Middle East ETF News Older than One Year
Yemen's economy loses $8bn due to protests
August 15, 2011--Yemen's Minister of Trade and Industry Hisham Sharaf has said that the country's economy lost up to $8bn during this year until the end of July because of protests that have swept across the Arab state,
Al Hayat newspaper has reported. Sharaf has told the London-based newspaper that tourism revenue may plunge to less than $50m in 2011 from $1.1bn last year.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-August 14, 2011
August 14, 2011--Economic Data Overview
The August 15 US data week will present fresh data for inflation, housing, manufacturing, and some broader measures of economic activity. It will be an opportunity to assess conditions as the third quarter 2011 got started, and if the hoped for pickup in activity in the second half of the year is in the works.
Tuesday, Wednesday, and Thursday will see the release of the July Import Price Index, Producer Price Index, and Consumer Price Index, respectively. Although each index reports on different aspects of prices, all should reflect the moderation in food and energy costs that were present in July. Some of the higher prices associated with supply chain disruptions after the earthquake in Japan should continue to ease, especially in prices for passenger cars. On the whole, we anticipate the data to fall in line with the Fed's expectation for headline inflation to "settle."
Data for the factory sector will include the two earliest of the District Bank surveys for manufacturing. The New York Fed's Empire State Survey for August will be released on Monday, and the Philadelphia Fed's Business Outlook will be on Thursday. Both indexes registered some improvement in July after slipping in June. Any further strengthening of an upward trend would be a relief after a few months of concerns about deterioration in this sector.
The July report on industrial production and capacity utilization on Tuesday should show some pickup in output. The utilities sector could provide a boost during a period of unusually hot weather in much of the country. Mining activity should also continue to rise. Manufacturing -- particularly for motor vehicles -- should be responding to some modest consumer demand.
The Conference Board's Leading Economic Index for July on Thursday should show another month of expansion, but it may be in part attributable to an unusual surge in M2 that took place in the latter part of the month. Other positive contributions should be from interest rates, jobless claims, and stock prices. Negative contributions are expected from consumer confidence and vendor performance.
Treasury International Capital System (TICS) numbers for June on Monday should reflect
Source: DGCX
Are Middle Eastern Current Account Imbalances Excessive?-IMF Working paper
August 11, 2011-- Summary: Employing a dynamic panel regression, this study estimates the medium-term current account position for three subgroups of emerging market and developing countries with shared economic characteristics. The fundamental determinants of the macroeconomic balance approach to current account determination (arising from the IMF’s Consultative Group on Exchange Rate (CGER)) are augmented by determinants relevant to Middle Eastern economies’ current account positions.
The study also assesses the deviation of the actual medium-term current account position of three Middle Eastern subgroups of countries (emerging markets; low-income and fragile economies; and net oil exporters) from their medium-term current account norms. Key findings are that: augmentation of the fundamental determinants yields plausible Middle Eastern current account norms; and in comparison with the medium-term current account norm, the actual and projected current account imbalances of each of the three subgroups are typically not excessive.
view the Are Middle Eastern Current Account Imbalances Excessive?-IMF Working paper
Source: IMF
Dana Gas shares decline despite a whopping Q2 profit jump
August 11, 2011--United Arab Emirates: The Abu Dhabi-based ADX market fell 0.52% to 2,588.64 points. Shares of Sharjah-based Dana Gas, the most liquid securities traded, ended 1.82%
lower at Dhs0.55. Earlier in the Day, Dana Gas announced it has achieved a net profit in the second quarter of Dhs124m, a 274% increase over Q2 2010. During the second week of August, the ADX dived three percent in value. [AMEInfo.com]
Source: AME Info
Improved global sentiment lifts Dubai market higher
August 11, 2011--As expected, the DFM General started in the red, but eventually gained momentum and ended 0.21% higher at 1,464.00 points. "On the Dubai stock market the DFM has a low of 1352 in March of this year representing a further 9% downside risk.
However at such levels we would be buyers irrespective of some of the risks to near term economic growth," Gary Dugan, CIO Private Banking at Emirates NBD (up 2.31% at Dhs3.99), writes in his weekly market commentary. District cooling specialist Tabreed surged 2.07% to close at Dhs0.837. Earlier in the day, Tabreed reported a 37% increase in net profits of Dhs43.8m for the second quarter. Around 109.66m shares were traded, valued at Dhs120.8m.
Source: AME Info
Dana Gas shares decline despite a whopping Q2 profit jump
August 11, 2011--The Abu Dhabi-based ADX market fell 0.52% to 2,588.64 points. Shares of Sharjah-based Dana Gas, the most liquid securities traded, ended 1.82% lower at Dhs0.55.
Earlier in the Day, Dana Gas announced it has achieved a net profit in the second quarter of Dhs124m, a 274% increase over Q2 2010. During the second week of August, the ADX dived three percent in value.
Source: AME Info
Qatar Exchange ends 0.25% lower
August 11, 2011--The QE Index closed at 8,107.47 points on Thursday. Year-to-date, the Doha-based market fell 6.61%, the second "best" performance in the GCC (behind Abu Dhabi's ADX (off 4.83%). Giyas Gokkent, Chief Economist and Head of Research National Bank of Abu Dhabi writes in daily economic bulletin: "The Qatar Central Bank cut its policy rates citing a desire to encourage private sector credit growth.
Loans to the private sector were already up 16% y-o-y in June (the fastest in the GCC)." Shares of Doha Bank advanced further, closing 1.67% higher at QR54.8. Over the week, the QE dived 4.5% due to global worries about a new recession.
Source: AME Info
Improved global sentiment lifts Dubai market higher
August 11, 2011--As expected, the DFM General started in the red, but eventually gained momentum and ended 0.21% higher at 1,464.00 points. "On the Dubai stock market the DFM has a low of 1352 in March of this year representing a further 9% downside risk.
However at such levels we would be buyers irrespective of some of the risks to near term economic growth," Gary Dugan, CIO Private Banking at Emirates NBD (up 2.31% at Dhs3.99), writes in his weekly market commentary. District cooling specialist Tabreed surged 2.07% to close at Dhs0.837. Earlier in the day, Tabreed reported a 37% increase in net profits of Dhs43.8m for the second quarter. Around 109.66m shares were traded, valued at Dhs120.8m.
Source: AME Info
Egypt's inflation declines to 10.4% in July
August 11, 2011--Official Egyptian statistics have shown that the country's annual urban consumer inflation reached 10.4% in the 12 months to July 2011, a significant drop from June's figure of 11.8%, Ahram has reported.
The slowing rise was driven by a fall in almost all components of the Consumer Price Index (CPI), but was led by an annual drop in food price inflation. However, urban inflation increased 1.2% from June 2011 on a monthly basis.
Source: AME Info
Saudi Arabia to maintain September oil supply to Asia
August 10, 2011--Saudi Arabia: Industry sources have said that at least two Asian term buyers will receive full contractual volumes of crude oil from Saudi Aramco in September, steady from August, Reuters has reported.
Sources have added that the two buyers did not request additional crude on top of the contracted volumes, and Saudi Aramco refrained from offering them additional oil. The two buyers received the volumes of light and heavy grades they nominated, they added. [AMEInfo.com]
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
