Middle East ETF News Older than One Year
Despite MSCI-upgrade rumors, Qatari investors book profits
June 16, 2011--In Doha, the QE index declined by 0.79% to 8,319.65 points, ending a series of daily gains this week on rumors the QE could be upgraded to 'emerging market' from 'frontier market' by index provider MSCI.
Property heavyweight Barwa Real Estate dipped 1.98% to QR29.70. Qatar National Bank bucked the trend, closing 0.14% higher at QR139.80.
Source: AME Info
Abu Dhabi bourse outperforms on year-to-date basis
June 16, 2011--Driven by advances in the banking, energy and real estate sector, the ADX General Index added 0.65% and finished at 2,761.48 points.
Gulf Cement Co. gained the most (up 9.37% at Dhs1.40) while Aldar (1.45% higher at Dhs1.39) was the most liquid share. Fourteen stocks gained, six ended lower at ten closed flat, among them Dana Gas and RAK Properties. The ADX is currently the only Arab bourse which added value (up 1.53%) in relation to its year-to-date performance.
Source: AME Info
Dubai stock exchange closes unchanged
June 16, 2011--The DFM General Index rose in the early hours of trading on Thursday but eventually lost momentum and closed even at 1,600.98 points.
Emaar shares outperformed and added another 0.31% to close at Dhs3.23. Investors booked profits at Shuaa Capital (off 1.92% at Dhs1.02) and Emirates NBD (down 1.73% at Dhs4.55). Islamic home financing company Tamweel dipped 1.33% to Dhs0.961. Earlier in the day, Bloomberg has reported that Tamweel will be included in the DFM General Index and the banking sub-index from July 3 Tamweel shares restarted trading on May 10 after being halted for almost two years pending its reorganisation. Twelve shares gained, 15 lost and three closed even. Around 192.86m stocks changed hands, valued at Dhs265.6m.
Source: AME Info
Global and Regional Spillovers to GCC Equity Markets-IMF Working Paper
June 15, 2011--Summary: This paper analyzes the impact of global and regional spillovers to GCC equity markets. GCC equity markets were impacted by spillovers from U.S. equity markets despite varying degrees of foreign participation. Spillovers from regional equity markets were also important but the magnitude of the effects were on average smaller than that from mature markets.
The results also illustrated episodes of contagion in particular during the recent global financial crisis. The findings suggest that given the degree of openness, and open capital accounts the financial channel is an important source through which volatility is transmitted. In this regard, GCC equity markets are not immune from global and regional financial shocks. These findings refute the notion of decoupling between the GCC equity and global equity markets.
view the IMF working paper-Global and Regional Spillovers to GCC Equity Markets
Source: IMF
Companies in MENA region perform well despite recent unrest, reveals Amwal AlKhaleej report
June 15, 2011--Amwal AlKhaleej, a regional alternative investment firm in the MENA region, headquartered in Riyadh with offices in Dubai and Cairo, recently gave their insights into the Middle East and North Africa (MENA) turmoil and its effect on the economic and private equity (PE) sectors in the short-term.
The economic sector has been strongly impacted following the unrest that began in Tunisia in December 2010 and consequently spread through the Middle East and North Africa.
According to Fadi Arbid, CEO of Amwal AlKhaleej, from a business perspective, companies in the MENA region are still performing well despite the unrest. However, private equity firms have been impacted by the situation.
Arbid commented, "Re-emergence of private equity depends on the success of the exit returns of today's funds, most of which were raised and deployed between 2004 and 2007."
Source: AME Info
Petrochemicals weigh on Tadawul market
June 15, 2011--The Saudi Stock Exchange failed to join the general positive trend in the GCC on Wednesday and ended 0.34% lower at 6,546.06 points.
Saudi Basic Industries Corporation (Sabic) continued its up-and-down-trading, closing a quarter percent lower at SR102.74. Shares of Dar Alarkan Real Estate Development Company gained 3.11% to reach SR8.30.
Source: AME Info
Qatar Exchange data now on SIX Telekurs
June 15, 2011--The Doha-based QE Index closed 0.90% higher at 8,386.30 points as banks were the drivers today.
Earlier in the day Swiss financial information provider SIX Telekurs announced that live trading data from Qatar Exchange is available to investors across the globe via its platform. "As the first financial information provider to access Qatar Exchange's newly launched SFTI connectivity, SIX Telekurs' clients in the US, Europe and Asia will benefit from the resilience and enhanced liquidity provided by Qatar's SFTI connection," the statement to the QE says. Qatar National Bank, the country's largest bank by assets, jumped two percent higher at QR139.60.
Source: AME Info
Kuwait bourse adds a quarter percent
June 15, 2011--The KSE Market Index was lifted to 6,346 points despite new politcal uncertainty hitting the northern gulf state.
Prime Minister Shekh Nasser Al-Sabah is confronted with a second no co-operation motion this year on accuations by lawyers and member of parliament the government was actoing in favour of Iran. United Foddstuff Industries Group surged 19% to KD0.305.
Source: AME Info
DP World stabilise amid low trading volumes
June 15, 2011--FTSE NASDAQ Dubai UAE 20 Index closed at 1717.650 today, up 38.78 points, or 2.31%, from the previous close.
Shares of global maritime port operator DP World finished at $12.54 while Depa Ltd. ended unchanged at $0.51.
Source: AME Info
Aldar shares jump three percent as Abu Dhabi investors cheer
July 15, 2011--The ADX General Index added 1.18%, closing at 2,743.64 points.
All sector indices landed in the green except consumer staples. Aldar finished at Dhs1.40 (up 2.99%) but energy heavyweight Dana Gas failed to jump on the bandwagon while ending flat at Dhs0.63. Nineteen shares gained, three lost and seven closed even.
Source: AME Info
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