Middle East ETF News Older than One Year
Food company shares outperform at Kuwait bourse
October 03, 2011--The KSE Market Index ended half a percent lower at 5,811.9 points. The Food Sector index was the only segment which added value on Monday. Danah Alsafat Foostuff Co. posted the second largest advance, closing 6.75% higher at KD0.038 points.
The KSE Market Index added 0.72% in September. "Kuwait Stock Exchange (KSE) was one of the handful stock markets in the GCC to post monthly gains, as it added 1.46 to its value by the end of the month, as measured by market capitalization weighted Global General index (GGI)," says Faisal Husain, Head of Research at Global Investment House in Kuwait.
Source: AME Info
Real estate shares dive in Abu Dhabi
October 03, 2011--The ADX General Index headed 0.66% lower on Monday, closing at 2,519.02 points. Aldar Properties plunged 2.56% to Dhs1.14, while RAK Properties and Sorouh Real Estate lost 2.85% and 1.85%, respectively.
Abu Dhabi Ship Building gained the most (up 7.22% at Dhs2.08). In its recently published Emerging Markets Outlook, Citibank's analyst David Lubin writes: "The deteriorating global outlook spells risks for the UAE on three fronts, and we now consider risks to our economic forecasts to be on the downside. First, the fall in recent months in global oil prices will squeeze revenues at the Abu Dhabi level, and we have already seen that emirate begin to pull back from some previously anticipated investments, particularly in the non-oil sector. Second, slower growth in global demand may impact Dubai’s ongoing recovery, dependent as it is on global trade, tourism and transportation. Finally, the retrenchment in global risk appetite will expose entities in the UAE to heightened refinancing risks if financial conditions remain tight in the medium term."
Source: AME Info
Al Baraka Banking Group bucks Bahrain Bourse's downfall
October 3, 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
Dubai Gold & Commodities Exchange Weekly Market Commentary - October 2, 2011
October 2, 2011--Economic Data Overview
If the calendar for the October 3 week is a bit light on the number of data releases and appearances by Fed officials, it has enough that could be heavy hitting for markets. The release of the employment data for September on Friday will be the focal point of the week. The release of the BLS's annual revisions for the establishment survey for March 2010-March 2011 will be incorporated into this report. The September data will also get back the 45,000 workers after the end of the strike at Verizon in August.
The ADP National Employment Report for September on Wednesday will be anticipated for a hint on the direction of private payrolls, but it has been somewhat uneven in the last few months. The presence of the Verizon strikers was not accounted for in the August data, and their return will probably not be reflected in the September number.
The Challenger report on layoff intentions in September at 7:30 ET on Wednesday will probably show the increased pace in job cuts announced, especially in the financial industry. Any sign of a pickup in layoff activity will be concerning in the current economic climate, but levels still remain modest by historical standards, and mostly confined to a few sectors - notably government.
The ISM indexes for manufacturing and non-manufacturing industries in September may be stronger than the regional data from Fed District Banks and some Purchasing Managers indexes. Areas along the East Coast were particularly hard-hit during Hurricane Irene and the earthquake on August 23. Both occurred late in the month and had an impact on activity into early September. The manufacturing index is set for release on Monday, and the non-manufacturing index will be released on Wednesday. Although we do not anticipate strong readings, both should still signal expansion.
Initial jobless claims for the week ended October 1 on Thursday should continue to show some improvement as impacts from severe weather fade, and a wave of layoff activity ebbs. Levels of claims remain elevated and are likely to remain near the 400,000-mark which seems to be the consistent with the current underlying trend.
The August report on construction spending on Monday probably will not add much to what is known about residential activity except for home renovation and repair. New information about spending for public works and non-residential building will round out the picture.
The data for new orders for factory goods in August on Tuesday should be
Source: Dubai Gold & Commodities Exchange (DGCX)
Islamic Funds and Investments Report
September 30, 2011--The 4th annual Ernst & Young Islamic Funds & Investment Report (IFIR 2010) released at the World Islamic Funds and Capital Markets Conference states that global Islamic fund assets stagnated at US$ 52.3 Bn in 2009, remaining at almost the same level as the US$ 51.4 Bn posted in 2008.
This trend is reflective of a distinct shift in investors’ preferences, and requires Islamic fund managers to adapt their strategies and operating models accordingly to meet the new levels of expectations.
Source: Ernst & Young
Qatar Exchange declines as country's inflation hits 20-month high
September 29, 2011--The QE index dipped by 0.34%, ending at 8,393.92 points on Thursday.
Qatar's annual inflation for August has reached 2.1% year-on-year, its highest level since at least January 2010, Reuters has reported, citing data from from Qatar's statistics authority. Over the week, the QE Index lost 0.60%, year-to-date the QE declined 3.31%.
Source: AME Info
Kuwait bourse down as Citibank forecasts lower GDP growth for 2011
September 29, 2011--The KSE Market Index dipped 0.27% on Thursday, bringing the year-to-down performance down to minus 16.14%, despite moderate gains in the banking sector index.
In today's published Global Economic Outlook and Strategy, Citibank expects the Kuwaiti GDP to grow by 4.4% this year, down from 6.2% last year. For 2012, Citibank forecasts that the northern Gulf state's economy will grow slightly higher, by 4.7%.
Source: AME Info
National Bank of Fujairah soars as shareholders approve commodities trading division
September 29, 2011--The ADX General Index ended flat at 2,533.41, as did market bellwether Etisalat, ending even as the most liquid share at Dhs10.30. Shares of National Bank of Fujairah, known as NBF, surged 8.92% to reach Dhs4.15.
Earlier in the day, NBF announced that its shareholders approved at an Extraordinary General Meeting an amendment to the bank's article of association, allowing the bank "to deal in commodities in addition to precious metals in both physical and derivatives markets." Over the week, the ADX lost half a percent amid low trading turnover.
Source: AME Info
Dubai bourse loses again ground
September 29, 2011--Despite some signs of stabilising stock prices this week, the DFM General Index dropped by 0.47% on Thursday, closing at 1,431.71 points.
Although Emaar (up 0.73%) and Arabtec (gaining 1.50%) added value, the majority of traded shares lost, with banks weighing on the market in particular. Emirates NBD fell three percent, while Shuaa Capital dived 3.60% over uncertainty whether the German parliament in Berlin will extend the rescue shield EFSF for highly indebted Eurozone countries. After the DFM closed, news spread that the German Bundestag approved the government's proposal, paving the way to increase Germany's contribution to the EFSF to EUR211bn from EUR123bn. Over the last week of the third quarter, the DFM declined by 1.5%, mainly due to the ongoing uncertainty in the Eurozone crisis.
Source: AME Info
Qatar's inflation hits 20-month high
September 29, 2011--Qatar's annual inflation for August has reached 2.1% year-on-year, its highest level since at least January 2010, Reuters has reported, citing data from from Qatar's statistics authority.
Consumer prices rose to 0.2% month-on-month in August after a 0.3% decrease in July, the data showed. Average deflation in Qatar reached 2.4% in 2010, less than 4.9% in 2009, which was the first full-year deflation since 1993.
Source: AME Info
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