Middle East ETF News Older than One Year
OPEC Monthly Oil Report-September 2010
September 16, 2010--Oil Market Highlights
The OPEC Reference Basket moved within a range of $70-79/b in August to average $74.15/b,
representing an increase of $1.64 or 2.3% over the previous month. The Basket started the month just under $79/b before falling to below $70/b on 24 August as market sentiment deteriorated on disappointing macroeconomic data across the OECD. The Nymex WTI front month contract moved in line with equities to average $76.67/b in August, up 28¢ from the previous month. Over the same period, ICE Brent reached $77.12/b, representing a gain of $1.76/b or 2% and a premium of 45¢
over WTI. On 8 September, the OPEC Basket stood at $74.04/b.
World economic growth in 2010 remains unchanged since the previous report at 3.9%, while 2011 has been revised down slightly to 3.6%. The imbalance in global growth has intensified with a deceleration becoming apparent in most of the OECD, while developing countries continue to expand. Growth in the US and Japan have been revised down due to the diminishing impact of stimulus packages. US growth stands at 2.6% in 2010 and 2.3% in 2011, while Japan is expected to grow by 2.5% and 1.3% respectively. The Euro-zone gained surprising momentum in 2Q10 and is forecast to grow at 1.2% in 2010 and 1.0% in 2011. Supported by domestic demand, India is expected to expand at 8.2% in 2010 and 7.7% in 2011. China seems to be successfully cooling down the economy with the forecast for 2010 unchanged at 9.5%, while 2011 has been lowered slightly to 8.6%.
World oil demand growth in 2010 remains broadly unchanged at 1.0 mb/d. Global oil demand was higher than expected in the first half of the year, supported by stimulus packages in key consuming countries. With these winding down, demand in the second half is expected to move lower. In 2011, world oil demand growth is expected to continue at the current level of 1.0 mb/d, unchanged from the last assessment. Non-OECD countries will remain the key contributors to demand growth, led by China, India, the Middle East and Latin America.
Source: OPEC
Tadawul investors book profits across the board
September 15, 2010--The Saudi Arabian stock market Tadawul ended Wednesday down 0.3% at 6,354.18 points. Only telecoms and industrial investment sector index added value.
Market bellwether Sabic closed 1.12% lower at SR88.50. Banque Saudi Fransi gained 3.38% to close at SR49.00. U. S. investment bank Goldman Sachs has started its coverage of six Saudi lenders including Banque Saudi Fransi, Samba Financial Group, Saudi British Bank and Arab National Bank with 'buy' ratings, Thomson Reuters has reported.
Source: AME Info
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
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