Middle East ETF News Older than One Year
Arabtec soars on $204m India project
October 06, 2011--In the wake of a general stock market recovery in East Asia and in Europe, the DFM General Index closed 0.75% higher at 1,395.43 points Thursday. District cooling specialist Tabreed gained the most, ending up 7.45% at Dhs0.635. Shares of Arabtec Construction soared 2.35% to reach Dhs1.33.
Earlier in the day, Arabtec announced that it has received a letter of intent from its Indian joint venture partner Rehaja Developers to build three mixed use projects in New Delhi and Gurgaon with a value of Dhs750m or $204m. The city of Gurgaon is located in the southwest of the capital and, as a business and service hub, has attracted numerous international firms and banks in recent years. The aforementioned projects are scheduled to be completed within 5 years. Aramex fell 0.56% to Dhs0.479. Some 40m shares changed hands and were valued at Dhs41.8m.
Source: AME Info
Bahrain Bourse closes unchanged
October 06, 2011--The Manama benchmark Bahrain All Share Index ended unchanged at 1,165.71 points Thursday. Aluminum Bahrain (Alba) and Bahrain
Telecommunications (Batelco) ended flat. Bahrain Duty Free Shop Complex was the only advancing stock, closing up 0.74% at BD0.68. [AMEInfo.com]
Source: AME Info
Bargain hunters enter Riyadh bourse, lift Tasi benchmark above 6,000
October 05, 2011--Lifted by low valuations and stock market rebounds in Europe, the Tadawul bourse added 0.62% to reach 6,002.09 points, although market bellwether Sabic fell 0.57% to SR87.75.
Sanad Insurance & Reinsurance Cooperative Company jumped 10% (limit up), closing at SR19.25. Despite today's market mini rebound, prospects remain tricky. "The Euro zone crisis is hitting the emerging market financial markets hard(...) Analysts are now highlighting that the Euro zone banks are a major source of funding for many companies round the world. If Euro zone banks conserve their capital they may withdraw some of their funding of global companies, thereby creating a more widespread global credit crunch," says Gary Dugan, CIO Private Banking at Dubai-based Emirates NBD. Meanwhile, the risk that Dexia Bank from France and Belgium will collapse increased Wednesday after clients withdrew EUR300m. Dexia Bank owns risky securities, including sovereign bonds from Greece, worth EUR95bn. Also, in Saudi Arabia SABB HSBC Saudi Arabia Purchasing Managers' Index (PMI) for September 2011 slipped to a new low of 54.5 (from 57.9 in August).
Source: AME Info
Jazeera Airways shares fly higher and higher
October 05, 2011--The KSE Market Index closed up 0.26% at 5,819.6 points. Budget carrier Jazeera Airways ended 9.8% higher at KD0.310.
Jazeera's shares rose almost threefold during the last 12 months. Burgan Bank added 1.06% to reach KD0.475. Since the bank hit a 12-month low at KD0.440 in mid-September, Burgan recovered well during the last week, despite negative impact from the debt-crisis-ridden Euro zone.
Source: AME Info
Qatar National Bank ends flat, as 9-month profit soars
October 05, 2011--The QE Index closed unchanged at on Wednesday. The gas-rich state's largest lender Qatar National Bank or QNB ended likewise even at QR139.50.
Earlier in the day QNB revealed an interim financial statements revealed a net profit of QR5.4bn for the nine months period ended September 30, 2011 in comparison to a net profit of QR4.1bn for the corresponding period last year.
Source: AME Info
Abu Dhabi property stocks stabilise on Asteco report
October 05, 2011, 7:27:04 AM
The ADX General Index dipped 0.34% to 2,488.43 points. After falling sharply in recent days, Sorouh Real Estate and RAK Properties ended both flat at Dhs1.00 and Dhs0.33. Earlier in the day, real estate services provider Asteco said that "the Abu Dhabi property
market showed signs of stabilisation during the last quarter (Q3 2011) with apartment rental rates declining just 6%, compared with 8% and 9% in the preceding two quarters." Districts like Raha Beach, Marina Square and Reem Island see new positive momentum, according to the report. Elaine Jones, CEO Asteco, added: "“The strong rental demand we are witnessing is being driven by existing residents’ desire to upgrade and secure better value for money accommodation. This trend is set to continue as future improved quality accommodation is handed over in the coming months." Abu Dhabi Commercial Bank or ADCB was the most liquid advancing share, closing 0.72% higher at Dhs2.78. Some 44m shares were traded, valued at Dhs75.1m.
Source: AME Info
Emaar, GGICO drag Dubai market down
October 05, 2011--While Arabtec, Dubai Islamic Bank and DFM shares stabilised (all three blue chip stocks closed flat),
Emaar Properties (down 1.17% at Dhs2.53) and Gulf General Inevstment Co. or GGICO (4.35% lower at Dhs0.22) weighed on the DFM General Index, finishing off 0.16% at 1,385.08 points. Trading volumes dived by over a fourth compared to yesterday, as 53.7m share were traded, valued at Dhs57.4m.
Source: AME Info
Egypt sees foreign reserves dip in August
October 05, 2011--According to figures published on the Egyptian central bank's website yesterday, the country's net foreign reserves fell from $25.01bn at the end of August to $24.01bn last month,
Reuters has reported. Reserves came down by around 31% since September 2010, when they totalled $35.53bn. [AMEInfo.com]
Source: AME Info
Saudi Arabian bourse falls by one percent
October 04, 2011--In the wake of global recession fears, triggered by Euro Zone and U. S. debt woes,
the Tadawul market closed 0.98% lower at 5,965.13 points on Tuesday. Bellwether Sabic dropped 1.12% to SR88.25.
Source: AME Info
Kuwait Stock Exchange falls the second day straight
October 04, 2011--The KSE Market Index (off 0.13% at 5,804.3 points) saw once again losses across all sectors, while the largest lender National Bank of Kuwait
Today, (NBK) advanced 1.88% to reach KD1.080. Logistics specialist Agility posted the second largest gain, closing 8.2% higher at KD0.330.
Source: AME Info
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