Middle East ETF News Older than One Year
Resilient Abu Dhabi market advances 0.37%
August 08, 2011--Despite global markets in East and West declining on Monday on new recession fears, the ADX General Index closed 0.37% higher at 2,612.80 points, mostly by gains in the real estate and by heavyweight Etisalat (up one percent at Dhs10.45).
Shares of Abu Dhabi Islamic Bank , better known as ADIB, closed even at Dhs3.27. Earlier in the day, ADIB reported Q2 net profit of Dhs313.82m, up from Dhs301.6m in the corresponding period of 2010. ADIB upgraded its presence in the UAE retail banking sector, increasing its number of branches to 66 from 57 in Q2 2010.
Source: AME Info
Qatar bourse falls for the second day straight
August 08, 2011--Like the DFM in Dubai, the Doha-based QE Index gained ground at first but failed to sustain the rebound and closed 0.76% lower at 8,215.06 points, mostly because financial shares retreated.
Yesterday, Shares of Qatar Cinema and Film Distribution Company, better known as Cinema gained 0.59% to reach QR51.00. Earlier in the day, Cinema reported that net profits for the second quarter amounted to QR4.2m, a 5% increase vs Q2 2010.
Source: AME Info
Bank shares in Kuwait re-gain some ground
August 08, 2011--The KSE Market Index ended 0.20% lower at 5,956.80 points. While financial bellwether National Bank of Kuwait lost 1.88%, shares of Islamic banks Kuwait Finance House and Boubyan Bank gained 1.12% and 1.72%, respectively.
Kuwait suffers from global recession fears and lower oil prices as nine tenth of the country's federal budget relies on oil exports. Much depends on the resilience of the U. S. economy. "While it is true that significant extra demand for oil has been coming from China in recent years, US remains the top consumer of oil," says Dr. Giyas Gokkent, Chief Economist at National Bank of Abu Dhabi.
Source: AME Info
Sabic shares price slump halted
August 8, 2011--The Saudi Arabian Tadawul market dipped 0.33%, closing at 6,057.79 points. Recession fears pulled oil prices further down to a seven month-low at $83.10 per barrel on Monday, hurting national revenues for the world's largest crude oil exporter.
After a decline of over eight percent in the last two days, shares of market bellwether Sabic, closed unchanged at SR97.50. Saudi Re for Cooperative Reinsurance Company posted the largest advance, closing at a limit-up 10% higher at SR8.80. Forty-one shares gained, 81 declined and 23 closed flat.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-August 7, 2011
August 7, 2011--Economic Data Overview
The August 8 week is a fairly light one for economic data. The US Treasury auctions the first leg of its quarterly refunding package. The FOMC meets on Tuesday. Second quarter earnings reports will remain plentiful, but at this point most industry bellwethers have reported.
The highlight of a light week for economic data releases will be the report on retail and food sales for July on Friday. The numbers are likely to look lackluster in spite of a small rise in unit sales of motor vehicles. Gasoline prices were little changed from the prior month. While many retailers will have been able to clear out summer merchandise due to unusually hot weather in much of the US, new fall merchandise likely languished. Weekly measures of retail activity suggest that while July got off to a good start with sales around the July 4 holiday, sales in the rest of the month tapered off.
The earliest monthly reads on consumer confidence for August are the IBD/TIPP Economic Optimism Index on Tuesday, and the preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday. July data for consumer attitudes turned gloomier on volatility in financial markets and concerns associated with the economic outlook. That probably will not have improved in the first week or so of the current month.
The international trade deficit for June, which is due on Thursday probably will not help lift expectations for the second estimate of second quarter GDP. Although the trade gap may have narrowed from May, it will not be enough to provide any substantial upward revision to the 1.3% growth rate in the preliminary estimate.
The preliminary report on productivity and costs in the second quarter will be released on Tuesday, and will incorporate the revisions from the GDP data. The downward revisions to recent quarters will make the overall tone of these numbers softer for productivity.
The report on overall business inventories for June on Friday will
Source: DGCX
Dubai bourse DFM falls over four percent at opening
August 07, 2011--United Arab Emirates: Reacting to S&P's downgrade of the US credit rating and Saudi Arabia's mini-crash on Saturday, the DFM General Index opened down 3.14%, and minutes after extended its loss to over four percent.
Shares of Arabtec Construction underperformed after the UAE's largest construction company reported a net profit for the first six months of Dhs Q2 profit of Dhs98.55m, down from Dhs301.769m in the same period last year.
Source: AME Info
GCC countries should stop pricing oil in dollars
August 4, 2011--The Dubai International Financial Centre (DIFC) Authority has recommended GCC countries should move away from pricing oil in dollars towards a basket of currencies that would include the Chinese yuan, Muscat Daily has reported.
"Indeed, I am in favour of using the yuan for clearing and settling all GCC trade with China, who has become our biggest trade partner," Dr Nasser H Saidi, chief economist and head of external relations of DIFC, told the daily.
Source: AME
Qatar Navigation soars as subsidiary is awarded a billion dollar contract
August 04, 2011--The Qatar Exchange in Doha advanced by 1.10% on Thursday, closing at 8,490.81 points. Shares of Qatar Navigation jumped 5.13%, reaching QR81.90.
Earlier in the day, Qatar Navigation announced that its fully-owned subsidiary, Qatar Shipping Co., has been awarded a QR1.875bn ($506m) contract by Qatar Petroleum. "Under the terms of the contract," the statement says,"Qatar Shipping will provide and operate harbor tugs, pilot boats and mooring gangs for Mesaieed Port for a period of 20 years from August 2014. Qatar Shipping will construct 19 boats in the coming three years to service this contract." Over the week, the QE Index added 1.34%.
Source: AME Info
Kuwait Stock Exchange closes unchanged
August 04, 2011--The KSE Market Index ended insignificantly lower at 6,066.2 points (off 0.02%).
While industry and food shares regained some ground, banks and investment firms weighed on the market index. As most GCC market indexes, the KSE gained slightly over the week (up half a percent).
Source: AME Info
Aldar Properties, Etisalat push Abu Dhabi market higher
August 04, 2011--Despite very negative input from stock exchanges abroad, the ADX General Index ended 0.77% higher at 2,670.79 points. ADX bellwethers Aldar Properties (up 1.59% at Dhs1.29) and Etisalat (0.96% higher at Dhs10.45) led the market's way up, which gained 0.84% over the first trading week of the Holy Ramadan.
Aldar reported a net profit of Dhs316.4m for the first half of 2011, compared to a loss of Dhs789.5m for the first half of 2010. Net profit for the second quarter 2011 was Dhs127.3m, compared to a loss of Dhs475.3m for the second quarter 2010. Abu Dhabi Aviation Company posted the largest decline (off 5.71% Dhs3.30). Around 41.3m shares were traded, valued at Dhs170m.
Source: AME Info
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