Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Tel Aviv Stock Exchange: Revisions To Tel Div-20 Index Rules And Enhancement To Tel-Div Index
February 23, 2011--At its 17 February 2011 meeting, the Tel Aviv Stock Exchange (TASE) Board of Directors approved revisions to Tel Div-20 index methodology. Under the current rules, the index includes the 20 companies with the highest dividend yields. The primary objective of the revisions, which entail an expansion of the index’s constituent base, is to improve the representativeness of the index, which will now include major actively traded companies with a consistent, but comparatively modest, dividend policy.
By broadening the index, TASE also seeks to stabilize constituency changes and mitigate price fluctuations that occurred following index review and update dates.
Since its launch in July 2006, the Div-20 index has steadily gained popularity and currently serves as the underlying asset for 6 ETNs with a combined market cap approaching NIS 1 billion (appx. US $275 million).
The key changes can be summarized as follows:
1. The number of constituent companies will not be limited and the index will include all shares meeting threshold criteria.
2. The index will include shares, which distributed dividends of at least 2% in 2 of the previous 3 years. (This will enable companies with a stable long-term dividend policy to be included in the index even if in a year of economic crisis dividends were not distributed).
Dubai market rebounds 1.33%
February 23, 2011--After more than week of declining amid civil unrest in Bahrain and North Africa, the DFM General Index followed the positive GCC trend and finished 1.33% higher at 1,499.04 points.
Emaar Properties added 1.37% to reach Dhs2.96. Logistics provider Aramex surged 4.64% to close at Dhs1.58. Earlier in the day, Aramex announced the acquisition of Ireland-headquartered liner agent and freight forwarder Aquaship Agencies. Telecom provider Du dipped 0.33%, closing at Dhs3.05. At the NASDAQ Dubai, port operator DP World recovered 4.75% on high trading volumes, reaching 52.9 US-Cent. Trading volumes and values at the DFM weakened by a third as some 88.07m stocks worth Dhs123.85m changed hands.
Abu Dhabi bourse joins regional recovery
February 23, 2011--The ADX General Index closed 1.12% higher at 2,608.06, despite conituing losses among the real estate heavyweight Aldar (down 1.25% at Dhs1.58) or RAK Properties (off 2.56% at Dhs0.38).
Abu Dhabi Commercial Bank, known as ADCB, surged 3.69% to reach Dhs2.25. The UAE's first telco firm Etisalat added 0.46%, closing at Dhs10.85. Sixteen shares advanced, nine declined and three ended flat.
Kuwait Stock Exchange rises on financial sector gains
February 23, 2011--The KSE Market or Price Index climbed 0.76% on Wednesday amid a general market recovery in the GCC, closing at 6,466.6. Banks and investment companies in particular lifted the market.
Global Investment House gained three percent to reach KD0.049. Earlier in the day, Global announced it was awarded it has received the "Best India Deal" Award from FinanceAsia "for playing the role of Regional Lead Advisor for Bharti Airtel in acquiring telco provider Zain Africa (excluding Morocco and Sudan) in a deal worth $10.7bn", Global's statement to the KSE says.
Qatar market weakens slightly
February 23, 2011--The Doha-based Qatar Exchange failed to jump on the recovery bandwagon in the GCC on Wednesday as its benchmark declined to 8,176.74 (off 0.10%).
The Gulf state's second bank Commercial Bank of Qatar, known as CBQ, declined 1.99% to close at QR74.00. Earlier in the day, CBQ announced that it has signed a Letter of Intent for a strategic outsourcing partnership with Tata Consultancy Services "to set-up a regional shared services centre which will deliver integration and efficiencies for the Bank." Under this partnership, Tata will manage the IT platforms and back-office processing services with the objective to reduce operational costs for CBQ. The outsourcing arrangement is subject to regulatory approval from the Qatar Central Bank.
Indian Rupee Futures Volume Hits Another Record Daily Volume on February 22, 2011
February 23, 2011--Trading activity on DGCX's Indian Rupee/US Dollar futures continues to grow rapidly, with a new daily volume record of 12,499 contracts achieved on February 22nd, 2011, with a value of USD 551.55 million. The previous record was achieved on January 5th, 2011 with 11,968 contracts.
The contract is attracting increased interest and participation globally, as market players wishing to seek exposure to the Indian economy or hedge the Indian Rupee become aware of its unique offering as the only Indian Rupee futures contract outside of India. The contract also has the added benefit that it is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading.
OPEC ready to meet any supply shortage: Riyadh
80 countries sign new new International Energy Forum Charter
February 22, 2011--Minister of Petroleum and Mineral Resources Ali Al-Naimi said Tuesday OPEC is prepared to meet any shortage of supplies due to unrest in the Middle East and that its members have sufficient spare capacity to do so.
“There is absolutely no shortage of supply now ... OPEC is ready to meet any shortage in supply when it happens,” Al-Naimi told a press conference at the end of a consumer-producer meeting that signed a cooperation charter. “There is concern and fear, but there is no shortage,” the minister reiterated .
Kuwait food and services sectors buck market downtrend
February 22, 2011--The KSE Market or Price Index ended 0.13% lower at 6,417.7 points. Pearl of Kuwait Real Estate co. was the main loser, closing 9.61% lower at KD0.0235, Ajwan Gulf Real Estate Co. was the main gainer (up 9.8% at KD0.056).
Compared to the last trading weeks when the KSE ended in the red, not all segments lost, as services and food firms gained slightly.
Dubai market dives 2.44%, shaves 1,500-support line
February 22, 2011--The DFM General Index finished at 1,479.41 (off 2.44%) on Tuesday, the lowest level since July 2010. DFM shares (the local Dubai bourse is the only Arab market publicly listed) plummeted 6.82% to close at Dhs1.23.
Emaar Properties ended down two percent at Dhs2.92. Air Arabia lost 1.45% at Dhs2.92. On Monday evening, the Sharjah-based budget carrier disclosed a full-year 2010 net profit of Dhs309.55m (84.41 million US-Dollars), down 31.5% compared to the year 2009. Ajmanbank gained 1.89% to reach Dhs0.754. Four stocks gained, 21 lost value and one stood flat. Traded value added 7% as 136.67m shares worth Dhs182.58m changed hands.
Abu Dhabi exchange dips 1.58%
February 22, 2011--Abu Dhabi-based real estate heavyweights Aldar Properties (down 4.24% at Dhs1.58) and Sorouh Real Estate (4.24% lower at Dhs1.13) still searching for grounds, as the ADX General Index declined 1.58% to close at 2,578.79.
National Bank of Fujairah bucked the trend and surged 9.93% to reach Dhs2.99. Pharmaceutical producer Julphar from the emirate of Ras al-Khaima added 0.98%, closing at Dhs2.08.
