Middle East ETF News Older than One Year
First Gulf Bank advances on sukuk plans
January 11, 2012--The Abu Dhabi market gauge ADXGI added 0.14%, finishing at 2,365.46 points.
Real estate bellwether Aldar Properties plummeted 2.35% to Dhs0.82. Shares of First Gulf Bank or FGB, the UAE's fourth largest lender by assets, gained 0.65%, finishing at Dhs15.35. Earlier in the day, FGB said it plans to launch a Dhs1.82bn ($500m) Islamic bond or sukuk with a duration of five years. FGB said National Bank of Abu Dhabi (NBAD), HSBC, Standard Chartered Bank will function as joint lead managers. Fund raised with the sukuk shall promote the growth of FGB's Islamic window.
Source: AME Info
Fickle oil prices decelerate Saudi market advances
January 11, 2012--Despite market bellwether Sabic losing a quarter per cent Wednesday, the Tadawul All Share Index (Tasi) added 0.15% to close at SR94.50. Shares of Arab National Bank closed 0.36% higher at SR27.60.
Earlier in the day Arab National Bank announced that its net profit for the twelve months reached SR2.17bn compared to SR1.91bn for the same period last year representing an increase of 13.6%. As oil prices fluctuate around $100 per barrel, the advance-decline ratio worsened to 71 to 59. According to Gary Dugan, Chief Investment Officer (CIO) at Emirates NBD in Dubai, the tightness of supply (in commodities) has been a particular feature of the oil market where prices remained strong even in the face of the weakness of the global economy in 2011. Dugan added, that "Goldman Sachs forecasts that although in 2012 demand for oil from developed markets will fall 0.25 million b/d, emerging market demand could increase by 1.25 million b/d." Dugan concluded that a WTI oil price of $115-120 is still "very possible in 2012."
Source: AME Info
Egypt regulator prepares plan to revive markets
January 11, 2012--Egypt: The Egyptian Financial Supervisory Authority (EFSA) is preparing steps to help companies resume raising money in the country's moribund capital markets, with active issuance of stocks and bonds still likely to be many months away because of political uncertainty,
Reuters has reported. The EFSA is close to removing the remaining curbs on stock market trading imposed in February during turmoil surrounding the ouster of President Hosni Mubarak, said EFSA chairman, Ashraf El Sharkawy. It is also readying regulations to make it easier for companies to issue bonds. "There are two factors for the financial markets: the regulations and the political uncertainty. I can influence one but not the other," Sharkawy said.
Source: AMEInfo.com
QE tops among Arabian bourses
January 10, 2011--For the second consecutive year, Qatar Exchange (QE) emerged as the “best performing market” in the Arab region with its index growing 1.12% in 2011.
QE was also the only bourse in the Arab world to register “positive price returns”.
The year ended with capitalisation of more than QR457bn, representing an increase of 1.59% and adding more than QR7bn to total market capitalisation of QR450bn registered in 2010.
On the world stage, Qatar ranked number eight in terms of total return performance (including dividends) with a total return of about 5.6%.
Source: Gulf Times
Dubai Financial Market fluctuates, ends in the green
January 10, 2012--The DFM General Index added 0.36% to reach 1,340.32 points, finishing a roller coaster trading session on Tuesday.
Arabtec Construction topped again the list of the most liquid shares, gaining 1.18% to reach Dhs1.71. Bank Emirates NBD fell 0.71% to Dhs2.80. Thirteen sharea added value, nine fell and seven closed unchanged.
Source: AME Info
Lacklustre Abu Dhabi market ends even
January 10, 2012--The ADX General Index added 0.05% to reach 2,362.17 points. like the market gauge, Sorouh Real Estate and Bank of Sharjah closed unchanged.
Bellwether Etisalat, the UAE's first telecom operator extended its recovery tour and gained half a per cent, finishing at Dhs9.12. Some 40.25m shares were traded, valued at Dhs51.3m.
Source: AME Info
Qatari bank shares, market index tumble
January 10, 2012--The Qatar Exchange (QE) dived two per cent to 8,629.25 points, as shares lost value across the board, with banks taking a severe hit in particular.
The country's largest lender Qatar National Bank or QNB plummeted 5.17% to QR145. According to bloomberg, investors were disappointed with QNB's dividend payout plan. QNB's preliminary 2011 financials results revealed a QR7.5bn net profit (a 32% increase) and recommends a 40% cash dividend and 10% bonus shares at its AGM and EGM on January 29 2012.
Source: AME Info
Saudi Hotels Company gain on 2011 profit increase
January 10, 2012--The Saudi Arabian Tadawul market index soared half a per cent Tuesday, closing at 6,476.6 points. Petrochemical leader Sabic added 0.80% to close at SR94.75.
Shares of Saudi Hotels & Resort Areas Co. advanced 1.23% to finish at SR32.80. Earlier in the day, Saudi Hotels Co. announced that its net profit during 2011 amounted to SR153.7m as compared to SR122.7m for the same period of the previous year, representing a 25.3% increase. The share gained around 18% last year as the Saudi tourism market increasingly opens up to foreigners and successfully lures domestic travellers.
Source: AME Info
Arab Global Commodities DMCC Launches New Commodities Research Service For Clients In UAE - Service Will Provide Institutional And Retail Investors Insights Into Market Moves And Trading Strategies
January 9, 2012--Arab Global Commodities DMCC (Arab Global), a leading Dubai-based commodities and currency trading firm announced the launch of a research service aimed at providing investors and traders insights into market moves, commodities trading strategies and operational practices.
This unique service will help institutions, investors and traders obtain vital industry intelligence necessary for them to monitor the market and take advantage of trading opportunities.
Arab Global, a member of the Dubai Gold and Commodities Exchange (DGCX) since January 2006, and based in the Dubai Multi Commodities Centre (DMCC), provides an advanced commodity and currency trading platform and comprehensive trading services to institutional and retail traders. The firm is regulated by the Securities and Commodities Authority (SCA).
Source: HFT Review
Jazeera Airways shares recover from recent profit takings
January 09, 2012--Kuwait: The Kuwait Stock Exchange (KSE) Market Index fell half a per cent to 5,694.1 points. All sector indexes ended in the red. Budget carrier Jazeera Airways rebounded 5.74% to re-reach KD0.460.
From a chart technical point of view, Jazeera is on the way to fulfil a shoulder-head-shoulder formation. The share was one of the best performing stocks in the GCC last year. [AMEInfo.com]
Source: AME Info
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