Middle East ETF News Older than One Year
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
UAE stocks rise slightly
November 13, 2013--UAE shares marginally rose on Wednesday after a few sessions of sell off when investors booked profits ahead of an expected volatility in the run up to the final decision of Expo 2020 later this month.
The DFM stock benchmark index closed 0.47 per cent higher to end at 2813.93. The volume traded was lower than on Tuesday, declining from 442.01 million shares to 359.23 million. The turnover stood at Dh504.25.
Source: Zawya
Kuwait closes 26.98 pts 'lower' in volatile trade
Zain slips 10 fils; Kout Food soars
November 13, 2013--=Kuwait stocks sagged Wednesday reversing the upswing in the previous session.
The index retreated 26.98 pts in volatile trade weighed by profit taking in select counters. The trading floor sentiment was cautious as companies scurry to release the earnings before the Thursday deadline set by the CMA. The KSX 15 benchmark eased 2.95 pts to 1,092.15 points and the weighted index edged 0.97 pts lower.P>view more
Source: Zawya
IMF-Regional Economic Outlook: Middle East and Central Asia
November 12, 2013--The near-term economic outlook for the Middle East and North Africa region has weakened. In the oil-importing countries, many of which are Arab countries in transition, regional conflict, heightened political tensions, and delays in reforms continue to weigh on growth.
In this context, the immediate policy priorities are to restore confidence and create jobs, make inroads into fiscal consolidation to restore debt sustainability and rebuild buffers, and embark on structural reforms needed to support private sector-led, job-intensive growth.
Most oil-exporting countries continue to enjoy steady growth in the non-oil sector, supported in part by high levels of public spending. Although headline growth has declined because of domestic oil supply disruptions and lower global demand, a recovery in oil production is expected to lift growth next year. Increased vulnerability to a sustained decline in oil prices and intergenerational equity considerations underscore the need for countries to strengthen their fiscal buffers. Key medium-term challenges remain economic diversification and faster private-sector job-creation for nationals.
Economic activity in the Caucasus and Central Asia is expected to continue to expand rapidly. Growth will be driven by a recovery in the hydrocarbon sector and firm growth in domestic demand, supported in part by robust remittance inflows. Considerable downside risks weigh on this outlook, however, stemming in particular from slower-than-expected growth in Russia, an important trading partner and source of remittance inflows. Countries should take advantage of the favorable near-term economic conditions to rebuild fiscal policy buffers that were eroded after the global crisis and set in motion a process of structural transformation into dynamic emerging economies.
view the IMF Regional Economic Outlook: Middle East and Central Asia
Source: IMF
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