Middle East ETF News Older than One Year
DGCX launches Sensex 30 Futures, its first ever equity index product
Region's Indian diaspora expected to drive volumes
July 3, 2013--
With the announcement of the launch of BSE Sensex Futures on Wednesday, the first ever equity index product offered by the Dubai Gold and Commodities Exchange (DGCX), investors of the Middle East and North Africa (Mena) region can now access the Indian stock market.
The S&P BSE Sensex 30, considered the benchmark stock index of India, comprises 30 bluechip companies, based on its free float market capitalisation methodology. It covers 10 sectors and has over 48 per cent of the market coverage.
Source: Gulf News
Growth of Saudi foreign assets seen to slow
July 2, 2013--According to a study by Jadwa Investments, Saudi foreign assets are forecast to grow at a slower pace in the coming months after a rapid increase through 2012, mainly due to lower oil prices and infrastructure development spending, Saudi Gazette has reported. The kingdom's net foreign assets, controlled by the Saudi Arabian Monetary Agency (SAMA), are estimated at SR2.7trn at the end of May 2013, compared with nearly SR2.6trn at the end of April, the report said.
“We maintain our view that the positive momentum in SAMA’s foreign assets is likely to slow over the coming few months relative to their strong growth last year as oil prices shift to below $105 per barrel and the kingdom adjusts its production to an average of 9.6 mbpd this year,” Jadwa said.
Source: AME Info
Saudi Stock Exchange on steady recovery ahead of earnings season
July 2, 2013--The Tadawul All-Share Index gained 0.71%, closing at 7,620.83 points.
Sabic continued its yo-yo trading, ending up 0.27% at SR92.50. Since mid-April, the world's biggest manufacturer of petrochemicals has been trading in a range between SR90.75 and SR94. Saudi Arabian Cooperative Insurance Company finished unchanged at SR54.50. Earlier in the day, the insurance company said it obtained on July 1st from the Saudi Arabian Monetary Agency temporary approval to use of insurance products for 4 months for Motor Third Party Liability.
Source: AME Info
SABB advances as lender upgrades corporate governance
July 1, 2013--The Tadawul All-Share Index added 0.95%, finishing at 7,567.43 points.
The Saudi British Bank (SABB) gained 1.35%, finishing at SR37.60. Earlier in the day, SABB announced that in line with the regulatory directives and the provisions of the Corporate Governance Regulations issued by the Capital Market Authority (CMA), which required some provisions of the regulations to be implemented by all listed companies including Paragraph (d) of Article (10) thereof which stipulate that among the main functions of the Board of Directors is laying down specific and explicit polices, standards and procedures, for the membership of the Board of Directors and implementing them after they have been approved the General Assembly. SABB added "In view of that, the bank's management finalized during the first half of 2013, an inclusive draft of policies and procedural standards regarding membership of the bank's board which included all related regulatory requirements and the best local and international practices."
Source: AME Info
Qatar's Nakilat soars on refinancing, fleet expansion
July 1, 2013--The QE 20 Index closed on Monday 0.60% higher at 9,330.54, as shares performed mixed in Doha.
Qatar Gas Transport Company, known as Nakilat, advanced 0.55% to reach QR18.40. Earlier in the day, Nakilat said that Maran Nakilat Co. Ltd., a joint venture (JV) between Nakilat and Maran Ventures, signed a $662.4m Islamic refinancing agreement in order to expand the fleet of LNG carriers from four vessels to six, with the delivery of two new LNG carriers scheduled for early 2014. The Murabaha refinancing agreement agreement was signed with Qatar Islamic Bank and Barwa Bank.
Source: AME Info
Investors thrilled by Dana Gas's new Egypt discovery
July 1, 2013--The ADX General Index surged 1.66% to reach 3,610.22 points on the first trading sesion of the second half of 2013. Dana Gas jumped 3.70% to hit Dhs2.13.
On Monday, the Sharjah-based energy company said it had discovered new gas fields in Egypt's Nile Delta. 9.4m cubic feet per day were explored during initial tests, added Dana Gas.
Source: AME Info
Dubai blue chips soar at start of second half-year
July 1, 2013--The DFM General Index closed 2.47% higher at 2,277.56 points amid modest turnover on Monday.
Shares of the DFM, the sole Arab bourse being floated, were the most liquid securities, finishing 4.68% to reach Dhs1.79. Emaar added 3.28%, closing at Dhs5.35. Emirates NBD was the top loser, plummeting 6.57% to Dhs4.41. Som 281.5m shares were traded, value at Dhs379m. Earlier in the day, Neil Mellor, currency strategist at BNY Mellon said an important week lies ahead (...), "with the calendar book-ended by the June ISM and non-farm payrolls reports; but as H2 unfolds, we feel sure that Fed officials will have to employ all the verbal dexterity at their disposal if they are to rationalise economic information within the context of tentative plans for tapering and, hence, retain a firm hold on market stability."
Source: AME Info
Bahrain Bourse falls to one-month low
July 1, 2013--The Bahrain All-Share Index declined by 0.25% to 1,184.84 points on Monday.
Ahli United Bank dived 2.21% to $0.665. BMMI Shops gained the most, advancing by 6.12% to hit BD0.78. Earlier in the day, the research department of National Bank of Abu Dhabi said Bahrain's economy grew by an estimated +4.2% year-on-year in the first quarter of 2013 "driven by the restoration of output in the oil sector." NBAD added: "Growth in non-oil activity was slower at +3.3% year-on-year, in part, due to a high baseline effect and led by financial services, government services, restaurants/hotels, transport/communication, and manufacturing. 12 month rolling sum nominal GDP rose to $30.8bn (+3.6% year-on-year).
Source: AME Info
Bank shares stabilise Bahrain Bourse
June 27, 2013--The Bahrain All-Share Index halted a 3-day losing streak on Thursday by adding 0.05%, closing at 1,188.78 points.
National Bank of Bahrain or NBB and preferred shares of Ahli United Bank gained 1.67% and 1.25%, respectively. Al Baraka Banking Group, the oldest Islamic Bank (founded in 1978) in the kingdom, lost 1.41%.
Source: AME Info
Qatar's UDC gains as developer announces new exec committee
June 27, 2013--The Qatar Exchange 20 Index rose for the second day, closing 0.40% higher at 9,298.75 points on Thursday.
Shares of United Development Company, known as UDC, closed 0.40% higher at QR23.10. Earlier in the day, the developer of the iconic man-made island The Pearl Qatar on the coastline of Doha announced the formation of new executive committe by the board of directors. Its members are H.E. Sheikh Ahmed bin Nasser Faleh Al Thani (chairman), Mr. Turki Mohamed Khaled Al Khater (vice chairman), Mr. Abdulrahman Abdullah Abdulghani (member), and Dr. Thani Abdul Rahman Al Kuwari (member). "The main function of the committee is to assist the CEO in fulfilling his duties," said UDC in a statement to the QE. UDC added that the powers of the committee shall be defined via a charter approved by the board of directors.
Source: AME Info
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