Middle East ETF News Older than One Year
Saudi GDP fell in Q2 and economic recovery will be slow-report
September 8, 2020--Saudi Arabia's economic recovery has faltered in recent months and it is likely to remain gradual, with Capital Economics, a London-based ecnomic research firm, estimating that the kingdom's GDP fell by 13 percent y-o-y in Q2.
Jason Tuvey, Senior Emerging Markets Economist, said, "Overall, after recording a contraction of 1.0 percent y-o-y in Q1, we estimate that the Saudi GDP fell by 13 percent y-o-y in Q2 (data due in late September).
Source: zawya.com
All GCC stock markets gain in August despite Q2-2020 earnings setback
September 2, 2020--Saudi Arabia and Oman benchmark indices had lowest YTD-2020 declines, says Kamco Invest
Source: zawya.com
GCC stocks in financial and real estate sectors most impacted by COVID-19, consumer non-cyclicals and utilities most resilient: Markaz
September 1, 2020--S&P GCC composite lost 15% for the year until July-end
Kuwait Financial Centre "Markaz" recently released its report titled 'Pandemic Resistant GCC Stocks' Markaz report stated that, the year 2020 has been a difficult one for GCC Stock markets and companies.
Coronavirus outbreak had the investors reeling as markets globally plunged. GCC markets were no different as the benchmark index - S&P GCC Composite lost 15% for the year until July-end. As investors await earnings report to understand the full picture of business implications, Markaz analyzed the stock performance to separate the winners and losers in the GCC markets.
Source: zawya.com
Saudi Arabia pours $4.7bn into State Street ETFs
August 18, 2020--Saudi Arabia's sovereign wealth fund, the Public Investment Fund, poured nearly $4.7bn into three State Street Global Advisors exchange traded funds during the second quarter.
PIF has built positions of $1.6bn in the $2.3bn Real Estate Select Sector SPDR, $1.9bn in the $12bn Utilities Select Sector SPDR and $1.2bn in the $3.3bn Materials Select Sector SPDR, disclosures show.
The stakes were assembled between the end of March and the end of June, and mean the Saudi fund has joined other government investors such as the US Federal Reserve in deciding to pump assets into ETFs.
Source: technocodex.com
Chimera Capital lists ETF in Dubai, Abu Dhabi stock exchange
August 17, 2020--The Index is structured and built by S&P and monitored by a Shariah board
Abu-Dhabi-based asset management firm and subsidiary of Chimera Investments,, Chimera Capital, listed its Umbrella Exchange Traded Fund (ETF)-Chimera S&P UAE Shariah ETF-on Abu Dhabi Securities Exchange and Dubai Financial Market.
The fund replicates the S&P UAE Domestic Shariah Liquid 35/20 Capped Index, including the UAE largest stocks by market capitalization. The Class B units have been listed on the DFM under the trading symbol (CHAESHIN).
Source: zawya.com
Markaz announces net loss of KD 10.05 million in H1 2020
August 15, 2020--Kuwait Financial Centre "Markaz" reported its financial performance for the first half of 2020, with revenue of KD (1.71) million as compared to KD 12.47 million in H1 2019. Net Loss attributable to shareholders of Markaz was KD (10.05) million for H1 2020 reflecting an EPS of (21) Fils.
The decline in revenue and profits is attributable mainly to the unprecedented events witnessed during the first half of the year due to the spread of the COVID-19 pandemic across the world. The GCC equity market growth momentum that we saw last year dissipated in February 2020, with the rise in cases of COVID-19 adding further pressure on oil prices.
Source: menafn.com
Saudi stock exchange Tadawul to launch environmental index with MSCI,, says CEO
August 12, 2020--Saudi Arabia's stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse's chief executive said on Wednesday.
The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual event.
Source: english.alarabiya.net
Nasdaq, DGCX sign landmark technology agreement
August 10, 2020--The marketplace solutions, delivered via the Nasdaq Financial Framework, include multi-asset trading and real time clearing capabilities.
Source: zawya.com
Most GCC stock markets gain in July on rising oil prices, easing lockdown
August 3, 2020--The S&P GCC composite index surged 1.7% during the month
Most GCC stock markets made gains in July as lockdown restrictions were eased and oil prices climbed, a monthly report by Kuwait Financial Centre 'Markaz' revealed.
Source: Zawya.com
GCC corporates manage liquidity, but oil price, COVID-19 troubles remain: S&P
July 22, 2020--GCC corporates manage liquidity, but oil price, COVID-19 troubles remain: S&P
A number of corporates fully drew their available revolving credit facilities to hold on to cash, according to the ratings agency
Corporations and infrastructure players in the GCC successfully managed liquidity during the pandemic despite a weak operating environment.
However, a severe global credit downturn caused by the COVID-19 pandemic has affected the scope of recovery of many sectors in the economy, leading to negative employment trends and consumer spending, global ratings agency S&P said in a report.
As soon as the possibility of a lock down became a reality, a number of corporates fully drew their available revolving credit facilities to hold on to cash and manage uncertainty around the pandemic and business continuity.
Source: zawya.com
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