Middle East ETF News Older than One Year
Jazeera Airways shares recover from recent profit takings
January 09, 2012--Kuwait: The Kuwait Stock Exchange (KSE) Market Index fell half a per cent to 5,694.1 points. All sector indexes ended in the red. Budget carrier Jazeera Airways rebounded 5.74% to re-reach KD0.460.
From a chart technical point of view, Jazeera is on the way to fulfil a shoulder-head-shoulder formation. The share was one of the best performing stocks in the GCC last year. [AMEInfo.com]
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary
January 8, 2012--Economic Data Overview
It is a fairly light US data calendar for the coming week with highlights retail sales and the Fed's Beige Book. Fed speakers are fairly numerous and this will be the first set of comments since the recent release of the FOMC minutes.
Retail sales on Thursday will round out the available numbers for consumer spending in Q4 and help firm up expectations for growth as 2011 comes to an end. December sales of motor vehicles were somewhat above expectations, and the same-store sales comparisons point to a fairly good month for department stores and apparel retailers. Overall, the holiday shopping season appears to have turned in a solid performance in terms of volume, but deep discounting may have restrained the dollar levels. Declining prices for gasoline will have lowered sales totals at service stations.
The international trade deficit data on Friday probably will remain in line with recent months, with the deficit reflecting higher imports of holiday goods and cheaper petroleum, and some easing in exports in response to slower growth in some regions. Increases in the dollar in December will not yet effect in this data.
However, the import price index for on Friday is likely to reflect stronger prices for some finished goods and foods. Petroleum prices are measured in dollars, and oil prices were slightly higher in the month, and so should be visible in the index. Export prices could be somewhat lower on the agricultural component as food commodity prices were broadly down in December.
The preliminary Reuters/University of Michigan Consumer Sentiment Index for January is set for release on...
Source: Dubai Gold & Commodities Exchange (DGCX)
Saudi Stock Exchange steady on growth path
January 08, 2012--After hitting a 5-month high Saturday, the Tadawul gauge in Riyadh added 0.25% today, closing at 6,467.61 points.
According to the DIFC Weekly Economic Commentary, Saudi Arabia's non-oil exports increased 34% year-on-year to SR42.9bn in Q3 2011, "with China topping the list of importers - receiving up to 13% of total exports, followed by the UAE (10%), Singapore (7%) and India (6%). Product wise, petrochemicals came on top, valued at SR15.3bn, followed by plastic products and food products." Shares of petrochemical giant Sabic gained 0.80% to reach SR95.25. Saudi Hollandi Bank declined 0.67% to SR29.60. Earlier in the day, the Capital Market Authority (CMA) approved Saudi Hollandi Bank’s request to increase its capital from SR3.3bn to SR3.96bn through issuing one bonus share for every five existing shares owned by the shareholders who are registered in the shareholders registry at the closing of trading on the day of the extraordinary general assembly.
Source: AME Info
Lebanon could start drilling gas reserves this year
January 07, 2012--Lebanese energy expert, Roudi Baroudi has said the country is sitting on one of the biggest gas reserves in the region and drilling is likely to start as early as this year,
The Daily Star has reported. The '11th basin' off the Lebanese coast is reported to have a gas reserve which are almost three times bigger than Libya's gas reserve, he said. "I am very happy that the Lebanese government passed the law to administer the country's oil and gas wealth off the coast. This is a major step that will make Lebanon one of the largest gas producers in the region," Baroudi told the daily. [AMEInfo.com]
Source: AME Info
IPOs decline 69.3% in Mena region, says report
January 05, 2012--According to Ernst & Young’s year-end Mena IPO update, the regional capital markets have raised $843.9m in 2011, down 69.3% from $2.8bn in the previous year,
Reuters has reported. The year has closed with IPO funds worth $226.1m raised in the fourth quarter, a decline of 83.5% from $1.4bn raised in the corresponding quarter a year earlier. “Companies chose other fundraising routes over IPOs in 2011, which was another year of low capital market activity. Low investor interest continued in the MENA region as companies chose Islamic funding such as sukuk, which saw a record year, as the preferred route for fundraising,” said Phil Gandier, Mena head of transaction advisory services at E&Y.
Source: AME Info
Kuwait's budget surplus hits $42bn
January 05, 2012--According to data by Kuwait’s finance ministry, the Gulf country’s budget surplus has reached KD11.6bn ($41.6bn) in the first eight months of its 2011-12 fiscal year,
double than a year ago on higher than expected oil revenue and lower spending, Reuters has reported. The surplus accounted for 33% of Kuwait’s 2010 gross domestic product, at KD5.9bn. Revenue of the world's sixth-largest oil exporter was KD18.7bn in April-November, while spending came at KD7.1bn, 36.6% of the full-year plan, the data showed.
Source: AME Info
DGCX 2011 annual volumes rise 110% to record over 4 million contracts
January 04, 2012-- Annual volumes for 2011 on the Dubai Gold and Commodities Exchange (DGCX) registered a substantial growth of 110% from 2010 to reach 4,044,138 contracts,
the highest ever annual volumes achieved by the Exchange since inception. The annual volumes represent a value of $185.13bn. [AMEInfo.com]
Source: AME Info
Investors fail to honour Arabtec'sDhs561m Dubai airport award
January 04, 2012--The Dubai Financial Market (DFM) General Index fell 0.30%, closing at 1,346.60 points.
Shares of Arabtec Construction ended 1.82% lower at Dhs1.62. Earlier in the day, Arabtec said it has received a letter of award from Dubai Aviation City Corporation (DACC) to carry out expansion works at Dubai International Airport's Terminal2 (Phase 3), worth Dhs561m. The project's duration is 25 months. Emaar Properties ended off 0.78% at Dhs2.53. Islamic real estate company Deyaar Development rebounded 2.36% to reach Dhs0.217. The share lost around 30% of its value last year. Some 36.3m shares were traded, valued at Dhs42.4m.
Source: AME Info
NASDAQ Dubai bellwethers end roller-coaster day in the green
January 04, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1378.930 Wednesday. Dubai Ports (DP) World gained 1.52% to close at $10.00.
Jewelry trader Damas International soared 13%, closing at $0.26. Both aforementioned shares started the day deeply in the red but eventually rebounded, albeit amid low trading volumes. Depa, the Dubai-based interior designer who created the interior decoration in the seven-stars hotel Burj al Arab as well as in the 828 meters tall Burj Khalifa, closed even at $0.42.
Source: AME Info
Banks lift Bahrain Bourse slightly
January 04, 2012--Bahrain: The Bahrain All Share Index added 0.13% to reach 1,136.08 points. Islamic financial institution Ithmaar Bank surged 7.69%, ending at $0.07.
Telecom heavyweight Bahrain Telecom or Batelco saw its shares closing unchanged at BD0.394. Commercial bank and wealth manager BBK advanced one per cent, finishing like Batelco at BD0.394.
Source: AME Info
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