Middle East ETF News Older than One Year
Dubai market loses 1.90%
March 15, 2011--The local bourse in Dubai declined for the second day as its DFM benchmark index closed 1.90% lower at 1,447.08.
Shares of the DFM plummeted 5.56%, finishing at Dhs1.19. Earlier in the day, the DFM disclosed its 2010 results, reporting a net profit of Dhs78.9m for the year 2010, compared to Dhs346.6m in 2009, a 77% decline. The DFM is the only Arab capital markets whose shares are publicly listed. Emaar Properties (down 2.49% at Dhs2.78) and Arabtec Construction (off 5.63% at Dhs1.34) were the most liquid stocks. Dubai's largest bank in relation to assets Emirates NBD gained 0.31% to reach Dhs3.22. Two shares gained, 22 declined and two remained flat. Some 116.27m shares worth Dhs172.84m changed hands.
Source: AME Info
Zain KSA soars on Kingdom Holding and Batelco joint 25% purchase
March 14, 2011--The Saudi Arabian Tadawul bourse suffered slightly on Monday after global markets were shaken by the shock of Japan's state of disaster following a tsunami which hit its East coast last Friday.
The TASI benchmark fell 1.25%, closing at 6,230.7. Telecom provider Zain KSA, a subsidiary of Kuwait's Zain, soared 6.29% to reach SR7.60. Earlier in the day, Kingdom Holding Company (KHC, up 2.15% at SR9.50), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, announced the acceptance from the Board of Directors of Zain Kuwait to the non-binding joint offer from Kingdom Holding and Batelco Group to acquire 25% of Zain Saudi Arabia. Filing & Packing Materials Manufacturing Co., known as FIPCO posted the largest decline, finishing 4.51% lower at SR25.40. Forty-seven shares gained, 85 declined and 13 ended flat.
Source: AME Info
Qatar Islamic Bank shares dive while QIA completes 10% purchase
March 14, 2011--The QE Index, the benchmarkt of the local bourse in Doha, lost 1.84 to close at 8,301.55 points.
Shares of Qatar Islamic Bank plummeted 6.77% to close at QR78.50. Earlier in the Qatar Exchange announced the completion process of adding Qatar Investment Authority (QIA) subscription shares in Qatar Islamic Bank's share capital by 10%, equivalent to 19,691,100 shares.
Source: AME Info
Kuwait market bucks global downtrend, gains slightly
March 14, 2011--The KSE Market Index added 0.16% to reach 6,406.9 points, mainly through gains in the insurance sector.
Al Arabi Group Holding was the main gainer, closing 9.2% higher at KD0.118.
Source: AME Info
Abu Dhabi bourse loses one percent
March 14, 2011--The ADX General Index closed off 0.99% at 2,629.41, mostly due to losses in the real estate segment. The emirate's largest lender in relation to assets National Bank of Abu Dhabi (NBAD) declined by 2.95%, finishing at Dhs11.25. Earlier in the day,
NBAD announced that its annual general meeting (AGM), held today at the Emirates Palace in Abu Dhabi, approved the distribution of 30% cash dividends and 20% bonus shares to shareholders listed in the share register held with ADX as of March 23rd 2011. NBAD chairman Mr. Nasser Ahmed Khalifa Alsowaidi stressed the bank's objective "to achieve a target of Dhs16bn in net profits by 2020", an official statement to the ADX says. In 2010, NBAD achieved a full-year net profit of Dh3.68bn, up 22% compared to 2009. A total of 56.77m shares worth Dhs63.27m changed hands at the ADX, as eight shares gained, 15 declined and four remained flat.
Source: AME Info
Egypt's financial regulator eases margin call rules
March 14, 2011--The Egyptian Financial Supervisory Authority (Efsa) has eased rules on margin calls by brokerages and secured the government's approval to tap an investor emergency fund in a bid to limit volatility when the bourse opens after more than a month-long closure,
Bloomberg has reported. As per the new regulations, brokerages will require investors pay margins or present more collateral when the client's debt reaches 70% of the shares' value at the end of trading each day, up from 60% previously. Brokerages will also be allowed sell the client's shares or "liquidate the collateral" when debt reaches 80% of the shares' value instead of 70%, the regulator said. Investors can also submit shares not approved for margin trading as collateral, although brokerages shouldn't value those shares at more than 60% of their price, Efsa said.
Source: AME Info
Bahrain bourse tumbles on Japan shock, local unrest
March 14, 2011--The Manama-based Bahrain All Share Index closed 1.56% lower at 1,395.06 as the desaster in Japan caused by a tsunami last friday took its toll at global markets and ongoing demonstrations in Manama's financial district weigh on the market.
Bahrain Telecom declined 0.97% to close at BD0.410. Earlier in the day, Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, announced the acceptance from the Board of Directors of Zain Kuwait to the non-binding joint offer from Kingdom Holding and Batelco Group to acquire 25% of Zain Saudi Arabia.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View--March 13, 2011
March 13, 2011--Economic Data Overview
With the data for employment and retail sales out of the way, markets will now focus on inflation. The March 14 week includes back-to-back-to-back releases of three inflation indicators on Tuesday through Thursday.
These will capture the first wave of increases in gasoline prices in February as well as a number of reports related to the factory sector. Markets will be watching to see if the recent pickup in orders and employment continued into March. Tuesday's FOMC meeting will probably serve as a placeholder until the April 26-27 meeting. Signs of a more sustainable recovery and stable inflation expectations will need another month or two of data before the Fed is likely to start any shifts in policy. The FOMC won't have the February CPI data when they meet on Tuesday and the PCE deflator for February is not released until Monday, March 28.
The three-in-a-row release of February data for import prices, producer prices and consumer prices will probably confirm Fed Chairman Bernanke's expectations for only modest pass-through of higher input costs (at least so far) and gains at the core should be consistent with inflation moving slowly towards the Fed's target of 1.7%-2.0%. Data on import prices for February on Tuesday should once more pivot on the petroleum component. The largest gains in prices came towards the end of the month and overall should produce only moderate gains for the month, although March could prove ...
Source: Dubai Gold & Commodities Exchange
UAE says no capital outflows due to unrest
March 12, 2011--The UAE central bank governor has said the there has not been capital outflows due to unrest in the region, and that inflationary pressures would not be of concern despite high oil prices, Reuters has reported.
"There is absolutely nothing unusual. No capital outflows," Sultan Nasser Al Suwaidi said. "I am not worried about inflation at this point of time because originally inflation came from high rent rates. It will range in low, single-digit rate," he said declining to give specific forecast.
Source: AME Info
Banks fuel Kuwait market advance
March 10, 2011--The KSE Market or Price index closed Thursday 1.09% higher at 6,286.6.
National Bank of Kuwait, known as NBK, recaptured the level at KD1.200 (up 1.69%). Al-Arabi Group Holding Co. dived 8.6% to close at KD0.106, ending as the top losing share.
Source: AME Info
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