a decrease of a third compared to the third quarter 2011." The interim net profit for the 12-months period amounted to SR1.3bn, which was 1.1% higher compared to the year 2010.
Source: AME Info
Kuwait Stock Exchange outperforms GCC markets
January 17, 2012--The KSE Market remained buoyant Tuesday, adding 0.46% to reach 5,789.40 points.
During the last week, the KSE was the best performing gauge in the GCC. Banks and investment firms fuel the rebound, as Islamic bank Kuwait Finance House (KFH) closed 1.13% higher at KD0.890. After completing a chart technical w-formation, shares of the largest lender Kuwait National Bank or NBK advanced 1.75% to reach KD1.160.
Source: AME Info
NASDAQ Dubai posts advances amid rebound in Europe
January 17, 2012--The FTSE NASDAQ Dubai UAE 20 Index ended 1.25% higher at 1337.53. DEPA Limited, the Dubai-based interior designer, gained the most (up 5.41% at $0.39).
DP World added 1.50%, while jewellery trader Damas advanced 1.40%. Bargain hunters entered the spot at bourses in Europe, improving the sentiment in Dubai. Other markets in the GCC and the Near East, howeever, remained fickle on Tuesday.
Source: AME Info
DFM shares rebound amid increasing demands for UAE stock markets merger
January 17, 2012--The Dubai Financial Market (DFM) General Index closed 0.70% higher at 1,310.40 points. Shares of the DFM, the only Arab bourse which is publicly listed, soared 4.28% to reach Dhs0.707.
Gulf News reported about increasing demands from bankers and economist in the UAE to consolidate stock markets in Dubai and Abu Dhabi. According to the Abu Dhabi-based The National, UAE-based brokers also asked stock market authorities to lower trading fees, "as these fees are 15 times higher than in Saudi Arabia." Both measures could attract more capital to the UAE equity markets. Emaar Properties gained 0.83%, closing at Dhs2.43. Some 64m shares were traded, valued at Dhs59m.
Source: AME Info
Saudi Arabia may open stock market to foreigners this year
January 17, 2012--Foreign investors are expected to be allowed to invest directly in Saudi Arabia’s $340bn stock market for the first time later this year, the Financial Times has reported.
International access to the Saudi stock market could happen “as early as the first half of this year or even the first quarter,” said Sam Vecht, a senior emerging-markets fund manager at BlackRock.
Source: AME Info
Kuwait market index reaches 5,800
January 18, 2012--The KSE Market Index added 0.20% Wednesday. All sector indexes, except the banking segment, gained value. Rising oil prices, climbing above $101 per barrel (U. S. crude) today, helped the KSE to remain on a growth track.
The State of Kuwait's federal budget relies 95% on oil revenues. "As emerging market central banks move to cut rates we expect a more sustained rally in commodities," says Gary Dugan, CIO Private Banking at Emirates NBD in Dubai in his weekly commentary.
Source: AME Info
Saudi Arabia targets $100 crude price
January 16, 2012--Saudi Arabia is aiming to keep oil prices at around $100 a barrel, a third above its previous public target,
in a sign that Riyadh needs higher oil revenues to sustain a big hike in public spending.
Source: FT.com
Kuwait's customer satisfaction index (SHCSI) rises in 2011
January 16, 2012--Kuwait: Customer satisfaction in Kuwait rose slightly to 7.71 points in 2011 from the previous year,
an increase of 0.03 points that was led by an overall customer satisfaction increase in 12 of the 15 measured industry categories, said Service Hero, which conducts the Service Hero Customer Satisfaction Index (SHCSI) annually. [AMEInfo.com]
Source: AME Info
Dubai market meltdown continues
January 16, 2012--The DFM General Index lost another one per cent Monday, closing at 1,301.24 points. DFM shares plummeted to an alltime low at Dhs0.678.
Only three shares gained, among them Air Arabia, closing half a per cent at Dhs0.568. Ajman Bank added 0.13%, finishing at Dhs0.80. Earlier in the day the Islamic bank announced that its CEO Mubashar Khikhar has resigned for personal reasons. Mohammed Amiri was named acting CEO Some 72.8m shares were traded, valued at Dhs73.4m.
Source: AME Info
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