Middle East ETF News Older than One Year
Egypt bourse announcement expected soon
March 21, 2011--Egyptian prime minister Essam Sharaf has said the country's stock exchange, which has been closed since January 30, is set to announce within days a date for reopening, state news agency Mena has reported.
An executive from index provider MSCI said on Friday that Egypt must reopen its stock exchange by next Thursday to avoid the risk of exclusion from MSCI's emerging markets index.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-March 20, 2011
April 20, 2011--Economic Data Overview
Although there is plenty of economic data during the March 21 week, focus will likely still be on the release of the March employment data on April 1.
The release of the Richmond Fed's Manufacturing Survey for March on Tuesday should reinforce what the New York and Philadelphia Fed outlooks had to say about conditions in the factory sector. The components for new orders and employment should continue to signal expansion, and overall activity remains on the rise.
The report on new orders for durable goods in February is set for Thursday. Once more the transportation component will probably have the biggest impact on the headline number. Civilian aircraft orders were down for a second month in a row, and will contribute to softness in transportation, although that is likely to be offset by demand for new motor vehicles.
The final Reuters/University of Michigan Consumer Sentiment Index could well be revised lower from the 68.2 in the preliminary report. Consumers have been buffeted by horrendous news from the earthquake in Japan and the subsequent volatility in financial markets. Gasoline prices also have remained high.
Initial claims for the week ended March 19 are expected to be in line with recent weeks, showing a modest downward trend for initial claims, and steady declines in continuing and extended benefits. The labor market is mending, albeit at a slow pace.
The BLS will release February data for mass layoff activity on Tuesday and for state unemployment on Friday. Outside of the government sector, layoff activity has returned to..
Source: Dubai Gold & Commodities Exchange
Kuwait market advances 0.21%
MArch 17, 2011--The KSE Market or Price Index closed up 0.21% to reach 6,263.8.
The industry segment outperformed all other segments while services and food firms dipped overall slightly. Mushrif Trading and Contracting posted the largest gain (up 9.25% at KD0.118) while Gulf Franchising Holding dived 14.7%, finishing at KD0.029.
Source: AME Info
Qatar Exchange recovers slightly
March 17, 2011--In line with the general upswing at GCC markets in Thursday, the QE Index closed 0.78% higher at 8,185.72.
Qatar Meat and Livestock posted the largest advance, soaring five percent to reach QR18.20. Cinema was the top loser, finishing 8.16% lower at QR40.50. Qatar International Islamic Bank jumped 2.11% to reach QR46.00. Earlier in the day, the bank announced that it will offer to acquire the remaining issued share capital of Islamic Bank of Britain, known as IBB, not already held by the Company. "Under the terms of the offer, shareholders of IBB will receive one penny in cash for each IBB Share. The board of directors of IBB has approved the terms of the offer," the statement says.
Source: AME Info
Abu Dhabi market dips by 0.63%
March 17, 2011--The ADX Index closed 0.63% lower at 2,583.81.
Real estate bellwether Aldar Properties closed 0.78% higher at Dhs1.30. Earlier in the day, Aldar reported that it presents the property development on Yas Island, the place of Ferrari World and the UAE Formula-1, to MITT Moscow, "Russia's largest and most important travel industry event from 16-19 March, 2011," the statement says. Fujairah Cement Industries posted the largest gain (up 9.57% at Dhs1.03). First Gulf Bank dived 5.23%, closing at Dhs15.40.
Source: AME Info
Dubai bourse gains 1.16%
March 17, 2011--The DFM General Index opened in the red and constantly gained during the day and closed 1.16% higher at 1,474.47.
Market bellwether Emaar soared 2.16% to reach Dhs2.85. Shuaa Capital declined 0.95%, finishing at Dhs1.04. Nineteen shares gained, six lost and two finished flat. Traded value increased 2% to Dhs142.87m as 97.19m stocks changed hands. Over the week the DFM gained insignificantly.
Source: AME Info
Dubai bourse gains 1.16%
March 17, 2011--The DFM General Index opened in the red and constantly gained during the day and closed 1.16% higher at 1,474.47.
Market bellwether Emaar soared 2.16% to reach Dhs2.85. Shuaa Capital declined 0.95%, finishing at Dhs1.04. Nineteen shares gained, six lost and two finished flat. Traded value increased 2% to Dhs142.87m as 97.19m stocks changed hands. Over the week the DFM gained insignificantly.
Source: AME Info
Egypt says not targeting specific exchange rate
March 17, 2011-- Egypt's central bank has said it is prepared to allow the Egyptian pound to fall gradually in coming months if demand for the currency was to decrease, and that it was not targeting a specific exchange rate, Reuters has reported.
"Our policy is always that we don't target prices" for the currency, Hisham Ramez, the central bank's deputy governor told the news service. "Our policy is that we need the market, that prices be reflected by supply and demand."
Source: AME Info
Bahrain Bourse re-opens with a small profit
March 17, 2011--The Bahrain Bourse gained 0.10% on Thursday, closing at 1,414.44. Islamic Bank Al Baraka Banking Group surged 7.87% to reach $1.37. Investcorp dived 10%, finishing at $1,138.5.
Regarding the current unrest which is shattering Bahrain, where the ruling King Hamad Ibn Chalifa implemented a three-month martial law, Farouk Soussa, Chief Economist at Citi in Dubai writes in his latest analysis: "Less than 50% of Bahrainis, Saudis and Omanis of working age are actually officially employed, and this number is only just over 60% for the three other GCC countries. Compare this with the OECD average, where despite there being insufficient jobs for the number of nationals of working age, almost 90% of the population is in official employment."
Source: AME Info
Bahrain closes stock market
March 17, 2011--Bahrain's stock exchange closed down on Wednesday due to the security situation and the declaration of a state of emergency in the kingdom, Bloomberg has reported.
The announcement was made on the website of the bourse, which did not specify when trading is to resume. Bahraini authorities have imposed a curfew in parts of the country from 4 pm till 4 am local time, an army spokesman said on state television yesterday.
Source: AME Info
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