Middle East ETF News Older than One Year
IMF Outlook for Sub-Saharan Africa: "Maintaining Growth in an Uncertain World"
October 12, 2012--The International Monetary Fund (IMF) today released the October 2012 Regional Economic Outlook: Sub-Saharan Africa. Ms. Antoinette Monsio Sayeh, Director of the IMF's African Department, commented on the report's main findings:
"Economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy.
Most low-income countries continued to grow soundly in 2012, although drought in many Sahel countries and political instability in Mali and Guinea-Bissau undermined economic activity. Middle-income countries, especially South Africa, slowed further, reflecting closer links to European markets. Inflation fell, as pressures on food and fuel prices eased following a surge during 2011.
“The near-term outlook for the region remains broadly positive, with growth projected above 5 percent a year in 2012–13.
view more view the IMF Outlook for Sub-Saharan Africa: "Maintaining Growth in an Uncertain World" October 2012
Source: IMF
IMF Staff Report-Arab Countries in Transition: Economic Outlook and Key Challenges
While transition governments have maintained macroeconomic stability thus far, serious short-term risks continue, and the authorities have made limited progress in building consensus for needed economic reforms. With the exception of Libya, the ACTs’ growth in 2012 has remained weak in light of continued policy uncertainty, regional tensions, the deteriorating global economy, and high food and fuel commodity prices. A moderate recovery is expected in 2013. The shrinking of fiscal and reserve buffers over the past year has left very little policy space and heightened vulnerabilities. Prompt policy action and timely and adequate international support are essential to maintain macroeconomic stability and address long-running structural deficiencies, to lay the foundation for inclusive growth and job creation for a young and growing population. view IMF Staff report-Arab Countries in Transition: Economic Outlook and Key Challenges
Source: IMF
National Bank of Kuwait closes even, reports boost in net profits
The northern Gulf state's largest lender by assets National Bank of Kuwait or NBK finished flat at KD0.990. Earlier in the day, NBK said the net profit for the period from January to September was KD228.9m ($814.4m), up 15% year-on-year. As of end of September 2012, NBK Group's total assets reached KD16.34bn ($58.1bn), representing an increase by a fourth year-on-year. Ibrahim Dabdoub, NBK's Group Chief Executive Officer said "NBK managed to deliver another strong quarter notwithstanding the ongoing challenges. The operating environment continues to pose some barriers to our potential for growth. Government spending continues to be insufficient and the tendering of new projects has significantly lagged leading to a stagnant stock market performance and dormancy in economic activity. Moreover, the developing geopolitical tensions are also putting further pressures on the business sentiment both locally and in the region."
Source: AME Info
National Bank of Bahrain (NBB) reports slightly higher nine-month profit
Shares of National Bank of Bahrain or NBB closed flat at BD0.52. Earlier in the day, NBB, the leading retail and commercial bank in the kingdom, said it recorded for the nine months period a net profit of BD37.03m ($98.48m), compared to BD35.95m ($95.61m) for the corresponding period of the previous year, an increase of 3.0%. The Earnings per share for the nine months of 2012 was 43.3 fils compared to 42.0 fils for the corresponding period of 2011.
Source: AME Info
Qatar Exchange in mysterious standstill mode
The country's largest lender Qatar National Bank or QNB advanced 0.30% to hit QR135. Industries Qatar, the share with the highest market capitalisation, added 0.14% to reach QR142.50. The firm said it will disclose quarterly earnings on Sunday, October 14.
Source: AME Info
Abu Dhabi bourse remains in lackluster mode
Like the Dubai market, the ADX added slightly over the week. First Gulf Bank, Sorouh Real Estate and Dana GAs closed unchanged, while the sheikhdom's first real estate developer Aldar Properties gained 0.76% to reach Dhs1.34. Some 37m shares were traded, valued at Dhs73m.
Source: AME Info
Arabtec regains ground, helps to lift Dubai market index
Emaar as the most liquid share added 0.30% to close at Dhs3.68. After hitting a five-month low end of last month, Arabtec Construction stabilised. The share gained today 2.35% to hit Dhs2.61. Sharjah-based Air Arabia budget carrier slipped 0.30%. Over the week, the Dubai bourse's index added some seven points. Around 130m shares were traded, valued at Dhs136m.
Source: AME Info
Composition of TASE Corporate Bond Indices as of October 15th, 2012
Source: TASE
Aluminum Bahrain gains on settling multi-million dollar fraud suit with Alcoa
Shares of Aluminum Bahrain or Alba added 1.24% to hit BD0.49. Earlier in the day Alba said settled a $447m fraud suit filed against U. S. based aluminum giant, Alcoa, in the United States District Court for the Western District of Pennsylvania. "This momentous achievement is the first case brought by a foreign business in a U.S. court, to recover losses resulting from alleged corrupt activity by corporations and individuals in the United States and elsewhere," Alba said in an e-mailed statement. The investigations were carried out by the US Department of Justice under the Foreign Corrupt Practices Act, which continued throughout the last four years since the case was filed on February 28th, 2008. They reported that Alba paid out $420m in inflated prices for operations between 1997 and 2009. "This is a remarkable achievement for any corporation to win against an industrial heavyweight for a multi-million dollar settlement," Alba added.
Source: AME Info
DGCX Records Highest Monthly Volumes in History
The Exchange’s total monthly volume was valued at $ 38.08 billion, the
highest ever monthly trading value its has ever recorded.
DGCX ended the third quarter of the year with year-to-date volumes of 6,724,161 contracts, a
significant rise of 143% from last year.
Source: Dubai Gold and Commodities Exchange (DGCX)
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October 12, 2012--REGIONAL ECONOMIC OUTLOOK AND KEY CHALLENGES
Political uncertainty in the Arab Countries in Transition (ACT) has continued in recent months, especially as the escalation of the conflict in Syria is creating negative regional spillovers.1
October 11, 2012--The Kuwait Stock Exchange (KSE) Market index fell by 0.44% Thursday, finishing a sluggish weak at 5,968.89 points.
October 11, 2012--The Bahrain All-Share Index gained 0.18% to hit 1,065.86 points Thursday.
October 11, 2012--The QE 20 Index in Doha closed flat for the second day straight and also during the week, the gauge remained pinned down at 6,478 points.
October 11, 2012--The ADX General Index ended up 0.10% Thursday, closing at 2,654.33 points.
October 11, 2012--Investors in Dubai saw a roller-coaster week finshing with a small happy-end Thursday, as the market measure DFMGI closed 0.65% higher at 1,636.12 points.
October 10, 2012--As of October 15th, 2012 the composition of the corporate bond indices will be updated
October 10, 2012--The Bahrain All-Share Index ended up 0.20% at 1,063.92 points.
September monthly volumes total 971,675 contracts, valued at $38.08 billion
Euro futures reach highest 2012 monthly volume record
October 9, 2012--Dubai Gold and Commodities Exchange (DGCX) registered its highest ever monthly volumes in September, reaching 971,675 contracts, a 100% increase from the
same month last year.
