Middle East ETF News Older than One Year
UAE consumer prices edge up
April 25, 2010--Official data has showed that consumer prices in the UAE rose 0.68% year-on-year in March, Reuters has reported. The consumer price index in the country edged up to 114.13 points in March, compared to 113.36 points in March 2009.
Prices rose 0.09% month-on-month, the data showed, also the first increase after three consecutive months of declines.
Source: AME Info
ADX dips 0.19%
April 22, 2010--The Abu Dhabi Securities Index dipped 0.19% today to close on 7,815, led by the Consumer sector, which fell 1.63%.
Union Cement had the day's biggest gain, rising 6.38% to Dhs1.50. Abu Dhabi Ship Building had the day's biggest loss, tumbling 7.50% to Dhs3.33.
Source: AME Info
DFM climbs 1.41%
April 22, 2010--The Dubai Financial Market rose 1.41% today to close on 1,754, with 17 stocks rising and nine falling.
Gulf Navigation was the day's big gainer, rising 5.56% to Dhs0.570. Drake & Scull had the day's biggest loss, falling 5.80% to Dhs0.925.
Source: AME Info
Qatar to rebrand bourse index
April 22, 2010--Qatar Exchange has said that the DSM20 Index will be renamed the QE Index following the rebranding of the exchange in June, Reuters has reported.
The QE Index will be calculated based on free-float market value and the average daily traded value. The Qatar Exchange replaced its trading systems with NYSE Euronext technology after the Gulf state sold a 20% stake in the Exchange to NYSE Euronext for $200m in June.
Source: AME Info
Bahrain inflation edges higher
April 22, 2010--Data released by Bahrain's state statistics office has showed that the kingdom's inflation edged up to 1.8% year-on-year in March, from 1.7% in the previous month, Reuters has reported.
The slight increase in March was driven by higher food prices, which edged up 0.38% from February, and higher clothing prices, which increased 1.15%. On the month, the consumer price index of the kingdom rose by 0.1% in March, after a 0.2% increase in February.
Source: AME Info
Oil Market Highlights-April 2010
April 21, 2010--The OPEC Reference Basket rose $4.22 in March to average $77.21/b, the highest since the
onset of the financial crisis in September 2008. Volatility was lower with the Basket fluctuating
between $75.51/b and $78.70/b.
The rise in the OPEC Basket was driven by the bullish sentiment of the market, supported by improving expectations about global economic growth and US dollar weakness against the euro as concerns over Greece’s fiscal problems temporarily eased. Futures hit an 18-month high on 6 April with Nymex WTI front-month settling at $86.89/b, in the week when speculators pushed net long positions on the Nymex to a new record high. Prices have eased in recent days and the OPEC Reference Basket stood at $81.52/b on 13 April.
The world economy continues to improve and is now expected to grow by 3.5% in 2010. The OECD is forecast to grow by 1.9% in 2010 compared to the previous forecast of 1.7%. The US is expected to contribute the most within the OECD with growth of 2.6%. Japan is forecast to grow by 1.5% and the Euro-zone by 0.7%. China and India are forecast to contribute significantly to global growth expanding at 9.5% and 7.1% respectively.
Challenges to this benign outlook include concerns about the level of public debt in many OECD countries, continued high unemployment levels and the risk of a correction in China if government efforts to avoid overheating misfire.
Source: OPEC
Nomura launches Saudi Arabia operation
April 21, 2010--Nomura, the global investment bank, today announces the formal launch of its Saudi Arabia operation in Riyadh. The opening was marked by an exclusive reception held last night at the Japanese Embassy and hosted by Kenichi Watanabe, President and Chief Executive Officer, Nomura Holdings, Inc. and His Excellency Mr. Shigeru Endo, Japanese Ambassador to the Kingdom of Saudi Arabia. Many VIPs attended the event including His Excellency Dr. Abdulrahman A. Al-Tuwaijri, Chairman of the Capital Markets Authority.
Nomura's operation in the Kingdom of Saudi Arabia received its commencement letter from Saudi Arabia's Capital Market Authority in July 2009. Nomura offers corporate finance, capital markets and wealth management services for clients in Saudi Arabia and acts as an agent for overseas securities.
Source: AME Info
Egypt to let firms issue bonds in tranches
April 21, 2010--Egypt's ministry of investment has announced a new rule allowing corporations and other bodies to issue bonds in batches once they receive approval from the regulator, Reuters has reported.
Under the new rule, a company can sell bonds in tranches for up to a year after the Egyptian Financial Supervisory Authority approves their issuance, giving companies greater flexibility when it seeks to raise funds, the ministry said.
Source: AME Info
UAE Investor Confidence Index records massive gain -
April 20, 2010--SHUAA Capital today issued its GCC Investor Sentiment Report, the only
report of its kind for the Gulf markets. The SHUAA GCC Investor Confidence Index and its
country sub-indices have a range between 0 and 200. A number greater than 100 represents
positive sentiment while a number lower than 100 represents negative sentiment.
The GCC Investor Sentiment Index gained a massive 15.2 points, its second biggest ever gain on record. The results of the Index were almost entirely driven by a dramatic, positive change in investor sentiment towards the UAE.
Following the Dubai World restructuring proposal that was announced on 25 March 2010, the UAE Investor Confidence Index recoded a significant jump of 36 points to a massive 120.4 points. The rest of the region also benefited from an improvement in investor confidence with all GCC Indices now above the 100 point threshold.
Mr. Sameer Al Ansari, Chief Executive Officer of SHUAA Capital commented on the results:
“The increase in investor confidence towards the UAE clearly indicates that the cloud of uncertainty hanging over the investment community has now been removed. The outcome of Dubai World’s restructuring proposal has had a very positive impact on the investment community, both regionally and internationally. At SHUAA, we are confident that we can benefit from improved investor sentiment as our fee generating business lines - investment banking, brokerage, asset management, and private equity - are very well positioned for a sustained market recovery. ”
Mr. Oliver Schutzmann, Author of the Investor Sentiment Report and Chief Communications Officer of SHUAA Capital, said:
“The UAE has clearly been a driver of sentiment across the region for a number of months now and March has been no exception. The positive news coming out of the UAE has had a knock on effect across GCC markets and now all indices are up on February with Saudi Arabia remaining the highest index in the region at 136.3 points. Qatar, not far behind the Kingdom, gained 6.5 points as it rose to 131.5 points. Also, for the first time since October 2009, the Kuwait Index is in positive territory at 104.5 points, its highest ever on record. Similarly, Bahrain sentiment has crossed the 100 point mark for the first time since November 2009.”
Source: SHUAA Capital
Dubai's economy shrunk 2.5% in 2009, says report
April 20, 2010--Dubai's economy contracted 2.5% last year after growing 5.7% in 2008, according to preliminary government estimates obtained by Bloomberg.
The Dubai Statistics Centre has declined to comment on the data as economic growth rates for 2009 have not been made public yet.
Source: AME Info
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