Middle East ETF News Older than One Year
Etisalat adds as firm appoints Group CEO
August 24, 2011--The ADX Geneal Index closed at 2,582.13 points (up 0.18%) on Wednesday. The UAE's first telecom provider Emirates Telecommunications Corporations, better known as Etisalat, ended half a percent higher at Dhs10.15.
Earlier in the day, Etisalat announced its board of directors has appointed Mr. Ahmad Abdulkarim Julfar Group CEO. ADX heavyweights Sorouh Real Estate and Dana Gas finished both unchanged at Dhs1.14 and Dhs0.54, respectively.
Source: AME Info
Trading turnover meltdown at Dubai market
August 24, 2011--Only 34.54m shares valued at Dhs47.3m changed hands at the DFM today, pulling the DFM General Index down by 0.11% to 1,457.34 points.
Emaar dipped 0.36% to Dhs2.76. Union Properties, the developer of the Dubai Motordrome, bucked the trend, gaining 4.17% to close at Dhs0.375.
Source: AME Info
DP World shares slip below $11.00
August 24, 2011--At the NASADAQ Dubai, market bellwether Dubai Ports (DP) World dived 3.15% to $10.75. Interior designer Depa Limited ended flat at $0.475. Earlier in the day, Depa reported a net profit for the first half-year of Dhs48m ($13.1m), up from a loss of Dhs103.7m in the same period last year.
Mr Mohannad Sweid, CEO of Depa, commented: “Overall performance was strong on many fronts. Our successful diversification strategy reduced the impact of the global macroeconomic and regional geo-political environment on our results and backlog growth. Encouragingly, we are witnessing large and mega-projects that were originally delayed finally coming on-stream. We recently signed a Dhs222m contract for work at the King Abdullah Petroleum Studies & Research Centre in Riyadh and we anticipate signing other delayed projects in the latter half of 2011 and on-going into 2012.
Source: AME Info
Saudi investors show little mercy with Sabic shares
August 23, 2011-Although bellwether Sabic fell for the sixth consecutive day (off 1.08% at SR91.00), the TASI benchmark ended up 0.10% to close at 5,920.73 points.
Saudi Automotive Services Co were the top gainer (up 6.84% at SR14.05). As the last week of the Holy month of Ramadan has began, a lot of stocks posted no trading or finished flat, such as Alinma Bank (even at SR9.15) or Sanad Insurance & Reinsurance Cooperative Company (unchanged at SR16.70). Forty-five shares went up, and 74 declined.
Source: AME Info
While gold prices drop, Dubai Gold Securities edge higher
August 23, 2011--August 23, 2011--At the NASDAQ Dubai, investors booked profits at Depa Ltd. (off 5% at $0.475), the Dubai-based interior designer. DP World stabilised at $11.10 (unchanged), while Dubai Gold Securities hit a new high at $188.42, although the price for an ounce of gold dipped slightly on Tuesday, to $1,878 from $1,900.
"Trading in Dubai Gold Securities (DGS) totaled 6,470 securities in the four weeks ending August 11, up from 636 in the whole of 2011 before that date," the NASDAQ Dubai said earlier in an e-mailed statement.
Source: AME Info
Kuwait Stock Exchange declines slightly
August 23, 2011--The KSE Market Index dipped a quarter percent to 5,767.5 points due to a mix of lacklustre trading and a lack of catalysts.
Shares of National Bank of Kuwait (NBK) fell 1.88% to KD1.040. Global Investment House recovered further to KD0.024 (up 2.17%).
Source: AME Info
Qatari banks lift stock exchange slightly higher
August 23, 2011--The QE Index in Doha advanced by 28.5 points to 8,124.12 (up 0.35%). News that the conventional International Bank of Qatar (IBQ) has sold its Islamic banking retail business to Barwa Bank brought new optimism to the market that the financial sector will manage to separate Islamic from conventional banking, as the country's central bank imposed in February this year.
Commercial Bank of Qatar, the number two in the Gulf state, surged 1.88% to reach QR75.80, while Al Ahli Bank gained 3.38%, closing at QR82.50. Qatar Telecom declined 0.68% and finished at QR146.00.
Source: AME Info
Abu Dhabi energy heavweights move diametrally
August 23, 2011--The ADX General Index added a quarter percent on Tuesday, mainly due to advances in the financial and real estate sectors. First Gulf Bank gained half a percent to reach Dhs15.75, while Aldar Properties edged 0.85% higher to reach Dhs1.19.
While Abu Dhabi National Energy Co., known as Taqa, dipped 0.83%, Sharjah-based Dana Gas surged 1.85%, closing at Dhs0.54. Only 28.5m shares that were valued at Dhs57.1m changed hands.
Source: AME Info
Lacklustre Qatari bourse closes unchanged
August 22, 2011--The Doha-based QE Index ended up but eventually lost steam and closed flat at 8,095.54 points.
While banks outperformed, industry and insuranse stocks dipped overall. Al Ahli Bank soared 4.31% to reach QR79.80.
Source: AME Info
Global shares lead Kuwait market recovery
August 22, 2011--In an apparent positive reaction to the news from the fall of Tripolis to Libyan rebells, the KSE Market Index added 0.29%, ending at 5,780.9 points.
Global Investment House jumped 11.62%, closing at KD0.024. The insurance sector index fell slightly, with Warba Insurance Co. diving 5.2% to KD0.144.
Source: AME Info
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