Middle East ETF News Older than One Year
Dubai Gold & Commodities Exchange Weekly Market Commentary
February 12, 2012--Economic Data Overview
Next week looks set to be dominated by the market's response to the news that the Greek Prime Minister gained approval from his Cabinet for the deeper budget cuts required to secure a second bailout package.
This averts imminent default, a euro currency and debt crisis as well as a domino effect which would undermine countries like Italy and Spain and possibly bring the future of the whole euro project to an end. Many have said that Greece is not the biggest problem in Europe and even if they do not succeed they can drop out of the euro and not derail the whole project. The problem is that despite a positive news flow from Europe since the beginning of 2012 there has been little steady positive momentum in solving the euro crisis for the past two years. The markets are impatient and need to see progress if business is to return to normal and not lurch from one failed crisis meeting to the next. The second bailout should be good news for the euro currency and narrowing bond spread against peripheral heavily indebted countries. In addition it may bring support to the oil, gold and silver markets, which in the past week have been on the defensive. Looking ahead to the main events in the week ahead, traders will watch Japanese GDP which is forecast to come in at a weak -0.3%. Election fever is building in the US as Barack Obama holds a press conference on Tuesday with the possibility of new spending promises to help the economy. The Bank of Japan is meeting on interest rates but is expected to leave policy unchanged. The UK inflation data is expected to come in at the upper end of the survey range and the market will also be watching the Bank of England inflation report. In the US the FOMC minutes will be released and the issue of QE3 may become clearer as a result. German GDP is also expected which has been better than forecast in recent months. However, the broader European growth figures are also anticipated and they will show a much weaker outlook.
Source: Dubai Gold & Commodities Exchange (DGCX)
Qatar National Bank gains as lender eyes Euro Medium Term Note Program
February 9, 2012--The QE 20 Index ended even for the second day straight. Qatar's largest lender by assets Qatar National Bank or QNB closed 0.60% higher at QR136.70.
Earlier in the day, QNB announced that Barclays Capital, Citigroup, HSBC, QNB Capital and Standard Chartered Bank will be arranging fixed income investor meetings on behalf of QNB Group in London commencing on February 13. A USD benchmark RegS offering under its Euro Medium Term Note Program may follow subject to market conditions.
Source: AME Info
Dubai market rises, but fails to crack resistance level at 1,500
February 9, 2012--The DFM General Index ended 0.30% higher at 1,486.90 points Thursday. The gauge rose 3.54% over the week. "The rally continues," said Gary Dugan, CIO Private Banking at Bank Emirates NBD (flat at Dhs3.00).
"The return of risk appetite and lower inflation has played out most noticeably in the emerging markets. The recovery in many of the emerging market equities has been quite extraordinary," he added. The DFMGI has gained 9.87% year-to-date. Dubai-based investment bank Shuaa Capital was the top gainer (up 13.50%), while bellwether Emaar Properties slipped 0.34%. Around 267m shares were traded, valued at Dhs419.8m.
Source: AME Info
Aldar Properties shares flirt with one Dirham-level
February 09, 2012--In Abu Dhabi, the equity gauge ADX General Index added 0.10% to reach 2,466.74 points. Real estate bellwether Aldar Properties advanced 3.20% to close at Dhs0.97.
Sorouh Real Estate also gained over three per cent. Most banks edged lower, such as the sheikhdom's largest lender National Bank of Abu Dhabi (off 0.46%) or RAK Bank (down 2.44%). Earlier in the day, Switzerland's second lender Credit Suisse reported a 62%-drop in net profits for 2011, amounting Chf1.95bn (Dhs7.85bn), mainly due to a slump in the investment banking. Some 80m shares were traded, valued at Dhs93m. SOme
Source: AME Info
Qatar National Bank gains as lender eyes Euro Medium Term Note Program
February 09, 2012--The QE 20 Index ended even for the second day straight. Qatar's largest lender by assets Qatar National Bank or QNB closed 0.60% higher at QR136.70.
Earlier in the day, QNB announced that Barclays Capital, Citigroup, HSBC, QNB Capital and Standard Chartered Bank will be arranging fixed income investor meetings on behalf of QNB Group in London commencing on February 13. A USD benchmark RegS offering under its Euro Medium Term Note Program may follow subject to market conditions.
Source: AME Info
Gulf Petroleum Investment leads Kuwait market rebound
February 9, 2012--The Kuwait Stock Exchange (KSE) Market Index advanced the second day straight, closing a quarter per cent higher at 5,684 points.
Shares of Gulf Petroleum Investment gained the most (up 9.5%). Islamic bank Kuwait Finance House declined slightly to KD0.850.
Source: AME Info
Dubai bourse defies downturn as Emaar edges higher
February 08, 2012--After a sluggish start, which pushed the Dubai gauge more than one per cent down, the DFM General Index rebounded and closed 0.60% higher at 1,482.49 points.
While Arabtec dipped 1.48% on profit bookings, Emaar Properties rebounded 3.20% to reach Dhs2.90. Emaar surged 12% during the last four weeks of trading as local and foreign investors started bargain hunting. In 2011, the DFMGI fell 17%. Bank Emirates NBD dived 2.90%. Earlier in the day, the UAE's largest lender by assets announced that its Deputy CEO Mr. Al Fahim has resigned. Some 171.5m shares were raded, valued at Dhs323.1m.
Source: AME Info
Lacklustre Qatari bourse ends unchanged
February 08, 2012--The QE 20 Index closed at 8,690 points Wednesday, while market breadth ended down as 14 shares advanced and 20 declined. Market bellwether Industries Qatar closed even, too.
Earlier in the day, Industries Qatar announced that its subsidiary Qatar Steel Company has signed a sale and recycling slag contract with Slag Aggregate Producer (SAP), located in Doha. "As per this contract, Qatar Steel shall sell to SAP one million tonnes of slag as steel wastes. SAP will process, recover the scrap and return it to Qatar Steel to re-use it in their industry. The ensuing aggregate will be utilized in the constructions and infrastructure works. SAP will be processing about 100,000 tonnes of slag per month," Industries Qatar said in a e-mailed statement.
Source: AME Info
NASDAQ Dubai: DP World soars to three-month high, Depa Limited hits $0.40
February 08, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1532.48 up 1.38%, from the previous close.
DP World advanced 1.83% to reach $11.10. Interior design company Depa Limited soared 5.26% to close at $0.40. Jewelry trader Damas ended even at $0.36. Some 2.9m shares were traded at the NASDAQ Dubai, valued at $2.5m.
Source: AME Info
Etisalat shares retreat, weigh on Abu Dhabi market
February 08, 2012--The Abu Dhabi Securities Exchange (ADX) General Index declined 0.15% to 2,464.88 points. Sorouh Real Estate was the most liquid share,
gaining 3.5%, while market bellwether Etisalat (off 0.32%) weighed on the ADX's gauge. According to Gary Dugan, Chief Investment Officer Private Banking, "the rally in markets has probably discounted all of the recent good news and more," adding that the investors are just starting to feel the temptation to take some profits. Some 50m shares worth Dhs59.8m were traded.
Source:AME Info
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