Middle East ETF News Older than One Year
UAE consumer prices decline
November 22, 2011--According to data by the UAE's National Bureau of Statistics, consumer prices in the country have declined by 0.1% on an annual basis in October, their first decline in 20 months, and rose 0.4% from the previous month helped by a jump in food costs, Reuters has reported.
The second largest Arab economy is seen expanding by 3.8% this year and next after a 1.4% growth in 2010.
Source: AME Info
Rand softer as risk aversion weighs
November 21, 2011--The rand was softer against the dollar in noon trade on Monday as risk aversion weighed on global markets.
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"The rand's fortune lies in the eurozone and our currency will obviously react to any headlines that come out of Europe," a local currency trader said.
At 11:34 local time, the rand was bid at 8.2662 to the dollar, down 1.03% from its previous close of 8.1853. It was bid at 11.1121 to the euro from 11.0947 before, and at 12.9648 against sterling from 12.9399 previously
Source: AME Info
GCC corporate earnings grow 17% backed by Saudi and Qatar, reveals Markaz report
November 21, 2011--Kuwait: During 3Q11, GCC corporates posted a mixed set of numbers with overall earnings growth of 17% when compared to 3Q10.
Total earnings, which came in at $13.5bn, were a decline of 4% over 2Q11. Corporate earnings were driven by strong performance from Commodity companies and Banks. [AMEInfo.com]
Source: AME Info
GCC stock markets lose across the board
November 21, 2011--In the wake of the Euro zone debt crisis, which has reached 'core countries' like France, the Dubai Financial Market (DFM) and the Saudi Tadawul bourse both fell by 0.86%.
The Qatar Exchange dived 1.42%, losing its tiny year-to-date gain it has reached ten days ago. New regional turmoil, which erupted in Egypt and on-going sign of a civil war in Syria also weighed on indexes. The exchange in Egypt plummeted four per cent as violent demonstrations on Cairo's Tahrir square escalated Monday.
Source: AME Info
Regional banks push for share of Islamic product marketplace
September 21, 2011-Foreign and local banks are intensifying their struggle for the for the region’s high net worth clients
by expanding their Islamic Wealth Management services.
Source: AME Info
GCC stock markets lose across the board
November 21, 2011--In the wake of the Euro zone debt crisis, which has reached 'core countries' like France, the Dubai Financial Market (DFM) and the Saudi Tadawul bourse both fell by 0.86%.
The Qatar Exchange dived 1.42%, losing its tiny year-to-date gain it has reached ten days ago. New regional turmoil, which erupted in Egypt and on-going sign of a civil war in Syria also weighed on indexes. The exchange in Egypt plummeted four per cent as violent demonstrations on Cairo's Tahrir square escalated Monday.
Source: AME Info
Oman inflation falls to seven month low in September
November 21, 2011--According to data from Oman's economy ministry, inflation in the Sultanate fell to a seven-month low of 3.7% on an annual basis in September, while prices fell 0.3% on the month mainly because of a slump in gold prices,
Reuters has reported. The Gulf country's economy is expected to expand 4% this year and 4.2% in 2012, helped by the government's increased infrastructure spending, after estimated 4.2% growth in 2010.
Source: AME Info
Saudi Stock Exchange bucks regional down-trend
November 21, 2011--The Tadawul bourse added 0.13% to reach 6,207.02 points. Sabic stood firm at SR95.00. Sabic's rivals, such as Sahara Petrochemical (off 1.83% at SR21.50), weighed on the market sentiment.
Trading turnover remained low. Sixty-eight shares advanced, 46 declined and 31 ended even.
Source: AME Info
Global economic worries to weigh on region's shares
November 20, 2011-- The region's markets will likely open for the week in negative territory due to global concerns Europe's sovereign debt crisis is deepening with nervous investors fleeing to the relative safety of German bunds amid yields on government bond sales in Italy and Spain reaching Euro-era highs.
Analysts say there are very few signs the European Financial Stability Fund or the European Central Bank will have the funding or mandate to provide the financial support that the Eurozone needs to dampen the crisis. Germany's support is crucial in getting a significant refinancing of the EFSF and a broader mandate for the ECB.
In the absence of strong domestic catalysts, news from Europe would determine the direction of the region's markets in the near term, say local market experts.
Source: Gulf News
Dubai Gold & Commodities Exchange Weekly Market Commentary - November 20, 2011
November 20, 2011-- Economic Data Overview
The coming week in the US is shortened in the coming week by the Thanksgiving holiday on Thursday and the fact that Friday will see a lot of dealing rooms short on staff due to those taking advantage of the potential for a long weekend.
Data highlights include the second estimate of GDP for the third quarter, which is due on Tuesday, while a slew of data is pushed into Wednesday due to the timing of the Thanksgiving holiday.
Wednesday's data includes durable goods as well as the Kansas City Fed Production data, personal income and the weekly jobless claims.
Also due to the shortened week, Wednesday will include the release of both the weekly EIA Crude Oil Stocks and Natural Gas Stocks data.
A highlight for the busy day on Wednesday and coming late in the session, will be the minutes of the FOMC meeting.
MNI's Steve Beckner wrote recently that although the Federal Open Market Committee left monetary policy on hold, Federal Reserve officials have been making it abundantly clear that further easing is quite possible.
Source: Dubai Gold & Commodities Exchange (DGCX)
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