Middle East ETF News Older than One Year
Saudi Regulator Approves Falcom Petrochemical ETF
June 21, 2010--Saudi Arabia approved its second exchange-traded fund this year as the kingdom seeks to expand investment opportunities in the Middle East’s largest bourse.
Falcom Financial Services will offer an exchange-traded fund for petrochemical companies on the bourse, the Riyadh-based Capital Market Authority said in a statement on the exchange’s website today. The market regulator approved in March its first ETF, offered by Falcom.
Source: Business Week
Jordan gets $76m loan for banking reforms
June 21, 2010--Ummaya Toukan, governor of the central bank of Jordan has said the Arab Monetary Fund has approved a $76m loan for the kingdom to undertake key financial reforms inclduing bank stress tests and setting up a credit bureau, Reuters has reported.
The disbursement of the funds is tied to implementing the three-phased plan, he said. Since the global downturn, monetary authorities in the kingdom have strengthened supervision of the country's banking sector to reduce financial vulnerabilities by boosting capital adequacy ratios, liquidity and installing early warning systems
Source: AME Info
Kuwait bourse ends flat
June 2l, 2010--The Kuwait Stock Exchange (KSE) faced a loss during the first hours of trading but a last minute buying spree saved the KSE Market Index (up 0.05% at 6,643.7 points) from ending in the red. Islamic bank Ithmaar topped the charts by closing 8.33% higher at KD0.0325 in a V-shape reversal.
Contrary to the UAE stock markets, real estate shares performed weaker at the KSE as the real estate sector index dipped half a percent. United Real Estate Company (down 2.6% at KD0.075) and Kuwait Real Estate Company (3.22% lower at KD0.060) and National Real Estate Company (off 2.9% at KD0.138) ended with losses
Source: AME Info
Bahrain market adds a quarter percent
June 21, 2010--As at the Kuwait market, Ithmaar Bank posted the largest advance and ended 9.1% up at $0.12. Bahrain Telecom (Batelco) followed with a day gain of 2.73%, finishing at BD0.565.
As at the Kuwait market, Ithmaar Bank posted the largest advance and ended 9.1% up at $0.12. Bahrain Telecom (Batelco) followed with a day gain of 2.73%, finishing at BD0.565.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-June 20, 2010
June 20, 2010--Most commodities prices rose last week amid improved investor sentiment over financial markets and economic conditions. Rising equity values around the world boosted investor confidence last week, supporting the view that the global economic recovery is likely to continue.
Investors also moved into commodities, although the buying was tempered. While most commodities prices were up last week, they were still off from the levels seen in March and April, when investors were just beginning to increase their attention on euro zone sovereign debt problems. Gold and silver prices, however, are up from the levels seen during those two months.
Equity markets have recovered and investor confidence has improved, but most investors continue to increase their holdings of safe haven assets. This cautiously optimist trend may continue in the near term and should benefit both gold and silver. Crude oil meanwhile is likely to remain exposed to swings in market sentiment although fundamentals are exerting increased influence on prices. Recent price gains for gold, silver, and oil will be vulnerable to profit-taking, although strong declines may not occur and prices are likely to hold at higher levels than seen two weeks ago.
Currencies Overview
The euro continued to recover last week after having fallen to lows not seen since 2006 in the previous week. While anxiety over euro zone sovereign debt and fiscal problems remain, sentiment over the region’s finances has improved. Government efforts to allay investor concerns are taking hold after several weeks of heightened levels of anxiety. Concern had been mounting over the region’s financial troubles adversely affecting economic activity elsewhere around the world. Rising skepticism over the emerging global economic recovery resulted in increased financial market volatility, declining equity values, and a move toward safe haven assets by investors worldwide.
Source: Dubai Gold And Commodities Exchange (DGCX)
Deloitte Middle East Second CFO Survey -A front row view of performance expectations
June 17, 2010--In this second survey, conducted in March 2010, results indicate that CFOs have favorable views toward government actions in supporting the economy, the banking environment beginning to stabilize, and the outlook for general business activity improving. When looking at their own balance sheets, however, CFOs do not seem to have achieved any significant deleveraging over the past six months so financial risks remain which should be monitored and tracked closely.
Key points from the survey
The majority of CFOs do not see the need for further government intervention or stimulus measures at this time, however they believe that governments in the region have the capacity to do more in the future should the need persist.
CFOs see the markets for external finance as having improved over the past six months particularly for bank borrowings and equity raising. However, most believe it is still not a good time to be accessing the markets for external finance.
An increasing number of CFOs expect their company’s operating cash flows to increase over the coming 12 months.
CFOs continue to view company balance sheets as being overleveraged though with little change for planned levels expected in their own company balance sheets over the coming 12 months.
There is an increase in optimism reported by CFOs relating to the financial prospects for their company over the coming 12 months with a consistent view from the last survey that growth in demand for the company’s products and services will accelerate in the second half of 2010.
view the Deloitte Middle East Second CFO Survey
Source: Deloitte Touche
Kuwait exchange gains 0.62%
June 17, 2010--Strong real estate share boosted the Kuwait Stock Exchange (KSE). The KSE Market Index finished 0.82% higher at 6,583.10 points, also due to rising oil prices.
Kuwait's state budget relies 90% on oil. Dar Al Thuraya Real Estate Company posted the largest advance, ending 8.2% higher at KD0.066. The banking sector turned weaker, with Commercial Bank of Kuwait (CBK) closing 5.43% lower at KD0.870.
Source: AME Info
Banks lift Bahrain bourse slightly
June 17, 2010--The Bahrain All Share Index finished a disastrous trading week at 1,393.30 points (up 0.18%). National Bank of Bahrain (NBB), the sixth largest bank in the Kingdom, topped the stock charts, closing 2.56% higher at BD0.60.
The country's number two Ahli United Bank gained 1.59% and finished at $0.60.
Source: AME Info
Saudi might enrich uranium for nuclear plants
June 17, 2010--A consultancy firm has said that Saudi Arabia could mine and enrich uranium to fuel power plants if it embarks on a civilian nuclear energy program, Reuters has reported. Finnish management consultancy Poyry, which is preparing a draft nuclear strategy for Saudi Arabia, said the kingdom wants to play a role in as many of the stages of generating nuclear power as possible.
"They want to be involved in as many aspects as possible and our study is to evaluate what part of it is possible at a reasonable economic cost," David Cox, president for energy at the UK branch of the firm said. "Enrichment could happen there and the same with mining uranium," Cox told the news service.
Source: AME Info
Iran reveals huge oil discovery
June 17, 2010--Iranian and Chinese oil firms have discovered 30 billion barrels of oil in place at a south-western oilfield that borders Iraq, Reuters has reported, citing the Jomhuri-ye Eslami newspaper.
Average recovery factors are between 20% and 50% of oil in place, enabling the Arvand-Kenar field to boost Iran's proven reserves by as much as 15 billion barrels, according to calculations by Reuters.
Source: AME Info
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