Middle East ETF News Older than One Year
Abu Dhabi bourse swings back to year-to-date profits
July 5, 2011--Rising oil prices and a new bullish sentiment at nearly all Gulf Arab stock markets lifted the ADX General Index by 0.53%, closing at 2,729.38 points. Year-to-date the ADX has advanced by 0.35%, which is currently the highest advance among all Gulf Arab markets. Abu Dhabi Islamic Bank (ADIB) soared three percent to Dhs3.41. Aldar Properties declined 0.76% to Dhs1.30.
Earlier in the day, Aldar announced that its project "Trust Tower" is now available for pre-lease. "The building offers 59-levels, 72,000m2 of flexible office space at the heart of Abu Dhabi," the statement says. According to real estate management company Asteco, apartment rental and sales prices in Abu Dhabi continued to decline during Q2, with new stock entering the market, continuing to outweigh demand. "Meanwhile rents for quality villas, which are still in short supply in Abu Dhabi remained relatively stable, but additional supply will put some downward pressure on prices as the year progresses," Asteco adds. "The UAE Federal Government has announced the decision to extend the property visa period from six months to three years. This can only be a positive move and is expected to improve demand among foreign investors in the emirate," Asteco CEO Elaine Jones commented.
Source: AME Info
Dubai market turnover down, index up
July 5, 2011--The DFM General Index closed 0.22% higher on Tuesday amid dull trading, ending at 1,559.00 points. Real estate blue chips Emaar and Arabtec Construction finished the day flat at Dhs3.09 and Dhs1.31 respectively.
Earlier in the day, Emaar said in a statement that its wholly-owned subsidiary Emaar Misr a contract worth $38m to Arabtec Construction to build 170 villas in at the Marassi project on Egypt's northern coast in the first quarter, adding that the contract has been awarded in normal course. Investment bank Shuaa Capital gained the most (up 3.05% at Dhs0.979). Eight shares gained, 16 fell and five ended flat, reflecting a fierce "fight" between bullish and bearish investors. Sixty-eight million were traded, valued at Dhs80.18m.
Source: AME Info
Achieved the highest ever monthly volume in June-DGCX Ends Robust First Half of the Year on Record Breaking Note
July 4, 2011-- First half (H1) Volumes on the Exchange Climb 52% to Aggregate 1,417,223 Contracts valued at US $69.1 Billion
Exchange also Records Highest Ever Monthly Volume of 268,390 Contracts in June, valued at US $12.96 Billion
Currency Volumes in the First Half of 2011 Rise 80 % to Reach an All-Time H1 High of 1,105,673 Contracts
DGCX today announced that its trading volumes in the first half (H1) 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. DGCX achieved numerous volume records with average daily volume up 40% year-on-year to stand at 12,200 contracts, worth US $589 million, another all-time record and the highest ever Average Daily Total Open Interest of 10,943 contracts in June.
Source: DGCX
Dubai index down by 2.8% month on month
Six of nine indices ended June in the red, with the service sector declining the most at 12.7%
July 4, 2011--The Dubai Financial Market General Index decreased by 2.8 per cent to 1,516.9 at the end of June compared to 1,559.9 at the end of May.
Six out of the nine indices represented on the DFM ended the month in the red, with the services sector declining the most, down 12.7 per cent, followed by the transportation and real estate sectors, falling by 6.3 and 4.8 per cent respectively. Meanwhile, the industrial and banking sectors increased by 8.9 per cent and 1.1 per cent respectively.
Source: Gulf News
Saudi banks set for strong recovery – Fitch
July 4, 2011--Fitch credit rating agency has said Saudi Arabia’s banks are expected to report a strong recovery in terms of improved profitability and a decline in non-performing loans, Gulf News has reported.
"Funding remains one of the key strengths of Saudi banks, with deposits constituting around 88% of non-equity funding at the end of 2010," Mahin Dissanayake, an analyst with rating agency Fitch wrote in a report.
Source: AME Info
Oil prices to stay around $90-$100 - Kuwait
July 4, 2011---Imad al-Atiqi, a member of Kuwait's Supreme Petroleum Council (SPC) has said prices of crude oil are likely to remain between $90 and $100 until the end of the year, due to the International Energy Agency's (IEA) emergency stock releases,
Reuters has reported. The group of 28 industrialised consumer nations said on June 23 it would release 60 million barrels of oil from strategic reserves to compensate for a loss of Libyan crude supply and dampen prices.
Source: AME Info
Kuwait Stock Exchange breaks series of losses
July 4, 2011--The KSE Market gained for the first time since end of June, closing 0.35% higher at 6,194.6 points.
The country's largest lender by assets National Bank of Kuwait (NBK) closed unchanged at KD1.200. Islamic bank Kuwait Finance House failed to join the mini-rebound and dipped one percent to KD0.970.
Source: AME Info
Bahrain faces long road to recovery
July 4, 2011--Bahrain was once the Gulf's go-to destination for offshore banking and other key elements of the financial services industry. That was before H1 2011 saw protests, tear gas, bullets and blood, followed by a brutal and ongoing crackdown on dissenters on the island. What has this violence meant for the Bahraini business community in H1, and what prospect of recovery is there over the next six months?
Flick through the passport of any regular visitor to Bahrain, and you'll come across a familiar slogan stamped onto its pages: 'Welcome to business friendly Bahrain'. The campaign, which ran until recently, was a key part of the Gulf state's efforts to consolidate its position as a regional centre for financial services.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-July 3, 2011
July 3, 2011-- Economic Data Overview
The July 4 week in the US is shortened by the holiday on Monday. Even so, the data calendar is light, and most of the focus in markets will remain on the upcoming employment report on Friday. Forecasters are going to be on the lookout for the June ADP National Employment Report on Wednesday.
Last month the unexpectedly soft reading caused some to revise their estimates lower. The lacklustre 54,000 increase in non-farm payrolls justified the revision. While the ADP number has had some big misses, the last four months have been a good indication of the direction of the government report. The June data on payrolls and the unemployment rate on Friday will solidify perceptions of whether the labor market is experiencing a transitory softening in trend, or if the more downbeat data seen in May is going reflect some more fundamental deterioration in job growth. Forecasters are going to be cautious in their estimates for increases in non-farm payrolls and any downward movement in the unemployment rate. But an above-expectations report could bolster the Fed's economic outlook. At this writing, market estimates are for around up 100,000 for payrolls, and for a 0.1 downtick in the unemployment rate to 9.0%.
The ISM Non-Manufacturing Index for June is due on Wednesday and could mirror the slowing in the manufacturing sector, although expansion continues. Spending on services may see some benefit from lower gasoline prices, but the generally more restrained economic environment will mean moderation in activity. Three major central banks are scheduled to release routine monetary policy announcements this coming week. The Reserve Bank of Australia decision is expected in the overnight hours of Monday-Tuesday. No change in policy is anticipated. The Bank of England Monetary Policy Committee holds a
Source: Source: DGCX
Dubai Gold & Commodities Exchange Weekly Market Commentary-July 3, 2011
July 3, 2011-- Economic Data Overview
The July 4 week in the US is shortened by the holiday on Monday. Even so, the data calendar is light, and most of the focus in markets will remain on the upcoming employment report on Friday. Forecasters are going to be on the lookout for the June ADP National Employment Report on Wednesday.
Last month the unexpectedly soft reading caused some to revise their estimates lower. The lacklustre 54,000 increase in non-farm payrolls justified the revision. While the ADP number has had some big misses, the last four months have been a good indication of the direction of the government report. The June data on payrolls and the unemployment rate on Friday will solidify perceptions of whether the labor market is experiencing a transitory softening in trend, or if the more downbeat data seen in May is going reflect some more fundamental deterioration in job growth. Forecasters are going to be cautious in their estimates for increases in non-farm payrolls and any downward movement in the unemployment rate. But an above-expectations report could bolster the Fed's economic outlook. At this writing, market estimates are for around up 100,000 for payrolls, and for a 0.1 downtick in the unemployment rate to 9.0%.
The ISM Non-Manufacturing Index for June is due on Wednesday and could mirror the slowing in the manufacturing sector, although expansion continues. Spending on services may see some benefit from lower gasoline prices, but the generally more restrained economic environment will mean moderation in activity. Three major central banks are scheduled to release routine monetary policy announcements this coming week. The Reserve Bank of Australia decision is expected in the overnight hours of Monday-Tuesday. No change in policy is anticipated. The Bank of England Monetary Policy Committee holds a
Source: Source: DGCX
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