Middle East ETF News Older than One Year
Dubai market gains 2.69% over the week
July 7, 2011-The DFM General Index added 0.37% on Thursday, closing at 1,557.85 points amid higher trading volumes. Arabtec Construction was the most active share by value and by volume, closing 2.27% higher at Dhs1.35.
Dubai Refreshments lost the most, ending down 4.55% to Dhs10.50. Around 117.4m shares valued at Dhs131.63m changed hands. Swiss private bank Sarasin earlier today issued a research paper on the third quarter, saying "we think the inflation spike and above all the supply problems will be temporary. Therefore, in view of the economic rebound, the global economy should pick up speed again in 2H11. The situation in Greece should also settle down during the course of the second half of 2011. A brighter economic outlook and a declining risk aversion suggest higher yields in the second half 2011." The first week of July indeed marked was a relief for DFM investors who saw the General Index falling by 6.97% during the first six months of 2011. Since July 1st, the DFM surged 2.69%.
Source: AME Info
Business activity slows in UAE in June
July 7, 2011--According to a survey by HSBC Holdings, the non-oil private sector business activity in the UAE slowed in June, compared with the previous month, an indication that the buoyancy the country received from the regional unrest may be on the decline, Khaleej Times has reported.
The HSBC UAE Purchasing Managers' Index (PMI), which measures the performance of the manufacturing and services sectors, fell from 56 in May to 55.2 in June (its lowest reading for three months), but the PMI remained above its long-run trend. A reading above 50 indicates economic expansion.
Source: AME Info
IFA Hotels & Resorts gains the most at Kuwait market
July 6, 2011--The KSE Market Index closed 0.08% lower at 6,208.5 points on Wednesday.
. IFA Hotels and Resorts, one of the weakest performing shares in in Kuwait in the first half of 2010, posted the largest advance, closing 7.24% higher at KD0.370.
Source: AME Info
Qatari bank shares partly resist market dip
July 6, 2011--The Doha-based QE Index closed 0.11% lower at 8,492.71 points. Qatar National Bank added half a percent and finished at QR144.70.
Only the baning and financial index added value. Doha Insurance lost the most and closed off 1.73% at QR28.40. Cinema jumped 9.27% to reach QR66.00.
Source: AME Info
Abu Dhabi bourse dips by 0.45%
July 6, 2011--Abu Dhabi-listed blue chips Aldar (off 1.54% at Dhs1.28) and Sharjah-based Dana Gas (1.59% lower at Dhs0.61) dragged the ADX Genral Index down by 0.45% to 2,717.07 points.
Recently newly listed Finance House bucked the trend bu rising 7.78% to close at Dhs3.88. Five stocks gained, 19 declind and five ended flat.
Source: AME Info
Shuaa Capital bucks fickle GCC stock markets
July 6, 2011--The DFM General Index declined 0.44% on Wednesday as investors booked small profits after the strong start into the second half of 2011. Islamic insurer Takaful Emarat lost the most, closing 9.30% lower at Dhs0.78. Investment Bank Shuaa Capital surged 2.15% to reach Dhs1.00. Emirates NBD closed even at Dhs4.47.
Earlier in the day, ENBD CIO Private Banking Gary Dugan said in his latest market commentary: "We increasingly believe that local equities could show some strong performance into the end of the year. Firstly local interest rates are very low and bonds have rallied too leaving limited yield return available in the cash or bond markets." Mr. Dugan added in regards to MSCI's decicion to grant the UAE another six months to raise the market regulatory standards: "If MSCI does decide to give the UAE emerging markets status then the cheapness of say Dubai stocks on aggregate PE multiple of 8.5 times 2011 earnings compared to 11.1 for the whole emerging market index would not be lost on international investors. In other news in recent weeks, the decision to give investors in real estate a three year visa is a marked improvement, and should spur immediate new interest in residential property in the UAE." Trading turnover declined further, as 70.36m shares valued at Dhs83.58m were traded. Eight shares went up, 14 lost value and three closed flat.
Source: AME Info
Qatari bank shares partly resist market dip
July 6, 2011--The Doha-based QE Index closed 0.11% lower at 8,492.71 points.
Qatar National Bank added half a percent and finished at QR144.70. Only the baning and financial index added value. Doha Insurance lost the most and closed off 1.73% at QR28.40. Cinema jumped 9.27% to reach QR66.00.
Source: AME Imfo
Saudi Stock Exchage gains 0.2% despite Sabic's decline
July 5, 2011--The Saudi Stock Exchange's Tadawul market added 0.2%, closing at 6,626.95 points.
Shares of Sabic, also considered a market indicator, dipped a quarter percent to SR105.25. Shares of AXA Cooperative Insurance advanced 4.42% to SR40.20. Year-to-date, the Tasi index added 0.09%.
Source: AME Info
Dlala Holding appoints new CEO, dips 0.39%
July 5, 2011--The Doha-based Qatar Exchange added a quarter percent to reach 8,501.68 points. Shares of brokerage and investment firm Dlala Holding Company dipped 0.39% to QR15.34.
Earlier in the day Dlala announced that its board of directors has taken the following decisions: Mr. Ahmed Mohamed Al Asmakh has been appointed as a Managing Director, while Mr. Waleed Al Mossallam will act as Chairman's Advisor. Mr. Abdul Hameed Sultan Al Jaber was appointed an Acting CEO, starting from September 18 2011.
Source: AME Info
Kuwait Stock Exchange extends recovery
July 5, 2011--The KSE Market Index gained for the second day straight, closing up 0.31% at 6,213.7 points. Shares of Heavy Engineering and Ship Building posted the highest advance, ending at KD0.325.
Telecom provider Zain added 1.96% and finished at KD1.040. Financial blue chips National Bank of Kuwait and Gulf Bank of Kuwait ended both unchanged at KD1.140 and KD0.540. According to Global Investment House (up 2.7% at KD0.037), the KSE posted the second highest loss in June (off 2.61%) behind the DFM (down 2.76%) in Dubai. "Trials to switch to a new trading platform weighed on the Kuwaiti market. Some brokerages were not ready, while extra fees and new capital requirements were also concerns," Global said in an analysis released earlier today.
Source: AME Info
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