Middle East ETF News Older than One Year
Dubai market tests 1,500 points-level
June 28, 2011--The DFM General Index fell 1.18% to 1,507.61 points as stocks lost across all sectors. Investment bank Shuaa Capital added 0.10%, closing at Dhs0.958. Earlier in the day,
Shuaa announced it is planning to seek shareholders approval on July 19 to change the composition of its board by allowing more nationals from the GCC countries, Bloomberg has reported. News that Drake and Scull International (down 0.52% at Dhs0.964) has won a Dhs100m mechanical, electrical and plumbing contract for a private residential facility in Doha could not lift its shares. Around 81m shares were traded valued at Dhs111.5m. Five stocks gained, 20 lost and two ended flat.
Source: AME Info
Taqa shares end flat as CEO steps down
June 28, 2011--The Abu Dhabi market ADX added a quarter percent to reach 2,711.30 points.
National Bank of Umm al-Qaiwain (up 9.34% at Dhs1.99) gained the most while Oman Emirates and Investment Holding (off 9.41% at Dhs0.77) was the top loser. Abu Dhabi National Energy Co., known as Taqa, closed even at Dhs1.21. Earlier in the day, Taqa announced that its CEO Abdullah Saif Al Nuaimi will step down on July 1st, but will remain Vice Chairman at Taqa. Mr. Al Nuaimi wants to fully concentrate on his role as Director General of Abu Dhabi Water Electricity Authority (ADWEA). Carl Sheldon will lead Taqa in his role as General Manager. Taqa'a statement did not disclose if Sheldon will remain acting CEO or if he will be appointed CEO later.
Source: AME Info
Kuwait bourse sheds 0.43% more
June 28, 2011--Bank and investment shares dragged the KSE Market Index down by 0.43% to 6,226.8 points.
Investors booked profits at Pearl of Real Estate Company (off 9.3% at KD0.0245). Only the industrial sector index added value on Tuesday. Boubyan International Indusries Holding surged 7.7% to KD0.112.
Source: AME Info
Qatar market extends rebound
June 28, 2011--Like yesterday, the QE Index added again half a percent to close at 8,290.39 points.
Financial heavyweights Qatar National Bank (QNB, up 1.65% at QR141.50) and Qatar Islamic Bank (0.38% higher at QR78.50) helped to keep the market on track.
Source: AME Info
Sabic recovers, lifts Tadawul market
June 28, 2011--The Saudi Stock Exchange's lead index Tasi climbed 0.37% to 6,531.17 points, despite 70 declining shares
outnumbered 52 gaining stocks (43 shares ended flat). Shares of petrochemical giant Sabic added 074%, finishing at SR102.75. Saudi Integrated Telecom Company, also known as Almutakamela, rose significantly on its losed at it first trading day and finiashed as a top gainer at SR12.60.
Source: AME Info
Policy Coordination in Fiscal Federalism: Drawing Lessons from the Dubai Debt Crisis
June 27, 2011--Summary: Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis.
The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth.
Source: IMF
World Federation Of Exchanges (WFE) Upgrades The Palestine Exchange (PEX) Status To “Affiliate”
June 27, 2011--World Federation of Exchanges (WFE) Board of Directors announced recently that it has approved upgrading the Palestine Exchange (PEX) status to “Affiliate”. This announcement has come to recognize the progress PEX made in its business development over the last few years.
“This step will encourage PEX to deepen its local significance in the capital formation process and the development of the region” said Mr. Thomas Krantz, Secretary General of the WFE.
Dr. Rami Al-Hamdallah, Chairman of PEX Board of Directors welcomed this significant recognition by the WFE. “This demonstrates PEX commitment to global best practice and international market standards as far as legislative, regulatory and technical infrastructure are concerned.” Al-Hamdallah stated. “It also came as a result of PEX commitment to practices of good cooperate governance, transparency, disclosure and investor protection standards”. Al-Hamdallah concluded.
Source: FEAS
Tel Aviv Stock Exchange Approves Products On New Indices
June 27, 2011--Starting on July 3, 2011, TASE will allow the issuance of Exchange Traded Products on the following share price indices:
TA BlueTech-50, which comprises the 50 technology companies with the largest market cap drawn from the IT, electronics, biomed, technology investment and cleantech industries;
TA Technology, a composite index which currently includes 47 shares of companies from the electronics, IT, cleantech and technology investments companies;
Biomed – currently comprised of 31 companies operating in the ‘biomed’ industries;
TA Oil and Gas - currently includes the equities of 15 companies and limited partnerships engaged in the exploration and production of oil and gas;
TA Communications –currently comprised of 12 communications and media companies;
More than 400 Exchange Traded Notes (ETNs) are traded on TASE, of which 100 are ETNs on local share price indices and 145 on foreign share price indices. The Public Holdings of those equity ETNs was US $10 billion in May of this year. Average daily turnover accounts for approximately 20% of the total trading volume of TASE-traded shares.
Source: WFE
Tadawul market gains slightly, new index for Sukuk and bonds launched
June 27, 2011--The Saudi Tadawul market opened Saturday trading in the red but gained positive momentum and eventully ended 0.11% higher at 6,456.88 points.
Saudi Industrial Services, know as Sisco (not to be mixed up with Cisco Systems), was the top gainer (up 7.53% at SR15.00). Market bellwether Sabic lost half a percent at SR100.75. Earlier in the day, the Saudi Stock Exchange announced the calculation of the Sukuk and bonds market index that includes all Sukuk and bonds listed on the market. The start of the new index named TSBI with base value of 1,000 will is fixed as of June 21st 2011 as a base date.
Source: AME Info
Qatari banks drag QE Index higher
June 27, 2011--The QE Index added half a percent on Monday, closing at 8,249.62 points.
After Fitch Rating said that the financial sector in Qatar would remain stable, bank shares recovered losses from the recent weeks. Qatar National Bank soared 1.98%, ending at QR139.20. Qatar Islamic Bank added a quarter percent, finishing at QR78.20. Al Ahli Bank, on the other hand, dived 3.80% to QR65.90.
Source: AME Info
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