Middle East ETF News Older than One Year
Qatar market rebounds after Standard & Poor's affirms country's AA rating
September 27, 2011, 8:13:51 AM
The Doha-based QE Index closed 0.39% higher at 8,417.98 points. Banks in particular advanced on rating agency Standard and Poor's affirmation of the gas-rich state's souvereign AA rating.
"The stable outlook balances S&P’s view of Qatar's strong fiscal and external positions against its underdeveloped domestic institutions and geopolitical risks," National Bank of Abu Dhabi commented. Qatar National Bank, the largest lender in the Gulf state, added 0.21%, closing at QR142.20
Source: AME Info
Abu Dhabi bourse adds half a percent
September 27, 2011--Driven by gains in the banking and real estate sector, the ADX General Index closed 0.47% higher at 2,543.81 points. National Bank of Fujairah posted the largest advance (up 9.80% at Dhs3.81.
Abu Dhabi Commercial Bank added 1.36% to close at Dhs2.36. Energy giants Taqa and Dana Gas closed flat. Arkan Building Materials dived 2.92% to end at Dhs1.34. UAE’s Minister of Economy Sultan Al-Mansouri repeated that the country;s real GDP growth is expected to be 3-3.5% in 2011. Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi (NBAD) commented earlier today: "We stick to our projection of 4.9% y-o-y output growth in 2011 for the time being and 3.6% y-o-y in 2012. In the event that the 2011 forecast is too optimistic, it would still be the case that growth in 2012 is slower purely based on an expected flattening of oil sector output growth and a comparable pace of non-oil activity."
Source: AME Info
Emirates NBD gains, as asset management unit partners up with Man
September 27, 2011--The DFM General Index soared after the opening but eventually closed only 0.13% higher at 1,448.46 points, despite a bearish advance/decline-ratio of six to 14. Shares of Emirates NBD, known as ENBD, added one percent to reach Dhs4.03.
Earlier in the day ENBD's asset management unit announced a strategic partnership with Man, a global alternative investment manager. "Under the terms of the agreement, Emirates Islamic Alternative Strategies Fund, managed by Emirates NBD Asset Management, will, through a Sharia-compliant approach, track the performance of Man’s GLG Multi-Strategy Fund," ENBD says in a statement. Emaar, on the first day of the real estate fair Cityscape Global, finished 0.36% higher at Dhs2.77. Some 56.7m shares were traded, valued at Dhs61.6m.
Source: AME Info
Kuwait 15 Index: Improving alternatives
September 26, 2011--On 16 December 2010, the Kuwait Stock Exchange announced plans to launch a new index, called "Kuwait 15".
The constituents of the new "Kuwait 15' index would be calculated based on both market value and value traded and would include top 15 companies listed on the KSE from across the sectors and is expected to start in November 2011.
Source:AME Info
Kuwait market index fights for 6,000 points
September 26, 2011--The KSE Market added 0.39% to reach 5,872.4 points.
In line with the rebound at Western markets today, the KSE banking sector posted the largest advance (up 1.12%). The country's largest Islamic bank Kuwait Finance House surged one percent to KD0.910.
Source: AME Info
Abu Dhabi bourse falls for the third day straight
September 26, 2011--The ADX General Index dipped a quarter percent to close at 2,531.88 points. Etisalat, RAK Properties, RAK Ceramics and Dana Gas closed unchanged.
Aldar Properties declined 0.85% to Dhs1.18. Only 36m shares were traded, valued at Dhs47.5m.
Source: AME Info
Trading volumes rise at NASDAQ Dubai, but stock prices mostly don't
September 26, 2011, 6:23:55 AM
The FTSE NASDAQ Dubai UAE 20 Index closed at 1458.910 today, down 1.06%, from the previous close.
Shares of DP World lost for the second trading day straight, closing half a percent lower at $9.75. Some 2.4m DPW-stocks changed hands, the highest volume since the end of Ramadan. Depa Limited dived 2.13% while jewelry trader Damas International surged 15% to reach $0.115. Two week ago, Damas has announced that it has been appointed as the official jeweler of a new Pan Arab TV series, providing around Dhs10m in jewelry for some of the Middle East's top celebrities. According to the NASDAQ Dubai management, individual investors accounted for 6.6% of the traded value of all shares traded on NASDAQ Dubai in the first eight months of 2011. Total equities traded value in the period by individual and institutional investors was 511 million dollars.
Source: AME Info
Oman July inflation accelerates to 27-month high
September 26, 2011--The Omani Finance Ministry has revealed the Sultanate's annual inflation jumped to 4.6% on an annual basis in July, its highest level since April 2009, compared with 4.0% in June, Reuters has reported.
The ministry's data has shown that the budget surplus of Oman expanded to 2% of economic output in the first seven months of the year due to robust oil prices. The Gulf state's consumer prices increased 0.5% on a monthly basis in July, up from a 0.1% increase in the previous month, because of higher food costs.
Source: AME Info
DGCX Indian Rupee Options Contract to be available for trading from September 26
September 25, 2011--Dubai Gold and Commodities Exchange’s (DGCX) announced the trading on its newly launched Indian Rupee Options Contract to start from tomorrow (September 26).
The contract will be available for trading on DGCX from beginning of the trading hours, thus offering Exchange members added flexibility to hedge and manage Rupee currency risks in a transparent and regulated trading environment.
The launch of the Options contract will build on the success of the DGCX Indian Rupee Futures contract, which has experienced significant growth in demand over the past year. On September 22, 2011, the contract recorded its highest ever daily volume of 34,046 contracts, valued at US $ 1.37 billion, a huge jump from the previous daily high of 27,406 contracts achieved on August 19, 2011.
Source: Dubai Gold and Commodities Exchange’s (DGCX)
New law regulating economic activity reflects vision of leadership to boost Dubai's competitiveness, says DED
September 22, 2011--The Dubai Department of Economic Development (DED), today, said that the new law No 13 of 2011 regulating economic activity in Dubai issued by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai reflects the vision of Dubai’s leadership to further enhance the competitiveness of the Emirate.
"We thank His Highness Sheikh Mohammad for his trust in DED to undertake the various responsibilities for achieving the goals and objectives of the new law. The issuance of the new law will strengthen the investment environment of Dubai, promote its competitiveness and underline the city’s status as a regional business hub,” said His Excellency Mr Sami Al Qamzi, Director General of DED.
The new law aims to regulate economic activities in the emirate, and create a conducive environment for investment across various economic sectors. It will establish a single portal through which various government bodies can co-ordinate the regulation of economic activity in Dubai. The law promotes economic development by driving the accuracy of information, transparency, the deployment of the newest technologies and strengthening marketing and promotions. It also covers important principles for regulating economic, professional and marketing activities.
Given the importance of incubators in the development of business, especially small and medium enterprises, the law has coined a special definition for them and identified their framework and tasks.
Source: DubaiCityGuide
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