Middle East ETF News Older than One Year
DGCX Daily Volume Surpasses 20,000 Contracts for the First Time
July 24, 2011--Exchange Trades 20,112 contracts on July 21, valued at US $ 996.12 million
Trading on the Dubai Gold and Commodities Exchange (DGCX) surged to a new daily volume high of 20,112 contracts, valued at US $ 996.12 million on Thursday, July 21, 2011. The new record surpasses the previous best of 19,819 contracts set on July 12, 2011.
DGCX reached its overall highest ever daily total open interest of 16,530 on the July 22, 2011 beating the previous record of 16,257 set on July 21st, 2011. DGCX Indian Rupee futures also achieved its highest daily total open interest of 9,795 on the day.
Source: Dubai Gold and Commodities Exchange (DGCX)
Kuwait banks lift local stock market
July 21, 2011--The KSE Market Index surged 0.74% to reach 6,077.9 points, as National Bank of Kuwait,
known as NBK, re-captured the level at KD1.200 (up 1.69%) and Gulf Bank of Kuwait (gaining 2% at KD0.500.
Source: AME Info
Qatar Exchange index knocks at 8,400 points
July 21, 2011--The QE Index ended up 0.06% at 8,393.25 points. A partial recovery in banking and services shares helped the Doha-based market to stabilise.
The country's second largest lender by assets Commercial Bank of Qatar closed 1.12% higher at Dhs0.80. Gulf Warehousing surged 2.25%, finishing at QR34.10. The firms reviewed financial statements for the period ending June 30, 2011 revealed a net profit of QR30.5m in comparison to QR 7.4million for the same period last year.
Source: AME Info
Sharjah Islamic Bank ends flat despite rise in net profits
July 21, 2011--The Abu Dhabi-based ADX General Index ended up 0.18% at 2,693.27 points.
Sharjah Islamic Bank closed flat at Dhs0.88 after reporting a net profit of Dhs123.3m for the second quarter, up from Dhs118.5m in the same period last year. Shares of National Bank of Abu Dhabi (NBAD), the largest lender in the emirate, posted the highest advance, by climbing 1.81% to Dhs11.35. NBAD's net profit in Q2 was up 2.5%, reaching Dhs1.03bn. Only 21m shares valued at Dhs32.19m were traded.
Source: AME Info
Aramex shares fail to benefit from profit rise
July 21, 2011--The DFM General Index closed the third week of July at 1,523.42 points, down 0.16%. Shares of logistics provider Aramex closed even at Dhs1.85.
Earlier in the day, the company reported a 3% rise in net profits to Dhs56.5m for the second quarter 2011. Emaar Properties landed at Dhs2.94, off 0.34%, while its rival Union Properties added 1.27% to reach Dhs0.40. Some 68.9m stock were traded, valued at Dhs60.6m.
Source: AME Info
S&P raises Kuwait credit rating to AA
July 21, 2011-Standard & Poor's Ratings Services has raised the long-term credit rating for Kuwait to 'AA,' the third-highest grade, from 'AA-' and said the country's public finances remain "exceptionally strong," Bloomberg has reported.
"The rating actions are supported by Kuwait's high GDP per capita and strong external and fiscal balance sheet positions, which carry a larger weight under Standard & Poor's recently revised sovereign rating criteria," S&P said.
Source: AME Info
Yemen political unrest to cost trade and industrial sectors $17bn
July 21, 2011--The deputy chairman of the Yemeni Chamber of Commerce, Mohamed Salah has said months of political unrest in Yemen have cost the country's industrial and trade sectors at least $17bn, Saudi Press Agency has reported.
The IMF last month also reversed its view on the economic outlook for Yemen, forecasting GDP will shrink this year but did not give a precise forecast, against a forecast in April for 3.4% growth. In 2010 the economy grew 8%, while GDP totalled $28.3bn.
Source: AME Info
Saudi market finishes the week positively
July 20, 2011--The Tasi index in Riyadh added 0.76% to reach 6,489.5 points. Sabic extended its recovery (up 2.40% at SR106.75).
Shares of Dar Alarkan Real Estate Development Company soared two percent, ending at SR7.50. Dar Alarkan reported earlier in the day, an interim net income generated during the first six months of SR570.9m, compared to SR835.6m for the same period last year, a decrease of 31.7%. But the net income generated during the second quarter reached SR297.8m, an increase of 9% quarter-on-quarter. Dar Alarkan commented the result by saying in a statement to its shareholders: "The decrease of 31.7% in net income during the six months period this year compared with the same corresponding period of last year is mainly due to the lower sales given the company seeks to enhance the gross profit margin of its land bank." Over the third week of July, the Tadawul bourse lost 0.16%.
Source: AME Info
NASDAQ Dubai posts advances
July 20, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed up 0.59% at 1645.52 points.
DP World increased its value by 0.82% at $12.35. Jewelry trader Damas surged 8.91% to $0.11. Interior designer Depa Ltd. closed even at $0.51. Trading volumes remained very low, as some 879,000 shares changed hands.
Source: AME Info
Kuwait Stock Exchange stabilises above 6,000 points
July 20, 2011--The KSE Market Index closed half a percent higher at 6,033.5 points.
First Dubai of Real Estate Developmet posted the highest advance, ending 11.36% higher at KD0.0245. National Bank of Kuwait retreated to KD1.080 (down 3.5%).
Source: AME Info
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