Middle East ETF News Older than One Year
Saudi Arabian bourse falls by one percent
October 04, 2011--In the wake of global recession fears, triggered by Euro Zone and U. S. debt woes,
the Tadawul market closed 0.98% lower at 5,965.13 points on Tuesday. Bellwether Sabic dropped 1.12% to SR88.25.
Source: AME Info
Kuwait Stock Exchange falls the second day straight
October 04, 2011--The KSE Market Index (off 0.13% at 5,804.3 points) saw once again losses across all sectors, while the largest lender National Bank of Kuwait
Today, (NBK) advanced 1.88% to reach KD1.080. Logistics specialist Agility posted the second largest gain, closing 8.2% higher at KD0.330.
Source: AME Info
DP World stocks dive almost three percent
October 04, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1407.320 today, down 2.63%, from the previous close.
DP World dived 2.91% to $10.00, since "it is almost certain that the world enters into a new recession," as Gary Dugan, CIO Private Banking at Emirates NBD says. Depa limited dipped 0.22% to $0.449. Jewelry trader Damas closed unchanged at $0.115.
Source: AME Info
Abu Dhabi-bellwether Etisalat weighs on index
October 04, 2011--The ADX General Index was dragged down by losses across the board, as Etisalat closed half a percent lower at Dhs10.25.
Aldar Properties plummeted 3.48% to Dhs1.10. Dana Gas ended off 1.48% at Dhs0.52. Earlier in the day, the Emirates Securities and Commodities Authority announced it has approved a capital increase at Dana Gas. Some 44m shares were traded, valued at Dhs64.2m.
Source: AME Info
The sellout continues at Dubai market
October 04, 2011--The DFM General Index dipped below 1,400 points Tuesday, closing 1.44% lower at 1,387.31 points. Emaar Properties, the most liquid share, ended down three percent to Dhs2.56.
The DFM, the only Arab market which is publicly listed, plunged 2.83% to Dhs1.03. "October could be torrid for investors," says Gary Dugan, CIO Private Banking at bank Emirates NBD (off 1.82% at Dhs3.77). "During the month Greece will either run out of money or have a further bail out from the Euro zone and IMF. Although G20 is set to meet in Cannes, France in November, I doubt the markets will be that patient to wait." Air Arabia, one of the four advancing shares, gained 0.16% to reach Dhs0.62. Trading volumes surged 7.5% as some 85m stocks were traded, valued at Dhs109.5m.
Source: AME Info
Egypt's external debt up 3.6%
October 04, 2011--Egypt: According to figures by the Egyptian Central Bank, the country's external debt rose 3.6% to $34.9bn in June 2011, compared with the same month a year earlier, Ahram has reported.
The rise was mainly due to currency fluctuations, the apex lender said, with the Egyptian pound plunging against the US dollar adding $2.4bn to the total value of the country's overseas loans. Debt service payments also rose by $158.4m to $2.8bn in the 2010/2011 fiscal year, the data showed.
Source: AMEInfo.com
DGCX records 486,710 contracts in September as Indian Rupee Options listed for trading
Monthly volumes of 486,710 contracts valued at $ 21.3 billion, an increase of 211% over 2010
Gold futures trade record daily volume of 9,638 lots worth $ 486.37 million on September 26
Currency futures trade 440,366 contracts in September, up 290% over last year
October 4, 2011--The Dubai Gold and Commodities Exchange (DGCX) clocked volumes of 486,710 contracts, valued at $ 21.3 billion, in September, an increase of 211% compared to the same month last year.
The Exchange’s Gold futures contract established an all-time daily volume record of 9,638 contracts on September 26, surpassing the previous high of 8,527 contracts in 2007. Gold futures also reached its highest-ever daily value of $ 486.37 million on the same day, exceeding the previous record value of $ 253.26 million in 2008.
Currency futures, which continued to be the main driver of volumes, grew 290% from last year to reach 440,366 contracts. DGCX also registered substantial year-on-year increases in the precious metals segment in September, with Gold and Silver futures volumes rising by 15% and 56% respectively. The Indian Rupee futures contract continued its exceptional growth, rising 511% year-on-year to reach 427,073 contracts, the highest ever monthly volume since the launch of the contract.
Source: Dubai Gold and Commodities Exchange (DGCX)
Sabic plummets to 11-month low
October 03, 2011--The Saudi Stock Exchange fell for the second day straight, closing 1.44% lower at 6,024.39. Saudi Basic Industries Corp. or Sabic dived 2.46%, closing at SR89.25.
Sabic's decline is negative indicator for all GCC exchanges, as the petrochemical and metals giant is considered a regional market indicator. Only 12 shares gained, while 130 declined (three closed even). "October is a crunch month," says Gary Dugan, CIO Private Banking at Dubai's bank Emirates NBD. "In the mess of the market sell-off it is always worth keeping half an eye on opportunities. If you are going to be tempted to buy equities we recommend buying high dividend paying companies", he adds.
Source: AME Info
Al Baraka Banking Group bucks Bahrain Bourse's downfall
October 03, 2011--The Bahrain benchmark index declined 0.61% and finished at 1.169.89, as blue chip firms Bahrain Aluminum
(flat at $0.70) and Bahrain Telecommunications (down half a percent at BD0.398). Islamic bank Al Baraka Banking Group surged 3.57% to reach $1.160. Year-to-date the exchange in Manama has lost 18.33%, the highest loss in the GCC during the first three quarters.
Source: AME Info
Qatari banks dive amid Euro zone's contagious woes
October 03, 2011--The QE Index closed down 0.79% at 8,290.83 points. While Qatar National Bank ended flat, shares of Doha Bank and Commercial Bank of Qatar or CBQ dived over two percent.
Yesterday, Meanwhile, Citibank has expressed doubts that the planned FIFA World Cup in 2022 in Qatar will have the widely expected positive effect on the gas-rich Gulf state. In its yesterday's published Emerging Market outlook, Citigroup says: "We have long argued that the awarding of the FIFA World Cup to Qatar in 2022 is unlikely to have any significant economic impact on the country. This is because: i) The actual spend on World Cup-specific infrastructure is going to be far less than the reported $50bn+, ii) The actual spend on World Cup-specific infrastructure is a drop in the ocean compared with currently ongoing projects, iii) The productivity of the World Cup-specific infrastructure developments is very low, and iv) The beneficiaries of increased expenditure on the World Cup will largely be foreigners, with little value-added remaining in Qatar. However, allegations of misconduct surrounding the bidding process are raising concerns that the award could be withdrawn, which are weighing somewhat on investor sentiment."
Source: AME Info
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