Middle East ETF News Older than One Year
Stocks listed in Doha retreat across the board
July 12, 2011--The QE Index ended off 0.85% at 8,424.79 points on Wednesday.
Banks and insurers in particualr weighed on the index. General Insurance dived 4.22% to QR43.10. Qatar Islamic Bank declined 1.13%, closing at QR79.00.
Source: AME Info
Credit Suisse bullish on Saudi banks
July 12, 2011--The Tadawul bourse lost for the second day straight, closing at 6,490.23, as petrochemicals retreated further. Sabic ended 1.20% lower at SR103.25.
Shares of Saudi Hollandi Bank outperformed, ending up one percent at SR29.70. Credit Suisse confirmed Saudi Hollandi's 'neutral' rating, but increased the target price to SR34 from SR35. The Swiss bank is bullish on Saudi banks in general. Credit Suisse analyst Mohamed Hawa wrote in his latest statement: "Our new sector average target price suggests 30% upside potential. We believe the GCC banking sector is at varying stages of the credit recovery cycle, with Saudi banks the most advanced."
Source: AME Info
Inflation Inertia in Egypt and its Policy Implications-IMF Working paper
July 11, 2011--Summary: This paper investigates the degree of inflation inertia in Egypt and its determinants using the cross country data consisting of over 100 countries. Medium-unbiased estimator of inflation inertia in Egypt is high compared to other
countries, as indicated by its location around the upper quartile among the sample. The cross country analysis indicates that counter-cyclical macroeconomic policy and fiscal consolidation are a key to reduce inflation inertia and the costs of disinflation.
view the IMF Working paper-Inflation Inertia in Egypt and its Policy Implications
Source: IMF
Individual investors increase their trading on Nasdaq Dubai
July 11, 2011--Individual investors on Nasdaq Dubai increased their share of equities traded value on the exchange to 9.4% in the second quarter of 2011.
This was a rise from 7.4% in the first quarter of 2011, and from 2.7% in the last quarter of 2010. The continuing expansion came after Nasdaq Dubai started routing all its equities trades through the trading platform of Dubai Financial Market (DFM) in July 2010, in order to improve access by individual investors.
Source: AME Info
Dubai bourse loses 1.18%
July 11, 2011--Weak financial and real estate-related shares forced the DFM General Index back to 1,548.69 (off 1.18%). Emirates NBD plummeted 5.78% to Dhs4.24. ENBD shares were only underperformed by Takaful Emarat (down 9.89% at Dhs0.729).
Islamic Ajman Bank bucked the setback by ending 1.16% higher at Dhs0.87. Emaar declined 1.62% to Dhs3.04. Four shares closed up, 22 retreated and four closed unchanged. Around 64m shares were traded, valued at Dhs72.3m. At the NASDAQ Dubai, shares of DP World added 1.22% to reach $12.45. Interior designer Depa Ltd. dipped 1.89% to $0.52.
Source: AME Info
Energy, investment shares keep Abu Dhabi market in the green
July 11, 2011--The ADX General Index closed 0.13% higher at 2,725.20 points on Monday. Abu Dhabi Ship Building posted the largest advance (up 5.61% at Dhs2.15) while Sudan Telecommunications lost the most (off 4.12% at Dh1.63). Dana Gas closed flat at Dhs0.61.
Abu Dhabi National Energy Co. surged 1.58% to Dhs1.28. Bank of Sharjah lost half a percent, finishing at Dhs1.94 as global worries over a new severe debt crisis in Italy weighed on financial stocks worldwide. Ten shares gained, eight declined and nine closed even. Around 86m shares valued at Dhs118.6m changed hands.
Source: AME Info
Qatari banks defy Italian debt shockwaves
July 11, 2011--While financial shares in Dubai posted heavy losses on Monday due to new worries over an extended Euro debt crisis triggered by speculations over
a "Greece-style" sovereign debt case in Italy, banking stocks in Doha stood firm and lifted the QE Index 0.10% higher to 8,496.87 points. Commercial Bank of Qatar outperformed (up 0.68% at QR73.50), while the country's largest lender Qatar National Bank gained slightly (0.14% higher at QR142.70).
Source: AME Info
Kuwait-listed financial shares drag market index down
July 11, 2011--The KSE Market Index declined 0.45% to 6,183.5 points. National Bank of Kuwait was forced back to KD1.140 (off 1.72%), while the country's largest Islamic bank Kuwait Finance House (down one percent to KD.980).
Bahrain-based Gulf Finance House gained against the trend and closed 3.7% higher at KD0.056.
Source: AME Info
Egypt's inflation dips slightly in June
July 11, 2011--Inflation in Egypt in the year ending June has eased slightly due to lower food prices from a year earlier, supporting a hold in central bank interest rates in July to support an economy reeling from the impact of the revolt that ousted president Hosni Mubarak, Reuters has reported.
Urban consumer inflation was 11.8% in the 12 months to June from 11.87% in May, according to Egypt's state statistics agency CAPMAS. However, prices increased 0.4% on a monthly basis in June, as prices of food and tobacco increased from May.
Source: AME Info
Thomson Reuters launch Islamic Indices in Middle East
July 11, 2011--Investment based on the principals of Islamic Finance is growing at over 15% annually making this $1 trillion dollar industry. Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters talks to Phil Blizzard about the introduction of Islamic Indices, similar to the Dow Jones offerings, and their development over the past 15 years.
Islamic Indexing 2.0 requires transparency and lower cost information research and that will lead to greater number of transactions says Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters and that will lead to greater number of transactions and greater growth. He talks to Phil Blizzard about how this will be embraced in the Middle East and renounces a perception that Islamic Finance is linked to terrorism.
Source: AME Info
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