Middle East ETF News Older than One Year
DGCX November volumes rise 121 % year-on-year to reach 423,945 contracts
December 6, 2011--Year-to-date (YTD) volume stands at 3,629,409 contracts, a 106 % increase on 2010
Average daily volume in November stands at 19,270 contracts, a 101% rise on last year
November volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 121 % year-on-year to reach 423,945 contracts, valued at US$ 17.15 billion. Year-to-date volume in 2011 also increased 106% on 2010 levels to reach 3,629,409 contracts valued at US$ 169 billion.
Source: Dubai Gold & Commodities Exchange (DGCX)
Emirates NBD soars, starts to integrate Dubai Bank with appointments
December 5, 2011--Dubai's local bourse DFM Dubai failed to sustain the solid advance it achieved Sunday. The DFM General Index declined 0.35% and stopped at 1,399.45.
Investors booked profits at Emaar (off 1.40% at Dhs2.82) and Union Properties (down two per cent at Dhs0.283). Emirates NBD or ENBD, the UAE's largest bank, gained 2.78% to reach Dhs3.33. Earlier in the day ENBD announced it has appointed Giel-Jan Van Der Tol as Group Head of Wholesale Banking. Giel-Jan previously served as the CEO of Dubai Bank, Emirates NBD’s fully owned subsidiary. ENDB took over the Islamic bank Dubai Bank from the Dubai government in mid-October. It also announced today that Mr. Douwe Oppedijk has joined as the new interim CEO of Dubai Bank. "Douwe previously served as the CEO of Commercial Bank International, and has 28 years of experience managing financial organizations," ENBD said in an e-mailed statement. Some 85m shares were traded, valued at Dhs100.4m.
Source: AME Info
Abu Dhabi market ADX declines slightly
December 05, 2011--The ADX General Index ended 0.10% lower at 2,470.52 points. Developers Aldar Properties and Sorouh Real Estate,
along with RAK Properties and Dana Gas closed unchanged. Finance House posted the largest increase closing 7.69% higher at Dhs3.50.
Source: AME Info
Kuwait market advances 0.15%
December 5, 2011--The KSE Market Index closed at 5,838.2 points today.
Kuwait's largest lender National Bank of Kuwait or NBK closed even at KD1.140. Islamic investment bank Gulf Finance House or GFH was the most liquid share, declining slightly.
Source: AME Info
Saudi Arabian Tadawul bourse remains on solid growth path
December 05, 2011--The Saudi equity benchmark index Tasi gained one per cent Monday, closing at 6,228.16 points.
Sabic shares jumped 3.22% to reach SR96.25. National Agriculture Marketing Co. or Thim'ar posted the largest decline, ending at SR20.05. Oil prices (U. S. crude) consolidated above $101 per barrel today and support the Tadawul market's year-end rally.
Source: AME Info
UAE private sector growth declines
December 05, 2011--HSBC Holdings has said the UAE's purchasing managers' index (PMI), a composite indicator of the performance of the non-oil private sector, has dropped to 52.5 in November, compared with 53.4 in the previous month, signalling weaker
growth, Gulf News has reported. "The private sector is still expanding but the weaker PMI suggests the economy is struggling to maintain momentum. The soft new export orders reading is a particular worry given how reliant the open UAE economy is on external demand," said Simon Williams, Chief Economist for Middle East and North Africa at HSBC.
Source: AME Info
Islamic finance paves way for future and solves economic problems, says Kuwait Finance House-Bahrain CEO
December 5, 2011-Kuwait Finance House-Bahrain CEO and MD Abdul Hakim Al-Khayyat said that Islamic banking has numerous advantages and capabilities that allow it to play a pivotal role in solving many economic problems in the GCC.
He added that Islamic banking is not operating at full swing yet, either as a result of lack of legislations or opportunities.
He stressed that having a highly ethical Islamic financing system and the efficient collaboration among local and international institutions will contribute to the prosperity and development of the society and economy.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-December 4, 2011
December 4, 2011--Economic Data Overview
The December 5 week will have little economic data to keep markets' attention with the November employment report out of the way, and the data on retail sales and inflation over a week away. However, monetary policy announcements from major central banks could prove timely as the euro zone struggles to meet the challenges of the sovereign debt crisis, and the global financial sector tries to limit the potential contagion.
The first of the monthly reads on December consumer confidence will be the IBD/TIPP Economic Optimism Index on Tuesday, and the preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday. The November data suggested that confidence was starting to recover after recent lows in the summer months, and December should build on this improving trend. Gasoline prices have declined further, and the labor market is showing some slow and very modest improvement. However, financial markets remain volatile and the economic future less uncertain.
The ISM Non-Manufacturing Index for November on Monday could be consistent with sustained expansion near the current pace. Some of the regional data on service sector activity have turned higher for the month as conditions associated with unsettling events in the summer months continue to fade.
The international trade deficit for October on Friday will provide the first information to fill out the net exports component of fourth quarter GDP. A narrowing in the trade deficit helped support growth in the third quarter, and should also play a part in the fourth quarter. There may be a little late imports of goods for holiday inventories, but exports of hard goods like aircraft and motor vehicles will probably be respectable.
Source: Dubai Gold & Commodities Exchange (DGCX)
Kuwait bourse rises, while European exchanges ease
December 01, 2011--While UAE stock exchanges and the Saudi Tadwul bourse remained closed Thursday, trading at the Kuwait Stock Exchange (KSE) continued and lifted the KSE Market Index by 0.41% to reach 5,835.2 points.
Financial shares were the main drivers of the recovery, with National Bank of Kuwait or NBK adding 1.75% at KD1.160. Pearl of Kuwait Real Estate Co. was the top loser (off 6.25% at KD0.0375.
Source: AME Info
Qatar Islamic Bank gains, enters MoU with the Export-Import Bank of Korea (KEXIM)
December 01, 2011--The Qatar Exchange Index added 0.82% to reach 8,662.76 points, improving its year-to-date to minus 0.22%. Qatar Islamic Bank or QIB advanced 0.73% to close at QR82.80.
QIB earlier today signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (KEXIM) Both parties agreed to exchange of information "and to propose appropriate individual projects in which the two parties might most effectively use their respective resources for mutual benefit." QIB and KEXIM have also agreed to consider accepting trainees or secondments of staff, Abdullatif Bin Abdulla AI Mahmoud, Managing Director, QIB said.
Source: AME Info
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