Middle East ETF News Older than One Year
Dana Gas shares decline despite a whopping Q2 profit jump
August 11, 2011--The Abu Dhabi-based ADX market fell 0.52% to 2,588.64 points. Shares of Sharjah-based Dana Gas, the most liquid securities traded, ended 1.82% lower at Dhs0.55.
Earlier in the Day, Dana Gas announced it has achieved a net profit in the second quarter of Dhs124m, a 274% increase over Q2 2010. During the second week of August, the ADX dived three percent in value.
Source: AME Info
Qatar Exchange ends 0.25% lower
August 11, 2011--The QE Index closed at 8,107.47 points on Thursday. Year-to-date, the Doha-based market fell 6.61%, the second "best" performance in the GCC (behind Abu Dhabi's ADX (off 4.83%). Giyas Gokkent, Chief Economist and Head of Research National Bank of Abu Dhabi writes in daily economic bulletin: "The Qatar Central Bank cut its policy rates citing a desire to encourage private sector credit growth.
Loans to the private sector were already up 16% y-o-y in June (the fastest in the GCC)." Shares of Doha Bank advanced further, closing 1.67% higher at QR54.8. Over the week, the QE dived 4.5% due to global worries about a new recession.
Source: AME Info
Improved global sentiment lifts Dubai market higher
August 11, 2011--As expected, the DFM General started in the red, but eventually gained momentum and ended 0.21% higher at 1,464.00 points. "On the Dubai stock market the DFM has a low of 1352 in March of this year representing a further 9% downside risk.
However at such levels we would be buyers irrespective of some of the risks to near term economic growth," Gary Dugan, CIO Private Banking at Emirates NBD (up 2.31% at Dhs3.99), writes in his weekly market commentary. District cooling specialist Tabreed surged 2.07% to close at Dhs0.837. Earlier in the day, Tabreed reported a 37% increase in net profits of Dhs43.8m for the second quarter. Around 109.66m shares were traded, valued at Dhs120.8m.
Source: AME Info
Egypt's inflation declines to 10.4% in July
August 11, 2011--Official Egyptian statistics have shown that the country's annual urban consumer inflation reached 10.4% in the 12 months to July 2011, a significant drop from June's figure of 11.8%, Ahram has reported.
The slowing rise was driven by a fall in almost all components of the Consumer Price Index (CPI), but was led by an annual drop in food price inflation. However, urban inflation increased 1.2% from June 2011 on a monthly basis.
Source: AME Info
Saudi Arabia to maintain September oil supply to Asia
August 10, 2011--Saudi Arabia: Industry sources have said that at least two Asian term buyers will receive full contractual volumes of crude oil from Saudi Aramco in September, steady from August, Reuters has reported.
Sources have added that the two buyers did not request additional crude on top of the contracted volumes, and Saudi Aramco refrained from offering them additional oil. The two buyers received the volumes of light and heavy grades they nominated, they added. [AMEInfo.com]
Source: AME Info
Saudi corporate net profit up 26% in first half-year
August 10, 2011--The Saudi Tadawul market bucked the negative sentiment on another tricky global trading day, closing half a percent higher at 6,039.32 points on Wednesday.
Kingdom Holding, the investment company of HH Prince Alwaleed Bin Talal Bin Abdulaziz Al-Saud, gained the most (up 4.26% at SR7.35) amid rumors the Prince plans a Middle Eastern TV joint venture with Bloomberg television, Arabian Business has reported. According to Kuwait's Global Investment House, Saudi corporates achieved a 26% increase in aggregate net profits (of SR47.5bn) in the first six months 2011.
Source: AME Info
Bahrain Bourse shows signs of life by gaining 0.55%
August 10, 2011--The Bahrain All Share Index (BASI) closed half a percent higher at 1,272.29 points, as a direct reaction to the global rebound at financial markets. Islamic investment bank Gulf Finance House surged four percent to close at $0.13.
Year-to-date, the BASI has lost 11.70%. The Kingdom of Bahrain suffered since spring from massive capital outflows due to social unrest and demonstrations. Financial executives also left the country as e. g. the newly founded Bahrain Financial Exchange's Chief Business Officer Craig Hewett left Manama end of July to join the NASDAQ Dubai as Head of Business Development.
Source: AME Info
Qatar Exchange advances 0.70%
August 10, 2011--Stock advanced across the board in Doha, pushing the QE Index higher by 0.70% to 8,127.54 points.
Insurers were especially strong, as e. g. Doha Insurance (up 2.54% at QR28.30) and Islamic Insurance (1.90% higher at QR53.50) outperformed.
Source: AME Info
Banks, real estate shares push Kuwait bourse up
August 10, 2011--Lifted by relief buying at Asian, European and U. S. exchanges, the KSE Market Index added0.32% to reach 5,900.8 points. National Bank of Kuwait, known as NBK, closed flat at KD1.040.
Gary Dugan, CIO Private Banking at bank Emirates NBD warns investors to stay cautious, despite today's technical rebounds. "In the current climate of fear, markets are likely to trade on technicals meaning that investors will look for key chart supports." The Investors Holding Group surged nine percent to reach KD0.012, while Heavy Engineering and Ship Building lost the most (off 9.77% at KD0.325).
Source: AME Info
Taqa shares soar amid 159% year-on-year Q2 profit increase
August 10, 2011--The Abu Dhabi-benchmark ADX General Index added 0.96% to reach 2,602.50 points. Abu Dhabi National Energy Co., better known as Taqa, jumped 4.27%, finishing at Dhs1.21. Earlier in the day,
Taqa reported a net profit after minority interests increase of 154% year-on-year, totalling Dhs435m for Q2 2011, versus Dhs171m for Q2 2010. Real estate bellwether Aldar Propertis gained 3.42%, closing at Dhs1.20, while Union Cement Co. lost the most, ending at Dhs0.94 (off 8.91%). Around 64m shares were traded, valued at Dhs92.5m.
Source: AME Info
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