Middle East ETF News Older than One Year
Bahrain bourse reaches 15-week high
September 23, 2010--As most GCC markets today, the Bahrain Stock Exchange (BSE) gained modestly (up 0.36%), but by closing at 1,445.75 points the Manama-located bourse reached the highest stand since May 30.
Shares of United Gulf Bank continued its step-by-step recovery, ending 1.46% higher at BD0.416.
Source: AME Info
Equities traded value rises 20 per cent in first full month since outsourcing to DFM.
September 23, 2010--It was the first full month of trading since the exchange outsourced its operations to Dubai Financial Market (DFM DFM Design for Manufacturing (newsletter)
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DFM Distinguished Flying Medal
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The August value reached 78.7 million dollars, up from 65.5 million in August 2009. The proportion traded by individual investors, as opposed to institutions, also increased. Volume for the month fell by nine per cent to 158.6 million shares, from 175.2 million in the same 2009 period.
NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to DFM on 11 July, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
UAE brokers have increased their share of trading of NASDAQ Dubai equities since the outsourcing. In August, the most active broker by volume was Al Futtaim HC Securities, followed by Deutsche Bank and then EFG Hermes.
In the first eight months of 2010, traded value of NASDAQ Dubai equities rose to 858 million dollars from 587 million in the same period of 2009, an increase of 46 per cent. Volume fell to 1.9 billion in the same period from 2.1 billion, a decrease of 14 per cent.
The FTSE NASDAQ Dubai UAE 20 index ended August 2010 at 1,550, down 3.5 per cent from the end of July 2010 and 16 per cent lower than at the start of the year.
The index tracks 20 stocks listed on the DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.
Source: CPI Financial
Kuwait has too many Islamic banks, says CB governor
September 22, 2010--The governor of Kuwait's central bank, Sheikh Salem Abdul-Aziz al-Sabah, has said that with five registered Kuwaiti Islamic lenders and Saudi Arabia's Al-Rajhi Bank, the country is saturated with Islamic banks, Reuters has reported.
"I believe that with this the Kuwaiti market has reached saturation point for Islamic banks at this stage," the governor was quoted as saying by a local newspaper.
Source: AME Info
Qatar market dips insignificantly
September 22, 2010--The Qatar Exchange (QE) lost 1.56 points and finished at 7,636.67 points due to lacklustre trading in Doha. Trading volumes declined 14.89% to some 7.04m shares changing hands.
The majority of shares (14) closed flat, while 13 stock gained value and 12 went down. Qatar Fuel outperformed the QE index by closing 0.55% higher at QR183.00.
Source: AME Info
Kuwaiti shares rebound slightly
September 22, 2010--Thanks to slightly recovering oil prices, the Kuwait Stock Exchange (KSE) added 0.36% to close at 6,845.3 points. Shares of Islamic bank Boubyan touched a new year year as it added 1.61% to close at KD0.620. Boubyan Bank is the largest shareholder at Bank of London and Middle East (BLME), one of five Sharia banks in the UK. Kuwait's central bank governor,
Sheikh Salem Abdul-Aziz al-Sabah, has said that with five registered Kuwaiti Islamic lenders and Saudi Arabia's Al-Rajhi Bank, the country is saturated with Islamic banks, Reuters has reported. "I believe that with this the Kuwaiti market has reached saturation point for Islamic banks at this stage," the governor was quoted as saying by a local newspaper.
Source: AME Info
Abu Dhabi bourse dips a quarter percent
September 22, 2010-As the Dubai market, the Abu Dhabi exchange ADX dipped slightly (off 0.25% at 2,631 points) as investors booked profits at the bourse's heavyweights Aldar Properties (down 0.79% at Dhs2.51) and Dana Gas (1.16% lower at Dhs0.84).
The sheikhdom's energy giant Taqa bucked the trend, gaining 0.80% at Dhs1.25. Six shares advanced at the ADX, five ended flat and 18 declined in value.
Source: AME Info
Qatar market dips insignificantly
September 22, 2010--The Qatar Exchange (QE) lost 1.56 points and finished at 7,636.67 points due to lacklustre trading in Doha. Trading volumes declined 14.89% to some 7.04m shares changing hands.
The majority of shares (14) closed flat, while 13 stock gained value and 12 went down. Qatar Fuel outperformed the QE index by closing 0.55% higher at QR183.00.
Source: AME Info
Al Baraka Banking CEO praises Bahrain market BFX
September 22, 2010--The local Bahrain bourse BSE reached 1,440.59 points Wednesday. Islamic Banks Gulf Finance House (GFH) and Ithmaar Bank were the top gainers, advancing by 4.17% and 3.7% to $0.125 and $0.140, respectively.
Al Baraka Banking Group, one of the oldest GCC-based Shari'ah banks, ended flat at $1.450. Al Baraka Banking Group president and CEO Adnan Ahmed Yousif told AME Info today, that he regards Bahrain's new market Bahrain Financial Exchange (BFX), which is scheduled to go live in the fourth quarter, as "a step into the right direction" to upgrade Manama as a financial centre. Mr. Yousif added that his bank aims to play an active role at the multi-asset-class market BFX.
Source: AME Info
Finance House secures funding, rises 6.44% at Abu Dhabi market
September 20, 2010--The ADX General Index gained a quarter percent Tuesday and reached 2,637.76 points. Shares of Finance House closed 6.44% higher at Dhs4.46.
The firm, specialised in investment banking and executive finance, has said today it secured a long-term funded facility of Dhs157m from "a leading UAE based bank".". Aldar Properties (up 3.25% to close at Dhs2.54), as most real estate developers, helped the ADX to rebound.
Source: AME Info
Insurers, banks push Qatar bourse higher
September 21, 2010--Investors in Doha showed no exhaustion in buying shares, as the QE Index ended 0.47% higher at 7,638.23 points
As during previous trading session, financials were demanded in particular. General Insurance jumped 3.70% to end at QR56. Qatar Insurance surged 2.29% to close at QR85. Al Khalij Commercial Bank reached QR16.30 (up 2.52%).
Source: AME Info
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