Middle East ETF News Older than One Year
Cairo bourse down over 3.5% after election announcement
September 28, 2011--Egypt's stock exchange on Wednesday fell 2.9 percent, a day after the country's military rulers set the election timetable, prompting officials to suspend trading for half an hour.
The main EGX-30 index was down 2.99 percent, forcing the suspension of trading for 30 minutes, after which it reached 2.96 percent in the negative.
The drop came a day after the Supreme Council of the Armed Forces laid out the timetable for the first election since the ouster of President Hosni Mubarak in February by a popular uprising.
Source: Arab News Online
FTSE Licences Kuwait Stock Exchange with the Industry Classification Benchmark (ICB)
September 27, 2011--: FTSE Group (“FTSE”), the award winning global index provider, today announces that the Kuwait Stock Exchange (“KSE”) has selected the widely-used global standard - Industry Classification Benchmark (ICB) – as their chosen classification system.
The introduction of the internationally acclaimed ICB opens up the doors to a range of new sector-based investment strategies within exchange-based and wider investment products and services for domestic investors.
Established in 1962, the Kuwait Stock Exchange is one of the first and largest stock exchanges in the Gulf region. Its adoption of the globally recognised ICB marks a significant development as the exchange continues to gain prominence within the world financial markets. The incorporation of ICB within the exchange’s current index solutions and trading platform will further enhance the depth of information available in the market.
Source: FTSE
Kuwait Stock Exchange falls behind GCC trend
September 27, 2011--Despite a modest recovery at bourses in the UAE< Qatar and Saudi Arabia, the KSE Market Index declined 0.32%, closing at 5,853.8 points.
Gulf Investment House gained against the trend (up 8.3% at KD0.0305. With a year-to-date loss of over 15%, the KSE is third worst performing GCC market, behind Bahrain (down 16.21%) and Muscat (16.40% lower).
Source: AME Info
Qatar market rebounds after Standard & Poor's affirms country's AA rating
September 27, 2011, 8:13:51 AM
The Doha-based QE Index closed 0.39% higher at 8,417.98 points. Banks in particular advanced on rating agency Standard and Poor's affirmation of the gas-rich state's souvereign AA rating.
"The stable outlook balances S&P’s view of Qatar's strong fiscal and external positions against its underdeveloped domestic institutions and geopolitical risks," National Bank of Abu Dhabi commented. Qatar National Bank, the largest lender in the Gulf state, added 0.21%, closing at QR142.20
Source: AME Info
Abu Dhabi bourse adds half a percent
September 27, 2011--Driven by gains in the banking and real estate sector, the ADX General Index closed 0.47% higher at 2,543.81 points. National Bank of Fujairah posted the largest advance (up 9.80% at Dhs3.81.
Abu Dhabi Commercial Bank added 1.36% to close at Dhs2.36. Energy giants Taqa and Dana Gas closed flat. Arkan Building Materials dived 2.92% to end at Dhs1.34. UAE’s Minister of Economy Sultan Al-Mansouri repeated that the country;s real GDP growth is expected to be 3-3.5% in 2011. Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi (NBAD) commented earlier today: "We stick to our projection of 4.9% y-o-y output growth in 2011 for the time being and 3.6% y-o-y in 2012. In the event that the 2011 forecast is too optimistic, it would still be the case that growth in 2012 is slower purely based on an expected flattening of oil sector output growth and a comparable pace of non-oil activity."
Source: AME Info
Emirates NBD gains, as asset management unit partners up with Man
September 27, 2011--The DFM General Index soared after the opening but eventually closed only 0.13% higher at 1,448.46 points, despite a bearish advance/decline-ratio of six to 14. Shares of Emirates NBD, known as ENBD, added one percent to reach Dhs4.03.
Earlier in the day ENBD's asset management unit announced a strategic partnership with Man, a global alternative investment manager. "Under the terms of the agreement, Emirates Islamic Alternative Strategies Fund, managed by Emirates NBD Asset Management, will, through a Sharia-compliant approach, track the performance of Man’s GLG Multi-Strategy Fund," ENBD says in a statement. Emaar, on the first day of the real estate fair Cityscape Global, finished 0.36% higher at Dhs2.77. Some 56.7m shares were traded, valued at Dhs61.6m.
Source: AME Info
Kuwait 15 Index: Improving alternatives
September 26, 2011--On 16 December 2010, the Kuwait Stock Exchange announced plans to launch a new index, called "Kuwait 15".
The constituents of the new "Kuwait 15' index would be calculated based on both market value and value traded and would include top 15 companies listed on the KSE from across the sectors and is expected to start in November 2011.
Source:AME Info
Kuwait market index fights for 6,000 points
September 26, 2011--The KSE Market added 0.39% to reach 5,872.4 points.
In line with the rebound at Western markets today, the KSE banking sector posted the largest advance (up 1.12%). The country's largest Islamic bank Kuwait Finance House surged one percent to KD0.910.
Source: AME Info
Abu Dhabi bourse falls for the third day straight
September 26, 2011--The ADX General Index dipped a quarter percent to close at 2,531.88 points. Etisalat, RAK Properties, RAK Ceramics and Dana Gas closed unchanged.
Aldar Properties declined 0.85% to Dhs1.18. Only 36m shares were traded, valued at Dhs47.5m.
Source: AME Info
Trading volumes rise at NASDAQ Dubai, but stock prices mostly don't
September 26, 2011, 6:23:55 AM
The FTSE NASDAQ Dubai UAE 20 Index closed at 1458.910 today, down 1.06%, from the previous close.
Shares of DP World lost for the second trading day straight, closing half a percent lower at $9.75. Some 2.4m DPW-stocks changed hands, the highest volume since the end of Ramadan. Depa Limited dived 2.13% while jewelry trader Damas International surged 15% to reach $0.115. Two week ago, Damas has announced that it has been appointed as the official jeweler of a new Pan Arab TV series, providing around Dhs10m in jewelry for some of the Middle East's top celebrities. According to the NASDAQ Dubai management, individual investors accounted for 6.6% of the traded value of all shares traded on NASDAQ Dubai in the first eight months of 2011. Total equities traded value in the period by individual and institutional investors was 511 million dollars.
Source: AME Info
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