Middle East ETF News Older than One Year
Abu Dhabi blue chip shares close unchanged
August 16, 2011--The ADX General Index dipped half a percent on Tuesday, closing at 2,585.80 points. The ADX heavyweights Etisalat, Aldar Properties and Sorouh Real Estate ended flat.
United Insurance Co. (UIC) closed even at Dhs4. Earlier in the day, UIC announced a net profit for the second quarter of Dhs492,193 compared to a loss of Dhs647,000 in the same period last year. Dana Gas was the most liquid shares and finished 1.79% lower at Dhs0.54. Five shares gained, 17 lost and seven ended flat.
Source: AME Info
Dubai market declines amid lack of catalysts
August 16, 2011--While European governments are undecided whether common Eurobonds should be issued to tackle the debt crisis in the Eurozone, global stock markets remain in a stutter mode. Dubai's DFM General Index ended down 0.27% at 1,466.50 points.
Gulf General Investment Co. advanced the most (up 2.77% at Dhs0.297). Emirates NBD, the UAE's largest lender by assets, dived 1.97% to close at Dhs3.99. Earlier in the day, Fitch Ratings affirmed ENBD's 'A+' rating, but removed the bank from Rating Watch Negative. Six stocks gained, 13 lost and two ended flat. Around 48.32m shares were traded, valued at Dhs71.64.m.
Source: AME Info
Bahrain Islamic Bank soars on merger plans with Al Salam Bank
August 16, 2011--The Bahrain Bourse's benchmark index BASI dipped 0.06% to 1,266.22 points. Shares of Bahrain Islamic Bank (BIB jumped 2.06% to reach BD0.099. BIB is in talks with Alsalam Bank to merge in order to establish the largest Shari'ah-compliant bank in the Kingdom.
Earlier in the day it was revealed that French bank Crédit Agricole would shut down its Bahrain offices and shift 65 staff to Dubai. Shares of Bahrain Telecom ended down one percent, closing at BD0.406.
Source: AME Info
Saudi market reacts to global recovery rally
August 15, 2011--Investors in KSA hailed index advances in East and West amid falling credit risks and sent the TASI benchmark up 0.34% to the level of 6,136.1 points. The European Central Bank has started buying sovereign bonds of Eurozone's "trouble candidates", like Greece, Portugal or Ireland. Rising oil prices, adding over 2% on Monday, also helped the Tadawul bourse to regain territory.
Saudi Kayan Petrochemical Company surged 2.48% to reach SR16.50, while its rival and market bellwether Sabic ended down half a percent, finishing at SR97.75. Saudi Arabian Mining Co., known as Ma'aden closed 0.40% higher at SR25.30. In a jointventure with the U. S. blue chip company Alcoa, Ma'aaden started to build the GCC's largest integrated aluminum production site in Ras al Khair last Saturday. One hundred shares gained, 25 lost and 20 ended even.
Source: AME Info
DGCX volumes cross two million mark in 2011
2 million mark milestone achieved for the first time in any year since inception, YTD volume valued at US $98.7 billion
76% increase on YTD volume compared to 2010
August 15, 2011--The Dubai Gold and Commodities Exchange (DGCX) today announced that its year-to-date (YTD) volumes surpassed the two million contracts mark on August 12, 2011, the first time since inception.
Close of trading on August 12, 2011, saw year-to-date volumes reach 2,005,566 contracts, valued at US $98.7 billion, a 76% increase from last year. Year-to-date average daily volumes also rose by 67% to touch 12,963 contracts this year.
DGCX currency contracts, in particular the Indian Rupee/Dollar contracts, were the key drivers of the Exchange’s volumes, with Indian Rupee year-to-date volume reaching 1,356,993 contracts a 1331% increase from last year. Precious metals also witnessed increased interest and participation, with YTD volume touching 328,856, up by 1%.
Source: DGCX
TASE Launches Options On Israel Government Bonds
August 15, 2011--The Tel Aviv Stock Exchange (TASE) continues to expand Israel’s derivatives market with the launch of options on non-linked shekel-denominated government bonds. The new options were designed by a joint team of TASE, the Ministry of Finance, and Prof. Dan Galai. Trading is scheduled to commence on 10 November 2011.
TASE is making preparations for the designation of market makers for these new derivative products, in order to provide liquidity of the market from its inception.
The new options augment the tools at the disposal of bond investors, broaden the spectrum of investment strategies in fixed income instruments, and enable investors to more effectively hedge their investments. The options will be launched on two series of government bonds: series 0120, maturing in January 2020 and series 0217, maturing in February 2017.
Source: TASE
Abu Dhabi market ADX remains stuck at 2,600
August 15, 2011--United Arab Emirates: The oil price-sensite ADX General Index closed even at 2,600.02 points, as the shares of Abu Dhabi National Energy Co., known as Taqa, did (flat at Dhs1.20).
Oil prices declined again on Monday, slipping below $85 per barrel on Monday. According to National Bank of Abu Dhabi's Oil Brief published earlier in the day, UAE oil supply touched a new year high in July, reaching 3.2m barrels per day. Shares of Green Crescent Insurance Co. fell 3.45% to Dhs0.56. Earlier in the day Green Crescent announced it has achieved a net loss of Dhs16.7m in the second quarter, compared to a net loss Dhs12.1m in the same period last year. Thirteen shares gained, 12 lost and seven ended flat. Some 47m stocks were traded, valued at Dhs73.95.
Source: AME Info
A sharp last-minute decline keeps Qatar Exchange in the red
August 15, 2011--The Doha-based QE Index closed insignificantly lower at 8,114.49, as banks and industry shares gained slightly, while insurers and service providers lost.
Doha Bank advanced by half a percent, finishing at QR55.50. Yesterday, Fitch Ratings affirmed Doha Bank's long-term issuer 'A' rating. "Doha Bank has shown robust earnings, despite a slowdown in the domestic credit environment, mainly due to lower interest rates, which have reduced funding costs," Fitch has said.
Source: AME Info
Abu Dhabi market ADX remains stuck at 2,600
August 15, 2011--The oil price-sensite ADX General Index closed even at 2,600.02 points, as the shares of Abu Dhabi National Energy Co., known as Taqa, did (flat at Dhs1.20). Oil prices declined again on Monday,
slipping below $85 per barrel on Monday. According to National Bank of Abu Dhabi's Oil Brief published earlier in the day, UAE oil supply touched a new year high in July, reaching 3.2m barrels per day. Shares of Green Crescent Insurance Co. fell 3.45% to Dhs0.56. Earlier in the day Green Crescent announced it has achieved a net loss of Dhs16.7m in the second quarter, compared to a net loss Dhs12.1m in the same period last year. Thirteen shares gained, 12 lost and seven ended flat. Some 47m stocks were traded, valued at Dhs73.95.
Source: AME Info
Shuaa shares surge on asset management success
August 15, 2011--The local Dubai bourse DFM failed to sustain the positive momentum from the beginning of the week, falling 0.56% to 1,470.39 points on Monday.
Shuaa Capital shares jumped 6.21% to reach Dhs0.94 after the investment bank announced its assets under management crossed the mark of Dhs1bn. Trading volumes decreased to one of the lowest levels in the year, as some 33m stocks were traded, valued at Dhs51.1m. Seven shares gained, 12 lost and three ended flat.
Source: AME Info
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