Middle East ETF News Older than One Year
Bahrain central bank pushes for mergers
December 12, 2011--Ahmed Abdul Aziz al-Bassam, director of licensing and policy at Bahrain's central bank has urged five Islamic lenders to merge early next year, as it seeks to strengthen the banks' capital bases, Reuters has reported.
According to the proposed plan, Al Salam Bank would merge with Bahrain Islamic Bank, while Capivest, Elaf Bank and Capital Management House would merge with each other. Last August, Bahrain Islamic Bank and Al Salam announced they were in merger talks to form Bahrain's largest Islamic lender with assets of BD1.7bn ($4.5bn). The mergers are awaiting approvals by shareholders, al-Bassam said.
Source: AME Info
Egypt's inflation climbs to 9.1% in November
December 11, 2011--According to official figures by Egypt's state statistics agency, urban consumer inflation for the 12 months to November rose to 9.1% from 7.1% in the previous month, Reuters has reported.
The urban consumer price index for November was 120.4 versus 119.2 in October and 110.4 in November 2010, CAPMAS said.
Source: AME Info
Saudi Arabia to allow some foreign ownership of stocks
December 11, 2011--Plans by the Saudi government to open up its stock market are to limit direct foreign ownership to investors with at least $5bn under management and allow each to hold a maximum 5% of a stock's issued share capital,
Reuters has reported, citing two industry sources. Total direct ownership of each stock would not be allowed to exceed 20% of the issued share capital, a source familiar with the matter was quoted as saying. Under the new framework, total foreign investment in a listed firm, including swap notes, non-Gulf Arab foreigners and expatriates in Saudi Arabia, will not be allowed to exceed 49%, the source added.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary --December 11, 2011
December 11, 2011--Economic Data Overview
Next week's US data includes several important economic data releases, notably on retail sales, inflation, and conditions in the factory sector as well as the statement issued after the FOMC meeting.
The highlight of the economic data in the coming week is likely to be that for retail and food sales on Tuesday.
Stellar activity over the Black Friday weekend has heightened expectations for a solid report as the holiday shopping season got off to a start. The same-store sales comparisons for fiscal November were consistent with robust sales activity, although shoppers clearly were sticking to looking for bargains. Motor vehicle sales were strong in the month. Prices for gasoline declined, and will cut into the dollar level of overall sales.
The data on inflation will also reflect the impacts of falling gasoline prices, although to varying degrees. Rising prices for some foods will be visible as well.
Data in import and export prices on Wednesday will see some upward pressure in imports as petroleum costs rose for the month. Additionally, the uptick in the US dollar versus some currencies will raise non-petroleum import costs somewhat.
The November PPI on Thursday and the CPI on Friday will probably show only modest increases, at most. Contrary to the rise in petroleum prices, the cost of gasoline has been declining and should restrain any gains in the indexes' respective overall energy categories. Food prices have generally been rising only slightly, but a jump in the cost of some fresh fruits and vegetable will probably offset declines elsewhere.
We will get an early look at manufacturing activity in December on Thursday with the release of the New York Fed's Empire State Survey and the Philadelphia Fed's Business Outlook. Both reports may show readings for modest expansion as they continue to move forward from the softer readings over the summer months.
Industrial production and capacity utilization for November is due on...read more
Source: Dubai Gold & Commodities Exchange (DGCX)
IMF against GCC single currency
December 10, 2011--The International Monetary Fund (IMF) has said the costs of having a single currency in the Gulf may outweigh the benefits, The National has reported.
"Without a higher degree of synchronisation in business cycles the cost of monetary union may outweigh its benefits," wrote Serhan Cevik, an IMF economist. To make a union work, GCC states would need to trade more with each other and invest in each others' economies, Cevik said.
Source: AME Info
Saudi market advances after Euro zone tightens fiscal discipline
December 10, 2011--The Saudi Tadawul bourse closed 0.89% higher at 6,302.84 points. Bellwether shares Sabic climbed to a six-week high, finishing at SR97.50 (up 1.36%).
Shares of Wataniya Insurance Company declined 4.10% to SR64.25.
Source: AME Info
Shuaa regains some ground, DFM Index dips
December 08, 2011--The Dubai market DFM dipped 0.14% to 1,384.37 points. Earlier in the day the HH Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman of Dubai's Supreme Fiscal Committee denied speculative reports by the Financial Times that the emirate may plan to restructure part of its debt in 2012
again. Bahrain's Shari'ah- comlpiant Gulf Finance House was the most liquid share, gaining 5.41% to reach Dhs0.565. Investment bank Shuaa Capital added 0.20% to close at Dhs after posting heavy losses earlier this year. Trading volumes declined, as 39.7m shares were traded, valued at Dhs46.2m.
Source: AME Info
Investors unimpressed by Etisalat's Group CFO apointment
December 08, 2011--The ADX General Index ended insignificantly lower at 2,442.13 points, finishing unchanged week-on-week. Aldar Properties weighed on the index by losing one per cent, closing at Dhs0.98.
ADX bellwether Etisalat fell half a per cent, ending at Dhs9.52. Earlier in the day, Etisalat said it appointed Serkan Orkandan as Group Chief Financial Officer. Some 24.5m shares were traded, valued at Dhs35.7m.
Source: AME Info
Qatar Exchange closes at 8,808.44 points
December 08, 2011--The QE Index gained 0.33% Thursday, extending its year-to-date gain to 1.46%. Qatar National Bank added 0.66% to reach QR151.50. Doha Bank advanced 0.92%, reaching QR65.50.
Doha Bank, which is mostly expanding its retail banking operations in the GCC, has advanced by 30% during the last six months.
Source: AME Info
Al Rai Media Group Company soars 7.9%
December 08, 2011--The Kuwait Stock Exchange closed even at 5,867 points. National Bank of Kuwait ended flat, while Al Rai Media Company extended its rally posted the largest advance.
Trading was more than lacklustre as all eyes remain on the EU summit on December 9th. Gary Dugan, Chief Investment Officer Private Banking at Emirates NBD in Dubai said in his latest commentary: "All of the ECB measures are about buying time for the politicians to bring more longterm structural reforms structural reforms(...)To be fair these are extraordinary times requiring extraordinary events to overcome the crisis; however we doubt that Euro zone countries will be able to ditch their nationalism in favour of doing things for the greater good of the Euro."
Source: AME Info
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