Middle East ETF News Older than One Year
Kuwait bourse 'retreats' 44.16 pts; volume tapers
November 18, 2013--Kuwait stocks retreated sharply Monday after eking modest gains in the day before. The index slid 44.16 pts to 7868.93 pts as investors locked in profits in select counters led by banks.
Selling was also seen in some of the mid and low caps even as the trading floor sentiment turned negative.
The KSX-15 benchmark shed 8.98 pts to close at 1,077.62 points taking the month's losses to 24 points while the weighted index fell 2.64 pts. The volume turnover meanwhile receded after rebounding strongly in the previous session. 317.98 million shares changed hands--a 15.77 pct drop from Sunday. It had hit a multi-month low earlier last week ahead of the CMA deadline for companies to declare their financial results.
Source: Zawya
TADAWUL: Energy, cement stocks stay in the limelight
October 18, 2013--The Saudi stock market ended Sunday's trading session solidly in the green. The Tadawul All-Share Index (TASI) closed up 66.62 points or 0.8 percent to 8,383.77, after being up as much as 94 points.
On year-to-date basis, the TASI crossed a positive return of 23 percent. Med cap indices showed the best performance, advancing more than one percent.
Source: Zawya
UAE markets reverse Sunday declines
November 18, 2013--Led by the biggest stock, Emaar Properties, in Dubai and banks in Abu Dhabi, UAE markets reversed their Sunday declines to post more than one per cent gains on Monday.
Both markets have witnessed high volatility in the past few weeks in the run-up to the Expo 2020 announcement. Last week, Dubai's index was down 2.53 per cent as investors booked profits amid what has been a strong run for the bourse this year.
Source: Zawya
Egypt boost as agency raises rating
November 16, 2013--Standard & Poor's has raised its sovereign credit ratings for Egypt to 'B-/B' from 'CCC+/C', saying it expected the support from other countries which has propped up government finances to continue.
The military-backed government welcomed the move as a first step towards restoring confidence in an economy hammered by political turmoil that has weighed on investment and tourism for nearly three years.
The upgrade in its long and short-term foreign and local currency sovereign credit ratings reflects S&P's view that authorities have secured sufficient foreign currency funding to manage Egypt's short-term fiscal and external financing needs.
Source: gulf-daily-news.com
KSE ends week in red zone on speculative trading
November 16, 2013--Trading volume dips 15,66 pct to average 243,73 mln shares
Kuwait Stock Exchange (KSE) ended last week in the red zone. The price index closed at 7,903.74 points, down by 0.45% from the week before closing, the weighted index decreased by 1.51% after closing at 459.69 points, whereas the KSX-15 index closed at 1,082.72 points down by 1.79%.
Furthermore, last week's average daily turnover decreased by 29.51%, compared to the preceding week, reaching K.D 23.80 million, whereas trading volume average was 243.73 million shares, recording decrease of 25.66%.
Source: Zawya
MSM closes flat in range-bound trading
November 14, 2013--Global stocks fell, with emerging market equities extending the longest slump in seven years and China's leaders failed to outline reform measures.
Regional markets traded mixed while the Muscat Securities Market general index remained range bound for yet another day and closed with gains of 1.08 points at 6,764.98.
Source: Zawya
TADAWUL: Information technology stocks suffer losses
November 14, 2013--Despite an upward jump (+21.7 points) after the opening bell, the Tadawul All-Share Index (TASI) finished with a surprise decline of 0.38 percent Wednesday.
The index performed within a range of 66.7 points, closing the day at 8,297.79. On year-to-date basis, the TASI's yield reached exactly 22 percent. Med Cap indices fell more than half percent yesterday. All sectors indices closed in the red, except the Industrial Investment sector which gained a small percentage of 0.05 and closed at 6,562.61 points. Remaining 14 sectors lost an aggregate of 360 points for the day.
Source: Zawya
UAE stocks end the week down
November 14, 2013--UAE stocks rose for the second straight day on Thursday but for the week, both the indices ended in the red.
Dubai's benchmark stock index closed 2.53 lower for the week. Last week too the emirate's gauge was down 0.81 per cent.
On Thursday, the DFM General Index rose 0.39 per cent to 2824.88.
Source: Zawya
IMF-Gulf Cooperation Council (GCC)-Economic Prospects and Policy Challenges for the GCC Countries
November 13, 2013--EXECUTIVE SUMMARY
The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve's
quantitative easing policy.
Geopolitical uncertainties in the Middle East are also high. Global oil markets are being affected by competing factors. The increase in nonconventional oil production in the United States and weak global oil demand are putting downward pressure on prices, while supply disruptions in some countries and uncertainties arising from the unrest in the Middle East are applying upward pressure. Prices are close to where they started the year, while futures markets are pricing in a gradual decline going forward. GCC producers, particularly Saudi Arabia, are playing a key role in helping ensure the global oil market remains well supplied in the face of supply disruptions elsewhere. The growth outlook for the GCC is positive, but will be affected by global and regional developments. While growth has slowed from the exceptionally strong rates in 2010-11, it remains robust, and with confidence high and large infrastructure projects coming on stream, it should remain well-supported going forward. The path of oil prices remains the main uncertainty for the region, although countries would also be affected by increased volatility in global financial markets or broader unrest in the Middle East region.
Source: IMF
The newest emerging market in the Middle East
November 13, 2013--Qatar Exchange welcomed the decision of the Standard & Poors (S&P) Dow Jones to upgrade Qatar from a "frontier" to "emerging market", describing it as a positive step that will attract further foreign investments to the Qatari stock market.
Qatar Exchange CEO Rashid bin Ali al-Mansoori expressed his satisfaction at upgrading Qatar to an emerging market, which he said "clearly and evidently reflects the recognition of the positive steps made by Qatar Exchange over the past years, in terms of the development of the market infrastructure and the implementation of a number of important projects and initiatives."
Source: albawaba.com
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