Middle East ETF News Older than One Year
Mena fund managers turn positive on financials, says Standard and Poor's Fund Services
August 26, 2010-Despite a lack of consensus among fund managers on whether the worst is over for the sector, financials bounced back strongly in the Mena region, according to the latest sector update published by Standard and Poor's Fund Services.
After being the main laggard in 2008 and 2009, the sector performed well in the first seven months of 2010, although the best-performing names have been the higher quality ones. "Some managers have turned more positive and have benefited from the re-rating of the sector," comments S&P Fund Services analyst, Roberto Demartini.
Source: AME Info
Qatar Exchange recovers slightly
August 26, 2010--The QE Index added 0.21%, finishing at 7,160.6 points. Most local insurance companies were the main gainers.
Doha Insurance (gaining 3.18% to Qr29.20) landed at the top of the charts, while Islamic Securities (off 1.56% at QR31.40) failed to jumpd on the bandwagon. Som 3.4m shares changed hands in Doha.
Source: AME Info
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
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