Middle East ETF News Older than One Year
Kuwait market closes unchanged
June 22, 2011--The KSE Market Index closed Wednesday trading at 6,278.7 points as the banking sector index dipped, while insurers gained slightly. Budget carrier Jazeera Airways fell 1.96% to KD0.204.
Earlier in the day, Jazeera Airways and Lufthansa Technik AG, the leading provider for maintenance, repair and overhaul (MRO)of airplanes, components and engines, announced they have extended their existing 10-year Total Engine Support TES contract signed in 2006 for an additional two years. The agreement comprises 13 CFM56-5B engines of the six Airbus A320 airplanes of Jazeera Airways' fleet.
Source: AME Info
Disappointed of MSCI's delay, Dubai investors send market index down 1.83%
June 22. 2011-The DFM General Index closed 1.83% lower on Wednesday at 1,549.61.
The day before index provider MSCI decided to extend its review period for the UAE and Qatar regarding a possible upgrade of both markets to "emerging market"-status by six months. Consequently DFM shares dived 5.43% to Dhs1.22. Only three stocks gained, among them Islamic insurer Dartakaful (up 2.46% at Dhs0.832). Around 123.56m shares valued at Dhs158.87m changed hands.
Source: AME Info
Etisalat shares rise to three-month high
June 22, 2011--The Abu Dhabi bourse ADX closed unchanged at 2,732.54, as investors mostly sold real estate firms and energy stocks, but bought services and insurers.
The UAE's first telecom provider Etisalat added Dhs0.05 to reach Dhs11.10. Etisalat is currently preparing for the launch of 4G mobile services, expected to go live end of 2010. Aldar Properties dipped 1.46% to Dhs1.33 while Sharjah-based Dana Gas lost 1.54%, closing at Dhs0.62. Eight stocks gained, 12 shares lost and nine ended like the market index even.
Source: AME Info
MSCI extends review period for UAE's potential reclassification
June 22, 2011--Index provider MSCI said it will extend the review period for the potential reclassification of the UAE and Qatar to “emerging markets” status to the end of the year in order to give additional time for market participants to assess recent enhancements on the Qatari and Emirati markets.
The index company currently categorises both countries as a “frontier” market. An upgrade could attract new liquidity to the country’s bourses and drive index fund investment, which has declined in recent years.
MSCI said the extended time period for the review will provide ample time for market participants to assess the impact of a newly introduced settlement system.The delivery versus payment system, a requirement made by the index provider, is a procedure in which payment for a security must be made when the security is delivered. Usually, the payment is made to a bank, which in turn pays for the security.
Source: The National
Saudi Arabia to expand its ports
June 21, 2011--Saudi' transport minister has said the country plans to raise the capacity of the kingdom's second-largest port in Dammam and spend more than $613m on port expansions to rival other regional ports,
Reuters has reported. "All ports are subject now to expansion. We are investing now SR2.3bn ($613m) for projects in all the ports and we always continue increasing, particularly the industrial ports in Yanbu and Jubail," Jobarah al-Suraisry said. "The next budget will be coming in five or six months and we will see more projects," he said, without giving more details.
Source: AME Info
MSCI extends review period for UAE and Qatar by six months
June 21, 2011--MSCI, a leading provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services, announced that the 2011 review period for the potential reclassification of the MSCI Qatar Index and the MSCI UAE Index from Frontier Market to Emerging Market status has been extended to December 2011 in order to give additional time for market participants to assess the impact of the recent positive changes implemented in these two markets.
"International investors continue also to be concerned by the effect of stringent foreign ownership limits such as limited availability of shares to foreign investors," MSCI says in its statement. While the index provider praises the implementation of "delivery-versus-payment" at the exchanges in Doha, Dubai and Abu Dhabi, the restriction that foreign ownership cannot take over the majority of listed companies remains stil prevents both Gulf states from being classified as 'emerging markets' by MSCI.
Source: AME Info
Almarai shares gain on SR4bn poultry business expansion
June 21, 2011--The Saudi Arabian Tadawul market closed 1.33% higher at 6,462.41 points. Shares of food producer Almarai added 0.27% to reach SR92.25. Earlier in the day,
Almarai announced that its board of directors approved a proposal to increase the scope of a project expansion of Almarais poultry business totalling SR4bn ($1.08bn). Market leader Sabic recaptured the level at SR102 (up two percent). Amana Insurance lost the most, closing off 6.81% at SR42.40. The advance-decline ratio ended at an impressive 136 to 8, while one stock ended flat.
Source: AME Info
Qatar market closed unchanged
June 21, 2011--The QE Index in Doha ended a roller coaster trading day flat at 8,214.63, as banks and insurers gained slightly, but industrial and services retreated.
While Qatar National Bank closed even (at QR139), Commercial Bank of Qatar (up 0.29% at QR68.20) and Qatar Islamic Bank (gaining half a percent at QR78.40) helped the market to avoid a further red day.
Source: AME Info
Banks rebound at Kuwait Stock Exchange
June 21, 2011--The KSE Market Index gained for the first time since June 15, closing up 0.41% at 6,276.00 points.
After the Euro states set up a $780bn rescue fund for debt-laden Euro-countries like Greece, Portugal and Ireland, some pressure on bank shares was eased on financial securities worldwide. National Bank of Kuwait recovered 1.72% to reach KD1.180. Gulf Finance House lost the most, diving 6.25% to KD0.075.
Source: AME Info
Taqa dips, awards Dutch company multi-million Euro contract
June 21, 2011--The Abu Dhabi bourse ADX ended 0.92% lower at 2,731.84 points. Shares of the mostly state-owned Abu Dhabi National Energy Co., known as Taqa, closed off 0.79 at Dhs1.25. Earlier in the day,
Taqa announced it has awarded the Dutch company, Frames Process Systems B.V. (Frames), a multi-million Euro contract for the delivery of the Dew Point Correction Units (DPCU) for Bergermeer Gas Storage in the Netherlands. Bank of Sharjah gained the most (up 5.45% at Dhs1.75). Six stocks gained, 15 lost and ten finished even. Around 56.5m shares valued at Dhs95.7m changed hands.
Source: AME Info
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