Middle East ETF News Older than One Year
DGCX Records Highest Ever Monthly Volumes in March
March volumes rise 141% year‐on‐year to reach 550,735 contracts, valued at $22.8 billion
Indian Rupee futures achieve highest ever monthly volume of 495,153 contracts
Year-to-date volumes jump 126% from 2011 to reach 1,545,899 contracts
April 4, 2012--March volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a substantial growth of 141% from the previous year to reach 550,735 contracts, the highest ever monthly volumes achieved by the Exchange.
March volumes represent a value of $22.8 billion. Year-to-date volumes saw a huge jump of 126% from 2011 to reach 1,545,899 contracts at the end of March while average daily volume increased 152% from last year to reach 25,033 contracts.
Source: Dubai Gold and Commodities Exchange (DGCX)
Bahrain Bourse dives as banking sector struggles
April 04, 2012--The Bahrain All Share Index fell 0.76% to 1,141.47 points Wednesday. Shares of Ahli United Bank plummeted 3.63%.
According to a study conducted by the Boston Consulting Group, retail banking revenues in the Kingdom of Bahrain fell 7% in 2011. Esterad Investment Company bucked the trend, gaining 2.31%. With today's trading action the Bahrain Bourse fell back to the red on a year-to-date basis.
Source: AME Info
FALCOM Announce rebalancing of FALCOM Saudi Equity ETF
April 4, 2011-Reference to The Saudi Stock Exchange (Tadawul) announcing the free float shares of the listed companies as of 28/04/1432 AH corresponding to 02/04/2011 AC.
And their update of F30 index to reflect new market capitalization. Accordingly, FALCOM Financial Services has conducted on 03/04/2011 rebalancing process on the components of the FALCOM Saudi Equity ETF basket. For further information and to obtain the updated components of the new Basket please visit the Fund website: http://etf.falcomwatch.com
Source: FALCOM
Tadawul market ends week-long advance
April 04, 2012--On the last trading day of the week in Riyadh ,the Saudi Tadawul market dipped 0.44% Wednesday, closing at 7,930.58 points.
After doubling in value year-to-date, Saudi Re for Cooperative Reinsurance dived 2.72% to SR17.85. Competition is fierce in the GCC reinsurance sector as population growth fuels premium growth. Earlier in the week, Swiss Re, the world's second largest reinsurance companies, announced it has receivd a licence from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC). "The Swiss Re Dubai branch will initially focus on offering specialty risk solutions to corporate clients in the Energy, Power, Engineering, Construction and General Aviation (airports, airport-related services and business jets) industries in the Middle East," a Swiss Re spokesperson said.
Source: AME Info
Qatar National Bank's first quarter profit soars, shares dip slightly
April 04, 2012--The Qatar Exchange (QE) 20 Index slipped 0.04% to 8,849.58 points, as banks and real estate firms weighed on the gauge.
The Gulf state's first lender in relation to assets Qatar National Bank or QNB declined 0.66% to QR135.90. Earlier in the day, QNB reported the net profit for the first quarter amounted to QR2.0bn, up 17.4% year-on-year. Earnings per share increased to QR2.9 compared to QR2.8 in March 2011. QNB Group operates in 24 countries around the world through its network, subsidiaries and associate companies employs about 7,000 staff operating from 335 branches and offices that are supported by an ATM network that exceeds 650 machines. QNB was named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012.
Source: AME Info
Bahrain Bourse dives as banking sector struggles
April 04, 2012--The Bahrain All Share Index fell 0.76% to 1,141.47 points Wednesday. Shares of Ahli United Bank plummeted 3.63%.
According to a study conducted by the Boston Consulting Group, retail banking revenues in the Kingdom of Bahrain fell 7% in 2011. Esterad Investment Company bucked the trend, gaining 2.31%. With today's trading action the Bahrain Bourse fell back to the red on a year-to-date basis.
Source: AME Info
Abu Dhabi market end flat in dull trading
April 04, 2012--National Bank of Abu Dhbai (NBAD) and Dana Gas closed Wednesday trading even, like the ADX General Index (at 2,563.77).
Market bellwether share Etisalat, the UAE's first telecom operator, dipped slightly. Earlier in the day, Etisalat announced it has appointed Mohamed Al Hosani as Corporation Secretary, effective from April 1.
Source: AME Info
Dubai market index knocks out 1,700-resistance as Bollinger Bands narrow
April 4, 2012--With Arabtec Construction (up 3.48% at Dhs3.57) and Emaar (gaining 2.83% at Dhs3.27) rising further, the Dubai Financial Market General Index (DFMGI) closed a roller coaster trading session 0.57% higher at 1,703.30 points Wednesday,
ending a four-week long sideways period. Despite dull Asian and European markets, investors were still euphoric about Abu Dhabi's sovereign wealth fund decision from Tuesday to double its stake in Arabtec to 10.45%. Construction maintenance firm Drake and Scull International or DSI tumbled 1.90% to close at Dhs1.03. Earlier in the day, Gulf News reported DSI's Chief Financial Officer Osama Hamdan said the firm regarded the market's share valuation as 'unfair'. The DSI CFO appealed to investors to distinguish between the Euro zone debt crisis and DSI's proactive policy to expand to foreign and stable markets like India or Algeria. Market breadth ended in the red as eight shares advanced, while 16 declined. Bollinger Bands narrow around the rising DFMGI chart, usually a bullish signal. Around 275m shares were traded, valued at Dhs587m.
Source: AME Info
Sabic advances as joint venture with China's Sinopec materializes
April 03, 2012--The Saudi Arabian Tadawul market index added 0.28% Tuesday, closing at 7,930.58 points.
Dairy food producer Almarai gained the most (up 10%), while Saudi Electricity was the top losing share (off 5.38%). Global petrochemicals and metals producer Sabic advanced 0.23%. Earlier in the day, Sabic announced the foundation of a polycarbonate project in the Eastern coastal city of Tianjin near the capital Beijing, with an annual production of 260 kilo metric tons in collaboration with China Petroleum & Chemical Corporation, known as Sinopec. "The 50/50 joint venture aims to form a $1.7bn polycarbonate project in Tianjin, which is expected to be operational by 2015," Sabic said in a statement to the Tadawul bourse.
Doha bourse tumbles as Citigroup warns of 'hard landing' of Qatar's non-oil economy
April 03, 2012--The Qatar Exchange fell 0.16% to 8,852.87 points Tuesday. United Development Company (UDC), builder of the man-made island The Pearl Qatar, added half a percent, while its rival Mazaya dived three percent.
Contrary to GCC markets in the UAE, Saudi Arabia or Kuwait, the QE did not add significant value year-to-date. Earlier in the week, Citigroup Middle East's Chief Economist Farouk Soussa said in the ME Macro Monthly: "We think imbalances are growing in the (Qatari) economy and that there are significant risks of misallocation of resources and a hard landing in the non-oil sector once the build phase of the projects is completed, particularly in the infrastructure sector." Soussa concluded: "We believe there is a substantial risk that demand for such infrastructure will significantly lag supply, and utilisation rates will accordingly remain low." He expects Qatar's real GDP to grow by six percent in 2012, down from 18% in 2011.
Source: AME Info
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