Middle East ETF News Older than One Year
Shuaa shares soar, Emaar dip
July 26, 2011--The DFM General Index stabilised above 1,500 points as the benchmark closed 0.07% higher at 1,511.65 points on Tuesday. Investment bank Shuaa Capital jumped five percent to reach Dhs0.998. Earlier in the day, Shuaa reported a net profit was Dhs0.6 million, compared to a loss of Dhs56.6m in 2Q 2010.
Total assets under management in Shuaa's asset management division were up 48%, reaching Dhs959m, according to the bank's statement to the media. Emaar Properties fell 0.35% to Dhs2.88. After the closing bell rang, Emaar reported net profit for the second quarter of Dhs250m, representing a 69% profit decline compared to the same period in 2010. Around 46.9m stocks were traded, valued at Dhs57m.
Source: FT.com
Uncertainty weighs on Saudi Stock Exchange
July 25, 2011--The Riyadh-based equity benchmark index Tasi closed 0.82% lower at 6,472.03 points. As at most global markets, the uncertainty over whether the the U. S. debt ceiling will be increased or not, weighed on investors' sentiment.
Market leader Sabic dipped 0.70% to SR107.00. Shares of National Agriculture Marketing Co., known as Thim'ar, posted the largest advance, up 9.90% at SR21.65.
Source: AME Info
Lack of catalysts leave Qatar market flat
July 25, 2011--The QE Index ended at 8,399.80 (off 0.04%) on Monday. Al Ahli Bank closed in line with the market action unchanged at QR74.
Yesterday, Earlier in the day, Al Ahli Bank announced the launch of its own brokerage services through its subsidiary "Ahli Brokerage Company" after obtaining QFMA's approval thereon and completing all the necessary technical requirements with the Exchange. Mr. Salah Murad, CEO of Ahli Bank Qatar said, "The financial services industry is expanding at an exponential pace in the State of Qatar, and we look forward to take part in and propel this growth." The IMF expects the Qatari economy to grow by 20% this year.
Source: AME Info
Kuwait bourse loses a quarter percent
July 25, 2011--The KSE Market Index ended at 6,065.3 points on Monday. National Bank of Kuwait declined 1.81% to KD1.080, while Shari'ah-compliant Kuwait Finance House finished at KD0.900 (off 1.09%).
Shares of First Takaful Insurance Co. surged 7.7% to reach KD0.070, finishing as a top gainer.
Source: AME Info
RAK shares buck Abu Dhabi market dip
July 25, 2011--The ADX slipped 0.89% to 2,663.13 points. Only four shares gained, three of them from companies based in the emirate of Ras al-Khaima. RAK Ceramics gained the most (up 5.71% at Dhs1.85).
Shares of Agthia Group plummeted two percent to Dhs1.96. Earlier in the day, the food and beverage group reported a halfyear profit of Dhs40.33m, down from Dhs54m in the same period last year. Four shares ended flat and 20 declined, among them Aldar Properties (off 0.79% at Dhs1.27) and Abu Dhabi Islamic Bank (down 5.23% at Dhs3.23). Some 35.99m shares were traded, valued at Dhs63.39m.
Source: AME Info
Strong profit rise lifts Emirates NBD shares
July 25, 2011--The Dubai Financial Market (DFM) General Index closed 0.65% lower at 1,510.58 points.
Emaar Properties shares dived 2.03% to Dhs2.89. Bank Emirates NBD added 1.22% to reach Dhs4.15. Earlier in the day, the Middle East's largest bank in relation to assets reported a 43% higher halfyear net profit of Dhs2.2bn. Earnings per share were up 47% to Dhs0.36. Net profit for the second quarter (Dhs0.7bn) was 85% higher compared to the corresponding period last year. ENBD expanded its private banking division in the first half of 2011. The Network International strategic partnership transaction was completed during Q1 2011, resulting in a one-time gain of Dhs1.8bn. Shares of Dubai Islamic Bank declined one percent to Dhs2.00. Some 52.32m shares were traded, valued at Dhs79.75.
Source: AME Info
Bahrain and Oman removed from S&P's CreditWatch negative
July 25, 2011--Standard & Poor's Ratings Services has removed Bahrain and Oman from its CreditWatch negative, after the two Gulf countries have taken measures to ease political tensions, Bloomberg has reported.
Bahrain's long- and short-term local and foreign currency sovereign credit ratings were affirmed at 'BBB/A-3' with negative implications, S&P said. Oman's 'A/A-1' long-term and short-term local and foreign currency ratings were affirmed, S&P said.
Source: AME Info
DGCX to launch Indian Rupee Options Contract in September
July 25, 2011--The Dubai Gold and Commodities Exchange (DGCX) is set to expand its Indian Rupee (INR) product offering with the launch of an INR Options Contract on September 26, 2011. The contract will be the only exchange-traded INR Options product offered to markets outside India.
Eric Hasham, CEO of DGCX said: “The provision of an Indian Rupee Options contract will enable us to build on the exceptional volume growth achieved by our Indian Rupee futures contract over the last 12 months and meet member demand to further strengthen our INR offering".
“DGCX has been working closely with its members and market participants to develop this additional risk management tool. The new options contract is the result of this interaction and feedback process. Our unique new Indian Rupee Options contracts will provide our members with more flexibility to hedge risk and trade in the Indian Rupee in a transparent, regulated and cleared trading environment,” the DGCX CEO further said.
Each DGCX Indian Rupee Options contract represents 2 million Rupees. Prices will be quoted in US Cents per 100 Indian Rupees, with a minimum premium fluctuation of 0.000001 US Dollars per Rupee ($2 per contract). At launch, the October 2011 expiry month will be available to trade.
DGCX will hold workshops on the INR Options contract prior to its launch on 26 September. The dates of these workshops will be announced in due course.
Source: Dubai Gold and Commodities Exchange (DGCX)
Bahrain "Most Open Economy" in GCC, KPMG Report Says
July 24, 2011--Bahrain's comparative lack of hydrocarbons has lead to its status as one of the Gulf State's most "financially forward-thinking" countries, according to a new KPMG report.
In KPMG's "Succeeding in a Changing World" survey of 1,500 executives across 22 European, Middle Eastern and African countries, Bahrain earned the reputation of "regional trailblazer" with the "GCC's most open economy."
"Having long since realized that it cannot rely on oil and gas exports to ensure its continuing prosperity, the kingdom has strived over the past several decades to diversify its economy away from the extraction of natural resources and towards a more sustainable model of development based on manufacturing and the provision of services, especially finance," the report said.
In fact, the building blocks of Bahrain's economy remain intact despite recent unrest, and investors are optimistic about the country's future, according to the report.
"Going forward, government and regional investments are expected to have an immediate impact on Bahrain's economic recovery," it said.
The report added that Bahrain's expected revision of the national economic strategy will be a vital measure to ensure long-term prosperity. To this end, organizations are reviewing their internal structure to enhance performance efficiency and are concentrating on business performance management.
Compared to other countries, Bahraini executives place a higher weight on mitigating risk throughout organizations at 42 percent versus the average 30 percent. KPMG Fakhro and Bahrain's Head of Advisory Narayanan Ramachandran says this demonstrates Bahrain's "increasing emphasis on corporate governance and financial risk management."
SOURCE Kingdom of Bahrain
Dubai Gold & Commodities Exchange Weekly Market Commentary-
July 24, 2011-- Economic Data Overview
The July 25 week finishes up with the release of the preliminary US estimate for second quarter GDP on Friday. So far markets expectations are for sluggish growth in line with the first quarter performance. While the data is likely to be disappointing overall, it does put the first half of 2011 in the rear view, and markets will be ready to move on to see how the second half of the year is shaping up. Before Friday arrives, however, there are a number of other reports that will round out the outlook for the housing market, manufacturing, and consumer confidence.
The second quarter earnings season continues with a large number of releases on the calendar. These will include a number of companies in the oil industry, aircraft manufacturers, and some drug and chemical companies. The preliminary estimate of second quarter GDP will be released on Friday. The number will include some assumptions for changes in inventories, net exports, and consumer spending since the available data for the quarter is not complete. Expectations are for growth similar to the anaemic 1.9% pace of the first quarter, albeit with a somewhat different composition for growth. This is a disappointing pace, but markets are prepared for a soft number.
The last monthly reports on consumer confidence in July will be released next week. The Conference Board's Consumer Confidence Index is due on Tuesday, and the final Reuters/University of Michigan Consumer Sentiment Index is at 9:55 ET on Friday (preliminary reading 63.8). Data available so far for July indicates that consumers' outlook took a turn downward at the start of the month. It may have regained some ground as July progressed, but overall should be down compared to June. Initial jobless claims for the week ended July 23 on Thursday should be past any distortions that might have been apparent in the seasonal adjustment factors early in July and the influx of government workers in Minnesota due to a government shutdown. The Employment Cost Index (ECI) for the second quarter on Friday will get lost behind the release of the GDP numbers at the same time. It should be consistent with slow growth in most wages and salaries, and show some moderation in rises in benefits. Data for the manufacturing sector will include the next round of surveys from the Fed District Banks. The Richmond Fed's Manufacturing Survey for July is set for 10:00 ET on Tuesday, and is the most closely watched after the New York and Philadelphia indexes. It tends to lead the other surveys by a month or two. In June, the Richmond general activity index moved back into positive territory after briefly turning negative in May. It will likely confirm..
Source: DGCX
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