Middle East ETF News Older than One Year
Dubai bourse breaks 1,700 points level
September 21, 2010--Mostly lifted by construction giant Arabtec (up 1,58% at Dhs1.93), the most liquid share in relation to trading volumes, and logistics firm Aramex (gaining six percent at Dhs2.10) the DFM General Index closed 0.57% higher at 1,701.15 points. Shares of Nasdaq Dubai-listed jewelry trader Damas International (up 6.67% at $0.16)still benefited from its announcement from last Sunday, that it had extended a standstill agreement it has in place with most of its bank lenders until November 30.
Damas aims to restructure about $872m in liabilities. Traded value at the DFM jumped 74% to Dhs425m as some 260m (up 53%) shares changed hands.
Source: AME Info
Tadawul market adds 0.25% ahead of National Day
September 21, 2010--Although market bellwether Sabic lost value (down 0.28% at SR90), the Saudi Arabian benchmark index Tasi added 0.25%, finishing at 6,434.9 points. Shares of Zamil Industrial Investment gained 1.59% to close at SR44.60. Further to Zamil Industrial's announcement on 22 February 2010 when the Board approved establishing a new factory to manufacture Stonewool insulation products with a total investment of SR300m, Gulf Insulation Group (GIG) and Zamil Industrial discussed the possible merger of select insulation businesses in a new company which will provide greater market potential.
Should the merger take place", the firm said in a statement to the Tadawul market,"the revenue of this merged company is expected to be in the range of SR800m($213.3m) in 2011. Zamil Industrial will be the managing partner with a 51% controlling stake." The Riyadh-based market will be closed Wednesday due to National Holiday on September 23.
Source: AME Info
KSE price index close up to 6,820.9 pts
September 20, 2010-- The price index of Kuwait Stock Exchange (KSE) ended trading on Monday with an up of 29.1 points to 6,820.9 points, while the weighted index reached 455.7 points, an up of 2.32 points.
Trades came to 3,789 transactions, worth KD 33.7 million, and volume was at 210.9 million shares upon closing.
Six sectors indices out of eight were in green, with highest for the banking sector with 83 points.
Leading high share was the stock of Aref Investment Group with 8.7 percent, while biggest loss was suffered by the Palms Agro Production stock with 9 percent.
Source: Zawya
Petrochemicals push Tadawul market up
September 20, 2010--Saudi Arabia's benchmark index Tasi climbed 0.98% higher to close at 6,418.8 points. Market bellwether Saudi Basic Industries Corporation (Sabic) jumped 2.27% to close at 90.25.
Saudi Riyal.Its rivals Sahara Petrochemical (up 3.27% at SR20.50) or Yansab (gaining 3.18% at SR39.90) also pushed the index higher. Astra Industries ended at the bottom of the charts, declining by three percent (at SR41.50).
Source: AME Info
Abu Dhabi market loses insignificantly
September 20, 2010--The ADX General Index closed at 2,632.27 points (down 0.03%) as 31% of traded shares ended flat. National Bank of Umm al-Qaiwain (gaining nine percent at Dhs2.40) posted the largest gain. Abu Dhabi Commercial Bank (ADCB) declined 2.26% to close at Dhs2.11 as investors took profits after a four week long rally
Abu Dhabi Islamic Bank (ADIB) ended 1.53% lower at Dhs2.58. ADIB has said yesterday it will provide Dhs367m or $100m Istisna'a and forward Ijara facility to National Petroleum Construction Company (NPCC) to fund the construction of a new SEP 450 self elevating accommodation and crane barge.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-September 19, 2010
Setember 19, 2010--Commodities Overview
Gold prices set record highs last week while silver prices rose to levels only seen in 1980, topping levels they reached in March 2008. The recent precious metals rally now paves the way for gold prices to rise toward $1,300 and silver to $22. These are near term price targets, with further price strength expected in the next three to six months.
While there is the possibility that gold and silver may fall back on profit-taking, such a decline would be expected to be limited and short-lived. Investment demand for gold and silver as safe haven assets has remained firm in the midst of vulnerable financial markets, weak economic conditions, and an increasingly stressed political environment. Investment interest in industrial commodities also has been firm, with base metals prices rising to multi-month highs.
Currencies Overview
Currency unrest and volatility increased last week, as markets began to take their guidance from various fundamentally based influential factors. Investors came back in force, following several weeks of relatively calm currency activity. Early last week there was increased talk about the Federal Reserve possibly increasing funds available for its asset purchasing program. An increase in the Fed’s balance sheet from the current $2.3 trillion could weigh on the dollar. The euro and the pound rose on speculation of an increase in monetary stimulus measures from the Fed, but also were supported by United States government officials’ proposed fiscal easing legislation. Concerns over weak economic conditions in the United States remain a focal point. If economic activity worsens it should not be surprising to see both fiscal and monetary stimulus measures materialize.
Source: Dubai Gold And Commodities Exchange (DGCX)
ADCB shares gain despite S&P rating cut
September 16, 2010--The Abu Dhabi market ADX ended 0.21% higher at 2,606.61 points. Shares of Abu Dhabi Commercial Bank (ADCB), the third largest UAE bank by assets, gained 2.94% to finish at Dhs2.15.
Standard and Poor's downgraded ADCB on Wednesday its long- and short-term counterparty credit ratings on ADCB to 'A-/A-2' from 'A/A-1' due the bank's "large proportion of construction and real estate (CRE) loans, its exposure to Dubai World (DW)", among other factors. Industry leader National Bank of Abu Dhabi (NBAD) lost 1.26% to close at Dhs11.80.
Source: AME Info
Stock prices, turnover surge at Dubai bourse
September 16, 2010--The local bourse DFM finished the week positively as its General Index closed 1.22% higher at 1,647.03 points with 21 shares gaining value. Three stocks ended unchanged and three lost value.
Emaar Properties gained 1.61% to finish at Dhs3.79. News that index provider FTSE will add the UAE to its Global Equity Index Series as a secondary emerging market by tomorrow might have supported the market, but EFG Hermes research has said it does not expect significant effects due to FTSE's move. Nasdaq Dubai-listed shares of DP World climbed 1.30% to close at $0.547. Traded value surged at the DFM by 70% to Dhs316.67m as 162.71m shares (up 67%) changed hands.
Source: AME Info
Kuwait exchange ends the week slightly higher
September 16, 2010-The KSE Market Index closed at 6,838.7 points (up 0.18%). Kuwait Investment Company (gaining 7.57% higher at KD0.142) posted the highest advance.
Real estate shares performed overall lower, as National Real Estate Company plummeted 4.21% to close at KD0.182.
Source: AME Info
Bank shares weigh on Bahrain bourse
September 16, 2010--Bahrain: The Bahrain Stock Exchange (BSE) dipped by 0.13% to close at 1,443.20 points. Islamic banks Ithmaar (off 3.57 at $0.135) and Bank Al Baraka (down 2.68% at $1.45) dragged the index lower in particular.
Only Ahli United Bank (up 1.39% at $0.73) gained value.
Source: AME Info
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