Middle East ETF News Older than One Year
Dubai Gold & Commodities Exchange Weekly Market Commentary-July 17, 2011
July 17, 2011-- Economic Data Overview
The US economic data in the July 18 week will largely focus on housing and could offer the first hint that sales activity is starting to revive a bit after the disappointing spring. Earnings reports for the second quarter 2011 will be numerous, and include some of the most carefully watched industry leaders, covering a number of industries.
Foremost among them are probably those in the financial sector. The Philadelphia Fed's Business Outlook for July on Thursday will join the New York Fed's Empire State Survey in setting expectations for conditions in the factory sector on the national level. Anecdotal evidence indicates that some of the special factors that discouraged perceptions for manufacturing in May and June could now be easing, and that there should be a return to more positive attitudes. The Conference Board's Leading Economic Indicator for June is scheduled on Thursday and is expected to rise for a second month in a row. Positive contributions are expected from interest rates, money supply, building permits, vendor deliveries, and plant and equipment. A few indicators related to the labor market will be released.
Initial claims for the week ended July 16 on Thursday will include the survey comparison week data from June. Claims tend to be volatile around this time of year, and it may make it harder to get a read on the state of the labor market in advance of the July employment report (Friday, August 5). The seasonal adjustment will have to contend with an influx of claims by government workers after the shutdown in Minnesota, and perhaps fewer layoffs in autos as the normal summer plant closures are fewer than usual this year. The BLS will release two separate reports on Friday. Mass layoff activity in June could be.
Source: DGCX
Yemen's inflation may rise to 30%, says IMF
July 14, 2011--The International Monetary Fund has said inflation in Yemen may surge to as much as 30% in 2011, as ongoing unrest cripples the country's economy and damage to an oil pipeline strains already weak government finances, Reuters has reported.
"The situation is serious. Economic activity has ground to a halt," Hassan Al-Atrash, the IMF's head of mission to Yemen, said. "We are very much concerned about inflation ... We think that inflation could reach up to 30% in 2011," he said.
Source: AME Info
Dubai market dips 0.37%
July 14, 2011--The DFM General Index declined 0.37% to 1,547.86 points. Arabtec was the most active share by value and by volumes, closing down 0.73% at Dhs1.36. Cooling specialist Tabreed added 0.97% and reach Dhs0.97.
Over the week the DFM lost insignificantly. Citigroup's Chief Economist Middle East says in his latest analysis: "The region's traditional recipient of "refugee" capital is Dubai, within the UAE, and it is already benefiting (measured by port throughput, hotel occupancy or mall visitors for example). This has been a positive driver for Dubai's externally driven sectors such as trade, logistics and tourism, which are dependent on its finished assets (port, airport, roads, hotels, malls and free zones)...."
Source: AME Info
RAK Cement dives over two percent on weak half-year results
July 14, 2011--The Abu Dhabi market's ADX General Index closed 0.39% higher at 2,725.25 points in a more than lacklustre trading session. Aldar declined by 0.78%, finishing at Dhs1.28.
Etisalat stabilised at Dhs11.00 (up 0.45%). Shares of Ras al-Khaima Cement plummeted 2.11% to Dhs0.92. Earlier in the day, RAK Cement reported a loss for the first half-year of Dhs4.94m compared to Dhs1.2m in the same period the year before. Only 40.1m shares changed hands at the ADX, valued at Dhs70m.
Source: AME Info
Ahli United Bank soars on 19% higher half-year profits
July 14, 2011--The KSE Market Index could not extend its rebound from Wednesday and closed off 0.11% at 6,168.8 points.
National Bank of Kuwait lost 1.72% and ended at KD1.140. Ahli United Bank jumped 3.53% to a new year's high at KD0.930 after the bank reported a net profit attributable to its equity shareholders of $161.7m for the half year ended 30 June 2011, a 19.0% increase over the same period in 2010 ( H1/2010: $135.9m). The resultant basic earnings per share were US 3.3 cents, compared to US 2.8 cents achieved in H1/2010. Q2/2011 net profit was 20.2% higher at $84.4m compared to $70.2m for Q2/2010
Source: AME Info
Qatar Exchange stabilises above 8,460 points
July 14, 2011--The QE Index ended 0.18% higher at 8,483.71 points on Thursday as all sectors except the banks gained territory.
National Cement Co. was the top gainer as its shares soared 2.30% to reach QR115.50. Medicare posted the largest decline (off 2.46% at QR23.41).
Source: AME Info
DGCX Sets New Daily Volume Record
Exchange Trades 19,819 contracts on July 12, valued at US $ 967.68 million
July 14, 2011--Trading on the Dubai Gold and Commodities Exchange (DGCX) surged to a new daily volume high of 19,819 contracts, valued at US $ 967.68 million on Tuesday, July 12,
2011. The new record surpasses the previous best of 19,255 contracts set on March 1, 2010.
DGCX trading volumes in the first half of 2011 hit an all‐time record of 1,417,223 contracts, valued at US $ 69.1 billion, a 52% growth from last year. June witnessed the highest ever monthly volume of 268,390 contracts, valued at US $ 12.96 billion, an increase of 40% from last year.
Source: DGCX
Gulf banks want regional regulation of bonds
July 13, 201--The Gulf Bonds and Sukuk Association trade body is calling for the harmonisation of regulatory procedures governing tradeable debt issues across the region.
The GBSA, which represents several investment banking industry players and which lobbies governments and capital market authorities, wants to see a “one regulator”, European Union-type framework to speed up what it says is a lengthy issuance process.
Source: FT.com
Saudi Industrial Export Co. gains as firm swings back to profits
July 13, 2011--The Saudi Arabian Tadawul bourse added 0.29% Wednesday, closing at 6,508.80 points. Saudi Industrial Export Co. soared 1.87% to SR27.30.
The company's net profit during the six months was SR7.50m compared to a loss of SR1.90m for the same period last year. "The reason for the increase in sales and profit during the second quarter of 2011 is due to increase in export volume and profit margin of raw material for fertilizer manufacturing for China market," the company said in a statement. Sabic added half a percent to reach SR103.75. ACE Arabia Cooperative Insurance Co. dived 5.52% to SR39.40.
Source: AME Info
Kuwait Stock Exchange gains for the first day in four
July 13, 2011--The KSE Market or Price Index added 0.18% to reach 6,175.9 points, in line with the general rebound at GCC markets on Wednesday. Gulf Glass Manufacturing posted the largest gain, closing 7.35% higher at KD0.730.
Dar Al Thuraya Real Estat declined by 7.2% to KD0.064. According to Kuwait's Global Investment House (up 2.77% at KD0.036), the KSE had one of its worst first half performances since the 1H1998. "It started in 1Q2011 when all MENA markets including Kuwait witnessed selling pressure due to political sitution in the region," Global says in a study published earlier today.
Source: AME Info
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