Middle East ETF News Older than One Year
DP World gains further ground, but amid low turnover
September 14, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1480.49 today, up 11.120, or 0.76%, from the previous close. In line with the general rebound at international stock markets,
shares of global port operator DP World jumped 2.59% to reach $9.90. Interior design company DEPA Limited and jewelry trader Damas ended both flat at $0.49 and $0.11. Less than 1.1m shares changed hands at the NASDAQ Dubai
Source: AME Info
Dubai market index and trading volumes rise
September 14, 2011--Lifted by Dubai blue chip stocks, the DFM General Index added 0.33% on Wednesday, closing at 1,465.53 points. Emaar Properties gained 1.08% to reach Dhs2.81. According to Citigroup analyst Heidy Rehman,
"The UAE remains MENA’s 2nd largest real estate project market (at around $623bn). But this is down 33% yoy. Its total project awards have fallen (by $6bn in the year-to-end August) while its cancelled & delayed projects are up (+13% t$170bn)." Logistics specialist Aramex closed as the most liquid share 1.69% higher at Dhs1.81, while investment bank Shuaa Capital fell 1.90% to Dhs0.826. Some 87m shares were traded,
Source: AME Info
Lacklustre trading leaves Saudi Tadawul bourse unchanged
September 14, 2011--The Saudi equity market closed at 6,071.52 points, up 0.04%. Shares of the Saudi Industrial Investment Group (SIIG) ended even at SR18.95.
Earlier in the day, SIIG announced the shutdown of some of its production units at its Jubail site, starting from 1 of October 2011. "This is a previously planned shutdown for regular maintenance work, and is scheduled to last for 30 days. The shutdown will require stopping the production of Benzene, Cyclohexane, and Motor gasoline, while the production of styrene and propylene will continue to operate," the statement which is published on the Tadawul website says.
Source: AME Info
Euro-zone debt troubles spoil Tadawul rebound
September 12, 2011--The Saudi Stock Exchange was not immune against fresh woes in the Euro-zone, where an 'organized default' of Greece is suddenly openly discussed among European governments.
The Tadawul index in Riyadh declined 1.69% to close at 6,037.25 points. Investors booked profits at insurers in particular, with AXA Cooperative Insurance Company diving 9.88% to SR36.50.
Source: AME Info
Banks, industry stocks drag Qatar bourse down
September 12, 2011--The Doha-based QE Index declined by one percent and closed at 8,294.73 points.
Doha Bank shares dived two percent, closing at QR61.40. Industries Qatar dived 1.66%, finishing at QR118.80.
Source: AME Info
Agility regains ground, hits one-month high
September 12, 2011--The KSE Market Index dipped insignificantly, closing at 5,977 points.
Logistics specialist Agility ended once again among the top gaining shares, closing 8.5% higher at a four-week high at KD0.320. National Bank of Kuwait closed even at KD1.080.
Source: AME Info
Batelco, bank shares weigh on Bahrain Bourse
September 12, 2011--After a hopeful recovery at the start of September, the Bahrain Bourse declined 0.42%, finishing at 1,265.49 points. Bahrain Telecommunications was the most actively traded shares, closing one percent lower at BD0.396.
On Sunday, Batelco announced that along with Saudi Arabia's Kingdom Holding Company (KHC) "that its consortium to purchase Zain Kuwait's 25% stake in Zain Saudi Arabia anticipates completing due diligence by the end of September 2011." Shares of Bahrain Islamic Bank posted the largest decline (off 3.96%), while Khaleej Commercial Bank gained 2.50%. [AMEInfo.com]
Source: AME Info
Dubai Mercantile Exchange Sets New Trading Record in August
Monthly total trading volumes reach new all-time high for second consecutive month
September 12, 2011--The Dubai Mercantile Exchange Limited (DME) announced today that it has continued to build on recent strong performances with a new monthly trading record in August 2011.
Trading of its benchmark Oman Crude Oil Futures Contract (DME Oman) for the month totalled 95,440 contracts or approximately 95.4 million barrels – its highest since the trading on the Exchange commenced in June 2007 and a 7.8 per cent increase over the previous record, set a month earlier.
This new record reinforces DME Oman’s status as the largest physically delivered crude oil contract in the world, underscoring to market participants the benefit of robust price discovery through direct linkage to true market supply and demand fundamentals.
Source: Dubai Mercantile Exchange Limited (DME)
Dubai Gold & Commodities Exchange Weekly Market Commentary-September 11, 2011
September 11, 2011-- Economic Data Overview
The September 12 week will see a number of important economic data releases that mainly focus on consumer spending, inflation, and the manufacturing sector. There will also be some fresh data on consumer confidence, as well as a few numbers that will help fill out expectations for growth in the third quarter.
The data on retail sales for August on Wednesday could surprise a little to the upside, but on the whole it is not likely to be a stellar performance. Sales of motor vehicles were decent in the month.
Prices for gasoline declined, and should cut into sales at service stations. Back-to-school shopping was lacklustre, but demand for emergency supplies related to large severe weather events could boost some categories like building materials. Worried consumers were cautious about discretionary spending, such as restaurant meals or entertainment.
On balance, retail sales should be little changed from the prior month.
Inflation numbers will be released on Tuesday, Wednesday, and Thursday.
More stable prices for oil and food will mean less uncertainty behind the forecasts, but the three indicators this week will reflect that in different ways.
The Import and Export Prices Indexes for August is due on Tuesday. Increases in import prices will probably be moderate due to only a small change in petroleum costs, and smaller increases in items like foods and motor vehicles. Export prices should benefit from favourable exchange rates and demand for agricultural products.
The Producer Price Index for August on Wednesday should reflect further moderation in input costs, particularly in the easing of supply constraints related to the earthquake in Japan. Costs of a few commodities may still be on the rise, like gold, cotton, and tobacco.
The Consumer Price Index for August on Thursday should
Source: Dubai Gold & Commodities Exchange (DGCX)
EGX during the Crisis
September 8, 2011--The recent global economic events that were reflected negatively on the global financial markets performance and accordingly on the Egyptian Exchange (EGX), together with the other political and
economic implications, all had significant influence on EGX after
January 2011 revolution.
Accordingly, EGX management undertook different procedures in an attempt to overcome the impact of these events, including:
Fostering corporate disclosure to help investors in taking investment decisions based on sound information.
Reducing the administrative intervention in trading operations to gradually allow investors to trade in a way consistent with the global capital markets standards.
Flexibility in dealing with listed companies without prejudice to the frameworks and laws governing the market in order to protect small investors.
Preparing proposals for a number of amendments to some rules governing the stock market mechanisms (NILEX rules, optional and mandatory de-listing rules, OTC market rules)
On the other hand, the financial markets have witnessed sharp
fluctuations caused by the current economic and political conditions;
hence some mechanisms were applied to limit the negative impact of
such fluctuations:
"Short selling" is one of these mechanisms introduced to the parties operating in the market through some workshops in order to be revised to fit the domestic market conditions and requirements.
Working on launching a new index that measures the performance of the most active 20 companies with criteria that fit a large segment of investors.
Providing more data about bonds market to offer more diversified investment opportunities for investors and to encourage companies to consider bonds as a financing mechanism for their various projects.
Working jointly between the EFSA, EGX and Misr for Central Clearing, Depository and Registry Company to implement new mechanisms that increase the market depth and help enhancing liquidity.
Source: Egyptian Exchange (EGX)
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