Middle East ETF News Older than One Year
Opec keeps eye on Egypt but says inventories are high
January 31, 2011--Abdullah al-Badri, secretary general of Opec has said the oil producing group is watching the situation in Egypt but will only add more supply to the oil market if there is a real shortage, Reuters has reported.
"We are watching the situation because there is some good quantity (at stake) and if there is a problem there we have to do something," he told reporters at a conference in London. "Inventories are very high and our spare capacity is also 6 million barrels. I don't see why we have this high price. The market is well supplied but at the same time if we see some real shortage we will intervene," he said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-- January 30, 2011
January 30, 2011-- Economic Data Overview
A steady feed of economic data in the January 31 week is capped by the January employment report on Friday. In the wake of the FOMC meeting of January 25-26, conditions in the labour market will be even more closely watched in reference to the outlook for monetary policy that largely hinges on a pickup in job growth.
Central bank announcements are expected from the Reserve Bank of Australia and the ECB, while Fed policymakers are returning to public speaking after the end of the press blackout period around the FOMC meeting.
The January employment report on Friday overshadows the rest of the data during the week, but the days leading up to the release are not devoid of interest. At the moment, expectations are for another month of mild increase of around 130,000. This is close to the fourth quarter 2010 average of 128,000 and would constitute a trend-like increase. This is a nice gain, but not enough to draw down the large pool of unemployed and under-employed workers that is a major concern behind the Fed's current monetary policy.
The most closely monitored of the economic reports in advance of the employment data is the ADP National Employment Report, which is due on Wednesday. Last month the numbers pointed to an outsized gain in payrolls that did not emerge. As a result, analysts may be a little wary of the January data.
The ISM indexes of manufacturing and non-manufacturing are set for Tuesday and Thursday, respectively. On the factory side, data so far for January from the regional Fed and NAPM surveys suggests that activity has continued to expand. This bodes well for the manufacturing payroll data in the Friday employment report. Conditions in the service sector are less well documented for January, but
Source: Dubai Gold And Commodities Exchange
OPEC could increase production in 2011: Saudi
January 27, 2011-- OPEC countries could increase their production to meet the rising demand in 2011, Saudi Petroleum and Mineral Resources Minister Ali al-Naimi told reporters on Monday.
As non-OPEC oil producers are expected to increase their production, OPEC countries too will have the opportunity "to boost their supplies to the global market to meet the rising global demand," said Naimi.
Source: Middle East Online
Real estate shares pull Dubai bourse down
January 27, 2011--The Dubai Financial Market General Index lost 0.94% to close at 1,612.63 as construction and property heavyweights Emaar (down 0.59% at Dhs3.39) and Arabtec (off 1.11% at Dhs1.09) weighed on the index.
Bank Emirates NBD continued to gain territory, closing 0.68% higher at Dhs2.96. Some 81.1m shares worth Dhs120.12m (up 6%) changed hands. Over the last week of January, the DFMGI added 0.25%.
Source: AME Info
Aldar shares rebound by 1.69%
January 27, 2011--The ADXGI, the main index at Abu Dhabi's local exchange, finished at 2,659.04 points. After losing almost a quarter of its value since January 9 and falling to an all-time low,
Aldar Properties, in an apparent chart technical reaction, added 1.69% Thursday, closing at Dhs1.80. Abu Dhabi Commercial Bank (ADCB) extended its rally and rose by 1.82% to reach Dhs2.22. National Bank of Fujairah (NBF) closed flat at Dhs2.97. Earlier in the day NBF announced that in 2010 it has generated a net profit of Dhs170.9m, 64% more than in 2009. Nine shares advanced, three ended flat and 17 declined in value.
Source: AME Info
Kuwait Exchange remains in stutter mode
January 27, 2011--The KSE Market or Price Index declined 0.46% Thursday, finishing at 6,944.
Banks in particular pulled the market down. Gulf Bank of Kuwait weakened 1.78% to finish at KD.550 on profit booking. Gulf Bank of Kuwait was one of the best performing financial shares in the GCC in 2010.
Source: AME Info
Qatar market dips half a percent
January 27, 2011--The QE Index in Doha closed 0.51% lower at 8,974.07 amid lackluster trading. Trading volumes nearly halved to some 10m shares changing hands.
All sector indices landed in the red. Shares of Electricity and Water bucked the downtrend and gained one percent to reach QR131.50. Year-to-date the QE Index surged 3.37%.
Source: AME Info
Abu Dhabi Commercial Bank gains 5.26%
January 26, 2011--In Abu Dhabi, the ADX General Index rose insignificantly to 2,668.66. Abu Dhabi Commercial Bank, known as ADCB, jumped 5.26% to reach Dhs12.25. Yesterday, ADCB has reported Q4 net income of Dhs371m (up 14.2% quarter on quarter). Credit Suisse analyst Mohamed Hawa commented on ADCB's results today: "ACDB has provided for its exposure to Dubai World (Dhs1.05bn) and for the Saad and Al Gosaibi Groups (Dhs554m).
Non-performing-loan ratio increased from 5.2% in 2009 to 5.8% in 2010. However coverage ratio has marginally increased from 67.8% in 2009 to 69.6% in 2010. (...) We maintain our Neutral rating on the stock and a target price of Dhs2.4." Aldar Properties weakened 2.73% to close at Dhs1.81. Credit Suisse's analyst Ahmed Badr said today: "We downgrade Aldar to Underperform (from Neutral) and cut our target price to Dhs1.59 per share from Dhs2.28 per share on the back of adjusting our valuation for the Dhs19.2bn cash injection resulting from the recently announced asset sales to the Abu Dhabi Government, the Dhs2.8bn convertible bond to be issued to Mubadala this year, and the Dhs10.5 bn asset impairment charge to be taken in Q4 2010(E). (...) We expect concerns over future cash flow profile and potential further impairments to put pressure on the stock performance for the next 12 months."
Source: AME Info
Dubai market adds 0.28%
January 26, 2011--The DFM General Index closed at 1,627.97 Wednesday, up 0.28%, despite two times more share finishing lower than those adding value. Bank Emirates NBD posted the largest profit as it closed 2.08% higher to reach Dhs2.94.
Earlier in the day ENBD announced the launch of a co-operation with London-based The Fine Art Fund Group in order to spur its Private Banking unit. Emaar Properties closed flat at Dhs3.41. According to Deutsche Bank's research, 2011 will be another challenging year for MENA Real Estate, with Egypt being the only noticeable exception. Some 71.5m shares (down 19%) worth Dhs112.92m changed hands.
Source: AME Info
Qatar bourse closes insignificantly up
January 26, 2011--The Qatar Exchange closed 0.05% up at 9,020.24. While banks and industrial firms mostly gained, insurers and services firms weighed on the market.
Al Khalij Commercial Bank surged 9.05% to reach QR21.70. The bank is currently on the way to finalise its merger plans with International Bank of Qatar (IBQ).
Source: AME Info
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