Middle East ETF News Older than One Year
Saudi Arabia may open stock market to foreigners this year
January 17, 2012--Foreign investors are expected to be allowed to invest directly in Saudi Arabia’s $340bn stock market for the first time later this year, the Financial Times has reported.
International access to the Saudi stock market could happen “as early as the first half of this year or even the first quarter,” said Sam Vecht, a senior emerging-markets fund manager at BlackRock.
Source: AME Info
Kuwait market index reaches 5,800
January 18, 2012--The KSE Market Index added 0.20% Wednesday. All sector indexes, except the banking segment, gained value. Rising oil prices, climbing above $101 per barrel (U. S. crude) today, helped the KSE to remain on a growth track.
The State of Kuwait's federal budget relies 95% on oil revenues. "As emerging market central banks move to cut rates we expect a more sustained rally in commodities," says Gary Dugan, CIO Private Banking at Emirates NBD in Dubai in his weekly commentary.
Source: AME Info
Saudi Arabia targets $100 crude price
January 16, 2012--Saudi Arabia is aiming to keep oil prices at around $100 a barrel, a third above its previous public target,
in a sign that Riyadh needs higher oil revenues to sustain a big hike in public spending.
Source: FT.com
Kuwait's customer satisfaction index (SHCSI) rises in 2011
January 16, 2012--Kuwait: Customer satisfaction in Kuwait rose slightly to 7.71 points in 2011 from the previous year,
an increase of 0.03 points that was led by an overall customer satisfaction increase in 12 of the 15 measured industry categories, said Service Hero, which conducts the Service Hero Customer Satisfaction Index (SHCSI) annually. [AMEInfo.com]
Source: AME Info
Dubai market meltdown continues
January 16, 2012--The DFM General Index lost another one per cent Monday, closing at 1,301.24 points. DFM shares plummeted to an alltime low at Dhs0.678.
Only three shares gained, among them Air Arabia, closing half a per cent at Dhs0.568. Ajman Bank added 0.13%, finishing at Dhs0.80. Earlier in the day the Islamic bank announced that its CEO Mubashar Khikhar has resigned for personal reasons. Mohammed Amiri was named acting CEO Some 72.8m shares were traded, valued at Dhs73.4m.
Source: AME Info
Etisalat shares fall below nine Dirham as global stock exchanges fickle
January 16, 2012--The Abu Dhabi bourse's ADX General Index fell 0.83% to 2,324.73 points as energy heavyweight
Dana Gas plummeted 8.11% to Dhs0.34. Market bellwether Etisalat, the UAE's first telecom firm lost Dhs0.05, ending at Dhs8.98. Regional uncertainties over the tensions between Iran and the U. S. weighed on the sentiment. Some 67.6m shares were traded, valued at Dhs73.2,m.
Source: AME Info
Qatar Exchange bucks regional downtrend
January 16, 2012--The Doha-based Qatar Exchange added 0.03% to reach 8,640. 36 points.
The gauge opened higher but eventually lost steam and ended alomst even. Qatar Islamic Bank finished 0.12% higher at QR83.30. Market bellwether Industries Qatar fell 1.14% to QR130.00.
Source: AME Info
DP World shares stay firm, despite regional market storm
January 16, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed off 1.37% at 1320.96 points. The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai.
It has been designed as a hedging and investment mechanism for GCC and international investors Global maritime port operator DP World closed even at $10.10. Damas Jewellery fell 2.78% to $0.35, while interior designer Depa Limited declined 2.63% to $0.37.
Source: AME Info
Saudi Tadawul market posts largest day loss so far in 2012
January 16, 2012, 9:07:31 AM
The Saudi Stock Exchange's main gauge TASI fell 1.1% Monday, closing at 6,420. 89 points. Sabic declined back to SR94 (off half a per cent).
Banque Saudi Fransi dipped 0.71% to SR42.00. Earlier in the day, the bank announced that its net income for Q4 2011 amounted to SR661m , compared to SR709m for the same quarter last year with a decrease of 6.8% and compared to Q3 2011 net income of SR760m with a decrease
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary
January 15, 2012--Economic Data Overview
The January 16 week is shortened by the presence of the ML King, Jr. Birthday observance on Monday. While markets and Federal offices will be closed, the day is not universally a business holiday.
There will be a number of earnings reports released that day, retailers will be offering sales to move out winter merchandise and introduce spring items, many private businesses will be open. Some data normally released Tuesday -- like the weekly numbers for retail activity -- will be moved to Wednesday.
The relatively light economic data calendar is mainly packed into Wednesday and Thursday, and during which markets will have a lot of fresh data to consider in advance of the next FOMC meeting. The main themes will be for inflation, manufacturing, and housing.
The December data on the Producer Price Index and Consumer Price Index will be released on Wednesday and Thursday, respectively.
Recent comments by Fed officials indicate that attention is shifting back to the potential for too low prices as the surge in commodities prices over the summer months continues to abate. The December inflation numbers are likely to reflect falling food prices and moderation in some key components like motor vehicles. While prices for oil were on the rise the last couple of months, those for gasoline and home heating oil for December indicate that there will be little upward pressure in the finished energy components of either index.
The release of the New York Fed's Empire State Survey on Wednesday and the Philadelphia Fed's Business Outlook on Thursday will set the tone for conditions in the factory sector in January. The general activity index in both reports continued to signal expansion in the last couple of months, albeit at a fairly soft pace.
Any strengthening of the trend will be a welcome indication that manufacturing will continue to support the recovery.
The report on industrial production and capacity utilization for...
Source: Dubai Gold & Commodities Exchange (DGCX)
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