Middle East ETF News Older than One Year
Egypt GDP slowly mending with 0.4% Q4 growth
March 07, 2012--The deputy chairman of the Egyptian parliament's economic committee has said the country's economy grew by an annualised 0.4% in the fourth quarter of 2011, indicating the economy is on the mend after the turmoil of last year's popular uprising, Reuters has reported.
"The slowdown in the growth rate has been contained, and that is a good indicator for growth," said member of parliament Abbas Abdel Aziz. "The growth rate was 0.2% in the first quarter of last year. But in the second quarter it rose to 0.4%. This is an improvement."
Source: AME Info
Bahrain Bourse advances for the third consecutive trading day
March 07, 2012--The Bahrain All Share Index in Manama added 0.10% to reach 1,157.38 points Wednesday. National Bank of Bahrain or NBB gained the most (up 2.63%). Bahrain Telecom, known as Batelco, added half a percent.
Shares of Bahrain Middle East Bank fell 8.70%. Earlier in the day, Dr. Mark Mobius, Executive Chairman at Templeton Asset Management said at the Middle East Investment Summit in Dubai, "emerging markets will continue to see higher growth rates than their counterparts in the West, as they benefit from solid population growth rates, resulting in higher demand for commodities, goods and services." After a sluggish start into 2012, the Bahrain Bourse reversed the trend end of February and has gained 1.20% year-to-date.
Source: AME Info
Qatar Exchange expands range of benchmark and tradable indices
March 6, 2012--Qatar Exchange announced the launch of a number of new equity indices to complement the existing QE Index. The new indices will be live from April 1, 2012.
A total return version of the QE index will be disseminated in real-time; measuring price performance and income from dividends, thus representing the total return earned in a portfolio tracking the underlying price index.
QE will also introduce All Share and sector indices, a series that provides investors with an overall market benchmark and enhanced tools to evaluate sector performance in real-time.
Source: AME Info
Abu Dhabi non-oil foreign trade Dhs139.4 bn in 2011
March 06, 2012--According to data by the Section of Statistics at the Directorate of Customs in Abu Dhabi, the volume of non-oil foreign trade for the emirate in terms of value jumped
27.7% to Dhs139.4bn in 2011, compared with Dhs109.2bn for the same period a year earlier, Wam has reported. Non-oil exports during the last year fell 1% to Dhs11.5bn from Dhs11.6bn in corresponding period in 2010.
Source: AME Info
Dubai market takes deep breath on weaker money supply, lower PMI
March 06, 2012--The Dubai Financial Market (DFM) General Index fell 3.71% to close at 1,689.18 points. Bellwether Emaar, the UAE's first real estate developer, declined 2.95%, while Gulf General Investment Company or GGICO lost the most (off 10%).
Islamic home finance provider Tamweel was the only gaining share (up 12.90%). The DFM rose almost 30% during the last nine weeks and was hit by profit bookings. The HSBC UAE Purchasing Managers' Index, business activity growth in the UAE' non-oil private sector has dropped slightly in February, which weighed on the sentiment. In addition to that, the UAE Central Bank said money supply M0, which is currency in circulation and currency at banks, fell by 2.1% from Dhs53.2bn at the end of November 2011 to Dhs52.1bn at the end of December of the same year, Wam has reported.
Source: AME Info
Investment, industry shares keep Kuwait bourse buoyant
March 06, 2012--The KSE Market Index added 0.44% Tuesday, closing at 6,227.9 points. National Industries Company posted the second highest return (up 8.5%), while Ajwan Gulf Real Easte lost the most (off 18.75%).
Kuwait Investment Company advanced slightly.
Source: AME Info
Bahrain Bourse advances steadily as financial sector grows
March 06, 2012--The Bahrain All Share Index closed 0.40% higher at 1,156.53 points Tuesday. Ahli United Bank ended up 0.75% at $0.675.
Earlier in the day, AMEinfo.com reported that the number of financial institutions registered in Bahrain continued to rise last year, reaching 415 by the end of January 2012, up from 403 a year earlier. The Kingdom saw a number of successes in the last few months of 2011 as financial institutions such Notz Stucki and Altaira Middle East have set up in the Kingdom, increasing the number of institutions registered in the country to 415 as of 31st January.
Source: AME Info
Saudi Arabian Tadawul market rises for the 14th consecutive trading session
March 06, 2012--While the Dubai bourse DFM (off 3.70%) showed first signs of exhaustion Tuesday, the Tadawul All Share Index continued to rise to reach 7,399.87 points.
High oil prices and good macro-economic prospects have kept the gauge in Riyadh moving upwards. According to Kuwait's Global Investment House, "KSA reported an actual budget surplus of SR306bn ($82bn) against earlier projections of a deficit of SR40bn." The 2011 surplus was the 2nd highest surplus in the decade reported. Global added in a study released earlier today, that "the healthy fiscal position has further facilitated the Saudi Arabian government to reduce its debt further from SR167bn in 2010 to SR135.5bn in 2011 which translates into a decline of 19%. The country’s public debt position has improved significantly from the highs of 82% of GDP seen in 2003 to just 6.3% in 2011." Year-to-date, the Tadawul bourse has gained 15.30%.
Source: AME Info
Bahrain Bourse advances steadily as financial sector grows
March 06, 2012--Bahrain: The Bahrain All Share Index closed 0.40% higher at 1,156.53 points Tuesday. Ahli United Bank ended up 0.75% at $0.675.
Earlier in the day, AMEinfo.com reported that the number of financial institutions registered in Bahrain continued to rise last year, reaching 415 by the end of January 2012, up from 403 a year earlier. The Kingdom saw a number of successes in the last few months of 2011 as financial institutions such Notz Stucki and Altaira Middle East have set up in the Kingdom, increasing the number of institutions registered in the country to 415 as of 31st January.
Source: AME Info
Egypt's foreign reserves decline slows
March 05, 2012--According to data by Egypt's central bank, the country's foreign currency reserves dropped last month by the smallest amount in more than a year, giving the country additional time to secure a $3.2bn loan from the International Monetary Fund, Bloomberg has reported.
Net official reserves fell by about $640m to $15.7bn, the figures showed. The pace of decline eased “on the back of a bit of confidence in the markets this month and optimism over the IMF deal and political progress,” said Liz Martins, Dubai-based senior economist at HSBC Holdings. It’s good news but it doesn’t change any of our fundamental views that Egypt’s external position is still under pressure and that the currency is still under pressure.”
Source: AME Info
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