Middle East ETF News Older than One Year
Egypt forecasts 4-4.5% growth in 2012/2013
May 16, 2012--Egypt's international cooperation minister Faiza Abul Naga has said the interim government expects 4% to 4.5% growth in the economy for the fiscal year that starts on July 1, Reuters has reported.
"The government aims to increase the growth rate to 4% to 4.5%, which is a bold rate given the current circumstances, by making larger investments," Abul Naga told reporters. Last March, a survey of 11 economists forecast year-on-year gross domestic product (GDP) will grow by 1.6% in the financial year starting on July 1, 2012, but will rise to 4% the following year.
Source: AME Info
UAE's first sukuk restructuring forecast
May 16, 2012--Bond traders are betting that the United Arab Emirates may soon see the country's first public restructuring of an Islamic bond.
The yield on the $920m sukuk from Dana Gas, the Sharjah-based energy company, has soared this week as the price sunk, highlighting investors’ concern over Dana’s ability to repay the debt.
Source: FT.com
Tapping oil reserves 5 years away in Lebanon
May 15, 2012--Lebanon's water and energy minister, Gebran Bassil has said tapping oil reserves is around five years away, despite the progress made over the last two years,
The Daily Star has reported. The country's gas reserves are located in deep waters, he said, urging the government to expedite legal and administrative processes leading to their excavation.
Source: AME Info
Saudi Tadawul index re-captures 7,100-level, Jadwa believes year-end 8,050 possible
May 15, 2012--The Saudi Stock Exchange's market measure TASI gained 0.51% Tuesday, closing at 7,104.24 points, as oil prices stabilised between $94-$95 per barrel (U. S. crude).
According to Paul Gamble, Chief Economist and Head of Research at Jadwa Investment in Riyadh, the recent fall of Saudi shares was mainly due to global factors. "The TASI is down by 10% since the end of March, mirroring falls on global markets, which have been unnerved by weaker economic data and a heightening political backlash against austerity in the Eurozone," Gamble said in his monthly comment on the Saudi market published earlier today. Market breadth ended almost in a reversal to yesterday, as 115 shares advanced and 24 declined. All sector indexes landed in the green. Allianz Saudi Fransi Cooperative Insurance Company gained the most, closing 9.83% higher at SR95. It was somewhat paradox that market bellwether Sabic, the petrochemical giant, could not join the rebound and fell a quarter percentage point to end at SR96.25. Regarding further developments, Jadwa's Paul Gamble remains optimistic. "Net income of all listed companies in the first quarter was SR25bn, an increase of 14.9 percent year-on-year (...) We maintain our end-year projection for the TASI of 8,050."
Source: AME Info
Qatar bourse's index decline halted
May 15, 2012--The QE 20 Index Qatar Exchange ended Tuesday a four-day series of index losses by ending 0.03% higher at 8,491.32 points.
Shares of Qatar Islamic Bank gained 1.43% to reach QR77.90. General Insurance fell 2.22%. Al Meera Comsumer Goods declined 0.90%. Earlier in the day, Al Meera said that its subsidiary Al Meera Holding Company has entered into an MoU agreement with Business Trading Co., a company duly incorporated in the State of Qatar. " purpose of this MOU is to lay out the fundamental scope and terms of the proposed strategic relationship between the Parties in Tunisia, Libya, Egypt, Jordan, Oman and other jurisdictions and countries," Al Meera said in a statement.
Source: AME Info
Abu Dhabi market gauge closes flat the second day straight
May 15, 2012--The ADX General Index closed Tuesday trading unchanged at 2,473.32 points a 2,473.32, despite regional and global markets rebounding slightly.
Market bellwether Etisalat, the UAE's first telco firms, also ended even at Dhs8.73. Al Khazna Insurance gained the most (up 8.7%), while Abu Dhabi Ship Building posted the largest decline )down 6.14%). Trading volumes improved as 90.4m shares worth Dhs114.8m changed hands.
Source: AME Info
DP World shares jump, as global stock indexes rebound
May 15, 2012--The FTSE NASDAQ Dubai UAE 20 index closed Tuesday's session 1.95% higher at 1,605.8 points, ending an 11-day (!) losing streak.
The rebound happened in line with a general relief at regional and global markets over Greece's will to form an interim government of technocrats. Dubai Ports (DP) World jumped 8.91% to hit $11. Damas International ended flat at $0.44.
Source: AME Info
Last-minute-swing lifts Dubai bourse into the green
May 15, 2012--The Dubai market gauge DFMGI ended a roller coaster trading session 0.30% higher at 1,486.36 points Tuesday, halting a five-day losing streak.
The sentiment improved as bargain hunters entered he scene and European markets rebounded slightly. Arabtec, as the most active share by value, added 0.34% to reach Dhs2.92. The DFM, the sole Arab bourse whose shares are listed to the public, gained 0.10% to hit Dhs0.971. Real estate construction and maintenance firm Drake and Scull International, known as DSI, dived 3.53% to Dhs0.792. Earlier in the day, DSI announced that its first quarter net profit fell to Dhs37.576m, representing an 18% decline year-on-year. Dubai Islamic Bank or DIB saw its shares rising by half a percentage point to hit Dhs1.93. DIB is currently preparing the launch of a benchmark-sized Islamic bond (sukuk) with 5 years maturity, Reuters reported a week ago. Some 100m shares were traded, valued at Dhs126.5m. Fourteen stocks advanced, 13 declined and one security closed even.
Source: AME Info
Tadawul bourse falls as Greece crisis escalates
May 15, 2012--The Saudi Stock Exchange' market measure closed 1.6% lower at 7,067.99 Monday, as oil prices remained under pressure amid increasing doubts that Greece will remain in the Euro zone.
Saudi Basic Industries or Sabic declined the fourth day straight, closing off 1.78% at a four-month low at SR96.50. Market breadth ended deeply in the red as 10 shares advanced and 132 declined.
Source: AME Info
Etisalat advances halt Abu Dhabi market deline
May 14, 2012--After losing ground for three days straight, the ADX General Index closed flat at 2,473 Monday, as bellwether Etisalat added 0.60% to reach Dhs8.72.
Fifteen shares closed unchanged, among them Sorouh Real Estate. Dana Gas (off 2.50%) and Aldar Properties (down 0.96%) weighed in the gauge. Some 65m stocks worth Dhs101.4m changed hands.
Source: AME Info
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