Middle East ETF News Older than One Year
GCC stock markets lose across the board
November 21, 2011--In the wake of the Euro zone debt crisis, which has reached 'core countries' like France, the Dubai Financial Market (DFM) and the Saudi Tadawul bourse both fell by 0.86%.
The Qatar Exchange dived 1.42%, losing its tiny year-to-date gain it has reached ten days ago. New regional turmoil, which erupted in Egypt and on-going sign of a civil war in Syria also weighed on indexes. The exchange in Egypt plummeted four per cent as violent demonstrations on Cairo's Tahrir square escalated Monday.
Source: AME Info
Oman inflation falls to seven month low in September
November 21, 2011--According to data from Oman's economy ministry, inflation in the Sultanate fell to a seven-month low of 3.7% on an annual basis in September, while prices fell 0.3% on the month mainly because of a slump in gold prices,
Reuters has reported. The Gulf country's economy is expected to expand 4% this year and 4.2% in 2012, helped by the government's increased infrastructure spending, after estimated 4.2% growth in 2010.
Source: AME Info
Saudi Stock Exchange bucks regional down-trend
November 21, 2011--The Tadawul bourse added 0.13% to reach 6,207.02 points. Sabic stood firm at SR95.00. Sabic's rivals, such as Sahara Petrochemical (off 1.83% at SR21.50), weighed on the market sentiment.
Trading turnover remained low. Sixty-eight shares advanced, 46 declined and 31 ended even.
Source: AME Info
Global economic worries to weigh on region's shares
November 20, 2011-- The region's markets will likely open for the week in negative territory due to global concerns Europe's sovereign debt crisis is deepening with nervous investors fleeing to the relative safety of German bunds amid yields on government bond sales in Italy and Spain reaching Euro-era highs.
Analysts say there are very few signs the European Financial Stability Fund or the European Central Bank will have the funding or mandate to provide the financial support that the Eurozone needs to dampen the crisis. Germany's support is crucial in getting a significant refinancing of the EFSF and a broader mandate for the ECB.
In the absence of strong domestic catalysts, news from Europe would determine the direction of the region's markets in the near term, say local market experts.
Source: Gulf News
Dubai Gold & Commodities Exchange Weekly Market Commentary - November 20, 2011
November 20, 2011-- Economic Data Overview
The coming week in the US is shortened in the coming week by the Thanksgiving holiday on Thursday and the fact that Friday will see a lot of dealing rooms short on staff due to those taking advantage of the potential for a long weekend.
Data highlights include the second estimate of GDP for the third quarter, which is due on Tuesday, while a slew of data is pushed into Wednesday due to the timing of the Thanksgiving holiday.
Wednesday's data includes durable goods as well as the Kansas City Fed Production data, personal income and the weekly jobless claims.
Also due to the shortened week, Wednesday will include the release of both the weekly EIA Crude Oil Stocks and Natural Gas Stocks data.
A highlight for the busy day on Wednesday and coming late in the session, will be the minutes of the FOMC meeting.
MNI's Steve Beckner wrote recently that although the Federal Open Market Committee left monetary policy on hold, Federal Reserve officials have been making it abundantly clear that further easing is quite possible.
Source: Dubai Gold & Commodities Exchange (DGCX)
Qatari banks decline on Euro zone's negative influence
November 17, 2011--The QE Index dipped insignificantly and ended at 8,743.86, but retained its tiny year-to-date gain it achieved last week.
Although Qatari banks have only a small exposure in European bonds, the negative input from the on-going Euro zone debt crisis weighs on financial shares globally. Al Ahli Bank posted the largest decline, closing 4.92% lower at QR67.60. Al Kaleej Takaful surged 2.83% to reach QR47.20.
Source: AME Info
Kuwait bourse declines, as 50 firms are suspended from trading
November 17, 2011--The KSE Market Index ended a quarter per cent lower at 5,857.8 points. On Wednesday, the KSE authorities suspended trading in the shares of 50 companies, AFP reported. This represents about 25% of those listed on the KSE.
These firms failed reporting their third quarter results on time. Disclosing company results on time is key aspect of good corporate governance, which increases transparency and attracts foreign investments into anny exchange.
Source: AME Info
Abu Dhabi real estate developers weigh in index
November 17, 2011--Driven mostly by losses at Aldar Properties (off 1.90% at Dhs1.02) and Sorouh Real Estate (one per cent lower at Dhs0.97),
the ADX General Index fell by 0.10% to 2,473.57 points. Energy giant Taqa added again, closing 0.83% at Dhs1.23. Market bellwether Etisalat finished flat at Dhs10.00.
Source: AME Info
Dubai market deducts another half a percent
November 17, 2011--The DFM General Index closed Thursday down 0.58%, closing at 1,379.05 points.
Over the week, the benchmarkt added around 5 points. The Middle East's largest lender by assets Emirates NBD dived 2.40% to Dhs3.25. Islamic financial heavyweights Dubai Islamic Bank and home financing specialist Tamweel both outperformed the market, closing up 0.50% and 0.70%, respectively. Trading volumes remained very low. Only 21.7m shares were traded, valued at Dhs23.1m.
Source: AME Info
Egypt to get support from Arab Monetary Fund
November 17, 2011--Egyptian planning and international cooperation minister, Faiza Abu el-Naga has announced the country is to receive $200m to support its budget from the Abu Dhabi-based Arab Monetary Fund (AMF) this month and a second tranche of financing worth $270m in December, Reuters has reported.
Egypt has so far received $1 billion in budgetary support from Gulf countries to help to cover its deficit which expanded after the uprising in February that unseated President Hosni Mubarak. The government forecasts a deficit of 8.6% of gross domestic product in the financial year to the end of June 2012, although economists say this estimate may prove optimistic.
Source: AME Info
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