Middle East ETF News Older than One Year
Saudi economy to grow 3.5% this year
September 27, 2010--Saudi Arabian Monetary Agency (Sama) has said the kingdom's economy is expected to grow 3.5% this year due to government spending and higher oil prices,
Bloomberg has reported. "The role of the state's fiscal policy during this year and last year has been large," Sama governor, Muhammad al-Jasser said in a press conference in Riyadh. "Its influence on the private sector and other sectors will be good." [
Source: AME Info
Tadawul exchange dips insignificantly
September 27, 2010--The Saudi Stock Exchange added anoth standstill day, as the benchmark Tasi closed 0.03% lower at 6,451.44 points. Only gains in the energy segment prevented the Tasi from losing territory.
Bellwether share Sabic gained 0.28% to close at SR 91. Arabia Insurance Cooperative Co. (AICC) posted the largest loss, declining by 4.41% to close at SR19.50.
Source: AME Info
Kuwait market bucks fickle GCC trend
September 27, 2010--The Kuwait Stock Echange (KSE) gained against the GCC trend on Monday, ending 0.13% higher at 6,832.1. Burgan Bank closed unchanged KD0.450. Burgan Bank, the commercial banking arm of Kuwait Projects Company (KIPCO), has announced its successful issuance of a subordinated bond worth $400m to enhance its capital base.
The transaction was well supported across multiple regions and investor types with over 140 orders received and was more than 3.5 times oversubscribed at close. Food companies and insurers performed weaker. Islamic insuerer First Takaful Insurance Co. ended 6.17% lower at KD0.076.
Source: AME Info
Industries, banks drag Qatar bourse down
September 27, 2010--The QE Index ended 0.73% lower at 7,630.50. Shares of Doha Bank failed to climb above a seven-month high and dipped 0.19% to close at QR52.90. Qatar as one of the biggest gas exporting countries becomes increasingly attractive for foreign banks. Barclays PLC and Barclays Bank PLC ("Barclays") held a three-day meeting in Doha, Qatar this week.
Marcus Agius, Barclays Chairman, said: "We are delighted to have been able to hold this Barclays Board meeting in Doha. The decision to do so reflects the significance of Qatar and the wider Middle East and North Africa region to Barclays and the continued importance of the relationships it has within it..." Insurers bucked the trend, e. g. Qatar Insurance surged 0.35% to close at QR85.30.
Source: AME Info
Lackluster Abu Dhabi market adds 0.28%
September 27, 2010--The ADX General Index finished trading at 2,664.20 as 11 shares closed flat. Abu Dhabi National Energy Co. (Taqa) extended its share price rally by gaining 0.77% to close at Dhs1.32, a new high in 2010. Global Investment House in Kuwait says that "as oil prices continue to rise in 2010 and into 2011, we expect Abu Dhabi's contribution to UAE GDP to jump back to previous levels".
In 2008 Abu Dhabi contributed 56% to the UAE's GDP. Oil prices added 1.38% during the last month, trading currently above $75. Banks performed weaker at the ADX on Monday. Shares of National Bank of Ras al-Khaima (RAK) lost 3.41% to finish at Dhs4.25. Yesterday, Capital Intelligence has affirmed Rakbank's foreign currency ratings at 'A-' long-term and 'A2' short-term. The financial strength rating is maintained at 'BBB+', reflecting the bank's good management and sound financials, particularly in the areas of profitability and capital adequacy, CI said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-September 26, 2010
September 26, 2010--Commodities Overview
Gold prices continued to rise last week, setting record highs for the third consecutive week. Silver prices followed a similar upward trend, receiving support from its financial and industrial traits. WTI crude oil meanwhile was weighed down by supply concerns dissipating and expectations of soft demand in the weeks ahead.
A weakening U.S. dollar did provide support for crude prices, however. Over the past two weeks the dollar’s decline has not only helped support crude oil prices, but also has been supportive of most commodities. Soft commodities, precious and base metals prices have risen over the past few weeks. Energy prices meanwhile have begun to trend higher. Expectations of additional stimulus measures from the Federal Reserve should economic conditions fare worse than currently anticipated in the coming months were reaffirmed last week. An increased supply of dollars into financial markets will likely help push the dollar lower and support dollar denominated commodities prices. Investors may seek to increase their exposure to commodities in the coming weeks, as most have been doing since the early part of this month. Prices have been rising for most commodities as long positions are being built and short positions are being covered.
Currencies Overview
Currency exchange rates are undergoing a rebalancing act, following a period of pause in late August and early September. While each country is dealing with its own financial and economic problems there are major differences in what is being addressed. In developed economies the concern is over weak economic conditions and an uncompetitive exchange rate. In developing economies the worry is over high inflation due to strong economic growth, creating overpriced assets by way of large sums of foreign capital inflows, and currency exchange rate volatility, as foreign capital quickly flows out when market conditions change. As each country addresses its domestic dilemmas, it does so in an environment where other nations are doing the same, causing increased shifts in investor sentiment toward these currencies.
Source: Dubai Gold And Commodities Exchange (DGCX)
Taqa surge offsets real estate losses at Abu Dhabi bourse
September 23, 2010--After a weak opening, the Abu Dhabi market ADX gained steadily throughout the day and eventually ended 0.31% higher at 2,639.33 points. Abu Dhabi National Energy Co. or Taqa gained 1.59% (to close at Dhs1.28), while real estate development giants lost such as Aldar (off 0.4% at Dhs2.53) and Sorouh Real Estate (down 1.12% at Dhs1.76).
Shares of Islamic insurer Methaq Takaful finished 0.76% to close at Dhs1.30. Methaq announced today that it plans to open new branches in the UAE. Methaq currently operates with three branches in the Western region in Al-Mirfa, in Abu Dhabi and in Dubai.
Source: AME Info
Islamic bank shares gain at Qatar Exchange
September 23, 2010--The QE Index in Doha ended the week with a modest gain of 0.32%, reaching 7,661.67 points. Shares of Qatar Islamic Bank and International Islamic Bank both gained 0.86% in value, closing at QR81.40 and QR46.40, respectively.
Shares of Barwa Real Estate added 1.59% and reached a key resistance level at QR32.00. 21 stocks gained, 11 lost value and seven ended even.
Source: AME Info
Dubai market up 0.94% in rollercoaster trading
September 23, 2010--Shares of real estate developer Union Properties (up 5.82% at Dhs0.418) posted the largest advanced Thursday, as the DFM benchmark index closed 0.94% higher at 1,689.45 points.
Over the third, the DFM added 2.5%. Bank Emirates NBD surged 2.81% to finish at Dhs2.93. Emirates NBD Chairman Ahmed Humaid Al Tayer told Ameinfo.com Wednesday that local UAE banks were prepared for the higher capital quotas under 'Basel III'. The Nasdaq Dubai posted losses, as its heavyweight DP World ended 0.97% lower at $0.511. Traded value declined 42% to Dhs177.64m as 116m stocks changed hands.
Source: AME Info
Bahrain bourse reaches 15-week high
September 23, 2010--As most GCC markets today, the Bahrain Stock Exchange (BSE) gained modestly (up 0.36%), but by closing at 1,445.75 points the Manama-located bourse reached the highest stand since May 30.
Shares of United Gulf Bank continued its step-by-step recovery, ending 1.46% higher at BD0.416.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
