Middle East ETF News Older than One Year
Saudi food giant Almarai soars on acquisition in Argentina
December 21, 2011--The Saudi Tadawul market closed 0.66% higher at 6,330.01 points. Sabic rebounded one per cent to reach SR95.75. Dairy food producer Almarai Company, a well-known brand in everybody's kitchen in the GCC, jumped three per cent, closing at SR99.75. Earlier in the day,
Almarai announced it acquired 100% of the shareholding of Fondomonte S.A., a company that owns and operates three farms in Argentina. "The transaction value is SR312m ($83m) and is financed from a combination of operational cash flows and Islamic banking facilities (Murabaha)," Almarai said in an e-Mailed statement.
Source: AME Info
Moody's issues annual credit report on the UK
December 20, 2011---- In its annual credit report on the United Kingdom, Moody's Investors Service says that the UK's Aaa debt rating is predicated on the country's significant structural strengths, but points out that the UK faces formidable and rising challenges. The significant increase in the UK government's deficit and debt metrics since 2008, the weaker macroeconomic prospects and the risks emanating from the euro area crisis mean that the UK's stable Aaa rating has a reduced ability to absorb further macroeconomic or fiscal shocks without rating implications.
The rating agency's report is an annual update to the markets and does not constitute a rating action.
In its report, Moody's gives the UK government high scores on the four factors underlying the rating agency's sovereign rating methodology: long-term economic fundamentals, institutional strength, government financial strength and susceptibility to event risk. Moody's describes the UK as having one of the most competitive of the large advanced economies in the world, and a track record of reversing increases in debt over many decades. The country's fiscal institutions are strong and have improved over the past 19 months with the establishment of the Office for Budget Responsibility. In addition, its national currency and central bank provide the UK with substantial flexibility in developing responses to economic and financial shocks. Debt refinancing risks are limited for the UK due to the long average maturity (nearly 14 years) of its debt, its large domestic investor base, and the willingness and ability of its central bank to purchase government debt.
Source: AME Info
Dubai sovereign borrowing need is seen limited next year
December 20, 2011--The director general of Dubai’s Department of Finance, Abdulrahman al-Saleh has said the emirate's government has no current plans for a sovereign borrowing next year, and any capital raising activity in 2012 is likely to be small-scale,
Zawya Dow Jones has reported. “Currently, there’s no decision to issue bonds in 2012, mainly because the budget hasn’t been finalised yet. So if there’s a need, it would be to support the budget, and that would be very minor,” al-Saleh said.
Source: AME Info
Union Properties dives, Shuaa Capital gains at Dubai market
December 20, 2011--The DFM General Index shed another one per cent Tuesday, closing at 1,360.80 points. Arabtex Construction, a top performer in the second half of the year,
plummeted five per cent to close at Dhs1.65. Real estate giant Emaar (up 0.39% at Dhs2.57) and Shuaa Capital (2.38% higher at Dhs0.56) failed to lift the market. Despite an increase in trading turnover in recent months, DFM shares remained under pressure, cclosing off 1.26% at Dhs0.864. Some 114m stocks were traded, valued at Dhs168.6m.
Source: AME Info
Abu Dhabi bourse falls to 20-month low
December 20, 2011--The sell-off continued at the Abu Dhabi stock exchange ADX Tuesday, as its market gauge fell for the eighth day straight,
closing down 0.84% to 2,373.11 points. Aldar Properties dived 2.30% to Dhs0.84. Abu Dhabi National Energy or Taqa added 0.83%, reaching Dhs1.20. The next resistance line for Taqa-shares lies at Dhs1.30. Trading volumes surged to 128.77m stocks, valued at Dhs205.5m, one of the highest turnover figures which occured during the second half of the year.
Source: AME Info
Jazeera Airways shares show no let-up in rising
December 20, 2011--The Kuwait bourse KSE gained 0.17%, closing at 5,822.8 points. Budget carrier Jazeera Airways soared 3.37% to reach KD0.460.
Jazeera (Arabic meaning the island) under its CEO Stefan Pichler, has managed to create significant shareholder value in 2011, despite the rough market environment. Jazeera also benefited from the grounding of its local rival Wataniya Airways back in March this year. Year-to-date, Jazeera shares rose more than threefold.
Source: AME Info
Qatar Exchange approaches 8,800 points amid rising turnover
December 20, 2011--The QE Index added 0.41%, closing at 8,780.45 points. Vodafone Qatar, the country's second telecom provider, slipped 0.27% to QR7.48. Earlier in the day,
Vodafone Qatar announced its intention to disclose the 3rd quarter financial statements for the period ending December 31, 2011 on Thursday, January 19, 2012.
Source: AME Info
The Bahrain Financial Exchange trading turnover shows steady growth
December 20, 2011-The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region,
is pleased to announce steady growth in its trading turnover and the successful completion of four weeks of trading on its conventional platform.
Source: AMEInfo.com
Dubai Gold & Commodities Exchange Weekly Market Commentary
Economic Data Overview
The week ahead leads up to the Christmas holiday and the bond market will close early on Friday, December 23, and will remain closed on Monday, December 26.
The proximity to the holiday means that the second-tier data releases will get scant attention, and markets will concentrate on the few big reports for the week namely durable goods and the Q3 GDP data, while broader markets will also focus on housing starts, existing home sales and other housing data. Some of the data will be released slightly sooner than usual to allow for holiday schedules.
The calendar of public appearances by Federal Reserve and government officials will remain quite sparse until after the New Year's observance.
The data on new orders for durable goods in November is set for release on Friday. The transportation component is widely anticipated to provide a big boost to the overall number. New orders for Boeing aircraft were exceptionally strong at the Dubai Airshow in that month, and demand for new motor vehicles indicates that orders to replenish inventories could be solid.
The report on the third estimate of third quarter GDP for 2011 is on Thursday. Markets will quickly digest the last look at July-September period. At this point the fourth quarter is already well-advanced. With the hope of a more robust finish to the year, the older data simply is not as interesting.
Personal income and spending numbers for November will be released on Friday. Gains to wages and salaries will be modest, at best, while expenditures are likely to reflect a burst of holiday spending. Durable goods spending is likely to be substantial along with the improved pace of sales of motor vehicles.
The final Reuters/University of Michigan Consumer Sentiment Index for December will be...read more
Source: Dubai Gold & Commodities Exchange (DGCX)
DIFC Posts Four Consultation Papers for Public Comment Including a Proposed Legislative Framework for Non-Profit Organisations
December 15, 2011--The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, today announced the release of four consultation papers for public comment relating to:
Consultation Paper No. 3 - Amendments to the Data Protection Law, DIFC Law No. 1 of 2007 and the Data Protection Regulations
Consultation Paper No. 4 - Amendments to the Employment Law, DIFC Law No. 4 of 2005
Consultation Paper No. 5 - Draft law on Non-Profit Incorporated Organisations Law and Regulations
Consultation Paper No. 6 - Amendments to the Real Property Law, DIFC Law No. 4 of 2007
Source: Dubai International Financial Centre (DIFC)
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