Middle East ETF News Older than One Year
Abu Dhabi bourse's heavyweights plummet on MSCI decision
December 15, 2011--The ADX General Index fell 1.21% to 2,413.24 points. Earlier in the day, index developer MSCI (Morgan Stanley, Capital International) decided for the third time to postpone a verdict whether or not the UAE shall be classified as an 'emerging market', up from the level of a 'frontier market'.
The verdict is delayed for another six months. Consequently, blue chips like Aldar Properties (off 4.17% at Dhs0.92) or Abu Dhabi National Energy Company or Taqa (down 0.83% at Dhs1.20) posted losses. Finance House bucked the trend and gained 7.38% to reach Dhs3.49. MSCI said it sees a positive development in the framework at UAE exchanges, but said institutional investors raised concerns over the protection of assets under the "delivery versus payment"-regulation.
Source: AME Info
NASDAQ Dubai blue chips post significant losses
December 15, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1415.79 today, down 2.56%, from the previous close.
Dubai Ports (DP) World dived 3.92% to $9.80, while Damas, the international jewelry trader from Dubai, plummeted 6.67% to close at $0.14. Some 2.5m shares changed hands at the NASDAQ Dubai.
Source: AME Info
Qatar Exchange dips slightly ahead of National Day
December 15, 2011--The QE Index ended 0.20% lower at 8,752.87 points Thursday. Earlier in the day Qatar failed to obtain a re-classification to 'emerging market' from 'frontier market' by index developer MSCI.
A QE spokesman commented: "Although we would have been happy if the reclassification has been achieved, we remain confident that the Qatari Market will continue its drive towards success motivated by the strong economy of the State of Qatar and the favourable performance of the companies listed on the exchange”, the spokesman said. “This year, QE is expected to be the best performing market in the region and one of the best dividend paying markets globally”, he added. The country's largest lender Qatar National Bank (QNB) fell 0.93% to QR149.30. Next Sunday, December 18, the Qatar Exchange will remain closed as the Gulf state will mark its National Day.
Source: AME Info
Commercial Bank of Kuwait recovers further from year-low
December 15, 2011--The KSE market gauge fell 0.31% Thursday and lost 0.75% over the second trading week in December, amid declining oil prices. Kuwait's federal budget relies 95% on oil export revenues.
Shares of Commercial Bank of Kuwait or CBK bucked the trend and climbed 2.5% higher to reach KD0.810. CBK has touched a year-low at KD0.730 on October 27 and has since then recovered constantly.
Source: AME Info
Qatar bourse gains slightly as investors expect MSCI vote
December 14, 2011--The Qatar Exchange ended 0.06% higher at 8,769.47 points. Geneva-based index developer MSCI, a leading company in the exchange- and fund management services industry, will announce later today whether or not it will upgrade Qatar to the level of an 'emerging market' from 'frontier market',
a move that could increase foreign investments at the Doha bourse. Mannai Corporation fell one percent to QR101. Earlier in the day Mannai said an Extraordinary General Assembly Meetings held Tuesday approved the proposed purchase by the company of all the shares of Black Cat Engineering and Construction for total consideration not exceeding QR250m.
Source: AME Info
Traders hail Taqa bid for Dubai power plant
December 14, 2011--The Abu Dhabi equity benchmark index fell 0.25% to 2,442.82 points. Abu Dhabi National Energy, known as Taqa, advanced 0.83% to reach Dhs1.21. Taqa, together with a Japanese-Korean Consortium is the front-runner
for the Dubai's first privately financed power plant, the Hassyan independent power project, due to the firms' lowest bid submission, The National reported yesterday. ADX Heavyweights Aldar Properties and Dana Gas closed even. Bank of Sharjah posted the highest decline, ending down 5.45% at Dhs1.55. Trading volumes surged as some 94.4m shares were traded, valued at Dhs259.55m.
Source: AME Info
DP World, Depa Ltd. decline at NASDAQ Dubai
December 14, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1452.92 today, down 1.23% from the previous close.
Dubai Ports (DP) World fell one per cent to $10.20. Interior designer Depa Limited dived 3.45%, finishing at $0.42. Trading volumes remain tiny at the Middle East's only international exchange, as less than one million stocks changed hands Wednesday.
Source: AME Info
Saudi investors pardon oil price setback
December 14, 2011--The Tadawul market added 0.76% , closing at 6,238.87 points despite oil prices (U. S. crude)dropping up to 3.5% Wednesday. Market bellwether Sabic closed even at SR94.25.
Saudi vitrified clay pipes co. fell the most, heading down 3.17% to SR61.00. Around 255.6m shares were traded in Riyadh, valued at SR5bn.
Source: AME Info
MSCI: UAE, Qatar still not fit for 'emerging market' upgrade
December 14, 2011--Global index provider MSCI (Morgan Stanley Capital International) delayed its decision for the third time to upgrade the UAE and Qatar to the level of 'emerging markets' from 'frontier markets',
the Geneva-based company announced early on Thursday. However, MSCI will continue to review progress at markets in Dubai, Abu Dhabi and Doha in relation to transparency and foreign investment accessibility and may decide in favor of the two Gulf states in six months time.
Source: AME Info
Kuwait Stock Exchange gauge posts first gain in three days
December 13, 2011--The KSE Market Index added 01.0% to reach 5,842.4 points, as National Bank of Kuwait (NBK) advanced 1.75%, finishing at KD1.160.
Since the end of October, the KSE benchmark ihas been trading in a range between KD1.120 and KD1.180.
Source: AME Info
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