Middle East ETF News Older than One Year
Taqa shares surge on expanding North Sea operations
September 15, 2010--The Abu Dhabi bourse ADX ended Wednesday at 2,601.10 points, up 0.30%. Shares of the Abu Dhabi National Energy Co. (Taqa) surged 3.31% to close at Dhs3.31. The firm said earlier the day, that announced its subsidiary Taqa Bratani Limited (Taqa Bratani) has signed a sale and purchase agreement (SPA) relating to Total's entire equity stake of 81% in production licences for two blocks in the Otter Field Development Area.
Average daily production year to date from the Otter Field is approximately 8,000 barrels of oil per day. Aldar Properties was the most liquid stock, dipping 0.83% to finish at Dhs2.36.
Source: AME Info
Dubai market rebounds by 0.44%
September 15, 2010--After the rally was halted Tuesday, the DFM General Index rebounded Wednesday, ending 0.44% higher at 1,627.15 points. Logistics firm Aramex (up 4.57% at Dhs1.83) landed at the top of the charts.
Port operator Dubai World, which is listed at the DFM and the Nasdaq Dubai trading platforms, extended its advances by adding 0.93% to close at $0.54. Banks performed overall weaker, as Emirates NBD, the Middle East's largest bank by assets, dipped 1.45 to finish at Dhs2.72. Investment bank Shuaa Capital outperformed the sector index by ending 1.85% higher at Dhs0.99 as 97.14m shares changed hands in total at the DMF.
Source: AME Info
Qatar Exchange resumes trading
September 15, 2010--The QE index, on its first trading day after Eid holidays, closed 0.69% higher at 7,561.99 points. The banking and financial sector posted gains, while industrials and services lost slightly.
The country's largest bank Qatar National Bank (QNB) surged 5.70% higher to close at QR155.50 as the share approaches a key resistance at QR160.
Source: AME Info
Bahrain exchange on a good way to break even
September 15, 2010--The Bahrain Stock Exchange (BSE) closed 0.30% higher at 1,445 points, driven by gains in the banking sector. United Gulf Bank surged 5%, finishing at BD0.42. Al Baraka Banking Group, one of the oldest Islamic banks in the GCC, closed flat at $1.49. Al Baraka, whose shares are also listed at the Nasdaq Dubai, said earlier today that its subsidiary Albaraka Türk Katýlým Bankasý A.Þ.
(Al Baraka Turk) signed a $240m syndicated Islamic financing in Istanbul. Through the Shariah-compliant dual-currency syndication, Al Baraka Turk raised $98m and EUR108.5m. The funding sought was oversubscribed by about two and a half time. The BSE benchmark index recovered most of its losses from May to July and is currently trading just 0.90% lower on a year-todate basis.
Source: AME Info
Kuwait market resumes trading after Eid
September 14, 2010--The KSE Market or Price Index closed one percent higher at 6,825.1 points.
All sector indices landed in the green. Shares of financial bellwether National Bank of Kuwait (NBK) dipped 1.35% at KD1.460, despite overall gains in the banking segment.
Source: AME Info
Tadawul market starts the week positively
September 14, 2010--On its fist trading day after Eid, the Saudi Arabian bourse Tadawul ended 1.07% higher at 6,373.61 points.
Methanol Chhemicals Co. jumped 9.75% to close at SR15.20. Petrochemical giant Sabic added 2.29%, closing at SR89.50. Only six shares lost value while 122 gained and 16 stood flat.
Source: AME Info
Dubai World accord boosts Dubai market
September 13, 2010--On the first trading day after the Islamic holiday Eid ul-Fitr, the DFM General Index surged 2.43% to 1630.85 points, the highest closing since May 30. Shortly before Eid on September 10th, government-related entity Dubai World announced that it has received formal agreement from over 99 per cent by value and approximately 99 per cent by number of its creditor banks to to restructure approximately $24.9bn of liabilities.
The DFM share gained six percent at Dhs1.76, wiping out losses between mid-June and Eid. Emaar was the most liquid stock (up 2.72% at Dhs3.78). Logistics provider Aramex lost 0.57%, finishing at Dhs1.73. Aramex announced today that Mana Al-Mulla has been appointed a board member. Some 239.27m stocks changed hands at the DFM.
Source: AME Info
Abu Dhabi bourse advances 1.38% to 2,566.56 points
September 13, 2010--Real estate and financial shares lifted the ADX General Index 1.38% higher to 2,566.56 points, as National Bank of Umm Al-Qaiwain (NBQ) posted the largest gain (up 10% at Dhs2.31). Umm Al-Qawain Cement Industries, on the other hand, plummeted 4.41% to Dhs0.65.
"Cement prices in the GCC averaged around US$65.6/ton in 1H-2010, as compared to US$78.5/ton enjoyed in 1H-2009, a 16.4% decrease", a sector analysis done by Global Imvestment House says. "The reason for such decline is because of stagnant and depressed projects activity in the region."
Source: AME Infio
Dubai Gold And Commodities Exchange Weekly Views-September 13, 2010
September 13, 2010-Commodities Overview
Gold and silver prices have been trying to forcefully break above $1,260 and $20 over the past couple of weeks. At these historically high levels there has been dampened investment and fabrication demand, which has helped cap price gains. A retreat in prices may spark the demand needed for the break above recent resistance levels. Investment demand for both gold and silver has been firm. Economic conditions, although improved over the past several quarters, are still not at prerecession levels.
Unemployment around the world remains high, especially in large consuming nations. This has contributed to the wide variation in economic indicators over the past several quarters. The restocking of inventories in late 2009 and earlier this year helped foster the economic recovery, but with high debt burdens on balance sheets of both consumers and governments, spending is likely to be constrained going forward.
Currencies Overview
The U.S. dollar’s activity against the euro, pound, and yen may be of continued consolidation this week. Although underlying fundamentals for each of these currencies are beginning to provide a sense of direction, this should be much clearer in the weeks ahead. The dollar made moderate gains against the euro and the pound early last week as concerns rose over the credibility of the euro zone banking sector stress tests. Speculation rose over the completeness of distressed debt reported by euro zone banks. The dollar held on to most of its gains against the euro, but lost ground to the pound later in the week. The yen meanwhile continued to appreciate last week, although was capped at 120 cents. The Japanese government is becoming increasingly concerned that a further appreciation in the yen will dampen exports, a major contributing factor to the country’s gross domestic product.
Source: Dubai Gold And Commodities Exchange (DGCX)
Nasdaq Dubai issues its monthly trading report: August 2010
September 8, 2010--The value of equities traded on Nasdaq Dubai rose by 20% in August 2010 from the same period in August 2009. It was the first full month of trading since the exchange outsourced its operations to Dubai Financial Market (DFM) on July 11, 2010.
The August value reached $78.7m, up from $65.5m in August 2009. The proportion traded by individual investors, as opposed to institutions, also increased. Volume for the month fell by 9% to 158.6 million shares, from 175.2 million in the same 2009 period.
Nasdaq Dubai outsourced its trading, settlement, clearing and custody functions for equities to DFM on 11 July, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
Source: AME Info
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