Middle East ETF News Older than One Year
Dubai bourse closes the week positively
March 31, 2011--Apparently lifted by comments from HH Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman of Emirates Airline, of Dubai World and of the Dubai Supreme Fiscal Committee, that the Dubai economy might grow by 4% this year, the DFM General Index closed 0.85% higher at 1,556.04.
Shares of Dubai Islamic Bank (DIB), which holds its Annual General Meeting (AGM) later in the day, added 1.37% to reach Dhs2.22. In 2010, DIB achieved a full-year net profit of Dhs812.633m compared to Dhs1.21bn in the previous year. Emaar (up 2.87% at Dhs3.23) was the most liquid share. Commercial Bank of Dubai (down 7.69% at Dhs3) posted the largest decline. Some 168.76m stocks worth 254.78m securities changed hands.
Source: AME Info
Abu Dhabi developers buck market downtrend
March 31, 2011--The ADX General Index closed 0.98% lower at 2,607.12. Over the last week of March the Abu Dhabi benchmark lost 0.94%.
The leading real estate firms Aldar (up 2.70 at Dhs1.53) and Soroh (3.94% higher at Dhs1.36) gained against the trend. Abu Dhabi Ship Building posted the largest loss (down 6.38% at Dhs2.20). Around 105.12m worth Dhs170.43m changed hands as 14 stocks gained, six ended flat and nine declined.
Source: AME Info
Shares in Doha gain across the board
March 31, 2011--The Qatar Exchange's benchmark composite, the QE Index, added 0.83% to reach 8,456.17.
The country's largest bank by assets Qatar National Bank gained 2.10%, closing at QR137.20. Cinema posted the largest declined, closing 4.76% lower at QR40.00.
Source: AME Info
Kuwait bourse closed unchanged
March 31, 2011--The KSE Market Index closed insginficantly higher at 6,295.6 (up 0.02%). City
City Group Company (not related to the well-known US bank) surged 9.43%, finishing at KD0.580. Shares of Kuwait Resorts Co., known as Muntazahat, declined by 11.36% and closed at KD0.039.
Source: AME Info
Dubai market dips 0.82%
March 30, 2011--The DFM General Index closed 0.81% lower at 1,542.94. "The risk of oil prices rising further due to civil unrest in the region, puts some uncertainty in the market", says Dr. Farouk Soussa, Chief Economist Middle East at Citigroup in Dubai.
Market bellwether Emaar, which gained over 11% during the least month, lost 1.57% today, closing at Dhs3.14. Shares of Sharjah-based budget carrier Air Arabia plummeted nine percent, to close at Dhs0.761. Some 115.95m stocks worth Dhs171.7m changed hands. Seven shares gained, 14 declined and seven remained flat.
Source: AME Info
Abu Dhabi bourse remains in stutter mode
March 30, 2011--The ADX General Index finished 0.07% lower at 2,632.92. Abu Dhabi Aviation surged 8.47% to reach Dhs3.19, closing as a top gainer. RAK Cement Co. was the most liquid gaining share (up 1.30% at Dhs0.76).
Real estate bellwether Aldar dived two percent, closing at Dhs1.47. Eight shares advanced, seven remained even and 11 declined.
Source: AME Info
Qatar Exchange follows regional fickle trend
March 30, 2011-The QE Index in Doha weakened 0.14% to close at 8,386.87.
All sector indices, except the banking segment, landed in the red. Zad Holding Co. was the top gainer, reaching QR60 (up 6.19%), while Gulf Warehousing (down 4.11% at QR30.30) hit the bottom of the charts. The advance-decline ratio stood at 12 to 24 at the closing of Wednesday's trading session.
Source: AME Info
Kuwaiti stocks dip across the board
March 30, 2011--The Kuwait City-based KSE Market dipped 0.45%, closing at 6,294.5.
The country's largest lender National Bank of Kuwait bucked the trend and gained 0.020KD to reach KD1.180. Only the insurance sector index landed in the green (up 0.78%), while the KSE food index posted the largest loss (down 0.95%).
Source: AME Info
Saudi Stock Exchange gains slightly
March 30, 2011--The TASI benchmark in Riyadh opened fell shortly after the opening, but gained momentum during the last hour of trading and closed 0.67% higher at 6,562.85. SABIC, the petrochemical market leader, jumped 2.43% to reach a two-month highg at SR105.25.
Alujain Corp. plummeted 8.41%, closing at SR21.25. Yesterday, Alujan announced that that "in line with the normal industrial practice, its subsidiary National Petrochemical Industrial Co. Propylene & Polypropylene Complex in Yanbu Industrial City will be shut down for a period of 60 days starting May 1st, 2011 for a full turnaround procedure (major maintenance), as well as implementing the production and equipment enhancement." Sixty-two stock gained, 59 declined and 24 closed unchanged.
Source: AME Info
Egypt's economy at a crossroads
March 30, 2011--The Egyptian Exchange has resumed trading and the military interim government in Egypt has set parliamentary elections for September. While the political landscape in the country is changing rapidly, the economy still has a long way to go. AMEinfo.com reports from Cairo.
The January 25 revolution has lifted Egypt to the forefront of the Arab thirst for democratic and economic reforms. The path to Misr al-Jadid, the New Egypt, offers opportunities but has its challenges.
The daily newspapers are writing more openly than in any other Arab country, with the exception of Lebanon. Young people are expressing a new spirit and growing confidence in their country.
Source: AME Info
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