Middle East ETF News Older than One Year
TAQA shares gain on Caribbean exit
January 17, 2011-Abu Dhabi's ADX General Index weakened 0.85% to end at 2,690.07 points. Abu Dhabi National Energy Co., better known as TAQA, added 0.68% to reach Dhs1.49. Earlier in the day, TAQA said it has sold its stake in Marubeni TAQA Caribbean Ltd., a move which terminates TAQA's purchase of 50% of Marubeni's assets going back to March 2009.
TAQA added it aims to focus on it water and power business in the MENA region. Construction and real estate shares weighed on the market. Aldar Properties lost further, finishing off 3.79% to close at Dhs2.06. Sorouh Real Estate bucked the trend and ended unchanged at Dhs1.53. Nine shares advanced, 8 closed flat and 13 lost value.
Source: AME Info
Insurance operators drag Qatar market down
January 17, 2011--Shares at the Qatar bourse QE lost across the board, dragging the QE Index down by 0.85% to 9,163.84. Qatar Insurance weakened 1.83%, closing at QR91.30.
Islamic Insurance finished off 0.40% to close at QR49.50. Mannai Corporation, a mixed industrial group, posted the largest advance, closing 7.62% higher at QR139.90.
Source: AME Info
Tadawul bourse loses 0.30%
January 17, 2011--The Saudi Stock Exchange closed off 0.30% at 6,768.24 points on Monday as financials and transport firms posted losses. The Kingdom Holding Company closed unchanged at SR9.25. Earlier in the day, the holding, owned by HH Prince Al-Waleed bin Talal, announced that interim net income for the last twelve month period amounts to SR605.2m compared to the net income of SR402.6m for the same period in 2009, which represents an increase of 50.3%.
"The reason for the change in net income is due to an increase in income from investment, the improvement of hotel operations, and operations in associates, despite the decrease in dividends from the Companys investments in the international markets", Kingdom Holding said in a statement to the Tadawul market. Petrochemical bellwether SABIC extended its rally, gaining 1.35% to reach SR112.25. Twenty-eight shares gained, 101 stocks decreased in value and 16 closed flat.
Source: AME Info
Gulf sukuk issuance bounces back 61% following recessionary crisis
January 17, 2011-- The value of Islamic bonds (sukuk) issued in the Gulf[2] has jumped 61% in the past year having slumped to the lowest level in four years as a result of a number of factors,
including the global financial crisis, according to research by Trowers & Hamlins, the international law firm.
Source: AME Info
Kuwait market remains in lackluster mood
January 17, 2011--The KSE Market Index dipped 0.11% to close at 6,915. Banks and real estate firms performed weakly, while most insurers posted gains.
Arkan Al-Kuwait Real Estate Co. closed 7.02% lower at KD0.066. Al-Ahleia Insurance Co. was the main gainer, reaching KD0.530 (up 6%). Year-to-date, the KSE dipped 0.58%.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View- January 16, 2011
January 16, 2011--Economic Data Overview
The January 17 week is shortened in U.S. markets by the M.L. King, Jr. Day on Monday.
The relatively light data calendar for the week is dominated by housing data, although the earliest monthly reads on the manufacturing sector in January include the New York Fed's Empire State Survey on Tuesday and the Philadelphia Fed's Business Outlook on Thursday. After the soft patch of the summer months in 2010, the overall direction of manufacturing activity seems to have settled back into steady expansionary trends.
The Bank of Canada makes its routine policy statement on Tuesday and then the report on initial US jobless claims comes on Thursday. Claims levels have been moving lower, and the underlying trend appears to be nearing the 400,000 level. The data have been somewhat volatile due to some mismatches in the adjustment factors and levels that do not match the usual seasonal pattern.
The Conference Board's Leading Economic Indicator for December on Thursday should increase for another month on positive contributions from interest rates, stock prices, unemployment claims, consumer confidence, building permits, new orders, money supply, and contracts for plant and equipment expenditures.
At a corporate level, the release of Q4 earnings data picks up pace in the week. A number of major financial firms are on the calendar, as well as some other industry giants and market favourites. On Tuesday, the main reports are from Apple, Charles Schwab, Citigroup and Delta Air Lines. On Wednesday, the big names are eBay, Goldman Sachs, State Street and Wells Fargo. On Thursday, the eye-catching reports will probably be AMD, Fifth Third Bancorp, Google, Morgan Stanley, Southwest Airlines and Tyco Electronics. On Friday, reports are expected from Air Products, Aigas, Bank of America, BB&T Corporation, GE and Schlumberger.
For the remainder of January, the Bank of Japan Governors meet on
Source: Source: Dubai Gold And Commodities Exchange
National Bank of Kuwait shares dive 2.7%
January 13, 2011--Kuwait's KSE Market or Price Index lost 0.17%, ending at 6,936.3. While insurers emerged strongly, banks weighed on the market sentiment. The Gulf state's largest lender National Bank of Kuwait, known as NBK, plummeted 2.7% to finish at KD1.420.
Kuwait Remal Real Estate Co. jumped 9% to reach KD.300, posting the largest gain for the second day straight.
Source: AME Info
Abu Dhabi bourse dips amid lacklustre trading
January 13, 2011--The ADX General Index closed down 0.08% at 2,737.65 Thursday as investors preferred to stay on the sidelines. During the second week of January, the ADXGI lost half a percent. Dana Gas recocered 1.33%,
reaching Dhs0.75. Union Cement Company (up 9.72% at Dhs1.58) was the main gainer.
Source: AME Info
Dubai market ends the week in the red
January 13, 2011--The DFM General Market opened Thursday slightly up but eventually dipped 0.18% to close at 1,624.94 points. Even Emaar's advance of 0.58% (at Dhs3.47) could not support the market which saw 64.2m shares worth Dhs112.9m being (off 13.5%) traded. Gulf General Investment Company, known as GGICO, posted the largest loss (down 5.58% at Dhs0.491).
NASDAQ Dubai-listed DP World shares extended their rally, finishing 1.05% higher at $0.673. Earlier in the day, the maritime port operator announced that Chief Operating Officer Anil Wats sold 199,864 shares at a price of $0.64 on 9 January 2011. "Following this sale Anil Wats does not own any DP World shares", the statement to the NASDAQ Dubai says. Over the week the DFMGI dived 2.62%.
Source: AME
Saudi Arabia could soon allow foreign investors direct access to stock market
January 12, 2011-- Foreign investors could soon have direct market access to Saudi Arabia's stock market, Reuters has reported. Tadawul officials asked representatives from regional banks and brokerages at a December 21 meeting to check capabilities for handling foreign accounts,
according to a document seen by the news service. "We might see the markets opening up in the first half of 2011 or probably in the second quarter," a source familiar with discussions said. "It's not a question of if it will happen but when it will happen."
Source: AME Info
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