Middle East ETF News Older than One Year
Kingdom Holding soars on world's tallest tower construction deal
August 02, 2011--Weak performing petrochemical and real estate-related shares forced the Saudi Stock Exchange's Tasi index down to 6,443.16 points (off 0.44%).
One day after global stock markets celebrated the U. S. debt deal, worries about the political instability in the Middle East and a new wave of job cuts in the global banking sector (announced by HSCB, UBS and Credit Suisse,...) weighed on indexes in East and West. In Riyadh, Sabic shares were pushed down by 1.9% to SR104.00. Shares of Kingdom Holding, the investment group of HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, gained 1.91% to close at SR8.00. Earlier in the day, Kingdom Holding announced that its associate company the Jeddah Economic Company signed a contract that initiates the construction of the Jeddah Tower Project with the Saudi Bin Laden Group for SR4.6bn ($1.24bn). The Kingdom Tower is planned to be 1,000 metres high, almost a fifth higher than the size of Dubai's 828m Burj Khalifa. Kingdom Holding added in its statement to the Tadawul bourse: "As well, a shareholders agreement has been signed introducing Bin Laden Group as shareholder in the company with a 16.63% ownership, making the ownership of the Jeddah Economic Company as follows: Kingdom Holding Company 33.35%, Abrar International Holding Co. 33.35%, and Mr. Abdurrahman Sharbatly 16.67%."
Source: AME Info
Financial stocks lift Qatar bourse
August 02, 2011--The QE Index added 0.20% to reach 8,429.23 points. As in Kuwait, banks and insurers lifted the market index. Shares of Doha Bank added 1.31% to reach QR1.31.
The country's second largest lender Commercial Bank of Kuwait, gained two percent, finishing at QR75.50. On a year-to-date basis, the QE Index lost 2.91%. Qatar, along with the UAE, has not seen any cvil unrest like in other Arab countries.
Source: AME Info
Kuwait Stock Exchange saves the 6,000 points level
August 02, 2011--The KSE Market Index closed 0.66% higher at 6,074.8 points. Financial shares fuelled the Kuwaiti rebound.
The northern Gulf state's largest bank by assets National Bank of Kuwait, known as NBK, gained 1.85% while Islamic bank Kuwait Finance House (KFH) added 2.27%, finishing at KD0.900.
Source: AME Info
Etisalat shares rebound as Indian partner Majestic Infracon withdraws petition
August 02, 2011--The ADX General Index closed 0.30% higher at 2,645.81 points. ADX heavyweight Etisalat added half a percent and closed at Dhs10.30. Earlier in the day, Etisalat said in a statement which was published on the ADX website, that its joint venture partner in India, Majestic Infracon has withdrawn its petition against Etisalat before India's Honorable Company Law Board.
In the dropped petition, Majestic Infracon blamed Etisalat of not fulfilling certain obligations. Aldar Properties closed flat at Dhs1.29. Abu Dhabi National Energy Co. dived 2.33% to Dhs1.26. Around 27.08m shares were traded, valued at Dhs58.6m.
Source: AME Info
Dubai market gains for the third day straight
August 2, 2011--Despite negative input from declining markets in East Asia and Western Europe, the Dubai market DFM closed 0.66% higher at 1,536.42 points.
Financial shares, like Emirates NBD (up 2.44% at Dhs4.20) or GGICO (9.22% higher at Dhs0.32) drove the DFM's momentum. Emaar was the most liquid share a recaptured the level at Dhs3. Islamic developer Deyaar declined 1.08% to Dhs0.276). Despite the rising heat in August and the start of the Holy month of Ramadan, trading turnover increased further. Around 93.45m shares were traded, valued at Dhs143.96m. Ten shares gained, nine declined and four ended even.
Source: AME Info
U. S. debt deal fuels Saudi Stock Exchange's rebound
August 01, 2011--The Tadawul bourse posted the highest advance in the GCC, as the Tasi benchmark surged 1.25% to 6,471.82 points. Sabic shares jumped 2.43%, closing at SR105.25.
The Saudi market benefitted the most from the Washington debt compromise, as KSA's economy enjoys the strongest relations to the U. S. Investors booked profits at a number of insurance firms, such as Amana Insurance (off 1.04% at SR38).
Source: AME Info
Qatar Exchange finishes slightly higher
August 01, 2011--The QE Index added 0.11%, closing at 8,412.44 points.
Shares of mall and retail property management company Aamal dipped 0.17% and closed at QR18.07. Earlier in the day, Aamal reported a net profit of QR103.3m in comparison to QR98.4m for the same period last year. The company's Earning per Share (EPS) amounted to QR0.21 as of June 30, 2011 versus QR0.20 for the corresponding period in 2010.
Source: AME Info
Kuwait bourse benefits slightly from U. S. debt deal
August 01, 2011--The Kuwait bourse could not advance to the degree like most other GCC markets in Monday, as the KSE Market Index gained 0.11% to close at 6,037.2 points.
Commercial Bank of Kuwait, known as CBK, surged 2.4%, ending at KD0.850. Telecom provider Zain closed even at KD0.990, although Zain reported yesterday a 17% increase in net profits for the first half of 2011.
Source: AME Info
Sorouh Real Estate soars as H1 profit jumps sixfold
August 01, 2011--The Abu Dhabi-based ADX General Index ended up 0.69% at 2,637.88 points. Shares of the emirate's second real estate developer Sorouh gained 1.63%, finishing at Dhs1.25.
Earlier in the day, Sorouh reported an interim profit for the first half year of Dhs125.31m, compared to Dhs20.2m in the same period last year. Sorouh's provision for doubtful debts fell to Dhs6.15m form Dhs41m. Shares of Abu Dhabi National Energy Co., better known as Taqa (Arab. for energy) surged 3.20% to Dhs1.30. Around 30.6m shares were traded, valued at Dhs58.38m.
Source: AME Info
Dubai market gains amid rising turnover
August 01, 2011--The DFM General Index shrugged off worries about plummetting trading volumes on the first day of the Holy month of Ramadan and closed 0.58% higher at 1,526.34 points. In fact, trading turnover picked up and stocks surged across the board, with Emaar Properties rising to Dhs2.96 (up 2.78%) as the most liquid share.
Only two banks failed to jump on the bandwagon: bank Emirates NBD (off 4.65% at Dhs4.10) and Dubai Islamic Bank (one percent lower at Dhs2.04). Around 69.23m shares were traded, valued at Dhs97.3m.
Source: AME Info
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