Middle East ETF News Older than One Year
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
Abu Dhabi bourse swings back to year-to-date profits
July 5, 2011--Rising oil prices and a new bullish sentiment at nearly all Gulf Arab stock markets lifted the ADX General Index by 0.53%, closing at 2,729.38 points. Year-to-date the ADX has advanced by 0.35%, which is currently the highest advance among all Gulf Arab markets. Abu Dhabi Islamic Bank (ADIB) soared three percent to Dhs3.41. Aldar Properties declined 0.76% to Dhs1.30.
Earlier in the day, Aldar announced that its project "Trust Tower" is now available for pre-lease. "The building offers 59-levels, 72,000m2 of flexible office space at the heart of Abu Dhabi," the statement says. According to real estate management company Asteco, apartment rental and sales prices in Abu Dhabi continued to decline during Q2, with new stock entering the market, continuing to outweigh demand. "Meanwhile rents for quality villas, which are still in short supply in Abu Dhabi remained relatively stable, but additional supply will put some downward pressure on prices as the year progresses," Asteco adds. "The UAE Federal Government has announced the decision to extend the property visa period from six months to three years. This can only be a positive move and is expected to improve demand among foreign investors in the emirate," Asteco CEO Elaine Jones commented.
Source: AME Info
Dubai market turnover down, index up
July 5, 2011--The DFM General Index closed 0.22% higher on Tuesday amid dull trading, ending at 1,559.00 points. Real estate blue chips Emaar and Arabtec Construction finished the day flat at Dhs3.09 and Dhs1.31 respectively.
Earlier in the day, Emaar said in a statement that its wholly-owned subsidiary Emaar Misr a contract worth $38m to Arabtec Construction to build 170 villas in at the Marassi project on Egypt's northern coast in the first quarter, adding that the contract has been awarded in normal course. Investment bank Shuaa Capital gained the most (up 3.05% at Dhs0.979). Eight shares gained, 16 fell and five ended flat, reflecting a fierce "fight" between bullish and bearish investors. Sixty-eight million were traded, valued at Dhs80.18m.
Source: AME Info
Achieved the highest ever monthly volume in June-DGCX Ends Robust First Half of the Year on Record Breaking Note
July 4, 2011-- First half (H1) Volumes on the Exchange Climb 52% to Aggregate 1,417,223 Contracts valued at US $69.1 Billion
Exchange also Records Highest Ever Monthly Volume of 268,390 Contracts in June, valued at US $12.96 Billion
Currency Volumes in the First Half of 2011 Rise 80 % to Reach an All-Time H1 High of 1,105,673 Contracts
DGCX today announced that its trading volumes in the first half (H1) of 2011 hit an all-time record of 1,417,223 contracts, valued at US $69.1 billion, a 52% growth from last year.
June witnessed the highest ever monthly volume of 268,390 contracts, valued at US $12.96 billion, an increase of 40% from last year. DGCX achieved numerous volume records with average daily volume up 40% year-on-year to stand at 12,200 contracts, worth US $589 million, another all-time record and the highest ever Average Daily Total Open Interest of 10,943 contracts in June.
Source: DGCX
Dubai index down by 2.8% month on month
Six of nine indices ended June in the red, with the service sector declining the most at 12.7%
July 4, 2011--The Dubai Financial Market General Index decreased by 2.8 per cent to 1,516.9 at the end of June compared to 1,559.9 at the end of May.
Six out of the nine indices represented on the DFM ended the month in the red, with the services sector declining the most, down 12.7 per cent, followed by the transportation and real estate sectors, falling by 6.3 and 4.8 per cent respectively. Meanwhile, the industrial and banking sectors increased by 8.9 per cent and 1.1 per cent respectively.
Source: Gulf News
Saudi banks set for strong recovery – Fitch
July 4, 2011--Fitch credit rating agency has said Saudi Arabia’s banks are expected to report a strong recovery in terms of improved profitability and a decline in non-performing loans, Gulf News has reported.
"Funding remains one of the key strengths of Saudi banks, with deposits constituting around 88% of non-equity funding at the end of 2010," Mahin Dissanayake, an analyst with rating agency Fitch wrote in a report.
Source: AME Info
Oil prices to stay around $90-$100 - Kuwait
July 4, 2011---Imad al-Atiqi, a member of Kuwait's Supreme Petroleum Council (SPC) has said prices of crude oil are likely to remain between $90 and $100 until the end of the year, due to the International Energy Agency's (IEA) emergency stock releases,
Reuters has reported. The group of 28 industrialised consumer nations said on June 23 it would release 60 million barrels of oil from strategic reserves to compensate for a loss of Libyan crude supply and dampen prices.
Source: AME Info
Kuwait Stock Exchange breaks series of losses
July 4, 2011--The KSE Market gained for the first time since end of June, closing 0.35% higher at 6,194.6 points.
The country's largest lender by assets National Bank of Kuwait (NBK) closed unchanged at KD1.200. Islamic bank Kuwait Finance House failed to join the mini-rebound and dipped one percent to KD0.970.
Source: AME Info
Bahrain faces long road to recovery
July 4, 2011--Bahrain was once the Gulf's go-to destination for offshore banking and other key elements of the financial services industry. That was before H1 2011 saw protests, tear gas, bullets and blood, followed by a brutal and ongoing crackdown on dissenters on the island. What has this violence meant for the Bahraini business community in H1, and what prospect of recovery is there over the next six months?
Flick through the passport of any regular visitor to Bahrain, and you'll come across a familiar slogan stamped onto its pages: 'Welcome to business friendly Bahrain'. The campaign, which ran until recently, was a key part of the Gulf state's efforts to consolidate its position as a regional centre for financial services.
Source: AME Info
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