Middle East ETF News Older than One Year
Dubai market deducts another half a percent
November 17, 2011--The DFM General Index closed Thursday down 0.58%, closing at 1,379.05 points.
Over the week, the benchmarkt added around 5 points. The Middle East's largest lender by assets Emirates NBD dived 2.40% to Dhs3.25. Islamic financial heavyweights Dubai Islamic Bank and home financing specialist Tamweel both outperformed the market, closing up 0.50% and 0.70%, respectively. Trading volumes remained very low. Only 21.7m shares were traded, valued at Dhs23.1m.
Source: AME Info
Egypt to get support from Arab Monetary Fund
November 17, 2011--Egyptian planning and international cooperation minister, Faiza Abu el-Naga has announced the country is to receive $200m to support its budget from the Abu Dhabi-based Arab Monetary Fund (AMF) this month and a second tranche of financing worth $270m in December, Reuters has reported.
Egypt has so far received $1 billion in budgetary support from Gulf countries to help to cover its deficit which expanded after the uprising in February that unseated President Hosni Mubarak. The government forecasts a deficit of 8.6% of gross domestic product in the financial year to the end of June 2012, although economists say this estimate may prove optimistic.
Source: AME Info
Euro zone 'systemic crisis' keeps Saudi market under pressure
November 16, 2011--On its last trading day of the week, the Saudi Arabian Tadawul market declined 0.16% to 6,219.95 points. Market bellwether Sabic ended flat at SR95.75. Despite solid oil prices, which rose 20% during the last six weeks, the Saudi market suffers from the on-going Euro debt crisis which is now in danger of spreading to France.
Gary Dugan, CIO Private Banking at Emirates NBD in Dubai, has doubts that recent government changes in Greece and Italy will improve the delicate situation in the Euro zone. "The financial markets are taking heart that the Euro zone is seeing signs of political change. Leadership change in Greece and Italy, and pending change in Spain has given a hope that some stability can be brought to the Euro zone. New governments and new leaders however face the same problems – the need for very painful structural economic change." Meanwhile, France faced rising costs of borrowing as its investment grade rating AAA came under fresh pressure. European Commission President Jose Barroso said the Euro zone faces a "systemic crisis", dragging down the 17-state common currency Euro down to a five-week low.
Source: AME Info
Qatar Telecom rises on Asia Pacific deal
November 16, 2011--The QE Index closed 0.06% higher at 8,748.57 points. Shares of Qatar Telecom, known as Qtel, added 0.41% to reach QR147.10.
Earlier in the day Qtel announced that Asia Mobile Holdings ("AMH"), an investment company jointly owned with Singapore Technologies Telemedia which focuses on investment opportunities in the Asia Pacific region, has executed a Share Purchase Agreement with Aranda Investments, and has acquired a further 7.45% of StarHub Ltd. This increases its total stake to 56.55% and Qtel's effective stake to 14.14%. Qtel Group Chief Executive Officer, Dr. Nasser Marafih, commented, “As part of our strategy we continue to review our portfolio on an ongoing basis and look where possible to increase our holdings in existing assets. We are pleased to have increased our holding in StarHub, in conjunction with our partners ST Telemedia and we will look to take advantage of further growth opportunities to develop our presence in South East Asia as they arise.”
Source: AME Info
DP World shares retreat by 2.5% amid low trading turnover
November 16, 2011--Dubai Ports (DP) World fell 2.47%, closing at $10.63. DP World were the only shares
that were traded at the NASDAQ Dubai Wednesday. Since August, DPW have been trading in a range between $10 and $12.
Source: AME Info
Taqa outperforms market and ADX blue chips
November 16, 2011--The ADX General Index declined for the third consecutive day, ending 0.18% lower at 2,475.57 points.
Abu Dhabi National Energy Co. or Taqa (Arabic for Energy) gained the most (up 2.54% at Dhs1.21) as the UAE's largest oil and gas exploration firm reaps benefits from its 146% year-on-year net profit increase in the third quarter, as it reported yesterday. Real estate bellwether Aldar Properties and its rival Eshraq both ended even. The sheikhdom's first lender National Bank of Abu Dhabi fell by half a per cent, finishing at Dhs10.35. Like in Dubai, trading turnover remained very weak at the ADX.
Source: AME Info
The Palestine Exchange (PEX) issues the "Investor Relations' Guide
November 16, 2011-The Palestine Exchange (PEX) has issued the "Investor Relations" guide; the first of its kind in Palestine to include comprehensive information on the concept of Investor Relations (IR) and its vital role in public shareholding companies. Issuing an IR guide was one of the recommendations of the Fourth Annual Palestinian Capital Market Forum of 2010.
Ahmad Aweidah, CEO of the Palestine Exchange pointed the importance of the IR guide as a significant tool to educate public shareholding companies about the value of establishing IR departments and effective IR practices; a necessity given the current regional and global challenges.
Aweidah pointed to the significance of building an effective IR strategy among publicly listed companies aiming to attract new capital and to increase trading on the company's stock and liquidity. Aweidah stressed that constant communication with shareholders, investors, potential investors, analysts as well as media will not only contribute to attracting investors but will also achieve a fairer valuation of the company's stock.
view the Investor Relations Guide
Source: Palestine Exchange (PEX)
EGX launches NILEX new trading system on 13 November 2011
November 16, 2011--The Egyptian Exchange (EGX) celebrated the launch of NILEX new trading system with a "Ringing of Bell Ceremony" on Sunday 13th of November 2011. EGX's Chairman, Dr. Mohammad Omran, announced that the trading system applied in the main market will be applied to NILEX from this day onwards.
He also stated that the coming period will witness some activities in this market for the benefit of the investor among which are;
Handing the Nominated Advisors file to The Egyptian Exchange from EFSA
Disclosing NILEX companies' financials on regular bases through its website and through media channels. That will help investors taking their investment decisions.
Initiating cooperation with institutions that will help in the growth of this market i.e. ITIDA & IDC through attracting new companies to get listed.
Source: WFE
Lacklustre Saudi Stock Exchange dips 0.16%
November 15, 2011--The Tadawul bourse's benchmark index ended off 0.16% Tuesday, closing at 6,227.79 points. Sabic, the petrochemical and metals producer ended 0.78% lower at SR96.75.
Shares of Al-Rajhi Company for Cooperative Insurance finished even at SR56.25. Earlier in the day, Al-Rajhi announced the receipt of the Saudi Arabian Monetary Agency's acceptance of temporary approval for Personal Accident Group Takaful Product on Tuesday for six months.
Source: AME Info
Qatari investors book profits, prevent indes from breaking through 8,800
November 15, 2011--The QE Index slipped by a quarter per cent, closing at 8,743 points. Shares of the country's first telco operator Qatar Telecom or Qtel fell by 0.34%, finishing at QR146.50.
Earlier in the day Qtel announced that its subsidiary Indosat, the Indonesian telecommunications company, signed "an exclusive non-binding memorandum of understanding (“Non-binding MOU”) with PT Tower Bersama Infrastructure Tbk. (“Tower Bersama”) to negotiate a proposed transaction involving the sale of a portion of Indosat’s existing tower assets and the lease of certain site space thereon." Real estate firm United Development Company outperformed the market by gaining 2.17% to reach QR12.65.
Source: AME Info
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