Middle East ETF News Older than One Year
Nasdaq Dubai to re-launch derivatives market
October 25, 2011--Nasdaq Dubai will relaunch its derivatives market, targeting regional institutions wanting to hedge their share portfolios, the exchange's chief executive told Reuters.
The bourse, owned by Dubai Financial Market , launched a derivatives exchange in November 2008 at the height of the global financial crisis and trading has been lacklustre.
Source: Trade Arabia
Dubai benefits from Arab Spring but investor sentiment remains low
October 24, 2011--United Arab Emirates: Dubai is still attracting firms and businesses in their droves.
The rebound will continue despite the US and Eurozone debt crisis. But not all market participants will see success to rival the hey-days of the first decade of the millennium. [AMEInfo.com]
Source: AME Info
Saudi could open stock exchange to foreign investors
October 24, 2011--Saudi Arabia: Deutsche Bank has said Saudi Arabia could shortly open its stock exchange to foreign investors, a move which would allow international capital to own shares outright on the Middle East's largest bourse for the first time, Reuters has reported.
Currently, international investors can only buy into Saudi shares through equity swap arrangements, where a licenced intermediary in the kingdom holds the stock on their behalf, or a small number of exchange traded funds (ETFs). [AMEInfo.com]
Source: AME Info
Kuwait producing 2.9m bpd
October 24, 2011-Kuwait: Mohammad al-Busairi, Kuwait's oil minister has said the Gulf country is producing 2.9 million barrels of oil per day and described current oil prices as "reasonable for the consumer and for production levels,"
Reuters has reported. Additional oil pumped into the market by Saudi Arabia and Kuwait had helped lower prices from levels in June, after they were pushed up by fighting in OPEC producer Libya, he said. [AMEInfo.com]
Source: AME Info
Saudi Arabian insurance shares aim for more
October 24, 2011--The Tadawul All Share Index or Tasi declined 0.07% to close at 6,132.25 points.
The top three gainers were Buruj Cooperative Insurance, Sagr Insurance and Watanyia Insurance, all gaining over nine percent. But market bellwether Sabic, the petrochemical and metal producer, declined a quarter per cent to SR93.75.
Source: AME Info
Doha Banks expands to Abu Dhabi, but stock struggles
October 24, 2011--The QE Index gained 0.30% to reach 8,457.95 points. Real estate firm United Development Company gained the most (up 7.13% at QR22.40).
Doha Bank closed even at QR62.30 as the share has been struggle with a resistance line between QR63 to QR65. Doha Bank receivd approval to expand to Abu Dhabi. In today's issue of The National, Doha Bank announced it is looking for adequate office space in the UAE capital. It will be Doha Bank's second branch in the UAE.
Source: AME Info
Depa Ltd. ends even despite backlog surge to a record high
October 24, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1405.29 today, down 0.31%, from the previous close.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Shares of global port operator DP World and Depa Limited, the interior design giant from Dubai, closed flat at $10.60 and $0.445, respectively. Earlier in the Day Depa said in a statement posted on the NASDAQ Dubai website that its backlog jumps to record high of Dhs3.9bn. Depa added it has won a Dhs929m contract – Depa’s largest contract ever signed – for the complete fit-out of the 27 lounges at Doha’s new international airport. Lindner Depa, the Company’s joint-venture, which specialises in infrastructure projects, will undertake the one year contract with immediate effect.
Source: AME Info
Aldar shares fall back below one Dirham
October 24, 2011--The ADX General Index recovered slightly on Monday, closing up 0.20% at 2,446.71 points. Sharjah Islamic Bank gained the most (up 3.41% at Dhs0.91) Real estate heavyweights Aldar Properties (off one per cent at Dhs0.99) and Sorouh Real Estate (1.09% lower at Dhs0.90) weighed on the benchmark.
Yesterday,National Bank of Fujairah, known as NBF, (not traded) reported a nine-month profit of Dhs200.9m (up 54.5% year-on-year). Total assets increased 9.2% to Dhs14.2bn. A whopping 11 shares closed flat, while nine advanced and eight declined. Only 22.1m shares were traded, valued at Dhs41m.
Source: AME Info
Investors disappointed over Emirates NBD quarterly results
October 25, 2011--The DFM General Index dipped 0.32% to 1,359.77 points. Bank Emirates NBD or ENBD was the share of the day and dived 4.58% to Dhs3.54. Earlier in the day ENBD, the largest Middle Eastern bank in relation to assets, reported that its net profit in the third quarter has declined by 59% to reach Dhs175m. Declining customer deposits and a stagnating loan portfolio are weighing on the result.
Yesterday, ENBD's takeover of the smaller Islamic Dubai Bank, which happened two weeks ago, is not included in the Q3 result as the effective date of takeover occurred after the balance sheet date. Emaar Properties was the most liquid shares and gained 0.83%, closing at Dhs2.48. Earlier in the day Emaar announced the launch of the Dawahi Development to develop “value housing” projects across Arab world. Some 52.8m shares were traded, valued at Dhs52.5m.
Source: AME Info
Increased Yemen attacks threaten gas exports
October 23, 2011--A surge in attacks on Yemen's oil and gas infrastructure threatens further disruptions or a complete cut in exports, Reuters has reported.
"Further attacks on energy assets in Yemen are likely in the next year, even if these only target pipelines rather than larger complexes," said Anna Boyd at consultancy Exclusive Analysis. The targeting of a sector that accounts for nearly 75% of government revenues could have a lasting impact on Yemen's ability to export fuels that generate over 90% of its foreign currency.
Source: AME Info
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