Middle East ETF News Older than One Year
Dubai index down by 2.8% month on month
Six of nine indices ended June in the red, with the service sector declining the most at 12.7%
July 4, 2011--The Dubai Financial Market General Index decreased by 2.8 per cent to 1,516.9 at the end of June compared to 1,559.9 at the end of May.
Six out of the nine indices represented on the DFM ended the month in the red, with the services sector declining the most, down 12.7 per cent, followed by the transportation and real estate sectors, falling by 6.3 and 4.8 per cent respectively. Meanwhile, the industrial and banking sectors increased by 8.9 per cent and 1.1 per cent respectively.
Source: Gulf News
Saudi banks set for strong recovery – Fitch
July 4, 2011--Fitch credit rating agency has said Saudi Arabia’s banks are expected to report a strong recovery in terms of improved profitability and a decline in non-performing loans, Gulf News has reported.
"Funding remains one of the key strengths of Saudi banks, with deposits constituting around 88% of non-equity funding at the end of 2010," Mahin Dissanayake, an analyst with rating agency Fitch wrote in a report.
Source: AME Info
Oil prices to stay around $90-$100 - Kuwait
July 4, 2011---Imad al-Atiqi, a member of Kuwait's Supreme Petroleum Council (SPC) has said prices of crude oil are likely to remain between $90 and $100 until the end of the year, due to the International Energy Agency's (IEA) emergency stock releases,
Reuters has reported. The group of 28 industrialised consumer nations said on June 23 it would release 60 million barrels of oil from strategic reserves to compensate for a loss of Libyan crude supply and dampen prices.
Source: AME Info
Kuwait Stock Exchange breaks series of losses
July 4, 2011--The KSE Market gained for the first time since end of June, closing 0.35% higher at 6,194.6 points.
The country's largest lender by assets National Bank of Kuwait (NBK) closed unchanged at KD1.200. Islamic bank Kuwait Finance House failed to join the mini-rebound and dipped one percent to KD0.970.
Source: AME Info
Bahrain faces long road to recovery
July 4, 2011--Bahrain was once the Gulf's go-to destination for offshore banking and other key elements of the financial services industry. That was before H1 2011 saw protests, tear gas, bullets and blood, followed by a brutal and ongoing crackdown on dissenters on the island. What has this violence meant for the Bahraini business community in H1, and what prospect of recovery is there over the next six months?
Flick through the passport of any regular visitor to Bahrain, and you'll come across a familiar slogan stamped onto its pages: 'Welcome to business friendly Bahrain'. The campaign, which ran until recently, was a key part of the Gulf state's efforts to consolidate its position as a regional centre for financial services.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-July 3, 2011
July 3, 2011-- Economic Data Overview
The July 4 week in the US is shortened by the holiday on Monday. Even so, the data calendar is light, and most of the focus in markets will remain on the upcoming employment report on Friday. Forecasters are going to be on the lookout for the June ADP National Employment Report on Wednesday.
Last month the unexpectedly soft reading caused some to revise their estimates lower. The lacklustre 54,000 increase in non-farm payrolls justified the revision. While the ADP number has had some big misses, the last four months have been a good indication of the direction of the government report. The June data on payrolls and the unemployment rate on Friday will solidify perceptions of whether the labor market is experiencing a transitory softening in trend, or if the more downbeat data seen in May is going reflect some more fundamental deterioration in job growth. Forecasters are going to be cautious in their estimates for increases in non-farm payrolls and any downward movement in the unemployment rate. But an above-expectations report could bolster the Fed's economic outlook. At this writing, market estimates are for around up 100,000 for payrolls, and for a 0.1 downtick in the unemployment rate to 9.0%.
The ISM Non-Manufacturing Index for June is due on Wednesday and could mirror the slowing in the manufacturing sector, although expansion continues. Spending on services may see some benefit from lower gasoline prices, but the generally more restrained economic environment will mean moderation in activity. Three major central banks are scheduled to release routine monetary policy announcements this coming week. The Reserve Bank of Australia decision is expected in the overnight hours of Monday-Tuesday. No change in policy is anticipated. The Bank of England Monetary Policy Committee holds a
Source: Source: DGCX
Dubai Gold & Commodities Exchange Weekly Market Commentary-July 3, 2011
July 3, 2011-- Economic Data Overview
The July 4 week in the US is shortened by the holiday on Monday. Even so, the data calendar is light, and most of the focus in markets will remain on the upcoming employment report on Friday. Forecasters are going to be on the lookout for the June ADP National Employment Report on Wednesday.
Last month the unexpectedly soft reading caused some to revise their estimates lower. The lacklustre 54,000 increase in non-farm payrolls justified the revision. While the ADP number has had some big misses, the last four months have been a good indication of the direction of the government report. The June data on payrolls and the unemployment rate on Friday will solidify perceptions of whether the labor market is experiencing a transitory softening in trend, or if the more downbeat data seen in May is going reflect some more fundamental deterioration in job growth. Forecasters are going to be cautious in their estimates for increases in non-farm payrolls and any downward movement in the unemployment rate. But an above-expectations report could bolster the Fed's economic outlook. At this writing, market estimates are for around up 100,000 for payrolls, and for a 0.1 downtick in the unemployment rate to 9.0%.
The ISM Non-Manufacturing Index for June is due on Wednesday and could mirror the slowing in the manufacturing sector, although expansion continues. Spending on services may see some benefit from lower gasoline prices, but the generally more restrained economic environment will mean moderation in activity. Three major central banks are scheduled to release routine monetary policy announcements this coming week. The Reserve Bank of Australia decision is expected in the overnight hours of Monday-Tuesday. No change in policy is anticipated. The Bank of England Monetary Policy Committee holds a
Source: Source: DGCX
Issued capital for new companies in Egypt falls 17% in June
July 3, 2011--According to data by Egypt's General Authority for Investment, the total issued capital for newly established companies fell 17% to EGP913m in June,
compared to EGP1.09bn in the previous month, Ahram has reported. Around 85% of capital invested was Egyptian; the rest was almost equally divided between Arabs and foreigners at 8% and 7%, respectively, the data showed.
Source: AME Info
Sabic rebounds to three-week high
June 29, 2011--The Tadawul market in Riyadh added 0.69%, closing at 6,576 points. Petrochemical and metal producer Saudi Basic Industries Co., known as Sabic, gained 1.22%, finishing at SR104.
Saudia Dairy & Foodstuff Co. posted the largest decline (down 7.25% at SR44.90). Eighty-nine shares gained, 41 lost and 15 closed even.
Source: AME Info
Qatari stocks advance across the board
June 29, 2011--The QE Index in Doha gained for the third day straight, closing up 0.53% at 8,334.51 points. Banks were once again the driving forces behind the surge.
Commercial Bank of Qatar, known as CBQ, soared 2.46% to close at QR70.80. Qatar National Bank could not jump on the bandwagon and dipped 0.21%, finishing at QR141.20.
Source: AME Info
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