Middle East ETF News Older than One Year
Bargain hunters lift Kuwait Stock Exchange
July 26, 2011--The KSE Market Index closed up 0.39% on Tuesday and closed at 6,089.1 points. Sokouk Holding Co. soared 12.5%, finishing at KD0.0225.
National Bank of Kuwait, known as NBK, ended at KD1.100 (1.85% higher), most banks also recovered losses rom recent red days. Year-to-date, the KSE has lost 12.46%, the highest decline among GCC markets.
Source: AME Info
Abu Dhabi real estate stocks rally, lift ADX index
July 26, 2011--The ADX General Index added 0.41%, closing at 2,673.97 points. The equity benchmark increase was mainly driven by real estate giants Aldar Properties (up 2.40% at Dhs1.27) and Sorouh Real Estate (gaining 3.31% at Dhs1.25).
Union Cement advanced the most, closing 9.78% higher at Dhs1.01. Union National Bank, known as UNB, surged 2.58%, finishing at Dhs3.58. Earlier in the day, UNB denied a report published by Reuters that it planned a bond issuance. "As on date, the bank has not mandated any institution for a bond issuance," UNB says in a statement to the ADX.
Source: AME Info
Shuaa shares soar, Emaar dip
July 26, 2011--The DFM General Index stabilised above 1,500 points as the benchmark closed 0.07% higher at 1,511.65 points on Tuesday. Investment bank Shuaa Capital jumped five percent to reach Dhs0.998. Earlier in the day, Shuaa reported a net profit was Dhs0.6 million, compared to a loss of Dhs56.6m in 2Q 2010.
Total assets under management in Shuaa's asset management division were up 48%, reaching Dhs959m, according to the bank's statement to the media. Emaar Properties fell 0.35% to Dhs2.88. After the closing bell rang, Emaar reported net profit for the second quarter of Dhs250m, representing a 69% profit decline compared to the same period in 2010. Around 46.9m stocks were traded, valued at Dhs57m.
Source: FT.com
Uncertainty weighs on Saudi Stock Exchange
July 25, 2011--The Riyadh-based equity benchmark index Tasi closed 0.82% lower at 6,472.03 points. As at most global markets, the uncertainty over whether the the U. S. debt ceiling will be increased or not, weighed on investors' sentiment.
Market leader Sabic dipped 0.70% to SR107.00. Shares of National Agriculture Marketing Co., known as Thim'ar, posted the largest advance, up 9.90% at SR21.65.
Source: AME Info
Lack of catalysts leave Qatar market flat
July 25, 2011--The QE Index ended at 8,399.80 (off 0.04%) on Monday. Al Ahli Bank closed in line with the market action unchanged at QR74.
Yesterday, Earlier in the day, Al Ahli Bank announced the launch of its own brokerage services through its subsidiary "Ahli Brokerage Company" after obtaining QFMA's approval thereon and completing all the necessary technical requirements with the Exchange. Mr. Salah Murad, CEO of Ahli Bank Qatar said, "The financial services industry is expanding at an exponential pace in the State of Qatar, and we look forward to take part in and propel this growth." The IMF expects the Qatari economy to grow by 20% this year.
Source: AME Info
Kuwait bourse loses a quarter percent
July 25, 2011--The KSE Market Index ended at 6,065.3 points on Monday. National Bank of Kuwait declined 1.81% to KD1.080, while Shari'ah-compliant Kuwait Finance House finished at KD0.900 (off 1.09%).
Shares of First Takaful Insurance Co. surged 7.7% to reach KD0.070, finishing as a top gainer.
Source: AME Info
RAK shares buck Abu Dhabi market dip
July 25, 2011--The ADX slipped 0.89% to 2,663.13 points. Only four shares gained, three of them from companies based in the emirate of Ras al-Khaima. RAK Ceramics gained the most (up 5.71% at Dhs1.85).
Shares of Agthia Group plummeted two percent to Dhs1.96. Earlier in the day, the food and beverage group reported a halfyear profit of Dhs40.33m, down from Dhs54m in the same period last year. Four shares ended flat and 20 declined, among them Aldar Properties (off 0.79% at Dhs1.27) and Abu Dhabi Islamic Bank (down 5.23% at Dhs3.23). Some 35.99m shares were traded, valued at Dhs63.39m.
Source: AME Info
Strong profit rise lifts Emirates NBD shares
July 25, 2011--The Dubai Financial Market (DFM) General Index closed 0.65% lower at 1,510.58 points.
Emaar Properties shares dived 2.03% to Dhs2.89. Bank Emirates NBD added 1.22% to reach Dhs4.15. Earlier in the day, the Middle East's largest bank in relation to assets reported a 43% higher halfyear net profit of Dhs2.2bn. Earnings per share were up 47% to Dhs0.36. Net profit for the second quarter (Dhs0.7bn) was 85% higher compared to the corresponding period last year. ENBD expanded its private banking division in the first half of 2011. The Network International strategic partnership transaction was completed during Q1 2011, resulting in a one-time gain of Dhs1.8bn. Shares of Dubai Islamic Bank declined one percent to Dhs2.00. Some 52.32m shares were traded, valued at Dhs79.75.
Source: AME Info
Bahrain and Oman removed from S&P's CreditWatch negative
July 25, 2011--Standard & Poor's Ratings Services has removed Bahrain and Oman from its CreditWatch negative, after the two Gulf countries have taken measures to ease political tensions, Bloomberg has reported.
Bahrain's long- and short-term local and foreign currency sovereign credit ratings were affirmed at 'BBB/A-3' with negative implications, S&P said. Oman's 'A/A-1' long-term and short-term local and foreign currency ratings were affirmed, S&P said.
Source: AME Info
DGCX to launch Indian Rupee Options Contract in September
July 25, 2011--The Dubai Gold and Commodities Exchange (DGCX) is set to expand its Indian Rupee (INR) product offering with the launch of an INR Options Contract on September 26, 2011. The contract will be the only exchange-traded INR Options product offered to markets outside India.
Eric Hasham, CEO of DGCX said: “The provision of an Indian Rupee Options contract will enable us to build on the exceptional volume growth achieved by our Indian Rupee futures contract over the last 12 months and meet member demand to further strengthen our INR offering".
“DGCX has been working closely with its members and market participants to develop this additional risk management tool. The new options contract is the result of this interaction and feedback process. Our unique new Indian Rupee Options contracts will provide our members with more flexibility to hedge risk and trade in the Indian Rupee in a transparent, regulated and cleared trading environment,” the DGCX CEO further said.
Each DGCX Indian Rupee Options contract represents 2 million Rupees. Prices will be quoted in US Cents per 100 Indian Rupees, with a minimum premium fluctuation of 0.000001 US Dollars per Rupee ($2 per contract). At launch, the October 2011 expiry month will be available to trade.
DGCX will hold workshops on the INR Options contract prior to its launch on 26 September. The dates of these workshops will be announced in due course.
Source: Dubai Gold and Commodities Exchange (DGCX)
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