Middle East ETF News Older than One Year
Dubai Gold & Commodities Exchange Weekly Market Commentary
October 30, 2011-Economic Data Overview
The coming week offers a packed US data calendar as well as the US Treasury's quarterly refunding announcement and the FOMC meeting.
We should get a sense about whether the economy is faring a bit better as the fourth quarter gets off to a start, and if the outlook for fiscal and monetary policy is at all improved.
The October data on the employment situation is also due on Friday and will clearly be the focus of the week. The current gloomy perceptions of conditions in the labor market could lighten a bit if there is evidence that payrolls have not lost momentum going into the fourth quarter. The monthly average for the last two quarters is just under 100,000 in both, and the median market expectation for the change in October payrolls is about that. There is little sentiment that the unemployment rate is going to decline from the 9.1% that has held in the prior three months, but at least it should be no worse.
The ADP National Employment Report on Wednesday will probably be the most closely watched of the labor market indicators going into the government report. The data has had some big misses in the last few months, but still remains the most likely indicator to give an accurate signal about the change in private payrolls which is where we can expect job growth to take place. The government sector has been consistently losing jobs at the state and local levels.
The Challenger report on layoff intentions on Wednesday should confirm that job cuts are mainly restricted to a few sectors -- notably finance and government -- while hiring intentions are on the rise for some seasonal work in retail and transportation.
Initial claims for jobless benefits in the week ended October 29 on Thursday will probably remain about on trend. New filings appear to have settled in near the 400,000 mark.
The ISM Manufacturing Index on Tuesday and the ISM Non-Manufacturing Index on Thursday will reflect two differing trends, although both should remain consistent with expansion. While the factory sector is showing some rebound in activity after the uncertainties in August and September, the service sector is struggling as consumer confidence plunged.
The Dallas Fed's Texas Manufacturing Outlook is set for Monday, while its Service Sector Outlook is due on Tuesday. Both of these will probably fall in line with the data already available from the New York and Richmond Feds.
Manufacturing activity remained little changed in October from September. Service sector data from the Richmond Fed was weaker. The October index from the Chicago Purchasing Managers on Monday will also be a focus with the other manufacturing and services data.
New orders for factory goods on Thursday should reinforce that orders are firming outside of the transportation sector.
New orders for durables were reported at down 0.8%, however,,...read more
Source: Dubai Gold & Commodities Exchange (DGCX)
Moody's downgrades Egypt to B1, negative outlook
October 29, 2011--Egypt: Moody's Investors Service has downgraded Egypt's government bond ratings by one notch to B1 from Ba3.
The outlook remains negative. Rating action was prompted by: - The country's ongoing economic weakness and financial deterioration, as reflected in the sharp loss in official foreign exchange reserves since the beginning of this year, the likelihood of continued macroeconomic weakness and instability, and the rising pressures on budgetary spending and financing. [AMEInfo.com]
Source: AME Info
Moody's cuts Egypt government bond ratings further
October 29, 2011--Moody's Investors Service has cut Egypt's government bond ratings by one level for the third time this year, citing "ongoing economic weakness" after the revolt that ousted President Hosni Mubarak, Bloomberg has reported.
The country's credit worthiness was lowered to B1, four levels below investment grade, Moody's said. "Unsettled political conditions have further undermined economic performance and investor confidence in Egypt," Moody's said.
Source: AME Info
Qatar Exchange Index approaches year-to-date break-even
October 27, 2011--The Qatar Exchange ended up 0.85% at 8,535.68 points. Doha Bank extended its advances and gained 1.92% to reach QR63.80.
Gulf Warehouseing Co. declined the most (of one per cent at QR35.15. Year-to-date, the QE Index improved its performance to minus 1.68%. If the QE Index breaks even next week, it would be the only Arab equity market which has added value this year (as yet).
Source: AME Info
Abu Dhabi real estate giants lift stock market
October 27, 2011--Like the Dubai market DFM, the ADX bourse surged on news from Europe that Greece will have its sovereign debt cut by half, as EU leaders and banks have agreed. The ADX General Index added 0.69% to reach 2,471.67 points.
Aldar Properties and Sorouh Real Estate were the most liquid shares and advanced three per cent and 3.30%, respectively. Etisalat failed to benefit and ended flat at Dhs9.99. Gulf Pharmaceutical Industries or Julphar (the old name of the emirate of Ras al-Khaima) closed flat at Dhs2.15. Earlier in the day Julphar said its net profit for the third quarter advanced to Dhs41.4m from Dhs38.26m year-on-year. According to the Julphar management, sales during the first nine months grew 28.6% year-on-year. Some 60.5m shares were traded, valued at Dhs79.1m.
Source: AME Info
Aramex shares gain on slightly higher third quarter profit
October 27, 2011--Shares of logistics specialist Aramex, which are listed at the DFM, gained 1.11% Thursday, finishing at Dhs1.82. Earlier in the day, Aramex reported a net profit of Dhs48m, up 3% year-on-year.
"Considering the volatile political situation in a number of our markets in the Middle East, I am satisfied with the financial results, which were in line with our expectations for this difficult year” said Fadi Ghandour, Aramex founder and CEO.
Source: AME Info
Dubai investors cheer EU debt deal
October 27, 2011--The Dubai Financial Market (DFM) gained amid high trading volumes over 1.93% on Thursday, closing at 1,379.95 points. News from Europe that EU leaders and banks agreed to cut Greece's sovereign debt by 50%, were received very positively at stock markets in East and West.
Emaar shares jumped 4.84% to reach Dhs2.60. Union Properties (up 6.55% at Dhs0.309) was the top gainer. Twenty shares advanced, while the majority of the seven declining stocks where foreign companies, such as Bahrain's Islamic investment bank Gulf Finance House (down 4.97% at Dhs0.497). Trading turnover more than doubled, as some 113m shares were traded, valued at Dhs115.3m.
Source: AME Info
Oman's budget surplus to be 10% of GDP this year, says Moody's
October 27, 2011--Moody's Investors Service has said Oman is likely to post a budget surplus of 10% of gross domestic product (GDP) this year despite additional social welfare expenditure, Muscat Daily has reported.
The rating agency also said that political reforms announced recently are credit-positive for Oman and maintained the Sultanate's rating at 'A1' with a 'Stable' outlook. Oman's budget surplus for the first eight months of this year widened by 77% to OR736.5m compared to the corresponding period of 2010.
Source: AME Info
Local lenders in Egypt unable to fund deficit
October 27, 2011--Egypt: Egypt's finance minister has said local banks had nearly reached the maximum they can lend to cover the country's budget deficit,
Reuters has reported. "Our borrowings from the local market are big, and have reached levels that I can almost say are more than the limit," Hazem El-Beblawi said. [AMEInfo.com]
Source: AME Info
Dubai bourse DFM posts third quarter loss of Dhs9.28m
October 26, 2011--United Arab Emirates: The Dubai Financial Market (DFM) Company announced today its financial results for the first nine months of 2011 ending September 30th, with a 90% decline in net profit to Dhs7.61m compared to Dhs77.84m in the corresponding period of 2010.
DFM shares currently trade below par value at Dhs0.969. The company recorded a net loss of Dhs9.28m in the third quarter of 2011 compared to a net loss of Dhs2.95m in the corresponding period of 2010. The DFM said in a statement: "The constant drop in trading values overshadowed the company's revenue, as trading value decreased by 52.2% during the first three quarters of this year to Dhs27.6bn compared to Dhs57.7bn in the nine months to September 2010. In the same context, the trading value decreased by 42.3% to Dhs5.2bn in the third quarter of 2011 compared to Dhs9.03m in the third quarter of 2010." Internaitonal index provider MSCI dealyed in June its decision whether or not the UAE will be upgraded to Emerging Market status from Frontier Market. Such an upgrade would increase funds from fund managers abroad. MSCI will review the UAE's market status end of 2011.
Source: AME Info
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