Middle East ETF News Older than One Year
Abu Dhabi bourse gains 0.72% amid blue chip recovery
February 7, 2011--Abu Dhabi-listed heavyweight in the real estate and energy sector kept the ADX's advance steady. The ADX benchmark edged 0.72% higher to reach 2,693.00 points.
Developers such as Aldar (up 2.19% at Dhs 1.90) and RAK Properties (gaining 2.44% at Dhs0.42) kept the sentiment up, while industry and consumer shares mostly declined. Dana Gas surged three percent to reach Dhs0.69.
Source: AME Info
Kuwait Stock Exchange searches for bottom
February 7, 2011--The KSE Market Index weakened 0.19% to close at 6,734.3 on Monday, as only the banking sector index advanced. The coutry's largest lender National Bank of Kuwait, known as NBK, advanced 1.42% to close at KD1.420. Argan International Real Estate Co. was the main loser, closing down 12.5% to close at KD0.182.
With today's decline, the KSE fell for the fourth consecutive day as the usually oil price-sensitive market failed to benefit from oil rallying oil prices in the vague of the crisis in Egypt. Global Investment House in Kuwait (up 1.88% at KD0.054) said in an analysis on oil prices today: "We expect average WTI crude oil price to be in the range of $85-90 in 2011, an increase of 7-13% year-on-year driven by expected increase in oil demand by 1.4% year-on-year." Global also sees remaining uncertainties: "However, we expect the increase in crude oil price will be accompanied by increase in volatility as the European debt crisis remains unresolved and unemployment remains high in the US."
Source: AME Info
Surge in share prices of Islamic banks
February 7, 2011-- The stocks of Islamic banks were in high demand yesterday after the banking regulator, Qatar Central Bank (QCB), issued directives asking commercial banks to close down their Islamic banking activities by the end of the year.
Qatar’s main index jumped, as a result, at the close of trading yesterday although the shares of the affected conventional banks took a beating.
The 20-stock index of the Qatari bourse rose 129 points, or 1.48 percent, to 8,891 at the close of trading with the three Islamic banking stocks witnessing huge buys.
Source: The Penisula
DIFC Closes 2010 With Strong Performance And Stable Signs Of Growth
February 7, 2011--Momentum built during 2010 continues in the new year
The Dubai Mercantile Exchange Limited (DME) announced today that it set new trading records during the month of January 2011 with average daily volumes being the highest since the launch of the exchange.
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) in January stood at 3,570 contracts (equivalent to 3.5 million barrels of oil per day), with a record total of 71,396 contracts traded throughout the month. This steady performance builds on the 35% year-on-year increase in trading levels reported for 2010.
Source: Dubai Mercantile Exchange Limited (DME)
Egypt delays reopening of stock exchange
February 6, 2011--Egypt's stock exchange will not reopen on Monday as planned and a date to resume trading has yet to be decided, Khaled Serri, head of the exchange, has said.
He was quoted by the MENA state-run news agency as saying the date for "resuming operations of the stock exchange has not been determined yet," adding that it would depend on developments. Serri said 48 hours notice would be given before trading resumes. The bourse was last open on January 27.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-February 6, 2011
February 6, 2011--Economic Data Overview
Data releases are few and far between next week and will generally hold market attention only briefly. There are a fair number of Fed officials on the public speaking calendar, but it is Chairman Bernanke's testimony on Wednesday that will receive the most interest. The only major central bank to make a routine announcement during the week is the Bank of England, where no change in policy is expected.
In the end, the most prominent piece of economic data during the week is likely to prove to be the December international trade report on Friday. It will help fill out expectations for the second estimate of fourth quarter 2010 GDP in the net exports component.
Earnings season is well underway, and many of the headline-grabbing reports have already been released. However, there are still more than a few big names to report in the coming week. Retailers are beginning to release their earnings number, but industry powerhouse Walmart will not release its earnings data until Tuesday, February 22.
On Monday, reports include Choice Hotels, Edgar Online, Emerson Radio, Hasbro, Humana, Loews, Lorillard, Sysco, TMX Group, United Bancorp and Wausau Paper. Tuesday reports are from McAfee, Pitney Bowes, Sara Lee, Toyota, UBS and Walt Disney. Wednesday's reports include Air France-KLM, Allied Healthcare, Cisco Systems, Computer Sciences Corporation, Equifax, GM, Ingersoll-Rand, MetLIfe, Northrop Grumman, Sanofi-Aventis, Sonoco, Allstate, Coca-Cola, Hanover Insurance and Whole Foods. Reports on Thursday are from Borg Warner, Chipotle Mexican Grill, Credit Suisse, Fortis, Inland Real Estate Group, Kraft Foods, Molson Coors Brewing, PepsiCo, Philip Morris, Rio Tinto, Spectrum Brands, Sprint Nextel and Thompson Reuters, while
Source: AME Info
Kuwait Exchange loses the most over the week
February 3, 2011--The KSE Market Index lost 0.66% on Thursday, closing at 6,774.5 points. Over the first trading week of February, the KSE waekened by 2.44%.
While banks performed well overall, investment and indusytrial firms were fickle. Islamic bank Kuwait Finance House gained 1.63% to reach KD1.240. Al Eid Food Co. surged 9.8% to close at KD0.112.
Source: AME Info
Abu Dhabi bourse outperforms GCC market
February 2, 2011--The ADX General Index gained 0.87% to reach 2,647.17 points. First Gulf Bank, known as FGB, shares surged 7.88% to close at Dhs17.80 after FGB reported results for 2010. Credit Suisse analyst Mohamed Hawa in London commented on FGB: "
"One more time, FGB reports good results with Q4 net income of Dhs865m (up 1% y-o-y and 1.9% q-o-q) slightly missing our estimates (by 4%), but beating consensus estimates by 50.4%." Hawa concluded: "The stock is still trading below book value. We thus maintain our Outperform rating and 12 months target price of Dhs28." Abu Dhabi National Energy Company or Taqa, plummeted 3.55% to close at Dhs1.36. During the first week of February, the ADX lost 0.52%.
Source: AME Info
Dubai market down in a rollercoaster trading day
February 3, 2011--The DFM General Index closed 0.87% lower at 1,581.01 points. The market remained volatile amid uncertainty due to the Egypt crisis and a widely feared "domino"-effect in the Middle East.
Commercial Bank of Dubai posted the largest loss (down 8.82% at Dhs3.10). Emaar dipped 0.91% to finish at Dhs3.25. Bank Emirates NBD bucked the trend by gaining twp percent to reach Dhs3.05. Some 90.19m shares worth Dhs128.20m changed hands. Four shares gained, 20 declined and one remained flat. Over the first week of February, the DFM lost 1.96%.
Source: AME Info
Bahrain Financial Exchange officially launched
Febraury 3, 2011--Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), has welcomed the operational launch of the Bahrain Financial Exchange (BFX), which is set to commence trading on February 7th, 2011.
The BFX is a wholly owned subsidiary of the Financial Technologies Group - which is a global leader in creating and operating technology centric, next-generation financial markets - officially launched today as the Middle East and North Africa's first ever multi-asset exchange, which is internationally accessible to trade securities, derivatives, structured products and Shari'a- compliant financial instruments. It sets out to offer direct access to one of the world's fastest growing and largest areas of financial liquidity. The Exchange also incorporates an internationally accredited training institute, the (BFX-TI).
Source: AME Info
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