Middle East ETF News Older than One Year
Dubai Gold & Commodities Exchange Weekly Market Commentary-September 4, 2011
September 4, 2011-- Economic Data Overview
The September 5 week is shortened by the Labor Day observance on Monday, but there will still be plenty of room for a sparse data release schedule mainly populated by second-tier indicators.
Still, the calendar is not without its high points, notably the release of the Fed's Beige Book in advance of the next FOMC meeting on September 20-21.
There is also a cluster of central bank monetary policy announcements to help set the tone for the upcoming meeting of G7 meetings on Friday and Saturday. The G7 finance ministers and central bankers will meet in Marseille, France.
The G7 has backed away from issuing formal communiqués after this sort of ministerial meeting in order to give more prominence to the sessions of the G20 in the wake of the financial crisis. However, it may elect to make a statement that addresses some of the concerns of financial and foreign exchange markets in light of recent volatility and imbalances.
Prior to the meeting of the G7, there will be routine monetary policy announcements from a number of major central banks. The Reserve Bank of Australia will release its statement in the overnight hours of Monday-Tuesday. The Bank of Canada will make a routine announcement on Wednesday. The Bank of Japan governors hold a two-day session on Wednesday and Thursday. The Bank of England Monetary Policy Committee meets with its decision announced on Thursday. The ECB Governors will also meet on Thursday.
The Fed's Board of Governors should meet on Tuesday at around midday to consider discount rate policy. The Board typically meets for this purpose about two weeks in advance of an FOMC meeting, and again on the Monday before the meeting.
Source: Dubai Gold & Commodities Exchange (DGCX)
Arab Bourses Lose Over $34bn In Ramadan
August 31, 2011--Most of the losses in Saudi Arabia, while Morocco and Tunis only gainers
A global financial storm and ongoing political turmoil in the Middle East continued to stifle Arab stock markets, depressing them by more than $34 billion during the fasting month of Ramadan, according to official data.
The decline in August brought the total loss year to date to more than $74 billion, a fraction of the total loss in the aftermath of the 2008 global fiscal crisis, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF).
Saudi Arabia's Tadawul, by far the largest and most speculative regional stock exchange, emerged as the main victim of the turmoil as it dipped by nearly $20 billion during Ramadan, which ended on Monday.
Source: Todays Zaman
Kuwait bourse remains in a stutter mode
August 29, 2011--While most GCC market surge, the KSE does only small steps ahead.
The KSE Market Index added 0.07% to reach 5,769.8 points. In line with the dull trading, National Bank of Kuwait (NBK) finished Monday even at KD1.060 while its rival Kuwait Finance House (KFH) dipped 1.12% to close at KD0.880.
Source: AME Info
Qatar Exchange shaves 8,300 points
August 29, 2011--The QE Index easily knocked out the 8,300-level by adding 0.75% to close at 8,351.77.
Banks in particular helped the Doha-based bourse to gain further ground. Bellwether Qatar National Bank advanced 0.78%, ending at QR141.60. Only a handful of stock retreated, such as Al Khaleej Takaful (down 1.27% at QR42.90).
Source: AME Info
Dana Gas shares approach key resistance level
August 29, 2011--The Abu Dhabi market's ADX General Index gained half a percent to reach 2,616.02 points.
Dana Gas from Sharjah was the most active share in relation to turnover. Dana Gas added 1.79% today and closed at Dhs0.57, approaching a resistance level at Dhs.60 (the old support line from March 1st 2011).
Source: AME Info
Dubai Gold Securities rebound in line with ounce price development
August 29, 2011--At the NASDAQ Dubai, Dubai Gold Securities (DGS) remain a popular tool for investors. The DGS jumped 4.21% to reach $180.02 on Monday.
"Trading in DGS totaled 6,470 securities in the four weeks ending August 11, up from 636 in the whole of 2011 before that date," the NASDAQ Dubai said in a recently published statement. DGS were listed in 2009. They track the spot price of gold and have been declared Shariah-compliant. The price for the ounce of Gold rebounded over 1,820 on Monday.
Source: AME Info
Dubai market celebrates Eid with a 1.22% gain
August 29, 2011--On its last trading day before Eid ul-fitr, which marks the end of the Holy Ramadan, the DFM General Index added another 1.22% to reach 1,492.44 points.
Emaar, as the most liquid stock, surged 1.78%, finishing at Dhs2.86. Investment bank Shuaa Capital plummeted 2.12% to Dh0.971. The DFM , the only Arab bourse which has listed its shares for the public, declined by 0.86%. Constantly low trading volumes and the uncertainty over whether MSCI will upgrade the UAE to 'emerging market' from 'frontier market' at the end of the year. Islamic insurer Takaful Emarat gained the most (up 6.21% at Dhs0.65). Around 50m shares were traded, valued at Dhs70.1m.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-August 28, 2011
August 28, 201--Economic Data Overview
Much like the previous week, the major event is set for the end of the week, with the US labor market data due on Friday, although other highlights include the ISM data due on Wednesday and Thursday as well as Chicago PMI, which is also due on Wednesday.
Non-farm payrolls are forecast to rise 75,000 in August after the 117,000 rise in July, while the unemployment rate is expected to stay at 9.1%. The strike at Verizon should have a large impact on payrolls this month. Hourly earnings are seen rising 0.2% after see-sawing sharply in the last three months. The average workweek is expected to hold steady at 34.4 hours for another month.
The ISM manufacturing index is expected to fall to a reading of 48.5 in August after the sharp drop in July. The regional data already released suggest strong contraction.
Elsewhere on the US data front, Monday includes personal income data as well as the Manufacturing Outlook Survey from the Dallas Fed.
Personal income is expected to rise 0.3% in July, as non-farm payrolls rose 117,000 in the month, the average held steady at 34.3 hours, and average hourly earnings jumped 0.4% in the month. PCE is forecast to rise 0.5% after falling in June. Retail sales rose 0.5% in July, both including and excluding motor vehicle sales. The core PCE price index is expected to rise 0.2%.
Tuesday data includes the minutes of the latest FOMC meeting, which may have been overshadowed by the focus on Fed Chairman Bernanke’s speech, which dominated focus in the previous week, while data is somewhat limited with releases dominated by the Conference Board measure of consumer confidence, which is expected to fall to a reading of..
Source: Dubai Gold & Commodities Exchange (DGCX)
Abraaj Capital acquires Amundi's private equity platform in North Africa
August 28, 2011--Abraaj Capital, the leading private equity and alternative asset management group in the Middle East, North Africa and South Asia (MENASA), announced today its acquisition of the North African private equity platform of Amundi, the French asset manager jointly owned by Société Générale and Crédit Agricole.
Under the terms of the agreement, Abraaj Capital has taken over management of the $161m SGAM Al Kantara Fund as well as absorbing the 11-member Amundi investment team, thereby significantly enhancing its presence in North Africa.
Source: AME Info
Saudi governorate to launch date stock market
August 27, 2011--Saudi Arabia: Mayor of Al-Ahsa Fahd Al-Jubair has announced that the first stock market for dates is expected to be launched in the governorate in the next few months, Saudi Gazette has reported.
Al-Jubair has added that the Al-Ahsa Mayoralty has finalized arrangements to launch King Abdullah City for Dates, at a cost of SR29m. He has clarified that the complex would consist of two auction courtyards, a traditional one and one designed to look like those in the international bourses, in addition to closed-door terminals, shopping centres at the corners of the project and hotels for visitors and investors. [AMEInfo.com]
Source: AME Info
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