Middle East ETF News Older than One Year
Dubai market ends week in the red
April 28, 2011--The DFM General Index weakened on Thursday by 1.92% to 1,634.13 points. Over the last trading week of April, the DFM benchmark lost 2.84% amid weak performing banks and construction firms.
Emaar dipped 0.60% to Dhs3.29. Shares of Emirates NBD dived 6.32% to close at Dhs4.00 after investment bank EFG Hermes said that ENBD's net profit for the first quarter of Dhs1.8bn "fell well short of our expectations, however, despite the higher-than-expected gain versus our Dhs1.2bn estimate on the sale of ENBD's 49% stake in Network International, due to higher general provisions and a further write-down of Union Properties' (UP) investment value." EFG Hermes, however, maintained its 'buy'-rating on ENBD, because "the risk of further provisions has been substantially reduced, in our view, as the bank appears to have front-loaded its expected full-year provisions", EFG Hermes said in a statement. Eight shares gained, 22 declined and two ended flat. Trading turnover remained low, as 123.93m shares worth Dhs181.08m changed hands.
Source: AME Info
Real Estate firms drag Abu Dhabi bourse down
APril 28, 2011--The ADX General Index closed 0.32% lower 2,695.50 points. Abu Dhabi's second developer Sorouh Real Estate dived four percent to Dhs1.42.
Earlier in the day, Sorouh reported a net profit for the first quarter of Dhs76.3m, down 42% on a year-on-year-basis. Aldar Properties plummeted 1.92%, closing at Dhs1.52. First Gulf Bank was the most liquid share (up 0.25% at Dhs18.30). Nine shares gained, 15 lost and eight ended even.
Source: AME Info
Nasdaq Dubai: DP World remains stuck at $0.67
April 28, 2011-The FTSE NASDAQ Dubai UAE 20 Index closed half a percent lower at 1777.94 on Thursday.
Shares of global port operator DP World and interior designer Depa Ltd. both finished unchanged at $0.67 and $0.60, respectively. Dubai Gold Securities added 1.54% to reach $151.96.
Source: AME Info
Qatar exchange gains steadily
April 28, 2011--The Doha-based QE Index closed 0.67% higher at 8,548.30 points. All QE sector indexes landed in the green. Mazaya Qatar Real Estate Development declined half a percent to QR9.50.
Earlier in the day, Mazaya disclosed an interim first quarter net profit of QR31.5 thousand in comparison to QR4.9m for the corresponding period in 2010. The Saudi Arabian stock market inn Riyadh remained closed in Thursday, as usual, and will resume tradin on Saturday.
Source: AME Info
Kuwait bourse advances half a percent
April 28, 2011--The local stock markets in Kuwait City extended its recovery on Thursday. Kuwait's KSE Market Index added 0.51% to reach 6,521.70 points amid gains in the banking sector.
National Bank of Kuwait surged 1.61%, finishing at KD1.260. Kuwait Business Town Real Estate was the main losing share (down 6.6% at KD0.0355).
Source: AME Info
Abu Dhabi market ends slightly lower
April 27, 2011-The ADX General Index declined 0.05% to close at 2,689.30 points. Abu Dhabi National Energy Co., known as Taqa, posted the largest advance (up 3.82% at Dhs1.61).
Aldar Properties weakened 1.88% to Dhs1.54. Dana Gas closed unchanged at Dhs0.69. Eight shares advanced, 18 declined and three remained even.
Source: AME Info
Kuwait market remains in stutter mode
April 27, 2011--The KSE Market Index ended 0.07% lower at 6,488.8 points.
Al-Massaleh Real Estate Co. surged 8.19%, finishing at KD0.106. National Bank of Kuwait (NBK) closed unchanged at KD1.240. Abyaar Real Estate was the most liquid share (up 7.55 at KD0.036).
Source: AME Info
Tadawul bourse recovers 0.57%
April 27, 2011--The Saudi benchmark index Tasi closed 0.57% higher at 6,724.26 points.
Over the last trading week of April, the Saudi Stock Exchange soared 2.27%. Saudi Advanced Industries Co. was the top gainer on Wednesday (up 9.97% at SR16.55). Al Rajhi Takaful dived 3.05% to SR47.70. Market bellwether Sabic added 0.22% to reach SR111.75. Eighty-one shares gained, 41 declined and 23 ended flat.
Source: AME Info
Egypt budget deficit could top 10%
April 27, 2011--Egyptian finance minister has said the country's budget deficit in the next fiscal year may top 10% of gross domestic product, as the government responds to demands for jobs and higher wages, Reuters has reported.
The budget deficit will rise to 9.1%, from 8.5% in 2010-2011," Samir Radwan told the Egyptian community in Saudi capital Riyadh. "And if all demands are met, it (the deficit) might go up to over 10% (of GDP). Next year we need $10bn (to support the balance sheet)."
Source: AME Info
Tadawul market ends unchanged
April 26, 2011--The Saudi Stock Exchange ended unchanged at 6,686.3 points in a lacklustre trading session.
Symptomatically for Tuesday's market activity, bellwether Sabic closed unchanged, too, at SR111.50. Gulf General Cooperative Insurance Company posted the largest decline (off 3.41% at SR39.60). Sixty-seven shares gained, 58 declined and 20 remained unchanged.
Source: AME Info
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