Middle East ETF News Older than One Year
Qatar Exchange loses half a percent
July 18, 2011--Qatari shares declined across the board, as debt woes in the US and Europe weighed on global capital markets.
The QE Index ended 0.50% lower at 8,441.40 points. Al Ahli Bank finished down 1.39%, closing at QR71.00. Qatar Islamic Bank bucked the trend slightly, adding 0.13% o reach QR78.70.
Source: AME Info
Global debt woes send Kuwait banks tumbling
July 18, 2011--The KSE Market Index ended on Monday closed 1.57% lower at 5,973.1 points.
As the debt clock is ticking in Europe and the US, financials dragged the bourse down. National Bank of Kuwait (NBK) dived 5.76% to KD1.040. Gulf Bank of Kuwait declined 3.8% to KD0.500. Sokouk Holding surged 14.3% and closed as a top gainer at KD0.020.
Source: AME Info
Etisalat shares lose on lower half-year net profit
July 18, 2011--The Abu Dhabi bourse ADX ended 0.94% lower at 2,707.23 points. Shares of Etisalat lost 1.35%, finishing at Dhs10.90.
Earlier in the day, Etisalat announced a group net profit after federal royalty of Dhs3.41bn for the six month period ended 30 June 2011, compared to Dhs3.86bn in the same period the year before. Group revenue of Dhs15.97bn was in line with prior year. Revenue earned from international operations contributed 25% to overall revenue exhibiting a 17% increase on the prior year. Etisalat also announced today an interim dividend of Dhs0.25 per share, in line with previously issued dividends. Real estate giants Aldar and Sorouh both dived 2.34% and closed at Dhs1.25 and Dhs1.24, respectively.
Source: AME Info
DIFC Grows to Account for 3.6% of Dubai’s GDP in 2010
July 18, 2011--GDP of the DIFC sub-economy grew by 5.2% in 2010 to reach USD 2.92 billion accounting for about 3.6% of Dubai’s GDP
The DIFC accounted for about 1% of the UAE’s estimated 2010 GDP
The financial sector accounted for 72% of the total value added, with 26.5% contributed by business services, and 1.5% by public administration
DIFC working population is estimated at 11,331 full time employees
DIFC, the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, today issued its fourth annual Economic Activity Survey Report, updating the market on the growth, sectorial contribution and level of economic performance of the DIFC sub-economy during 2010 and its contribution to Dubai’s GDP. This year’s report also included a detailed labour force survey, to track employment growth and characteristics in DIFC.
The 2010 instalment of DIFC’s Economic Activity Survey, places the total GDP of the Centre’s sub-economy at USD 2.92 billion, up 5.2% from USD 2.77 billion in 2009. This puts DIFC’s contribution to the whole Dubai GDP (USD 81.96 billion) at approximately 3.6% and its contribution to the UAE economy at 0.97%.
Source: DIFC
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
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