Middle East ETF News Older than One Year
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
Issued capital for new companies in Egypt falls 17% in June
July 3, 2011--According to data by Egypt's General Authority for Investment, the total issued capital for newly established companies fell 17% to EGP913m in June,
compared to EGP1.09bn in the previous month, Ahram has reported. Around 85% of capital invested was Egyptian; the rest was almost equally divided between Arabs and foreigners at 8% and 7%, respectively, the data showed.
Source: AME Info
Sabic rebounds to three-week high
June 29, 2011--The Tadawul market in Riyadh added 0.69%, closing at 6,576 points. Petrochemical and metal producer Saudi Basic Industries Co., known as Sabic, gained 1.22%, finishing at SR104.
Saudia Dairy & Foodstuff Co. posted the largest decline (down 7.25% at SR44.90). Eighty-nine shares gained, 41 lost and 15 closed even.
Source: AME Info
Qatari stocks advance across the board
June 29, 2011--The QE Index in Doha gained for the third day straight, closing up 0.53% at 8,334.51 points. Banks were once again the driving forces behind the surge.
Commercial Bank of Qatar, known as CBQ, soared 2.46% to close at QR70.80. Qatar National Bank could not jump on the bandwagon and dipped 0.21%, finishing at QR141.20.
Source: AME Info
Kuwait market dips a quarter percent
June 29, 2011--The KSE Market Index lost like Abu Dhabi's ADX 0.24% and closed at 6,211.7 points. Real Estate Trade Centers Co. was the top gainer (up 7.4% at KD0.072). Bahrain's Gulf Finance House dived 8.3% to KD0.055.
Advances in the Kuwaiti banking sector could not mitigate the aforementioned losses. Financial bellwether National Bank of Kuwait added 1.7% to reach KD1.160. The country's largest Islamic bank Kuwait Finance House (KFH) finished one percent higher at KD1.000.
Source: AME Info
Abu Dhabi exchange sheds a quarter percent
June 29, 2011--The ADX General Index closed off 0.26% at 2,704.19 points. While like in Dubai real estate and construction shares gained, financial stocks performed overall weakly, weighing on the market.
Heavyweight Etisalat (down 0.90% at Dhs11) also dragged the index lower. Arkan Building Materials advanced the most, reaching Dhs1.23 (up 4.07%). Eleven stocks gained, nine lost and eight closed unchanged.
Source: AME Info
Emaar shares surge on new visa regulation
June 29, 2011--The Dubai bourse was mainly lifted by construction and real estate stocks on Wednesday, lifting the DFM General Index up by 0.62% to 1,516.93 points. The UAE Cabinet's decision to give multi-entry visas to investors purchasing a property in the UAE with a value above Dhs1m has lifted Emaar Properties by two percent to Dhs3.02.
Arabtec Construction (up 2.40% at Dhs1.28) and Islamic home financing company Tamweel (0.35% higher at Dhs0.85) were also demanded. Emaar Properties Chairman Mohammed Alabbar praised the initiative, saying "The UAE Federal Cabinet decision to extend residence visa for real estate investors to three years will significantly enhance investor confidence and drive the growth of the country's property sector." He added that "the property sector is a key contributor to the non-oil GDP of the country, and is one of the largest employment providers apart from supporting several associated industries." Logistics services provider Aramex ended among the top losing shares (down 2.22% at Dhs1.76). Fifteen stocks gained, 12 lost and two closed even. Trading volumes increased significantly, as 115.9m shares valued at Dhs166m changed hands. At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1641.25 today, up 1.38%. DP World added one percent, finishing at $12.28.
Source: AME Info
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