Middle East ETF News Older than One Year
Estimating a Small Open-Economy Model for Egypt: Spillovers, Inflation Dynamics, and Implications for Monetary Policy -IMF Working Paper
May 6, 2011--Summary: This paper estimates a small open economy model for Egypt to analyze inflation, output dynamics and monetary policy during 2005-2010. The interest rate channel is found to be relatively weak in Egypt, complicating the use of interest rates as the immediate target of monetary policy.
However, the paper also finds a significant level of persistence in the policy rate, making monetary policy pro-cyclical. More active use of interest rate policy, measures to improve domestic debt markets and a gradual move towards inflation targeting can help support a successful disinflation strategy for Egypt.
Source: IMF
Aramex shares rise on first quarter results
May 5, 2011--The Dubai Financial Market (DFM) Index closed 0.68% lower at 1,607.29 points.
Logistics specialist Aramex gained 1.09% to reach Dhs1.86. Earlier in the day, Aramex reported a net rpofit for the first quarter attributable to equity holders of the parent of Dhs49.82m, up from Dhs47.5m in Q1 2010. Emaar shares dipped 1.54% to Dhs3.19. Some 82.59m stocks valued at Dhs123.45m changed hands.
Source: AME Info
Qatar bourse dips for the fifth day straight
May 5, 2011--The QE Index ended 0.48% lower at 8,452.38 points with all sector indexes landing in the red. Qatar National Bank declined one percent to QR139.00. Zad Holding Co. bucked the trend, gaining 5.08% to reach QR60.00.
Earlier in the day, the Qatar Exchange announced Qatar Exchange (QE) announced that the right issues' shares of Zad Holding Company have been credited to the shareholders' accounts at the rate of 30% of the company's capital. "The company's share capital is now QR130,810,680 distributed among 13,081,068 shares. In light of the above, shareholders can trade their shares beginning Sunday, May 08, 2011," the statement says.
Source: AME Info
Tamweel shares to resume trading on May 10
May 5, 2011--Tamweel PJSC, the UAE Islamic home finance provider, announced today that its shares will resume trading on the Dubai Financial Market (DFM) on May 10, 2011, subsequent to approval from the Securities and Commodities Authority (SCA).
For the first quarter of 2011, Tamweel reported a net profit of AED 27 million, compared to Dhs5m in the same period last year. In February, Tamweel reported an annual profit of AED 26 million for year 2010, bouncing back from an annual net loss of Dhs54m in 2009. Dubai Islamic Bank owns a 57.7% share in Tamweel, whose long-time CEO Wasim Saifi resigned on November 11 2010. He was succeeded by Acting CEO Varun Sood. The Islamic home financing company was hit hard by the real estate crash due to the global financial crisis. Commenting on the resumption of share trading, Abdulla Ali Al Hamli, Chairman of Tamweel, said: "The resumption of share trading is a very positive sign of Tamweel's long-term sustainable growth outlook. We would like to thank the Government of Dubai, under the guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, and our shareholders and other stakeholders for their patience and continued support of Tamweel. The company now looks forward with confidence to delivering value to its shareholders through its strong, proven business model."
Source: AME Info
Kuwait Exchange gains a quarter percent
May 5, 2011--Thanks to gains in the banking and insurance sector, the KSE finished 0.25% higher at 6,516.00 points.
Al Qurain Holding Co. posted the largest advance (up 7.81% at KD0.0345). Global Investment House stabilised at a 2.5-month-high at KD0.049 (1.03% higher).
Source: AME Info
GCC Bonds & Sukuk Market Survey - 2010 Highlights
May 4, 2011--The aggregate primary issuance of bonds and sukuk in the GCC totaled USD57.0 billion in 2010, a 27.6% decrease from its peak value in 2009.
The month of October witnessed the highest issuance frequency and value with 23 issuances raising a total of USD9.1 billion, representing 16.0% and 11.9% respectively of total 2010 issuances.
view the report-GCC Bonds & Sukuk Market Survey 2010 Highlights
Source: Markaz
Jordan passes draft law on sale of Islamic bonds
May 4, 2011-- Jordan's finance minister has said a draft law paving the way for the sale of Islamic bonds is to be sent to the parliament in June, Bloomberg has reported.
"Once it's ratified, we will then take a decision based on our needs as to if we will issue conventional bonds like we did last year or sukuk," Mohammad Abu Hammour said. The sale amount "won't be less than $500m, but if we see there is an appetite and market conditions are favourable we may go higher," he said.
Source: AME Info
Thin trading weighs on Dubai market
May 4, 2011--The DFM General Index dipped 0.71% amid low trading activity, closing at 1,618.23 points. shares of Islamic insurer Takaful Emarat posted the largest gain (up 3.76% at Dhs0.69).
A week ago, Takaful Emarat announced its new partnership with Reliance Asset Management (Malaysia) Sdn. Bhd. Market bellwether Emaar declined 0.61% to Dhs3.24. Seven stock gained, 19 lost and three ended flat. Some 58m shares valued at Dhs83.9m changed hands.
Source: AME Info
Abu Dhabi bourse adds 0.39%
May 4, 2011--The ADX General Index closed at 2,699.88 points on Wednesday. Sudan Telecommunications, known as Sudatel, ended flat at Dhs2.10. Earlier in the day,
Sudatel announced an unaudited net profit for the first quarter attributable to equity holders of $11.55m compared to $24.34m in the same quarter of 2010. Aldar shares closed 0.63% higher at Dhs1.56.
Source: AME Info
Lacklustre trading pulls Qatar Bourse down
May 4, 2011--The QE Index closed 0.20% lower at 8,493.12 points as only 7,2m shares valued at QR217.6m changed hands.
Barwa Real Estate shares dipped 0.16% to QR31.75. Earlier in the day, Barwa announced the appointment of Mr. Khalid Abdulla Al-Hitmi as CEO of Barwa Financial District, and Mr. Ahmad Abdulrahman Al-Sayed as Acting General Manager of Barwa Village.
Source: AME Info
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