Middle East ETF News Older than One Year
NASDAQ Dubai Monthly Trading Report: June 2010
July 26, 2010--The value of equities traded on NASDAQ Dubai rose by 52% in the first six months of 2010 to 728 million dollars, from 479 million dollars in the same period of 2009. Equities volumes fell by 10% to 1.58 billion shares in the same period, from 1.75 billion.
Measured by percentage change, both the value and volume figures were the best performing of any UAE stock exchange in the six-month period, compared to the same period in 2009.
Traded equities value on NASDAQ in the month of June 2010 fell by 19%, reaching 61 million dollars, compared to 75 million dollars in June 2009. Equities volumes in June 2010 were 123 million, 35% lower than the total of 189 million in June 2009. The June 2010 figures were also the best performing of the UAE's stock exchanges, measured by percentage change from the year before.
Citigroup was the most active Member of the exchange by equities volume in the first six months of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the period, followed by Arqaam Capital and then Shuaa Capital.
The FTSE Nasdaq Dubai UAE 20 index ended June 2010 at 1,516, down 8% from the end of May 2010 and 18% lower than at the start of the year.
The index tracks 20 stocks listed on Dubai Financial Market, the Abu Dhabi Securities Exchange and NASDAQ Dubai.
It has been designed as a hedging and investment mechanism for GCC and international investors.
Source: NASDAQ Dubai
Saudi construction sector to total 10% of real GDP
July 26, 2010--Saudi Arabia's National Commercial Bank (NCB) has said that increased government investments are expected to drive the expansion of the non-oil GDP growth of the kingdom's construction sector to an all-time high of 10.41% by the end of this year, Zawya Dow Jones has reported.
The kingdom has 687 current projects, 22% of which are in the execution phase, that are valued at approximately SR2.6trillion. According to NCB, contracts awarded in 2010 and 2011 are forecast to reach $64bn and $86bn, respectively.
Source: AME Info
Tadawul market weakens 0.2%
July 26, 2010--The Saudi Arabian stock market could not sustain its positive momentum from Saturday, as WTI oil prices may head lower later this week, possibly moving back toward $77, research firm CPM Group says. Petrochemical leader Sabic ended flat at $88.25.
"Last week crude oil fell after EIA data revealed United States crude oil inventories had unexpectedly increased 360,000 barrels. Later in the week crude oil rose toward $80 on concerns over adverse weather conditions possibly disrupting offshore oil production in the Gulf of Mexico", CPM research writes. Nevertheless, the Saudi economy strengthened. According to Amman-based Jordinvest, non-oil Exports in Saudi Arabia surged by 39% to SR11.9bn ($3.2bn) in May 2010 compared with SR8.5bn ($2.3bn) in May 2009. Saudi Arabia's main non-oil exports were plastics, petrochemicals and metals comprising 32% of the total non-oil exports.
Source: AME Info
Tadawul market starts the week positively
July 25, 2010--GGC market, opening trading the week on Sunday, received positive inputs from the Saudi Arabian stock market Tadawul, which starts trading on Saturday. Its main index Tasi advanced 1.6% to 6,187.39 points, thanks to rising energy, petrochemical and insurance shares. Shares of Zamil Industrial Investment Co. (Zamil Industrial) surged 2.55%, ending at SR44.20.
The Board of Zamil Industrial announces that it has approved distributing SR45m as bi-annual dividends for the first half of 2010 at SR0.75 per share (representing 7.5% of the paid-up capital).
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-July 25, 2010
July 25, 2010--Commodities Overview
Most commodities prices rallied last week as investor sentiment shifted toward a more positive tone over economic conditions. Recovering equity values provided a boost to most commodities along with better than expected economic data for Europe. Although there is the expectation that economic activity in Europe will improve in the months ahead, concerns remain over still fragile conditions there.
The projected reduction in economic expansion in the United States for the remainder of the year has become a major focus for investors.
Currencies Overview
The dollar may consolidate against developed economy currencies this week, following almost two months of consistent weakness. Volatile currency activity began to ease last week ahead of the results of the much awaited euro zone banking sector stress tests. The stress test results, made public on Friday 23 July, did not have a major impact on financial markets. There was mixed sentiment over the results and the testing methods, with some market participants questioning the credibility of the tests. Increased currency trading activity may be seen early this week after market participants have had some time to form a more conclusive view of the euro zone banking sector stress tests and of the region’s economic conditions and prospects
Source: Source:Dubai Gold And Commodities Exchange (DGCX)
Kuwait market KSE adds a quarter percent
July 22, 2010--The KSE Market or Price Index extended its advance from Wednesday, finishing 0.25% higher at6,582.6 points. All sector indices went up with the exeception of the KSE bank segment which ended flat.
Global Investment House added another 6.55% after it rallied during the week, closing at KD0.065. Over the week, the KSE market gained 1.36%, also thanks to the IMF's positive outlook for the northern Gulf state, saying its economy would grow by 1.9% this year.
Source: AME Info
Qatar bourse ends flat at 6,951.89 points
July 22, 2010--The Qatari stock market ended flat after a lackluster trading day. Investors booked profits at banks in particular, with Doha Bank (the number three in Qatar) eased 1.13% to QR44.40. But Credit Suisse maintained its outperform rating on Doha Bank and target price of QR64 per share after the bank reported on Tuesday a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter.
EFG Hermes Chief Economist Dr. Monica Malik told Bloomberg that "Qatar continues to see the strongest credit environment of the GCC countries, driven by loan growth to the public sector. Total credit grew by 26.7% year on year in June, with public sector growing by just over 100.0%." Dr. Malik concluded that "The latest credit data supports our view of a strengthening domestic demand outlook in 2010."
Source: AME Info
Abu Dhabi market adds one percent over the week
July 22, 2010--The ADX gained 0.59% on Thursday (closing at 2,550.98 points) and 0.97% over the third week of July. Gulf Livestock Company topped the charts, ending 9.93% higher at Dhs4.98.
National Bank of Fujeirah (NBF, flat at Dhs5.00) reprted a net profit for the first half year of Djs83.0m compared to AED 60.7m in 2009. NBF's Cost to income ratio improved from 50.9% in 2009 to 36.7%. Al Dhafra Insurance weakened in value by 5.08% to Dhs4.30.
Source: AME Info
Investors unimpressed by Emaar results
July 22, 2010--The Dubai Financial Market (DFM) ended 0.16% lower at 1,528.97 points. Market bellwether Emaar reported a net profit of Dhs802bn ($218m) for the second quarter, a 6% increase over the first quarter of the year. But Emaar shares closed unchanged at Dhs3.37.
Nevertheless, investors can look at an encouraging week, with the DFM stabilizing above 1,500 points, a lesser volatile market and overall positive second quarter company results. Traded value decreased in Thursday by 12% to Dhs132.91m, while some 103.474m stocks changed hands, 20% more than on Wednesday. Interior designer Depa posted the largest loss, ending 4.29% lower at $0.67.
Source: AME Info
Standard & Poor's fund services assigns first rating to Saudi based fund
July 21, 2010--Standard & Poor's Fund Services announced today that it has assigned an A fund management rating to SAIB GCC Equity Fund, the first Gulf Cooperation Council (GCC) equities fund managed out of Saudi Arabia to receive an S&P fund management rating.
Launched in July 2004, the fund is managed by Sohail Hayyan, who took over the management of the fund in March 2008 and who works closely with Sethuraman Narayanan, assistant manager. The team is overseen by two experienced individuals, CEO Radi Al Haddad and CIO Fazal Seyyed, who have successfully set up a healthy working environment and improved stability within the team.
Source: Standard & Poors
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