Middle East ETF News Older than One Year
Cairo bourse closes indefinitely
March 4, 2011--Egypt's stock exchange, which suspended trading a month ago when nationwide anti-regime protests erupted, said on Thursday it will remain closed until further notice.
"Due to the latest developments in Egypt, (Egypt's stock exchange) EGX decided to suspend trading next Sunday, 6th of March," the bourse said in a statement. The stock exchange, which closed on January 27, was due to re-open Sunday.
"Resuming of trading will be decided following the discussions with Egypt's new prime minister," it added.
Egypt's ruling military council earlier on Thursday named Essam Sharaf prime minister, after the resignation of Ahmed Shafiq who was heading a caretaker government.
Source: Zawya
Banking sector gains at Kuwait Exchange
March 3, 2011--The KSE Market Index dipped 0.16% on Thursday, closing at 6,147.7 points. Kuwait International Bank surged 5.665 to reach KD0.280.
Kuwait's largest lender National Bank of Kuwait jumped 4.68%, finishing at KD1.340 as did telecom giant Zain (up 4.68% at KD1.340). The banking segment was the only sector which landed in the green as uncertainty over the outcome of civil unrest in Libya weighs on the market.
Source: AME Info
Qatar bourse dives 2.20%
March 3, 2011--The Doha-based QE Index closed 2.20% lower at 7,489.25.
All sector indices ended in the red. The country's largest lender Qatar National Bank dipped 0.16% to close at QR127. Al Ahli Bank bucked the trend and added 0.51% to reach QR59.70.
Source: AME Info
Real estate shares stabilise Abu Dhabi bourse
March 3, 2011--The ADX General Index added 0.10% to reach 2,529.82. Following weeks of nonstop-declines, investors lifted Sorouh Real Estate (up 1.01% at Dhs1.01) and ended dumping Aldar Properties (flat at Dhs1.30). Shares of Abu Dhabi National Takaful closed likewise even at Dhs3.15.
Earlier in the day, the Islamic insurance operator reported a full-year net profit of Dhs21m against Dhs2.5m in 2009. 65.29m securities worth Dhs96.447m changed hands as 11 gained, nine remained flat and 12 declined.
Source: AME Info
Dubai market deeclines further, down 1.61%
After hitting a seven-year low yesterday, the DFM General Index declined 1.61% on Thursday to close at 1,352.24. Real estate firms Emaar (off 3.60% at Dhs2.41), Deyaar (down 8.30% at Dhs0.210 and Union Properties (1.51% lower at Dhs0.253) weighed on the market. March 3, 2011--
The UAE's second telecom provider Du dipped 1.74%, closing at Dhs2.82. Earlier in the day, Du announced that its full-year net profit before royalty increased by 132% year on year to Dhs1,226m versus Dhs528m in 2009. "856,000 net active1 mobile customers added during the year, taking the total at year end to 4.3m", Du says in a statement to the DFM. Tabreed surged 2.89% to reach Dhs0.998 after the Dubai-based cooling specialist said it will receive Dhs3.1bn financing from Abu Dhabi's sovereign wealth fund Mubadala. Seven shares gained, 20 declined and four ended flat. Some 145m stocks worth Dhs196.31m changed hands.
Source: AME Info
Bahrain Bourse's sharp fall extended
March 3, 2011--The Bahrain Bourse's free fall continued on Thursday as the benchmark index closed 2.30% lower at 1,377.36.
The advances from September 1st 2010 until end of February 2011 have been wiped out during this week. Ahli United Bank posted the largest loss (down 10% at $0.63). Only Gulf Hotel Group (up 5.88% at BD0.90) posted an advance.
Source: AME Info
Fourteen Saudi shares buck downtrend on Wednesday
March 2, 2011--The Tadawul market dived 3.89% on Sunday, closing at 5,323.27. The decline at SABIC shares (off 0.87% at SR85.25) slowed down a bit, while Alinma Bank lost the most (down 3.80% at SR8.85).
Saudi Printing & Packaging Company surged nine percent to reach SR10.80. Fourteen shares gained and 131 lost value.
Source: AME Info
Kuwait Exchange dives 2.59% as Zain shares tumble
March 2, 2011--The KSE Market or Price Index ended on Wednesday 2.59% lower at 6,157.70. Mobile Telecommunications Co., known as Zain, plunged 5.88% to close at KD1.280.
Zain's rival Etisalat from Abu Dhabi failed to buy a 46%-stake in Zain as the major Kuwaiti shareholder Kharafi group eventually turned the offer down. The deal would have had a volume of $12bn.
Source: AME Info
Qatar Telecom discloses results, dips 3.60%
March 2, 2011--The Doha-based QE Index fell by 3.57% to close at 7,657.47. Shares of Qatar Telecom, known as Qtel, weakened 3.60% to close at QR144.60. Earlier in the day,
Qtel revealed a net profit of QR2.9bn in 2010 versus QR2.8bn in 2009. Islamic Insurance bucked the trend, gaining 2.84% to reach QR39.80.
Source: AME Info
Emirates Insurance Co. surges on 70% profit increase
March 2, 2011--The Abu Dhabi-based the ADX General Index declined 1.82% to close at 2,527.40. Investors continued to dump real estate shares as the sector index dived 7.35%.
Pharmaceutical producer Julphar from Ras al-Khaima gained 6.56% to reach Dhs1.95. Julphar was only outperformed by Emirates Insurance Co. (EIC, up 7.53% at Dhs6.00). Earlier in the day, EIC disclosed a full-year 2010 net profit of Dhs108.06m, a 70% increase compared to 2009. Aldar Properties were the most liquid shares, closing 9.29% to finish at Dhs1.26. Etisalat shares dipped 0.46%, closing at Dhs10.75 after it was announced that telecom provider Zain in Kuwait did not get green light from its shareholder for Etisalat's desire to buy 46% of Zina. Five shares gained, 26 declined and two ended flat.
Source: AME Info
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