Middle East ETF News Older than One Year
Qatar Exchange adds 0.68%
June 16, 2010--Investors in Doha continued to add positions in the real estate and banking sector. The QE Index, consisting of 20 constituents, ended 0.68% higher at 7,029.21 points. Qatar Islamic Bank advanced 2.35%, closing at QR73.30. QE heavyweight Qatar National Bank (QNB), however, failed to jump on the bandwagon and finished insignificantly lower at QR137.
Qatar Navigation closed at QR81.80 (up 0.61%) after the company said that it plans to set up a QR1bn Logistics City in Al Thumama near Doha's industrial area to meet the Gulf state's growing demand for logistics and warehousing requirements, the company's Projects Manager, Ahmed Al-Kowsi said, investment bank EFG Hermes reports, quoting The Gulf Times.
Source: AME Info
Energy, bank shares lift Abu Dhabi exchange
June 15, 2010-Abu Dhabi joined the general recovery mood in the GCC after strong gains at US exchanges yesterday (the Dow Jones Industrial Index surged 2.10% on Tuesday, closing at 10,404.77 points following signs of strengthening industrial production).
Advances in the energy and bank sectors helped the ADX General Index advancing 0.34% and closing at 2,519.17 points. After several days of posting heavy losses, Dana Gas rebounded 1.61% at Dhs0.63. A number of banks also lifted the UAE capital's market, such as Abu Dhabi Commercial Bank (ADCB) or First Gulf Bank (FGB), closing at Dhs1.52 (up 1.99%) and Dhs14.65(1.74% higher) respectively.
Source: AME Info
Riyadh market finishes the trading week positively
June 16, 2010--Saudi Arabia's Tadawul market, which remains closed during the Saudi weekend on Thursday and Friday, was mainly driven by construction and energy-related shares on Wednesday.
The main index TASI advanced 0.26%, closing at 6,346.44 points. Dar Al Arkan Real Estate Development Company added 0.73% and finished at SR13.80. Yanbu National Petrochemical Company posted the third largest advance, rising by 3.53% to SR41.10. The Saudi Stock Exchange gained 3.85% during week.
Source: AME Info
Egypt cancels plans to give free shares to citizens
June 16, 2010--The Egyptian Investment Minister has said the government has cancelled plans to partially privatise some public sector firms through distributing free shares to citizens, Reuters has reported.
"No shares shall be distributed among people under the proposed 'citizen ownership' programme, neither through free bonds nor through any other forms," Minister Mahmoud Mohieldin said in a statement. The proposal included giving all Egyptians over the age of 21, about 41 million people, free coupons for shares in public firms slated for privatisation.
Source: AME Info
Regional M&A deal values drop by 59% in Q1 2010 over Q1 2009
June 15, 2010--However, deal value climbs by 30% in Q1 2010 over Q4 2009
Egypt, Saudi Arabia, Qatar, and Jordan saw the highest number of domestic deals announced in Q1 2010
Banking and Real Estate dominate domestic deals by announced deal value in Q1 2010
Dubai 15 June 2010: Mergers & Acquisitions (M&A) deal values announced in the Middle East and North Africa (MENA) region dropped by 59% to US$6.5Bn in Q1 2010 compared to deals worth US$15.8Bn announced in Q1 2009. According to Ernst & Young's MENA M&A update, the number of announced deals dropped by 16% from 91 in Q1 2009 to 76 in Q1 of this year.
But there were improvements over the previous quarter
The total number of M&A announced deals in Q1 2010 increased by six, from 70 announced deals in Q4 2009 to 76, while announced deal value jumped by 30% from US$5Bn in Q4 2009 to US$6.5Bn in Q1 2010.
Egypt, Saudi Arabia, Qatar and Jordan are the most active
Egypt (10 deals), followed by Saudi Arabia (8 deals), Qatar and Jordan (each with 4 deals) are the key target countries for domestic deals announced in Q1 2010 in terms of the number of transactions.
In terms of total disclosed deal value in the region, Qatar attracted 39% of M&A activity with deals valued at US$1,083.5Mn, followed by Lebanon with US$450Mn and Saudi Arabia with US$381.4Mn.
Source: AME Info
Kuwait bank shares buck index decline
June 15, 2010--The Kuwait Stock Exchange (KSE) closed at 6,528.60 points (down 0.38%) on Tuesday. The KSE bank index was the only industry sector which added value (up 0.86%).
Financial services bellwether National Bank of Kuwait (NBK) ended 1.72% higher at KD1.180. Commercial Bank of Kuwait (CBK), the number five in the northern Gulf state, jumped 4.65% and finished at KD0.900. Al-Themar International Holding Company posted the largest loss, plummeting 8.5% at KD0.108.
Source: AME Info
Energy stocks pull Abu Dhabi index down
June 15, 2010--The ADX General Index dropped 0.65% lower, closing at 2,510.69 points. Dana Gas plummeted 6.06% down to Dhs0.62. Abu Dhabi National Energy Company, dubbed Taqa, ended 0.93%, closing at Dhs1.08. Around 9% of the world's proven oil reserves are located in Abu Dhabi.
Real e state firms also underperformed on Tuesday. Abu Dhabi National Insurance Group (ADNIC) bucked the trends, jumping 10% and closing at Dhs6.60. Ras Al Khaima Ceramic, the world's largest ceramic producer form the emirate of Ras al-Khaima, finished 5.88% higher at Dhs1.44.
Source: AME Info
Qatar market hit by profit taking
June 15, 2010--Advances from earlier this week were stopped at the Qatar Exchange (QE), ending 0.61% lower at 6.981.79 points. Qatar National Bank (QNB) lost insignificantly and closed at QR136.90. Qatar National Bank (QNB), following a detailed compliance audit, has been certified against the global ISO 27001:2005 standard by Bureau Veritas, which issues international ISO-standard certifications.
This makes QNB the first bank in Qatar to have its disaster recovery operations certified. Barwa Real Estate was the most liquid share, losing 0.33% at QR29.70. According to Credit Suisse-analyst Mohamad Hawa, Qatar was a preferred market in the GCC due to its high economic growth.
Source: AME Info
Dubai bourse almost drops below 1,500 points
June 15, 2010--The step by step-crash continued at the Dubai Financial Market (DFM). Its main index lost 1.31%, closing at a 12-month low at 1,502.69 points. The DFM share ended 1.95% lower at Dhs1.51. Islamic bank Ajman Bank was the only share gaining value (up 1.33% at Dhs0.76), as 23 stocks weakened.
Ajman Bank yesterday announced that it has formed a strategic partnership with Al Futtaim GE, as Commercial Vehicle Finance providers. Gulf Navigation Holdings finished flat at Dhs0.55. The maritime services firm announced today that Gulf Mizhar Shipping Inc., its wholly owned subsidiary, has received full payment along with interest from SLS Shipbuilding Co. Ltd of Tongyeong, Korea in respect to the termination of the new building contract relating to a chemical tanker vessel bearing hull for $35m, bringing the total amount received in excess of $70m. Turnover was up at the DFM 22% with Dhs138.94m value traded. Volumes declined by 5% as some 84.15m stocks changed hands.
Source: AME Info
Moody's: Arabian Gulf corporates face challenge of 2012 'Wall of Maturity'
June 14, 2010--The credit environment for corporate issuers in the GCC region will remain challenging, especially for selected vulnerable corporate issuers that need to address significant debt maturities by 2012, says Moody's Investors Service in a new report on the GCC corporate sector.
"The 2012 wall of maturing debt poses a major challenge for GCC corporate as $28bn worth of debt -- nearly one fifth of an estimated $145bn of total debt outstanding -- will mature that year," explains Martin Kohlhase, Assistant Vice President-Analyst at Moody's Middle East in Dubai.
The majority of this maturing debt is held by entities based in Dubai and Abu Dhabi, especially investment holding companies and real estate developers and related companies.
"Moody's notes the apparent lack of a catalyst that could stabilise the credit environment in the region," says Mr. Kohlhase. A stabilisation would require a number of soft and hard factors to come into play.
Source: AME Info
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