Middle East ETF News Older than One Year
Dubai Gold & Commodities Exchange Weekly Market Commentary-September 18, 2011
September 18, 2011--Economic Data Overview
The FOMC will meet on Tuesday and Wednesday, and the outcome of its deliberations will overshadow the economic data in the September 19 week.
The FOMC meeting was expanded to two days from the original September 20 only date to allow more time to discuss policy options to address the flagging economic recovery, prolonged malaise in the labour market, and continued sluggish conditions in real estate.
Markets are anticipating some further action to provide additional accommodation. However, philosophical divisions among the Committee members increase the likelihood that there will continue to be one or more dissents in the vote. In fact, MNI's Steve Beckner wrote last week that he wouldn't be surprised to see three dissents again.
While FOMC members support providing accommodation, some do not think more is needed and/or question the efficacy of the tools that the Fed has available to provide it.
Most analysts believe that additional easing will take the form of extending the duration of the Fed's existing portfolio. This may or may not include some sales of shorter-dated securities to buy longer-dated ones. The intention will be to keep long-term rates low for a long policy horizon. Markets will eagerly await the release of the FOMC statement at 14:15 ET on Wednesday.
At this time, there is no press briefing scheduled after the meeting concludes. The Board of Governors will meet in closed session around midday on Monday to consider discount rate policy. It is expected to remain on hold for now at the current 75 basis points.
The IMF/World Bank fall meetings start on Friday and continue into the weekend. The recent G7 meeting of finance ministers and central bankers deferred any major policy announcement to the G20 session that will take place in conjunction with the other sessions.
It is a light data calendar for the week, and it will mainly focus on housing data.
Initial claims for the week ended September 17 on Thursday will be for the survey comparison week for August. Levels of new claims have been elevated in the last two weeks due to the after effects of Hurricane Irene. Those storm-related claims will probably ease in the latest data.
The Conference Board's Leading Economic Indicator for August will be released on Thursday. Recent jumps in the money supply data will contribute to an increase in the index, but consumer confidence will have a negative impact.
WTI CRUDE OIL:
The Last week of crude oil for October delivery, as the contract expires on Sept 20, ended on a positive note as
Source: Dubai Gold & Commodities Exchange (DGCX)
Qatar expects budget surpluses in coming years
September 17, 2011--Qatar's central bank governor has said that the Gulf country is expected to continue to post budget surpluses in the coming years with a surplus
of 5.7% of GDP seen in 2016, Reuters has reported. Sheikh Abdullah bin Saud Al-Thaniand has added that Qatar's nominal gross domestic product should jump to QR547bn ($150bn) this year.
Source: AME Info
Eshraq Properties jump on financial statement release
September 15, 2011--The Abu Dhabi benchmark index ADX dipped 0.10% to 2,576.69 points. Union Insurance Company dived 9.50%, closing at Dhs1.43.
Real Estate developer Eshraq Properties surged 27.50% to reach Dhs0.47. Earlier in the day, Eshraq, which listed its shares as the 66th firm today, reported a profit of Dhs8.8m for the period from January 1st to July 7th.
Source: AME Info
KFH Group issues first Corporate Sustainability Report including its achievements in economy, society, environment -Applying Worldwide GRI Standards
September 15, 2011--Kuwait Finance House (KFH) issued a new report concerning its efforts in the field of sustainable development, which focuses on economic growth, preservation of environment and natural resources, and social development. It is worth noting that KFH is considered to be the first bank in Kuwait and the first Islamic bank worldwide to issue such a report based on Global Reporting Initiative criteria.
The report highlights other fields of information mentioned in other reports, such as the KFH Annual Report and the Corporate Social Responsibility reports, the activities and businesses of KFH from a sustainable development perspective. The report shed light on the outstanding success that KFH has achieved in the development of societies and their civilizations, protecting the environment, overcoming poverty, supporting social and voluntary work, awareness campaigns, and encouraging environment friendly initiatives.
The report that will be available soon on kfh.com for the public has highlighted in its introduction the assertion of KFH’s CEO Mohammed Al-Omar that KFH is taking giant steps in the field of sustainable development, in order to improve lives, which is evident by KFH’s presence in three continents. He stressed that KFH’s main strategic principles are clear and has not changed since the foundation of KFH, which is to abide by Shariah, support initiatives, take part in social and economic responsibilities in local societies; thus allowing KFH to play a pivotal role in the field of Islamic banking around the world.
Source: Kuwait Finance House (KFH)
Industrial shares lift Qatar Exchange modestly
September 15, 2011--The QE Index finished a more than disappointing week with a 0.34% advance, closing at 8,347.74 points.
QE heavyweight Industries Qatar surged 2.59% to reach QR122.60. Mannai Corp. dived 3.67% to QR99.70. Earlier in the day, Mannai announced that an Extraordinary General Meeting has approved the Board of Directors’ proposals for increasing the share capital of the Company by 20% from QR285.12m to QR342.14m by issuing 5,702,400 new shares and offering them to shareholders of the Company as at closure of business on September 13 2011 at the rate of 1 new share for every 5 held, at the price of QR 70 per share (QR10 nominal value plus QR60 premium).
Source: AME Info
Building Financial Institutions as Solutions to Frustration and Exclusion
September 15, 2011 – Financial systems across the Middle East and North Africa (MENA) proved resilient during the global financial crisis and subsequent political shocks but have failed to provide access to finance, contributing to the region’s relatively weak growth performance and inability to generate jobs. This in turn has contributed to the deep-seated frustrations of the region’s large youth populations, say the findings of a new World Bank report.
“We began work on this report with our partners in the Arab Monetary Fund, the Islamic Development Bank and the Union of Arab Banks, well before the Arab Spring,” says Roberto R. Rocha, Senior Adviser and principal author of Financial Access and Stability: A Road Map for the Middle East and North Africa. “Many of our findings now have even sharper relevance in the light of the protests that have reflected popular discontent with systems where opportunities are few, competition limited and access to finance constrained.”
The report describes MENA’s financial sectors as dominated by large, well-capitalized banks, but largely undiversified and uncompetitive. Essential non-banking financial institutions such as insurance companies, mutual and pension funds, leasing, and factoring, are not well developed with few exceptions. Equity markets are large in many countries, but mainly dominated by financial institutions and infrastructure companies. Private fixed-income instruments and markets remain negligible.
Source: World Bank
Industrial shares lift Qatar Exchange modestly
September 15, 2011, 7:31:05 AM
The QE Index finished a more than disappointing week with a 0.34% advance, closing at 8,347.74 points.
QE heavyweight Industries Qatar surged 2.59% to reach QR122.60. Mannai Corp. dived 3.67% to QR99.70. Earlier in the day, Mannai announced that an Extraordinary General Meeting has approved the Board of Directors’ proposals for increasing the share capital of the Company by 20% from QR285.12m to QR342.14m by issuing 5,702,400 new shares and offering them to shareholders of the Company as at closure of business on September 13 2011 at the rate of 1 new share for every 5 held, at the price of QR 70 per share (QR10 nominal value plus QR60 premium).
Source: AME Info
DP World shares rise back to $10
September 15, 2011, 7:27:10 AM
The FTSE NASDAQ Dubai UAE 20 Index closed at 1487.60 today, up 7.110, or 0.48%, from the previous close.
DP World finished 1.52% higher to reach $10.00. Jewelry trader Damas dived nine percent, hitting $0.10. Interior designer Depa Ltd. closed even at $0.49.
Source: AME Info
Fitch International Agency affirmes Ahli Bank's 'A-'-Rating
September 14, 2011--The QE Index declined by 0.18% to 8,319.17 points. The country's largest lender Qatar National Bank dipped 1.12% to QR141.20.
Shares of Al Ahli Bank ended flat at QR80.00. Earlier in the day, Fitch International affirmed Ahli Bank's 'A'-Long Term Default Rating. "Fitch has also affirmed Ahli bank’s Viability Rating at “bbb-”, short term IDR at “F2”, Individual Rating at “C” and Support Rating at “1”, the statement posted on the QE website says.
Source: AME Info
Kuwait bourse consolidates above 6,000 level
September 14, 2011--The KSE Market Index continues to attract buyers, closing 0.46% higher on Wednesday at 6,035.7 points. Al-Dar National Real Estate Co. posted the highest advance, closing up 20% (!) at KD0.015.
International Financial Advisors (IFA) surged 4.76% to reach KD0.044. Earlier in the day, IFA published the condensed consolidated financial results for the second quarter, revealing a loss for the period of KD4.4m, compared to KD13m in the same period the year before.
Source: AME Info
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