Middle East ETF News Older than One Year
DP World shares stuck below $16
May 23, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2,555.38 points, down 1.25% from the previous close.
Shares of Dubai Ports (DP) World lost 0.40% to $15.55. Since April 4, the share has been trading in a narrow range between $15 to $15.72.
Source: AME Info
Doha Bank jumps on UAE's SME bandwagon
May 23, 2013--The QE 20 Index closed 0.41% lower at 9,048.62 points on Thursday.
Doha Bank fell 0.21% to close at QR47. Ealier in the day, the globally operating lender announced its intentions to support Small and Medium Enterprises (SMEs) and corporate clients in the United Arab Emirates (UAE) through the Doha Bank’s branches in Abu Dhabi and Dubai, "including support for companies in the infrastructure development and construction sectors." Doha Bank Group CEO Dr. R. Seetharaman said in Dubai the Bank was seeking to participate in the resurgence of the UAE which is building its commercial economic platforms at a steady pace after the property market bubble which impacted the UAE. Dr. R. Seetharaman also added that Doha Bank is earmarking $12bn for lending to high-potential clients in the GCC between Qatar, UAE and Kuwait.
Source: AME Info
Bonds weak on rand ahead of MPC
May 23, 2013--South African bonds were weak in midday trade on Thursday due to a soft rand ahead of the monetary policy committee (MPC) decision due shortly after 15:00.
None of the economists polled by I-Net Bridge expects a change in the repo rate.
“The soft rand is the main reason behind this morning’s weakness. We expect a fairly hawkish MPC statement to provide some support for the rand‚ but all talk and no action does not get you anywhere‚” a local bond trader said.
Source: AME Info
Abu Dhabi bourse loses the fourth day straight
May 23, 2013--The ADX General Index suffered from another session of profit booking, finishing 1.23% lower at 3,460.36 points on Thursday.
Aldar Properties was the most liquid shares declined 2.06% in value, ending at Dhs1.90. Shares of Fujeirah Cement Industries hit a near limit up (14.42% higher) at Dhs1.19.
Source: AME Info
Arabtec advances, invites shareholders to sign up for capital increase
May 23, 2013--The Dubai Financial Market (DFM) General Index ended the week with a day-loss of 0.76%, closing at 2,305.62 points.
Emaar fell to Dhs5.81 (down 1.02%). Arabtec rose by 1.70% and reached Dhs2.41. Earlier in the day, Arabtec said in a statement to the DFM it invited its shareholders to subscribe to shares of the firm's share capital increase. An EGM on 13 April 2013 decided to increase the current share capital of the Company of Dhs1,569,750,000 up to Dhs3,139,500,000 by an increase of up to Dhs1,569,750,000 through the issuance of new shares in a number up to 1,569,750,000 new shares with a nominal value of Dhs1 and an issuance premium of Dhs0.50 per share. The total issuance premium shall amount up to Dhs784,875,000. "Shareholders who are registered in the share register of the company at the DFM as at the end of the official working hours on Thursday 30 May 2013 are entitled to subscribe for the Increase shares," said Arabtec which is owned 21% by the Abu Dhabi sovereign wealth find Aabar.
Source: AME Info
Bahrain Bourse gains on IMF's GDP growth forecast
May 22, 2013-The Bahrain All-Share Index finished the trading session on Wednesday with a gain of 0.14%, closing at 1,168.86 points.
In its spring update on the Middle East and North Africa, the IMF uograded real GDP growth prospects fro the Bahrain to 4.2% for 2013 from 2.8% amid increased political stability in the Kingdom. In 2014, the IMF said Bahrain's econmy would grow by 3.3%. Shares of Inovest surged 8.93% to reach $0.305. Islamic bank Gulf Finance House hit a 1-year year, closing at $0.175.
Source: AME Info
Samba soars after Fitch afffirms Saudi bank's investment grade rating
May 22, 2013--The Saudi Stock Exchange consolidated at a 1-year high, closing 0.11% higher at 7,363.13 points.
Samba Financial Group gained 0.44% to reach a 3-week high at SR45.90. Earlier in the day, Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the ratings of Samba. "n view of the Bank's very strong capital ratios, strong liquidity and continually improving asset quality, the Financial Strength Rating is maintained at 'AA-'", said Fitch. At year-end 2012, Riyahd-based Samba ranked as KSA's third-largest bank, with total assets of SR199bn (equivalent to $53.1bn and a market share of about 12%). By total capital (SR31.7bn) the Bank ranked fourth in size among Saudi banks. At the close of the year, Samba operated a network of 72 branches and employed 3,329 full-time direct staff (2011: 3,057).
Source: AME Info
Bahrain Bourse gains on IMF's GDP growth forecast
May 22, 2013--The Bahrain All-Share Index finished the trading session on Wednesday with a gain of 0.14%, closing at 1,168.86 points.
In its spring update on the Middle East and North Africa, the IMF uograded real GDP growth prospects fro the Bahrain to 4.2% for 2013 from 2.8% amid increased political stability in the Kingdom. In 2014, the IMF said Bahrain's econmy would grow by 3.3%. Shares of Inovest surged 8.93% to reach $0.305. Islamic bank Gulf Finance House hit a 1-year year, closing at $0.175.
Source: AME Info
Qatari shares gain across the board
May 22, 2012--The QE 20 Index added 0.54% to close at 9,085.90 points Wednesday.
Qatar National Bank (up 0.35%), Industries Qatar (0.36% higher) and Ooredoo (gainiing 1.35%) led the gauge's advance. Islamic Holding posted the biggest decline (down 2.87%).
Source: AME Info
IMF-Regional Economic Outlook Update: Middle East & Central Asia
May 21, 2013--Two years after the onset of the "Arab Spring," many countries in the Middle East and North Africa continue to undergo complex political, social, and economic transitions. Economic performance across the region was mixed in 2012: although most oil-exporting countries grew at healthy rates, economic growth remained sluggish in the oil importers.
In 2013, these differences are expected to narrow because of a scaling-back of hydrocarbon production among oil exporters and a mild economic recovery among oil importers. Many countries face the immediate challenge of re-establishing or maintaining macroeconomic stability amid political uncertainty and social unrest, but the region must not lose sight of the medium-term challenge of diversifying its economies, creating jobs, and generating more inclusive growth.
Caucasus and Central Asia: Favorable Near-Term Outlook Provides Opportunities for Reform
For the countries in the Caucasus and Central Asia region, the near-term outlook remains broadly favorable, reflecting high oil prices for the oil and gas exporters and strong non-oil commodity prices and robust remittances in the oil and gas importers. Risks to this favorable outlook could stem from still-subdued world demand, domestic political uncertainties, and geopolitical risks in the region. Policymakers, particularly in the oil-importing countries, should take advantage of the favorable outlook to re-establish fiscal policy buffers that were eroded in the aftermath of the global crisis. Across the region, countries should reinvigorate their reform efforts to address longstanding structural issues, with a view to improving governance, building an investor-friendly environment, developing a more inclusive financial system, and fostering regional trade and finance integration.
view the IMF-Regional Economic Outlook Update: Middle East & Central Asia report
Source: IMF
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