Middle East ETF News Older than One Year
IEA says global oil demand to rise in 2011
January 19, 2011-The International Energy Agency (IEA) has said that growth of global oil demand in 2011 is expected to be higher than initially anticipated but will slow significantly from last year's heady pace, Reuters has reported.
The Paris-based agency raised its 2011 oil demand growth forecast for this year by 80,000 barrels per day (bpd) to 1.41 million bpd, on signs of buoyant economic growth, especially in emerging markets. "We will see around half the level of oil demand growth we saw in 2010, but it's still pretty robust. But the overall trend is a likely slowing of oil demand growth from exceptional levels last year," David Fyfe, head of the IEA's oil industry and markets division, said.
Source: AME Info
Tadawul bourse declines 0.86%
January 19, 2011--The Saudi Tadawul market fell for the third day straight, closing off 0.86% to finish at 6,657.73. Investors booked profits at petrochemical share and securities of the construction sector. SABIC shares plummeted 3.16% to finish at SR107.25.
The Mediterranean & Gulf Insurance & Reinsurance Co. bucked the trend, finishing 6.69% higher at SR28.70 (top gainer). Forty-seven shares added value, 77 lost and 21 closed unchanged.
Source: AME Info
Qatar Islamic Bank dips two percent on 2010 results
January 19, 2011--The QE Index in Doha could not resist against the regional weak trend on Wednesday, falling by 1.29% to close at 9,081.48.
Shares of Qatar Islamic Bank (QIB) fell by two percent to close at QR83.50. Earlier in the day, QIB disclosed the preliminary financial statements for the year 2010, reporting a net profit for 2010 of QR1.3bn (compared to QR1.32bn in 2009) and earnings per share (EPS) of QR6.20. All QE sector indices finished in the red on Wednesday.
Source: AME Info
Big banks gain at Kuwait market
January 19, 2011--The KSE Market Index closed unchanged at 6,915.50, despite advances in the banking sector. National Bank of Kuwait (1.38% higher at KD1.460) and Islamic banks Kuwait Finance House (up 3.27% at KD1.260) and Boubyan (gaining 1.58% at KD0.640)
failed to uplift the market due to losses in the insurance and real estate segment. Al Safat Real Estate Co. was the main loser, finishing off 18.5% at KD0.033.
Source: AME Info
Abu Dhabi bourse does not find bottom
January 19, 2011--As all GCC markets, the ADX in Abu Dhabi weakened on Wednesday, finishing 0.13% lower at 2,676.14 points. Negative input from US markets, where Citigroup shares disappointed yesterday, weighed on the sentiment.
For more than a week the ADX has been on the decline, due to high volatility in the real estate and banking sector. Methaq Takaful Insurance Co. posted the largest advance, closing 5.22% higher at Dhs2.41. Fujairah Cement Industries plummeted for the second day straight by nearly 10% to close at Dhs2.19.
Source: AME Info
Dubai market dips 0.21%
January 19, 2011--After rising for two days straight, the DFM General Index lost 0.21% on Wednesday, closing at 1,618.92 points. Emaar Properties gained 0.58%, reaching Dhs3.44.
But losses at investment bank Shuaa Capital (off 3.23% at Dhs1.20) and the UAE's second telecom provider Du (down 1.63% at Dhs3.02) weighed on the market. Some 63.49m (off 50%) shares worth Dhs104.71m changed hands, as 10 stocks declined and five gained.
Source: AME Info
Dubai World expects 'significant' recovery
February 19, 2011--Dubai World expects recovery in its critical businesses such as ports and free trade zones, a government statement said. "The board of directors voiced confidence in Dubai World's ability to achieve significant recovery in critical areas... including ports, dry docks and free zones... and has strong expectation of achieving profitability goals," the Dubai government said.
The board passed a 2011-12 budget for Dubai World and its subsidiaries that aims to "strengthen the overall financial performance and raise the efficiency of its units to achieve high profitability in the coming period", it said, without giving budget figures.
Source: AME Info
Saudi equity market most attractive in Gulf
January 19, 2011--Saudi Arabia’s equity market continued to attract the most attention among the Gulf’s markets, accounting for 46 percent of research notes and 39 percent of companies covered within the region.
Of the 243 research notes, "Buy" calls (48 percent of research notes) continued to dominate over "Hold" (41 percent) and "Sell" (11 percent), indicating a positive sentiment in GCC markets, Kuwait Financial Center (Markaz) latest statistics said.
The market capitalization of researched stocks in Saudi Arabia accounted for 83 percent of the total domestic market capitalization. Oman (79 percent), Qatar (66 percent), Kuwait (57 percent), the UAE (55 percent) and Bahrain (36 percent) followed in that order.
The UAE was the most preferred equity market in 4Q10 as reflected by the fact that 56 percent of the reports were assigned a "Buy" rating.
Source: the saudi
SABIC dips, discloses annual results
January 18, 2011--The Tadawul'a main index TASI declined 0.78% on Tuesday, closing at 6,715.64 points. Market bellwether and petrochemical giant SABIC finished off 1.34% at SR110.75. SABIC annonced that it net income for the quarter ended December 31, 2010 was SR 5.81 billion compared to the net income of SR4.58bn for the same quarter in 2009 representing an increase of 27%, and compared to the net income for the third quarter of 2010 of SR5.33bn representing an increase of 9%.
The net income for the twelve months period ended December 31, 2010 amounts to SR21.59bn compared to the net income of SR9.07bnfor the same period in 2009, an increase of 138%. Samba Financial Group ended down 1.24% at SR59.75. Earlier in the day, Credit Suisse analyst Mohamad Hawa commented on Samba's results from yesterday: "Samba reported weak Q4 results with net income of SR901m (down 18.3% q-o-q and up 7.9% y-o-y) below both our estimates and consensus estimates by 21.7% and 11.7% respectively. (...) While we expect the results to weigh on the share performance in the short term, we continue to believe that Samba is well positioned for growth once loan demand picks up, while current valuation of below 2x book 2011e remains quite reasonable." Ash-Sharqiyah Development Company was the main gainer of the day, closing 4.36% higher at SR40.70.
Source: AME Info
Nasdaq Dubai Proposes Rule Changes To Encourage Retail IPOs, Attract Small And Medium Enterprises And Family Companies
Janary 18, 2011--Nasdaq Dubai today announced proposals for wide-ranging changes to its listing rules, including steps to increase participation by individual investors in initial public offerings (IPOs).
All IPOs would be required to reserve at least 10% of the offer for individual investors, or else have a minimum of 400 institutional or individual security holders, under the proposals. The current rules contain no minimum requirements.
Source: Nasdaq Dubai
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