Middle East ETF News Older than One Year
Abu Dhabi Commercial Bank Q3 profit climbes 90%
October 25, 2011--The ADX General Index broke a week-long series of losses and added 0.16% on Tuesday, closing at 2,450.61 points. Shares of the UAE's third largest lender Abu Dhabi Commercial Bank, known as ADCB, were not traded, ending unchanged at Dhs2.79.
Earlier in the day ADCB announced that it has earned Dhs613m in the third quarter, an 88% surge compared to the corresponding period the year before. Aldar Properties, Sorouh Real Estate, Abu Dhabi National Insurance Co. (Taqa) and Sharjah-based Dana Gas all closed flat.
Source: AME Info
Gulf Finance House soars as Islamic bank returns to Q3 profit
October 25, 2011--The Dubai Financial Market (DFM) General Index declined half a per cent to 1,353.69 points. Bahrain's leading Islamic investment bank Gulf Finance House or GFH posted the second highest advance (up 6.96% at Dhs0.507).
During the third quarter GFH earned $3.4m, up from a loss of 115.12m during the corresponding period in 2010. Emaar dipped 0.40% to Dhs2.47. Some 56m shares were traded, valued at Dhs47.7m.
Source: AME Info
Bahrain predicts economy to grow 5% next year
October 25, 2011--Sheikh Mohammad Bin Eisa Al Khalifa, CEO of Bahrain's Economic Development Board has said the Gulf country's economy is set to grow 5% next year after slowing down in 2011, as the government implements a stimulus package and receives aid from other Gulf countries,
Bloomberg has reported. "A lot of it is stimulus spending," Sheikh Mohammad said. "It is our largest capital-expenditure budget, plus the money coming in from the GCC."
Source: AME Info
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
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