Middle East ETF News Older than One Year
SABB HSBC Saudi PMI signals strong non-oil private sector growth
January 3, 2011--The Saudi British Bank "SABB" has published the results of the headline SABB HSBC Saudi Arabia Purchasing Managers' Index (PMI) for December 2010 - a monthly report issued by the bank and HSBC. It reflects the economic performance of Saudi Arabian non-oil producing private sector companies and establishments through the monitoring of a number of variables, including output, new orders, exports, input prices, output prices, quantity of purchases, stocks and employment.
At 61.3 in December, the headline index was down slightly from November's series record high of 62.2. Nevertheless, the latest reading signalled another considerable gain in the health of the Saudi Arabian non-oil private sector. Moreover, the rate of the improvement remained above the series trend.
Activity levels continued to grow in the final month of the year. Although the rate of increase moderated slightly from November's peak, it was nonetheless sharp. Anecdotal evidence showed that output was raised to accommodate another inflow of new business.
New order receipts increased at a substantial rate during December as market conditions improved. A combination of promotional work, good business reputations and company expansions also helped stimulate demand. Although export growth picked up sharply on the month, data suggested that the domestic market remained the principal driver of total new order expansion.
Source: Gulf Base
The Saudi Arabian Tadawul market gained 0.31% to reach 6,676.66. Market bellwether and petrochemical giant SABIC added 1.42% to reach SR107.00.
January 3, 2011--The Saudi Arabian Tadawul market gained 0.31% to reach 6,676.66. Market bellwether and petrochemical giant SABIC added 1.42% to reach SR107.00.
Mohammad Al Mojil Group Company, a licensed general contractor specializing in onshore and offshore oil & gas and petrochemical projects, was the main gainer today, finishing 4.74% higher at SR19.90. Oil prices gained 12% in 2010. Earlier in the day, Swiss bank Sarasin's analyst and commodity strategist Eliane Tanner said in her 2011 outlook that "We do not think that major oil price spikes are likely in 2011 in this context because the oil market should continue to be well supplied this year as well. Spare capacity is still at a relatively high level and OECD inventories are well filled. Since we also expect global economic growth to weaken slightly in 2011, growth in demand should be slightly more moderate than in 2010." Shares of Tihama Advertising & Public Relations Co. declined 1.92% to end as the top loser at SR25.50.
Source: AME Info
Buyers are back at Qatar market
January 3, 2011--The QE Index in Doha climbed 1.50% higher to reach 8,872.53 points.
The gulf state's largest lender Qatar National Bank surged 3.21% to reach Qr193.00. Industries Qatar added 2.57%, closing at QR143.60. Al Meera Consumer Goods Company failed to attract sufficient demand, ending 0.97% lower at QR61.50.
Source: AME Info
Strong banks fail to lift Kuwait market
January 3, 2011--The KSE Market Index ended down 0.11% on Monday, closing at 6,947.6 points. Kuwait Finance House (KFH), the largest Islamic bank in the country, surged 3.44% to reach KD1.200.
Burgan Bank added 1.88%, finishing at KD0.540. The KSE Bank index gained 1.08%, but weak performing insurers (off 0.88%) and industrials (0.54% lower) weighed on the market sentiment.
Source: AME Info
TAQA shares perform double-top
January 3, 2011--The Abu Dhabi bourse ADX continued its step-by-step surge on Monday, closing 0.46% higher at 2,752.97. The oil- and gas-bellwether Abu Dhabi National Energy Co., better known as TAQA, climbed 0.68% to reach Dhs1.48.
TAQA is on the way to perform a double-top as the share currently trades 4.5% below the 2010-high at Dhs1.55. Earlier in the day, Swiss Private Bank Sarasin analyst Eliane Tanner in Dubai said in a study on crude oil prices in 2011, that "A faster-than-expected decline in inventories and spare capacities could trigger heightened fears of an oil shortage at the beginning of 2011 or towards the end of the year, and thus encourage speculative investments." Ms. Tanner concludes, that "this could result in price spikes, potentially even higher than $100 per barrel." Shares of Abu Dhabi National Hotels were the main losers at the ADX on Monday as they dived 3.33% to finish at Dhs3.05.
Source: AME Info
Dubai market without momentum
January 3, 2011--Early hopes of a January rally got a hit on Monday, when the DFM General Index struggled to defend the 1,660 support line, ending off 0.30% at 1,663.29. On Sunday the index surged 2.32%.
After hitting a 15-month high on Sunday, investors booked profits at Drake and Scull International, which headed 0.91% lower to reach Dhs1.09. Emaar Properties closed flat at Dhs3.58. Bank Emirates NBD was the main loser, declining 6.04% to end at Dhs2.80. Traded value declined 5% to Dhs167.63m as 120.6m shares changed hands, almost the same amount compared to Sunday.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-January 2, 2011
January 2, 2010-- Economic Data Overview
The coming week brings a start to the New Year and trading is expected to return to normal after a couple of very quiet weeks. Next week is capped by the Friday employment data and trading sources suspect it will show recovery and set equities on an upward path for the year. Economists are looking for December US Payrolls to post about +140,000 and the unemployment rate is expected to fall back to 9.7%.
The Fed buys Treasuries on each of the business days of the week, including TIPS (Treasury Inflation Protected Securities) on Tuesday. The buying should average $25 billion.
Rising manufacturing data and a better labour market should be featured in the week's data. The ISM manufacturing index is due Monday and is expected to rise slightly to a reading of 56.8 in December, based on early forecasts.
Tuesday includes the minutes of the latest FOMC Meeting, while the non-manufacturing ISM index is due on Wednesday, along with the weekly Crude Oil Stocks data.
Thursday’s data includes the weekly Jobless Claims as well as the weekly EIA Natural Gas Stocks as market activity starts to pick up as traders return from their holidays.read more
Source: Dubai Gold And Commodities Exchange
Saudi money supply growth remains steady
December 30, 2010--According to data by the Saudi Arabian Monetary Agency (SAMA), money supply growth in the kingdom has remained steady at 3.7% on the year in November, compared with the previous month,
Saudi Gazette has reported. M3, the broadest measure of money supply, came in at SR1.061trn ($283.01bn) in November, up from SR1.023trn in the same month a year ago, and from SR1.041trn in October.
Source: AME Info
Dubai bourse ends the year positively
December 30, 2010--The Dubai market DFM added 0.54% to reach 1,630.52 points. Market bellwether Emaar Properties surged 2.60% to close at Dhs3.55. Trading volumes more than doubled to 115.6m shares worth Dhs183m. In 2010 the DFM lost 9.60%, making it the worst performing exchange in the GCC.
Property shares weighed on the index as the real estate market has not find its bottom in 2010. Nevertheless Credit Suisse- analyst Jacqueline Madu is optimistic for 2011: "The real estate market (in the UAE)is gradually stabilizing and should begin to gain traction in 2011-2012 thanks to improving domestic economic and financial conditions. Meanwhile, exports have rebounded, providing a much-needed lift to growth this year." Ms. Madu adds: "Dubai World struck a debt-restructuring deal with its creditors in September. The accord has helped to ease concerns over Dubai's debt crisis, boosting investor confidence. The eventual resolution of the Dubai World saga should lead to greater improvements in banking and financial conditions by the end of 2010 and into 2011."
Source: AME Info
Nasdaq Dubai: DP World gains, Depa declines
December 30, 2010--The FTSE NASDAQ Dubai UAE 20 Index closed at 1800.580, up 0.85%,from the previous close. Dubai Ports (DP) World added 0.80%, ending $0.63. Depa Limited, the Dubai-based interior designer declined 2.78% to finish at $0.70.
A report published by The National on Wednesday speculates on alleged discount demands made by Depa to sub-contractors when it designed the interior for the Ferrari World complex in Abu Dhabi. Depa declined to comment, according to the report. Damas shares ended flat at $0.13.
Source: AME Info
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