Middle East ETF News Older than One Year
GCC countries should stop pricing oil in dollars
August 4, 2011--The Dubai International Financial Centre (DIFC) Authority has recommended GCC countries should move away from pricing oil in dollars towards a basket of currencies that would include the Chinese yuan, Muscat Daily has reported.
"Indeed, I am in favour of using the yuan for clearing and settling all GCC trade with China, who has become our biggest trade partner," Dr Nasser H Saidi, chief economist and head of external relations of DIFC, told the daily.
Source: AME
Qatar Navigation soars as subsidiary is awarded a billion dollar contract
August 04, 2011--The Qatar Exchange in Doha advanced by 1.10% on Thursday, closing at 8,490.81 points. Shares of Qatar Navigation jumped 5.13%, reaching QR81.90.
Earlier in the day, Qatar Navigation announced that its fully-owned subsidiary, Qatar Shipping Co., has been awarded a QR1.875bn ($506m) contract by Qatar Petroleum. "Under the terms of the contract," the statement says,"Qatar Shipping will provide and operate harbor tugs, pilot boats and mooring gangs for Mesaieed Port for a period of 20 years from August 2014. Qatar Shipping will construct 19 boats in the coming three years to service this contract." Over the week, the QE Index added 1.34%.
Source: AME Info
Kuwait Stock Exchange closes unchanged
August 04, 2011--The KSE Market Index ended insignificantly lower at 6,066.2 points (off 0.02%).
While industry and food shares regained some ground, banks and investment firms weighed on the market index. As most GCC market indexes, the KSE gained slightly over the week (up half a percent).
Source: AME Info
Aldar Properties, Etisalat push Abu Dhabi market higher
August 04, 2011--Despite very negative input from stock exchanges abroad, the ADX General Index ended 0.77% higher at 2,670.79 points. ADX bellwethers Aldar Properties (up 1.59% at Dhs1.29) and Etisalat (0.96% higher at Dhs10.45) led the market's way up, which gained 0.84% over the first trading week of the Holy Ramadan.
Aldar reported a net profit of Dhs316.4m for the first half of 2011, compared to a loss of Dhs789.5m for the first half of 2010. Net profit for the second quarter 2011 was Dhs127.3m, compared to a loss of Dhs475.3m for the second quarter 2010. Abu Dhabi Aviation Company posted the largest decline (off 5.71% Dhs3.30). Around 41.3m shares were traded, valued at Dhs170m.
Source: AME Info
Emaar cracks Dhs3-resistance level
August 4, 2011--August 04, 2011--The Dubai equity market index DFM General ended the first trading week of August positively, closing 0.90% higher at 1,541.15 points.
Trading volumes rose sharply as 88m shares worth Dhs135m were traded. Emaar Properties, the most liquid share, gained 2.70% and finished at Dhs3.04. Shares of rarely traded Commercial Bank of Dubai (CBD), the number nine in the UAE banking sector, ended flat at Dhs3.01. Earlier in the day CBD announced it has closed a $450m (Dhs1.65bn) term loan facility. The facility, mandated by a group of international banks, has a maturity of three years will be used by CBD for general business purposes. Investors booked profits at bank Emirates NBD (off 2.39% at Dhs4.09) and Bahrain's Gulf Finance House (down 088% at Dhs0.565). During the week, the DFM General Index advanced by 2.32%.
Source: AME Info
Tadawul market remains stuck below 6,500 points
August 03, 2011--After a sharp rise at the start of the week, the Saudi Stock Exchange fell for the second day straight on Wednesday, closing off 0.30% at 6,423.87 points. Sabic declined by a quarter percent to SR103.75.
Despite the fickle equity markets trend in the GCC , Gary Dugan, CIO Private Banking at Dubai-based bank Emirates NBD, remains cautiously optimistic about regional shares. "We remain buyers of local equities where corporate results have generally been supportive, liquidity remain good and the oil price supportive of regional growth," Dugan writes in his latest comment on markets "CIO Weekly".
Source: AME Info
Banks, industry shares force Qatar bourse back
August 03, 2011--The QE Index closed down 0.37% at 8,398.23 points. United Development Company, known as UDC, the builder of the Pearl Qatar, dipped 0.25% at QR20.25. Earlier in the day, UDC announced it has incorporated two fully owned subsidiaries in Cayman Island to act in the field of real estate development and investment.
The capital of each of these subsidiaries is $50,000. Qatar Islamic Bank (off 1.52% at QR77.90) declined the most among the banks. Doha Bank bucked the fickle trend by gaining 1.48% to reach QR55.
Source: AME Info
Mixed movements at NASDAQ Dubai
August 03, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1633.95 today, down 1.26%, from the previous close.
DP World dipped 1.85% to $12.22. Since March 2011, DP World shares have been trading in a range between $12 and $14. Dubai GOld Securities soared 2.2%, finishing at $164.42. The Dubai-based interior designer Depa Ltd. closed flat at $0.51. Around 1.12m securities changed hands at the NASDAQ Dubai.
Source: AME Info
ADCB gains slightly on soaring net profits
August 03, 2011--The Abu Dhabi-based ADX General Index ended 0.18% higher at 2,650.45 points. Shares of the UAE's third largest lender Abu Dhabi Commercial Bank (ADCB) closed 0.32% higher at Dhs3.10.
Yesterday, ADCB reported that its net profit for the second quarter reach Dhs1.34bn, a 2.5-fold increase compared to the same period in 2010.
Source: AME Info
Air Arabia dips, as Q2 profit increases insignificantly
August 03, 2011--The Dubai Financial Market (DFM) General Index declined by 0.59% to 1,527.42 points amid plummetting trading volumes.
Emaar shares failed to crack Dhs3 resistance barrier. Emaar were the most liquid shares, declining by 1.33% to close at Dhs2.96. Air Arabia, the budget carrier from Sharjah, closed 0.59% lower at Dhs0.671. Air Arabia announced a net profit for the second quarter of Dhs51m, an increase of 2% compared to Dhs50m in the same period in 2010. Around 53m shares were traded, valued at Dhs81.58m.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
