Middle East ETF News Older than One Year
Dubai market loses half a percentage point
October 26, 2010--In line with weak global trend at equity markets, the DFM General index ended slightly lower on Tuesday at 1,744.63 (off 0.50%). After US shares hit a six-month high, investors preferred to stay on the sidelines. Losses at Emaar Properties (down 1.03% at Dhs3.84) and Aramex (2.30% lower at Dhs2.12) dragged the index down.
The DFM suspended trading on Kuwait's Global Investment House shares starting from 1:30PM (UAE Time), as its Board of Directors meeting is being held and trading will resume once results are disclosed.
Source: AME Info
Qatar Exchange bucks global downtrend
October 26, 2010--The Doha-based QE Index was unimpressed by regional and global losses at stock markets and finished Tuesday 0.37% higher at 7,815.55 points.
Shares of Commercial Bank of Qatar (CBQ) gained 1.46% to finish at QR83.40. Credit Suisse analyst Mohamada Hawa says the second largest lender is one of his top picks as he expects CBQ to 'outperform' with a target price of QR104.0.
Source: AME Info
Kuwait bourse dips in lacklustre trading
October 26, 2010--The KSE Market Index closed 0.09% lower at 7,026.1 points. Most listed shares were not traded.
Kuwait International Bank (KIB) extended a rally the share commenced in July, closing 3.22% higher at KD0.320.
Source: AME Info
Saudi stock market adds 0.05%
October 26, 2010--The Tasi benchmark composite in Riyadh ended at 6,332.79. SABIC shares advanced further, closing 0.53% higher at SR95.50.
Food giant Almarai Company also extended its rally and finished 3.13% higher at SR214.50.
Source: AME Info
GCC Bonds & Sukuk Market Surveys
October 25, 2010-- H1 2010 Abstract:
The GCC aggregate primary bond market, which includes bonds and sukuk, decreased to USD24.2 billion in H1 2010, down by 32% compared to the respective period of 2009. The majority of issuances occurred in the month of April, with 17 issuances and USD6.1 billion, raising 25.1% of H1 2010 total issuances value.
Conventional issuances raised the largest amount during H1 2010 representing 82.9% of the total value raised, and five times the total value of sukuk issued during the same period. As well, sovereign/government issuances dominated the majority of the amount raised during the period.
GCC Bonds & Sukuk Market Survey-H1 2010 Highlights
Source: Markaz
Real estates push Abu Dhabi bourse up
October 25, 2010--The ADX General Index gained 0.43% to close at 2,833.09. Real estate bellwethers Aldar Properties (up 2.70% at Dhs2.65) and Sorouh Real Estate (2.26% higher atDhs1.82) lifted the market in particular.
National Bank of Abu Dhabi (NBAD), the sheikhdom's largest bank by assets, closed 1.27% higher at Dhs12.05. Credit Suisse analyst Mohamad Hawa added NBAD to his top picks, labelling the bank with an 'outperform'-rating and target price Dhs19.00.
Source: AME Info
Kuwait market jumps one percent
October 25, 2010--Bank shares lifted the KSE market or price index by 0.99% to close at 7.032.1.
Burgan Bank closed 4.1% higher at KD0.500. Kuwait Finance and Investment Co. posted the largest loss, ending 6.6% lower at KD0.035.
Source: AME Info
Qatar Exchange adds 0.16%
October 25, 2010--The QE Index in Doha closed at 7,786.49, as industry gains offset losses in the banking sector
Gulf Warehousing Co. gained 0.53% to finish at QR19.10 as the share approached an important resistance level at QR20.
Source: AME Info
SABIC shares knock out key resistance level
October 25, 2010--Saudi Arabia's Tasi index added 0.47% to finish at 6,329.89. Saudi Basic Industries Corporation (SABIC), the world's largest petrochemical firm, ended at a five-month high at SR95 (up 1.88%). Standard & Poor's Ratings Services today said it has assigned its 'A+' long-term rating to a proposed bond issue by SABIC Capital (not rated), to
be unconditionally guaranteed by SABIC, its parent company which is rated investment grade A+/Stable/A-1. Shares of recently listed Abdullah A. M. Al-Khodari Sons Company dipped 3.81% to close at SR45.50. The shares of the Dammam-based contracting services firm were issued at SR48.
Source: AME Info
Rising Competitiveness Gap between Gulf Economies and the Rest of the Arab World
Over the past five years, many Arab world economies have improved their competitiveness, but the gap between Gulf countries and the rest of the region is growing
Morocco takes second place in the North Africa region, after Tunisia
Financial markets, labour markets and education remain key challenges
October 25, 2010--The Arab World Competitiveness Review 2010 finds that the global economic crisis has further widened the competitiveness gap between the countries of the Gulf Cooperation Council (GCC) and the rest of the Arab world region. The review, published ahead of the 2010 World Economic Forum on the Middle East and North Africa, sees Qatar, Saudi Arabia and Kuwait outperforming other economies at a similar level of development in terms of competitiveness. In the overall ranking of 139 economies, they place 17th, 21st and 35th.
United Arab Emirates is the only economy from the region that has reached the most advanced innovation-driven stage of development because of its diversified structure. It places 23rd within this group and 25th overall. Kuwait places second among the factor-driven economies (lowest stage of development).
Tunisia and Morocco (efficiency-driven) rank 32nd and 75th in the overall ranking and outperform Egypt (81), Algeria (86) and Libya (100), which remain in the factor-driven stage of development.
The Arab world’s competitive strengths lie in sound and transparent institutions, macroeconomic stability and business sophistication. Countries will need to accelerate efforts in raising the efficiency of their labour markets, furthering the development and stability of financial markets, and reforming education.
GCC countries have reached OECD levels on a number of categories of the index, such as institutions, infrastructure, as well as efficiency of goods, labour and financial markets. North Africa outperforms the Levant region in terms of infrastructure, macroeconomic stability, market size and innovation. The Levant region outperforms North Africa in terms of education, efficiency of goods, labour and financial markets, and business sophistication.
view the report The Arab World Competitiveness Review 2010
Source: World Economic Forum
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