Middle East ETF News Older than One Year
Qatar Exchange rally slows down
August 31, 2010--The Doha-located QE Index ended 0.11% higher at 7,226.15 points as insurers and industrials advanced further but to a lesser amount than during previous trading sessions.
The country's largest bank Qatar National Bank (QNB) gained half a percent, closing at QR141.10. According to a survey done by Credit Suisse among 30 fund managers across Europe "Saudi and Qatari banks are the place to be in Mena financials." However, "European managers were skeptical about Qatar's long term story, despite the medium term outlook remaining robust,", the Credit Suisse survey found out.
Source: AME Info
Saudi Stock Exchange gains 0.57%
August 31, 2010--Despite Saudi market bellwether Sabic losing 0.29% (closing at SR84.75), the Tadawul market in Riyadh advanced 0.57% to 6,106.42 points. Banks were the main gainers after a statement issued by Switzerland's largest bank Credit Suisse, saying that Saudi and Qatari banks were favored by European fund managers.
The statement is based on a survey. Riyad Bank surged 4.58%, ending at SR27.40. Bank Albilad closed 4.14% higher at SR18.85. Shares of Tourism Enterprise Co. (Shams) lost 1.50% (at SR19.70) due to media reports about a temporary travel ban for GCC expats who want to visit the Kingdom for tourism purposes.
Source: AME Info
Dubai market meltdown extended
August 31, 2010--The DFM General Index ended 0.47% lower at 1,483.67 points after UAE's Minister of Economy, Sultan Al Mansouri told The National that he expects growth to be at the lower end of forecasts in 2010.
Emaar Properties was the most liquid share, closing 0.61% lower at Dhs3.26. Traded value declined 38% to Dhs44.71m, while 31.16m shares (off 44%) changed hands.
Source: AME Info
IIRA and DS Assess the Pulse of OIC Capital Markets
August 31, 2010--The Islamic International Rating Agency, Bahrain and Dinar Standard, USA have joined hands together to release a research report on the Pulse of the OIC (Organization of Islamic Conference member countries) Islamic Capital Markets. The research was conducted by selecting 28 major OIC markets
based upon a combination of quantitative and qualitative assessment of data sourced from Dinarstandard.com and the referenced third?party sources.
The report summarizes the current state of Islamic capital flow within its core OIC markets. The report will provide investors, finance managers, and investment managers with a broad overview of areas of opportunities for them. The report covers three key representative sectors: 1) the Stock Markets of the OIC countries, 2) the flagship industry segment of Sukuk (Islamic Bonds) and, 3) the Islamic Funds market.
The research highlights that total market capitalization of 28 OIC member country equity markets stood at USD 1,860 billion with a total of 6655 companies listed. This even is less than the Shanghai Stock Exchange whose market capitalization stood at USD 2,196 billion with only 879 companies listed. The largest market among OIC member countries by market capitalization is Saudi Tadawul (USD 327 billion) and in terms of number of listings is Bursa Malaysia Berhad with 967 companies. The fastest growing in terms of market capitalization from 01Jan2010 to 30June2010 was Dhaka Stock Exchange.
Source: Islamic International Rating Agency
25% Growth In Saudi Arabian DBFX customers
August 30, 2010--dbFX, Deutsche Bank's online margin foreign exchange (FX) trading platform has seen customer numbers in Saudi Arabia increase by 25% from 2009, as the country's investors diversify their portfolios by investing in FX.
The increasing sophistication and need to diversify Saudi Arabia's small institutional and family office portfolios is leading to a growing adoption of FX as an asset class in addition to traditional equity and fixed income assets.
Source: AME Info
Tadawul market dips 0.23%
August 30, 2010--The Saudi Stock Exchange ended off 0.23% at 6,071.72 points. Market bellwether Sabic closed unchanged at SR85. Only the Hotel and Tourism sector index advanced significantly.
Losses, however, remained modest as investors prepare for Eid holidays and prepare to stay on the sidelines. Jezan Development posted the only loss exceeding two percent (off 2.57% at SR13.25).
Source: AME Info
Abu Dhabi market heavyweights drag index lower
August 30, 2010--Losses at Abu Dhabi's blue chips Aldar (down 2.58% at Dhs0.77), Abu Dhabi Commercial Bank ADCB (1.18% lower at Dhs1.70) and Dana Gas (off 1.28% at Dhs0.77) dragged the ADX General Index down by 0.37% to 2,499.36 points.
The emirate's energy bellwether Taqa resisted the general GCC downtrend, ending 0.83% higher at Dhs1.20. Some 26.86m shares changed hands in Abu Dhabi.
Source: AME Info
Weak financials weigh on Dubai market
August 30, 2010--The DFM General Index lost 0.38%, closing at 1,490.52 points. The DFM chare itself weakened two percent and finished at Dhs1.44. Ajmanbank was also among the top five losers, declining by 1.96% to Dhs0.75.
Only three shares, Aramex (up 1.17% at Dhs1.73), Drake and Scull International (0.48% higher at Dhs0.84) and low-fare flyer Air Arabia (gaining 0.25% at Dhs0.797) bucked the fickle trend. Traded value surged 57% to Dhs71.88m with 55.39m stocks changing hands.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views
August 29, 2010--Commodities Overview
Gold and silver prices may remain elevated this week, at least during the first few days. Investors remain interested in these metals, as portfolio diversifiers and safe havens in the face of greater concern over U.S. economic performance. Industrial commodities may move sideways.
They weakened early last week as investors reduced their expectations for fabrication demand in the face of lower U.S. overall economic growth, but recovered late in the week as the markets moved away from the gloomy assessment. Investors realized U.S. economic conditions, while weakening, still were expanding, with the more important realization that economic conditions in the rest of the world still were in better shape.
Currencies Overview
Since July there has been a measurable deterioration of real economic activity, in the United States in particular but also in China and a few other nations. Investor pessimism and concern over economic trends and seemingly ineffectual governance compounded with the political impasse in the U.S. government are reducing capital expenditures, new business and real estate investments, and consumer spending, and economic growth and are threatening to push the U.S. economy into a new recession. It is not clear that this trend will result in an actual recession, but real economic activity clearly is suffering and the odds of much weaker economic performance in the United States have risen sharply. The upcoming U.S. midterm elections will worsen matters: They are likely to be extremely negative and should be expected to increase investor and consumer pessimism further. In this environment, the dollar already has halted the strong recovery that began at the end of 2009. The dollar is likely to trade sideways in a wide and volatile fashion over the next few months, with a possible range for the rest of this year of $1.15 to $1.40 against the euro.
Source: Dubai Gold And Commodities Exchange (DGCX)
Mena fund managers turn positive on financials, says Standard and Poor's Fund Services
August 26, 2010-Despite a lack of consensus among fund managers on whether the worst is over for the sector, financials bounced back strongly in the Mena region, according to the latest sector update published by Standard and Poor's Fund Services.
After being the main laggard in 2008 and 2009, the sector performed well in the first seven months of 2010, although the best-performing names have been the higher quality ones. "Some managers have turned more positive and have benefited from the re-rating of the sector," comments S&P Fund Services analyst, Roberto Demartini.
Source: AME Info
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