Middle East ETF News Older than One Year
Qatar National Bank shares recover, close near 22-month high
November 8, 2010--In Doha, the Qatar Exchange added 0.11% to close at 7,967.56, extending its year-to-date gain to 14.54%. The gulf state's largest financial institution Qatar National Bank (QNB) recovered form its slight setback, ending 0.72% higher at QR169.
Its 22-month high stands at QR171.2 (as of the close of trading on January 4, 2009. Credit Suisse analyst Mohamad Hawa, who favours Qatari banks over its peers in the UAE and Saudi Arabia, upgraded the price target for QNB on October 6, 2010 to QR182.
Source: AME Info
Tadawul market dips 0.08% in lackluster trading session
November 8, 2010--Due to lack of impulses, the Saudi Stock Exchange ended 0.08% lower at 6,431.18 points. Dar Al Arkan Real Estate extended its decline it started end of May, closing at a new 2010-low of SR8.70 (off 2.25%). The insurance sector index gained 0.23%.
. Allied Cooperative Insurance Group jumped 4.66%, closing as a top gainer at SR35.90. Islamic insurance firm Solidarity Saudi Takaful Co. ended 2.19% higher at SR14.00.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-November 7, 2010
November 7, 2010-- Economic Data Overview
After the barrage of events and data announcements this week, the November 8-12 week has little economic data of more than passing interest. The presence of Veterans Day on Thursday shortens the working week as stock and bond markets will be closed on Thursday and there will be an early close for the bond market on Wednesday.
The G20 leadership will meet in Seoul, South Korea on November 11 and 12. However, these top level summits are generally of less interest to markets than the sessions of the finance ministers and central bankers.
Quite possibly the most interesting data of the week is not on official calendars. The Fed's Senior Loan Officer Opinion Survey for October should be released on Monday at 14:00 ET. In the last few reports credit conditions had begun to return to pre-recession readings and this edition should continue the trend. There was a hint in the FOMC statement of November 3 that bank lending has ceased to contract.
Source: Dubai Gold And Commodities Exchange
Nasdaq Dubai up 30% in October
Outsourcing of trading to DFM boosts deals
November 4, 2010--The value of equities traded on Nasdaq Dubai increased by 30 per cent to $155 million in October 2010, from $119m in October 2009.
The increase comes after Nasdaq Dubai's outsourcing of its trading, settlement, clearing and custody functions for equities to Dubai Financial Market (DFM) in July 2010, as part of a strategy to increase trading of its equities by individual investors and merge them in one liquidity pool with institutional investors.
DP World, Nasdaq Dubai's largest listed company, was in the top five traded companies of all DFM and Nasdaq Dubai stocks by value on 71 per cent of trading days in October 2010. It was the most highly traded on 14 per cent of days.
Source: Emirates 24/7
Qatar Exchange extends year-to-date gains
November 4, 2010--The QE Index in Doha added 1.33% Thursday, closing at 7,903.32 points. Over the week the Doha-based bourse added 1.25%. Year-to-date, the QE Index surged 13.61%, the highest gain among all GCC markets.
After a successful road-show in London, the QE management plans to do more investor gathering in Europe, the Far East and the US, Gulf Times reported.
Source: AME Info
National Bank of Kuwait shares weigh on Kuwait market
November 4, 2010--The KSE Market Index, the benchmark composite at the local stock market based in Kuwait City, added 0.09% to close at 7,124.7 points.
The country's largest lender by assets National Bank of Kuwait (NBK) plummeted 4.28% to finish at KD1.340 as investors booked profits after a month-long surge in NBK shares. Zain Telecom shares, on the other hand, extend their rally and jumped 2.85% to close at KD1.440.
Source: AME Info
Abu Dhabi bourse dips 0.40% in lacklustre trading session
November 4, 2010--Dragged down by losses in the real estate sector, the ADX General Index ended 0.40% lower at 2,750.70. Contrary to Dubai, where real estate share overall ended slighly positively, the real estate bellwether Aldar Properties plummeted 4.17% to finish at Dhs2.38.
Abu Dhabi National Energy Corp., also known as Taqa, added 0.71%, closing at Dhs1.41. Taqa announced today that it will release its financial results for the third quarter on November 10. Over the first week of November, the ADX General Index lost 2.35%.
Source: AME Info
Dubai bourse ends tricky week up 0.15%
November 4, 2010--Over the week, the DFM General Index lost 2.22%, closing Thursday at 1,737.72 points. Real estate bellwether Emaar (up 0.27% at Dhs3.74) recovered slightly, while Deyaar Development (down 1.76% at Dhs0.334) could not follow the last minute index upswing.
Bank Emirates NBD added 1.25% to end at Dhs3.25. The largest Arab bank by assets surged 32% over the least three months.
Source: AME Info
Saudi says $70-$90 price range is comfortable
November 4, 2010--Saudi oil minister Ali al-Naimi has said oil at between $70 and $90 a barrel is comfortable for consumers, Reuters has reported. "Consumers are looking for oil prices around $70, but hopefully less than $90," al-Naimi said in comments following a speech in Singapore.
"If I can be audacious, I would say producers, consumers and companies are all happy with this price."
Source: AME Info
Abu Dhabi set for $10bn spend on oil output
November 4, 2010-Ali Rashid al Jarwan, CEO of Abu Dhabi Marine Operating Co (ADMA-OPCO) has unveiled plans by the company to spend at least $10bn on developing two offshore fields to boost the firm's crude output by 60% by 2017, Reuters has reported.
ADMA-OPCO is developing two offshore oil fields, Umm al Lulu and Nasr, with the first phase expected to add 50,000 bpd in capacity.
Source: AME Info
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