Middle East ETF News Older than One Year
Nasdaq Dubai: Depa Ltd., Damas shares gain
October 28, 2010--Shares of Nasdaq Dubai's heavyweight DP World dipped 0.17%, closing at $0.599 on low trading turnover. Interior designer Depa Ltd. gained 3.03% to finish at $0.68. Dubai-based jewellery trader Damas International Ltd. jumped 6.67%, finishing at $0.16.
Damas announed today, that (based on such gold price and such cash amount) the net amount to be repaid by the Abdullah brothers to Damas in accordance with the Settlement Agreement from November 25 2009 (in respect of certain transactions between the Abdullah brothers and Damas) is Dhs614m, comprising of Dhs358m in cash and an amount equivalent to gold with a value of Dhs 256m.
"Damas notes that the amount of Dhs 365m, which was referenced in the Enforceable Undertaking as the cash amount owing by the Abdullah Brothers to Damas is now reflected to be Dhs358m after considering certain historical recoveries from the Abdullah Brothers, which have been accounted for in the financial statements of Damas", the statement addressed to the Nasdaq Dubai and to Damas sahreholders says.
Source: AME Info
Kuwait bourse posts week gain of 1.77%
October 28, 2010--The KSE Market index ended Thursday at 7,067.6, up 0.26%. Islamic financial institution Boubyan Bank outperformed te KSE Banking index (down 0.10%) and closed 1.5% higher at KD0.630. Despite the recent bull's run in the financial sector, Credit Suisse remains cautious on Kuwaiti banks and prefers their peers in Qatar.
"In Kuwait, we are uncertain about the time frame of the (government's) development plan, and the magnitude of the impact that it will have in the immediate future", says Credit Suisse research analst Mohamad Hawa.
Source: AME Info
Industry shares help Qatar market to gain slightly
October 28, 2010--Doha-based Qatar Exchange (QE) added 0.12% to finish at 7,805.01, thanks to gains in the industry sector. Shares of real estate developer United Development Company (UDC), the builder of the man-made island The Pearl
Qatar at Doha's coastline, outperformed the market by climbing 0.40% to QR25.40. UDC advanced steadily as the share failed two times in 2010 to knock out a key resistance level at QR30. On a year-to-date basis, the QE Index surged 12.20%.
Source: AME Info
Dubai economy expected to grow by 2.3 per cent in 2010
October 27, 2010--Population is estimated at 1.87 million
Arif Obaid al-Muhairi, executive director at Dubai Statistics Centre has said the emirate’s economy is expected to grow by 2.3 per cent this year, as it recovers from the global crisis, Reuters has reported. Muhairi also said Dubai’s population is expected to increase, while the jobless rate in the city stands at 0.8 per cent.
“According to field surveys, the rate of population growth was around 7 per cent over the first nine months of the year,” he said. “The number of residents is estimated at 1.87 million.”
Source: Meed News
Abu Dhabi Commercial Bank shares rise as Credit Suisse remains 'neutral' on ADCB
October 27, 2010--The ADX General Index dipped 0.14%. Shares of Abu Dhabi Commercial Bank (ADCB) gained 0.40%, closing at Dhs2.49. ADCB has reported 3Q net income of Dhs325m (versus net loss of dhs531m in Q2 10), "missing our estimates by 35% but beating consensus estimates by 29%", says Credit Suisse analyst Mohamad Hawa. Reported non performing loans (NPL) ratio was fairly flat at 5.5% (5.4% in Q2 10), while provision coverage increased from 76.7% in Q2 to 81.5% in Q3.
Hawa added: "Although we see downside risk to our full year estimates, we remain neutral on the stock (ADCB) as Q3 results came ahead of consensus and the stock is likely to benefit from upward revisions of the street estimates." Due to the sad demise of of His Highness Sheikh Saqr Bin Mohamed AI Qassimi, Ruler of Ras AI Khaimah (RAK), RAK Properties, pharmaceutical producer Julphar and RAKNIC cancelled their planned board meetings which were scheduled for the coming days.
Source: AME Info
Lacklustre trading at Nasdaq Dubai
October 27, 2010--FTSE NASDAQ Dubai UAE 20 Index closed at 1866.300 today, down -17.410, or -0.92%, from the previous close. DP World ended flat at $0.60 on low volumes. Interior designer Depa Ltd. ended 1.49% to close at $0.66.
No other stocks posted price changes.
Source: AME Info
Kuwait bourse outperforms GCC exchanges
October 27, 2010--As the only GCC equity market, the KSE Price Index gained 0.33% to finish at 7,049.30, due to gains in the insurance and real estate segment. Mena Real Estate Company topped the charts, closing 9.61% higher at KD0.057.
National Bank of Kuwait (NBK), the country's largest lender by assets, lost 1.44% to close at KD1.360.
Source: AME Info
Banks weigh on Qatar Exchange
October 27, 2010--As at most GCC markets, investors in Doha preferred to stay on the sidelines. The QE Index lost a quarter percent, closing at 7,795.73. Shares of Commercial Bank of Qatar (CBQ) and Doha Bank (off 0.75% at QR53.10)
failed to benefit from recent statement by Credit Suisse that the Qatari banking market offers the most attractive valuations and 'best asset quality' in the region.
Source: AME Info
Tadawul market ends 0.36% lower at 6,309.92
October 27, 2010--Over the week, the lead index TASI added 79.77 points or 1.28% Shares of construction contracting specialist Abdullah A. M. Al-Khodari Sons Company, which were listed last Saturday, posted the largest gain, closing 7.08% to finish at SR46.90.
The shares were issued at SR48.
Source: AME Info
Qatar bourse may introduce bond, ETF trading in Q1 2011
*Bond, sukuk, ETF trading may start by Q1
2011October 26, 2010--Qatar's bourse may begin trading bonds, sukuk and exchange traded funds (ETFs) in the first quarter of next year, the exchange's deputy chief executive said on Tuesday.
The Gulf state's bourse embarked on a revamp last year when it entered a strategic partnership with NYSE Euronext (NYX.N). It is currently 20 percent owned by the Big Board parent.
"They are our partners and have 20 percent of the bourse. From an administrative side, we will develop the market from a domestic market to international one using the NYSE platform," Saif Al Mansoori said on the sidelines of a conference in Beirut when asked about further plans to develop the exchange.
*Qatar currently assigned frontier status by MSCI
Source: Rueters
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