Middle East ETF News Older than One Year
Abu Dhabi Commercial Bank shares rise further
June 7, 2011--The Abu Dhabi bourse index ADX added 0.45%, finishing at 2,690.05 points. Abu Dhabi Aviation gained the most, closing at Dhs3.45. Abu Dhabi Commercial Bank (ADCB) surged 3.63%,
ending at Dhs3.17. ADCB still benefits from its move to sell its 25% stake in Malaysia's RHB. Aldar Properties dipped 1.45% to Dhs134. Thirteen shares gained, ten fell and eight ended even. Around 54m shares valued at Dhs110.94m changed hands.
Source: AME Info
Dubai market find bottom amid high turnover
June 7, 2011--The DFM General Index ended 0.09% higher at 1,564.88 points.
Shares of district cooling specialist Tabreed gained 6.84% to reach Dhs1.25. Emaar remained in a stutter mode, closing 0.94% lower at Dhs3.16. Seventeen stocks lost, eight declined and four ended even. Some 266.54m shares were traded, valued at Dhs280.53m.
Source: AME Info
Methanol Chemicals rises on SR832m Murabaha refinancing facility
June 7, 2011--The Saud Tadawul index Tasi advanced 0.46% on Monday, closing at 6,657.63 points. Shares of Methanol Chemicals Co. added 0.70%, ending at SR14.40. Earlier in the day, Methanol Chemicals announced it agreed on
a Murabaha Refinancing Facility Agreement compatible with the Islamic Shariah "at a competitive rate" with consortium of banks, namely SABB, Riyadh Bank and Samba for a total loan amount of SR832m. Under Murabaha, banks purchase assets and re-sell these assets to a client above par, which the customer repays in predefined annuities including an agreed margin of profit. "Methanol Chemicals is liable to repay the sanctioned loan of SAR 832 million in 14 semi-annual installments ranging from SR 32m to SR55m commencing from 15 July 2011 and ending 15 December 2017," the statement says. Market bellwether Sabic closed even at SR104.75. Year-to-date the Tasi gained 0.56%, the best performance among all Arab stock markets and the only gaining composite in 2011 (as yet).
Source: AME Info
Egypt to exempt dividends from tax
June 7, 2011--The head of Egypt's stock exchange, Mohamed Abdel Salam has said the dividends of listed companies will be exempted from new taxes proposed by the government in its 2011/12 budget, Reuters has reported.
"We reached an agreement to exempt companies listed on the bourse from a tax on distributed profits. At this time we need confidence in the market and to reduce the burden on investors," Abdel Salam said.
Source: AME Info
DGCX May Volumes Surge 70 % Year-on-Year to Reach 237,920 contracts
Year-to-date volumes climb 55% to aggregate over 1.148 million contracts
Gold and Silver futures register 39% and 46 % growth respectively
Indian Rupee futures continue high-growth trend with 1,413% rise
June 6, 2011--DGCX volumes in May registered a 70% year-on-year increase to reach 237,920 contracts valued at US $ 11.76 billion, the highest monthly value ever. Precious metals and Indian Rupee futures were the standout performers of the month.
Year-to-date volumes on the Exchange climbed 55% to total 1,148,833 contracts while year-to-date average daily volumes also rose 53% to touch 10,941 contracts.
Source: DGCX
Kuwaiti stocks advance across the board
June 6, 2011--No sector index lost today at the Kuwait Stock Exchange (KSE) which closed 0.36% higher at 6,312.9 points.
Gulf Bank of Kuwait surged 1.8% to KD0.550. Salbookh Trading gained the most (up 8.5% at KD0.064. Shares of Metal and Recycling plummeted 7.5% to KD0.122.
Source: AME Info
Banks, real estates lift Abu Dhabi bourse
June 6, 2011--The ADX General Index added 0.45% to reach 2,678.04 points.
Abu Dhabi Commercial Bank was the top bank in relation to trading volumes and gained 2.71%, closing at Dhs3.09. Real estate bellwether Aldar Properties added 0.73%, finishing at Dhs1.36. Earlier in the day Aldar announced the appointment of Camper & Nicholsons Marinas (CNM), a world leader in luxury marina management, to operate Yas Marina on Yas Island in Abu Dhabi. Yas Marina is home of the Formula-1 Etihad Airways Grand Prix and of the Ferrari World Theme Park. Around 61m stocks valued at Dhs157.8m were traded.
Source: AME Info
Air Arabia gains despite pessimistic IATA forecast
June 6, 2011--The local Dubai market DFM dipped 0.21% to 1,563.41 points. Sharjah-based budget carrier Air Arabia gained 0.85% to close at Dhs0.708. Earlier in the day Giovanni Bisignani,
the general secratary of IATA, said his association has reduced profit projections for 2011 to $4bn down from $8.6bn due to rallying oil prices. Emaar Properties fell 0.93% to Dhs3.19. Only four shares added value, 20 lost and four closed flat. Around 126m shares were traded, valued at Dhs138.5m.
Source: AME Info
DP World shares stabilise on rising volumes
June 6, 2011--FTSE NASDAQ Dubai UAE 20 Index closed at 1713.970 today, down 0.04%, from the previous close. Dubai Ports (DP) World closed unchanged at $13.1 as
some 6.8m DPW shares were traded. Jewelry trader Damas dived 2.22% to $0.088.
Source: AME Info
DGCX Weekly Market Comentary -June 5, 2011
June 5, 2011-Economic Data Overview
The June 6 week has a fairly sparse economic data calendar for the US. As a result, the most important piece of information about the economic is likely to be the Fed's compilation of anecdotal evidence about conditions in the 12 District Bank regions, the so-called Beige Book on Wednesday.
The last three editions have shown that expansion continues across all 12 Districts, but that may not be the case for the six week period from mid-April through the end of May. Several parts of the country have suffered devastating weather impacts and seen localized destruction. As a result, the assessment of conditions in some Districts may be less positive. We expect the New York Fed will compile the next issue of the report. This will also be a busy week for central bank rate announcements, as well as one in which the public engagement calendar for the Fed is reasonably full. Among the hard data releases, the April report on international trade on Thursday will likely have the most impact. It will provide the first look at imports and exports for the second quarter 2011, and help wrap up any expected revisions to the first quarter estimate of GDP. Imports from Japan are likely to be slower as supply chains were disrupted after the March earthquake. Higher oil prices may be offset by lower volume for crude imports.
Four major central banks have routine monetary policy announcements on the calendar this week. No change in policy is expected from any of the Banks, but some may shift more explicitly towards a tightening bias as signs of inflation persist. The Reserve Bank of Australia will publish its statement in the overnight hours of Monday-Tuesday. The Reserve Bank of New Zealand's statement will
Source: DGCX
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