Middle East ETF News Older than One Year
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
Taqa gains, reports 146% third quarter net profit increase
November 15, 2011--The ADX General Index diped 0.27% to 2,480.07 points. Abu Dhabi National Energy Co. or Taqa gained 0.85% to reach Dhs1.19.
Earlier in the day Taqa reported that its third quarter net profit before minority interests of Dhs537m, a 146% increase compared to the corresponding period in 2010. Etisalat was the most liquid share and added Dhs0.01, closing at Dhs9.99. Earlier in the day Etisalat said it appointed Ahmed Alawadi as Acting Chief Financial Officer.
Source: AME Info
Dubai market closes unchanged
November 15, 2011--The Dubai Financial Market (DFM) closed at 1,388.23 points on Tuesday. Arabtec, Emaar and Aramex endd likewise flat.
Unionen Properties and the DFM weighed on the market, declining by one per cent and 0.68%, respectively, in a lacklustre trading session. Some 35.6m shares were traded, valued at Dhs38.8m.
Source: AME Info
Dubai's October inflation reaches three month high
November 15, 2011--According to data by the Dubai Statistics Centre, the emirate’s annual inflation rate rose to a three-month high of 0.3% in October as food prices climbed, but analysts said inflationary pressure remained modest, Reuters has reported.
"It's another very weak print. Growth may have picked up a little this year, but domestic demand is still pretty subdued and there is still a lot of spare capacity in the economy, particularly in the real estate sector," said Simon Williams, chief economist for the Middle East and North Africa at HSBC.
Source: AME Info
National Bank of Kuwait reaches five-month high
November 14, 2011--The KSE Market Index closed unchanged at 5,870.4 points. The country's largest lender National Bank of Kuwait or NBK gained 1.72% and closed at KD1.180,
the highest value since June 27. Gulf Investment House dived 10% to KD0.022, finishing as the top loser.
Source: AME Info
Tadawul bourse declines slightly amid lower oil prices
November 14, 2011--The Saudi Tadawul index fell by 0.31% Monday, closing at 6,238.02, as Sabic shares ended 0.25% lower at SR96.50.
Shares of ACE Arabia Cooperative Insurance Co. jumped 10% to reach SR55.00. Continuing worries over the development in Greece and Italy, where two new governments were sworn in, along with declining oil prices (off 0.75% at $98.25 (U$ Crude)). Forty-five shares gained, 74 fell and 26 closed even.
Source: AME Info
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