Middle East ETF News Older than One Year
Industries, insurers weigh on Kuwait exchange
August 26, 2010--The KSE Market or Price Index lost 0.42% in Thursday and closed at 6,645.6 points. Advanced Technology Co. posted the largest loss (off 6.25% at KD0.750). While banks performed overall weaker,
Bahrain's Islamic Ithmaar bank bucked the trend, finishing at the top gainer at KD0.039 (6.84% higher).
Source: AME Info
Abu Dhabi market index recaptures 2,500 points
August 26, 2010--The ADX General Index ended 0.19% higher at 2,500.62 points. Real estate heavyweights Aldar Properties (up 4.57% at Dhs2.34) and Sorouh Real Estate (gaining 2.52% at Dhs1.65) lifted the sentiment in particular.
Most banks suffered losses, with First Gulf Bank (down 1.09% at Dhs13.65) and retail banking focussed Abu Dhabi Commercial Bank (0.60% lower at Dhs1.68) underperforming the sector index (off 0.17%). The ADX benchmark lost some five points over the week.
Source: AME Info
Dubai bourse rebounds on Dubai World hopes
August 26, 2010--Reported news that that government-related Dubai World group offered a specific restructuring plan of its $23.5bn debt to creditor banks (that plan allegedly included proposed sales of key assets such as DP World) lifted the DFM General Index by 0.8%5% to 1,497.47 points.
Real estate bellwether Emaar pushed 2.17% higher at Dhs3.30. Nasdaq Dubai-listed DP World, which is controlled 80% by Dubai World, ended flat at $0.48. Traded value surged 96% to Dhs87.71m, 50.27m shares changing hands (up 44%). Over the week the DFM Index added 0.38%.
Source: AME Info
UAE money growth slows
August 26, 2010--According to data by the UAE central bank, the country's M1 money supply slowed to an annual 5.3% growth rate in July from 6.3% in June, Bloomberg has reported.
M2 money supply, which includes time and savings deposits, grew 5.2% last month compared with 5.4% in June, the central bank said.
Source: AME Info
Tadawul bourse declines by 0.28%
August 25, 2010--The Saudi Stock Exchange (Tadawul) saw its benchmark index Tasi closing 0.28% lower at 6,001.24 points. Market bellwether Sabic hit a six-week low at SR83.25 (down 0.30%).
A number of insurers recovered from heavy losses they suffered in recent weeks, e. g. Al-Ahlia Insurance Co (up 5.21% at SR55.50).
Source: AME Info
Dubai market loses 0.57%
Augsut 25, 2010--Influenced by weak U. S. economic data, the DFM General Index ended 0.57% lower at 1,484.89 points. U. S. home sales plummeted 27% July to an annual rate of 3.83 million units, the lowest sales pace since the National Association of Realtors began tracking the figure in 1999.
Emaar Properties (down 0.92% at Dhs 3.23) remains stuck in a three-month tradig between Dhs 3.10 and Dhs3.40. Kuwait's Global Investment House surged 7.94% to Dhs0.897. While trading volumes stabilises at 35m shares, traded volume dipped four percent to Dhs44.66m.
Source: AME Info
Bahrain exchange surges to 14-week high
August 25, 2010--The Bahrain Stock Exchange (BSE) closed 0.70% higher at 1,434.25 points due to gains in the banking sector. United Gulf Bank surged 6.15% to BD0.380.
Al Baraka Banking Group, a 100% Sharia-compliant bank, ended flat at $1.490. Al Baraka, one of the oldest regulated Islamic banks announced that it plans to expand to Saudi Arabia depending approval of the Saudi regulator. It also reached an MoU with the Islamic Corporation for the Development of the Private Sector.
Source: AME Info
Abu Dhabi bourse dips a quarter percent
August 24, 2010--Weak real estate share weighed on the ADX General Index (off 0.25% at 2,502.93 points). Industry bellwether Aldar Properties was the most liquid stock, finishing 0.90% down at Dhs2.17.
Qatar Telecom (Qtel) added 0.94% at Dhs161.00. According to Dubai-based Gitex Technology Week, global mobile applications sales and downloads are forecast to reach US$15.65 billion by 2013 and Middle East operators and device manufacturers are preparing for a telecoms windfall. Seven shares advanced, six ended flat and 15 shares declined in value.
Source: AME Info
Weak Asia input drags Dubai market down
August 24, 2010--Following Japan's fall to a 15-month low on Monday, the Dubai Financial Market (DFM) ended a choppy day of trading, finishing 0.45% lower at 1,493.46 points. The DFM resumed trading Bahrain's Gulf Finance House (GFH) shares after the Islamic investment bank disclosed its interim reviewed financial statements for the second quarter, reporting a $40m loss. GFH shares posted the largest loss, closing 10% lower at Dhs0.478 as the bank reported its seventh straight quarterly loss.
As GFH's total debt has mounted to $412m, it has named Germany's Deutsche Bank to restructure its loan portfolio. Nasdaq Dubai listed Dubai Ports (DP) World, which are also traded on the DFM platform, lost 0.20% and closed at $0.499. EFG Hermes downgraded the world's fourth largest container port operator to "Neutral" from "Buy" after the share saw "a strong rally in recent weeks (+20%) and is therefore likely to pause for breath", EFG Hermes writes in a statement released today, adding that "we lower our 2010 and 2011 net income estimates by 12% and 16%, respectively, due to higher depreciation, tax and minority interest charges." Low budget carrier Air Arabia (down 0.88% at Dhs0.793) denied media reports that it aims to buy another airline, after speculations came up that three airliners, including Sharjah-based Air Arabia, examine a possible takeover of Saudi competitor Sama Airlines. Sama grounded operations today after recording a loss of US$266 million, it has been reported. According to Bloomberg, it needs $80m to restart its operations.
Source: AME Info
Bahrain exchange defiant of Moody's downgrade
August 24, 2010--The Bahrain Stock Exchange (BSE) in Manama extended its step-by-step recovery as it ended Monday 0.39% higher at 1,424.27 points thanks to gains in the banking and insurance sector
Rating agency Moody's Investors Service downgraded Bahrain's sovereign rating to "A3" from "A2". Moody's sees "gradual but significant rise in the breakeven oil price" for Bahrain's national budget", along with a "relatively modest level of official financial assets" in the Kingdom. Nevertheless Manama plans to open a new and more internationally accepted market named Bahrain Financial Exchange (BFX) in the last quarter in 2010.
Source: AME Info
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