Middle East ETF News Older than One Year
OPEC Monthly Oil Report December 2010
December 23, 2010--Oil Market Highlights
The OPEC Reference Basket increased further in November, remaining above $80/b for the entire month to average $82.83/b. The increase came in line with developments in the futures oil market which saw front-month benchmarks Nymex WTI and ICE Brent continuing to move within the
$80-90/b range for the second month in a row and reaching 25-month highs. The upward trend was driven mainly by bearish macroeconomic sentiment, US dollar fluctuations and signs indicating a recovery in oil demand. Growing interest in the futures market was reflected in increasing volume of
trading contracts and open interest for both Nymex WTI and ICE Brent.
In December, the Basket continued to move above $85/b, standing at $87.92/b on 9 December.
The world economy continues its expansion. Growth for 2010 was revised up to 4.3% from 4.1% on better-than-expected growth in the manufacturing sector. Growth in 2011 has also been revised higher to 3.8% from 3.6%. The implementation of further stimulus plans is likely to have an impact on the current global growth expectations for next year. The US is forecast to grow by 2.8% in 2010 and 2.4% in 2011. The deceleration in Japan’s economy remains more pronounced with growth of 3.5% in 2010 and 1.4% in 2011. The Euro-zone is currently growing at two speeds with Germany taking the lead. Together, the region is forecast to grow by 1.5% in 2010 and 1.1% in 2011. China is forecast to grow at 9.7% in 2010 and 8.8% in 2011, while India is forecast at 8.5% and 8.0%.
Source: OPEC
Abu Dhabi inflation stays at 4.1%
December 23, 2010--According to data from the UAE National Bureau of Statistics, Abu Dhabi's annual inflation rate stayed at 4.1% for the second consecutive month in November, as housing and energy prices were stable, offsetting rising food and transport costs, Reuters has reported.
On a monthly basis, November consumer prices rose 0.2%, decelerating from a 0.4% rise in the previous month. Inflation in the emirate of Dubai increased slightly in November to reach 0.5% year-on-year, the data showed.
Source: AME Info
Dubai market gains 0.45%
December 23, 2010--The Dubai market DFM ended the week positively (up 0.45% at 1,631.11). Shares of contracting and maintenance specialist Drake and Scull International DSI cracked the resistance level at Dhs1 by adding 1.30%.
Emaar gained 0.87% to reach Dhs3.47. Gulf General Investment Company (GGICO) posted the largest loss, closing 1.92% lower at Dhs0.51.
Source: AME Info
Abu Dhabi bourse rises slightly
December 23, 2010--The ADX General Index closed 0.23% higher at 2,706. Main drivers were the industrial and construction sector.
Gulf Cement Co. surged 8.97% to reach Dhs1.59. Investment company Waha Capital was the main loser, closing 2.63% lower at Dhs0.74. Ten shares advanced, seven ended flat and nine declined.
Source: AME Info
Banks weigh on Qatar Exchange
December 23, 2010--The QE Index declined 0.30% to end at 8,628.35. Financial shares mostly suffered losses.
Qatar National Bank (QNB) weakened 0.92% to finish at QR182.80. Investors also booked profits at Khalij Commercial Bank (off 2.22% at QR17.60) after the share reached a six-month high yesterday on progress in its merger plas with International Bank of Qatar (IBQ).
Source: AME Info
National Bank of Kuwait gains 1.43%
December 23, 2010--The KSE Market or Price Index added 0.23% to reach 6,881.9. Alargan International Real Estate was the main gainer, ending 23.81% higher at KD0.208.
Kuwait's largest lender National Bank of Kuwait added 1.49% to finish at KD1.340. Islamic bank Boubyan also climbed higher (up 1.61% at 0.630)
Source: AME Info
Kuwait bourse may launch over-the-counter market
December 22, 2010--Hamed al-Saif, director of the Kuwait Stock Exchange, has said the bourse is considering launching an over-the-counter market in 2011 mainly for troubled listed firms, Reuters has reported.
This market will be set up for companies that trade below 100 fils per share, he said, adding that the bourse will filter the firms based on certain criteria including their financial results and core business. "The management of the bourse will submit this proposal to the bourse committee in January (2011) ... and God willing it could be set up in 2011."
Source: AME Info
Abu Dhabi exchange gains insignificantly
December 22, 2010--The ADX General Index ended up 0.05% to close at 2,699.73 points, as slight losses in the construction and real estate sector were offset by gains in the industrial segment.
Ras Al Khaimah White Cement jumped 9.66%, ending at Dhs1.59. The cement producer was only topped by Abu Dhabi-based Finance House (up 10% at Dhs5.50). The firm has revealed plans to relocate to a 22-story tower in Capital Centre, Gulf News reported.
Source: AME Info
DP World jump 6.31% on new Australia partnership
December 22, 2010--The Nasdaq Dubai FTSE UAE 20 Index gained 1.38% to reach 1,789.23. Shares of container port operator DP World jumped 6.31%, closing at $0.64, a new 2010 high.
Earlier in the day DP World and Citi Infrastructure Investors (CII), together with one of CII's major investors, have today formed a strategic partnership to invest in, operate and manage DP World's five marine terminals in Australia. DP World Australia operates container terminals in Brisbane, Sydney, Melbourne, Adelaide and Fremantle with capacity to handle in excess of 3.5m TEU per annum, approximately 50% of the total Australian container market. For the twelve months to 31 December 2009, DP World Australia generated equity-adjusted EBITDA of A$96m. Interior designer Depa Ltd. ended flat at $0.70.
Source: AME Info
Al Khalij Commercial Bank touch six-month high
December 22, 2010--The Doha-based QE Index dipped 0.11% to close at 8,654.57. The country's largest lender by assets and market capitalisation Qatar National Bank, known as QNB, declined 0.81% to end at QR184.50.
Al Khalij Commercial Bank surged 9.76% to reach a six-month high at QR18 after the lender revealed progress in its merger talks with International Bank of Qatar (not listed).
Source: AME Info
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