Middle East ETF News Older than One Year
Trading volumes at Dubai market near meltdown
December 14, 2010--The DFM General Index failed to sustain an early upswing and ended eventually 0.84% lower at 1,629.98 points. The DFM, the only Arab market which is listed publicly (as yet), saw its shares declining by 1.97% to close at Dhs1.49.
During the last three months DFM shares plummeted 13%. Today, only 68m stocks in total changed hands at the local Dubai bourse. Earlier in the day, Fahima Bastaki, Senior Vice President for Market Development at the DFM told AMRinfo.com at the sidelines of a conference, that the DFM is confident that the UAE will be upgraded by index provider MSCI to "emerging market"-status "in mid-2011". "Two issues have to be solved: the payment and delivery-structure at the DFM and foreign ownership", Ms. Bastaki said.
Source: AME Info
Tadawul market outperforms GCC exchanges
December 13, 2010--The Saudi Stock Exchange was the only market on Monday which added value, closing 0.74% higher at 6,508.93. Arabian Pipes, which produces longitudinally welded steel pipes and coated needed for pipelines, extended its bull run, jumping 10% to end at SR24.20.
Market bellwether Sabic ended flat at SR104.00. Ash-Sharqiyah Development Company was the main loser, finishing 3.99% lower at SR38.50.
Source: AME Info
National Bank of Kuwait advances fail to lift local stock market
December 13, 2010--In Kuwait City, the KSE Market Index dipped 0.25%, ending at 6,786.8 points.
Leading lender National Bank of Kuwait jumped 3.17% to reach KD1.300. Telecom heavyweight Zain (up 2.82% at KD1.460) also failed to lift the entire market, as losses in the industrial and services sector weighed on the sentiment.
Source: AME Info
Qatar shares dip across the board
December 13, 2010--All sector indexes landed in the red at the Qatar Exchange (QE) on Monday, as investors booked small profits after a month-long rally.
Blue ships such as Qtel (down 0.17% at QR179) plost slightly. Shares of National Leasing shares bucked the trend, gaining 1.76% to reach QR46.30. The firm cracked a 2.5-year high on December 2nd.
Source: AME Info
Aldar uncertainty weighs on Abu Dhabi bourse
December 13, 2010--The ADX General Index weakened 0.77% to close at 2,744.89 points. RAK Bank posted the largest gain, closing 8.89% higher at Dhs4.90.
But uncertainty about how strongly the Abu Dhabi government will support Aldar Properties, the largest real estate developer in the oil-rich sheikhdom, weighed on the sentiment as Aldar has Dhs14bn or $3.81bn debt maturing next year. Ras al-Khaima (RAK)-based Gulf Pharmaceutical Company, also known as Julphar (the old name for RAK), gained 2.94% to close at Dhs1.75. "The GCC Pharmaceuticals Industry report projects a sharp increase in the healthcare needs in the coming years, primarily lead by growing and ageing population and a rise in chronic non-communicable 'lifestyle' diseases", says Sameena Ahmad, Managing Director at Alpen Capitali in Dubai. According to UAE Minister of Health Dr. Hanif Hassan, 19% of UAE nationals suffer from diabetes.
Source: AME Info
Dubai market loses 1.35%
December 13,2010--Chances diminish that the Dubai market will end with a profit year-to-date as the DFM General Index declined 1.35% to finish at 1,653.61, despite comments from Standard Chartered Bank in Dubai from yesterday, that Dubai will be able to meet debt obligations of $18bn in 2011.
Real estate bellwether Emaar Properties lost 2.44% to close at Dhs3.66. District cooling specialist Tabreed (off 5.61% at Dhs1.85) was the main loser. Islamic financial institution Ajmanbank (up 0.60% at Dhs0.84) was one of the five gaining shares. Trading volumes rose over 30% to 116m shares changing hands. On a year-to-date basis the local Dubai market dipped 5.91%.
Source: AME Info
DIFC revises the cost of doing business to stimulate further expansion and growth
December 12, 2010--Highlights:
DIFC encouraging its 780 existing companies to continue the expansion of their businesses from the Centre
Increased focus on attracting new players looking to benefit from the DIFC’s position as a global business and financial hub
Revised cost of doing business covers office rents and several operational fees
The Dubai International Financial Centre (“DIFC”), the financial and business gateway between the Middle East, Africa and South Asia region (“MEASA”) and the world, announced today the details of its new revised pricing structure which is designed to enable new and existing companies operating from the Centre to continue the growth and expansion of their businesses.
Source: Dubai International Financial Centre (DIFC)
Dubai Gold And Commodities Exchange Weekly View- December 12, 2010
December 12, 2010--Economic Data Overview
The December 13 week presents a packed data calendar, including a number of major economic data releases. The FOMC meets on Tuesday, but after the announcement of the Large Scale Asset Purchase program in November, the statement after this last meeting of 2010 should be fairly routine.
Tuesday’s Retail Sales data for November will be one of the most important. The weekly data on retail activity and the monthly same-store sales comparisons indicate that shopping was robust for the month. This should be reflected in stronger sales at department and specialty stores. Additionally, sales of motor vehicles remained at the strongest levels since August 2009 when the cash-for-clunkers program boosted levels. Prices of gasoline were also on the rise, and should mean higher spending at service stations.
The November Producer Price Index (PPI) and the Consumer Price Index (CPI) are scheduled on Tuesday and Wednesday respectively. Higher food and energy costs should be visible in the overall indices, but excluding food and energy there should be little upward pressure on prices.
Business inventories for October on Tuesday will incorporate the already reported 0.9% increase in factory stocks and the 1.9% gain in wholesale inventories with the new data on retail inventories. Wednesday’s November industrial production and capacity utilization is expected to be modestly higher, while levels of housing starts and permits issued for November will be reported on Thursday. The Conference Board's Leading Economic Index for November on Friday should incorporate positive contributions from supplier deliveries, money supply, interest rates and initial claims.
Source: Dubai Gold And Commodities Exchange
OPEC looks set to maintain quotas
December 9, 2010--Analysts have said that the Organisation of Petroleum Exporting Countries (OPEC), which accounts for 40% of global supply, is expected to maintain the limits set in 2008 when representatives gather in Quito, Ecuador on December 11, Bloomberg has reported.
Instead of changing quotas, OPEC is likely to focus on efforts to conform to production ceilings, according to Shokri Ghanem, chairman of Libya's National Oil Corp.
Source: AME Info
Emaar shares lose, weigh on lacklustre Dubai exchange
December 9, 2010--The Dubai market finished a brief déjà-vu above 1,700 points during the week and closed 0.45% lower on Thursday at 1,692.83 points. Market bellwether Emaar Properties dived 0.80%, finishing at Dhs3.74. The market also suffered from the weak sentiment after Axiom Telecom cancelled its IPO at the international exchange Nasdaq Dubai, leaving the UAE without any going public in 2010.
Josef Schuster, CEO of IPOX Schuster, a firm specialised on going publics worldwide, told AMEinfo.com, that "despite record global IPO activity, capital structure IPOs where proceeds go to pay down rather than to growing the company still have a hard time to get done, in particular in emerging markets. The cancellation of the Axiom IPO is indicative of this". Trading volumes more than halved as some 96.7m shares changed hands, as five stocks gained, 17 securities lost value and three ended flat.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
