Middle East ETF News Older than One Year
Emaar shares rebound one percent
May 24, 2011--The Dubai Financial Market General Index fell sharply during the first hours of trading but eventually recovered territory and ended 0.15% lower at 1,544.28 points.
Bargain hunters lifted Emaar Properties to Dhs3.07 (up 0.99%). Shares of Gulf General Investment Company (GGICO) still suffer from the firm's disclosure that it defaulted on a Dhs489 bank loan in the first quarter this year. GGICO dived six percent to Dhs0.31. DFM shares added 0.83%, closing at Dhs1.21. Some 145.64m stocks valued at Dhs177.61m changed hands.
Source: AME Info
MENA: Opportunities To Reshape Economic Playing Field
May 24, 2011--There are historic opportunities for greater openness and citizen participation in economies across the Middle East and North Africa (MENA) that, if strongly managed over the transitions ahead, could see a significant boost to economic growth and living standards in the medium term.
This is the analysis presented today in the World Bank’s Regional Economic Outlook: MENA Facing Challenges and Opportunities. The report notes that current economic disruption in many MENA countries is translating into lower growth in the short term (now forecast at 3.6 percent for 2011 down from 5 percent) but that opportunities in the medium term offer new hope for an inclusive and sustainable development that has not before been seen in the region.
"The rich experience from countries that have undergone political changes suggest that short-term disruptions to economic growth and social tensions are inevitable,” said Shamshad Akhtar, World Bank Vice President for the MENA region. “However, transition offers an opportunity for countries to break with the past and set course in a newer direction. A first order of priority is to offer the right signals to restore public and private investor confidence which, in MENA, calls for ensuring respect and citizen dignity through inclusive social policies, a fundamental change in governance frameworks and swiftly restoring macroeconomic stability."
Source: World Bank
Kuwait Economic Brief - May 2011
'Flash crash' sees commodity sell-off in early May; FY10/11 budget could see KD 4–5 billion surplus…
May 24, 2011--Oil prices
After showing continued strength through most of April, oil prices suffered a ‘flash crash’ in early May, eliminating all of the gains made during the previous two months. The price of Kuwait Export Crude (KEC) dropped from a peak of $119 per barrel (pb) at the end of April to $100 pb on 6th May, including a drop of $12 pb – or 10% - in one day on the 6th. Similar price falls were seen among other benchmark crudes.
The price of both Brent crude – the main European blend – and West Texas Intermediate (WTI) were off $16-17 from their late April highs, with the latter falling back below the $100 mark, to $97.
The declines were part of a broader sell-off among commodities, which saw, for example, the price of silver fall by 26% in just over a week. There appears to have been no single cause for the rout, with analysts citing a number of contributing factors. A few factors, cited after the fact, were: a decline in the commodity risk premium in light of more stable geopolitics in the MENA region; a sudden shift in sentiment towards the US dollar, requiring a fall in prices to re-stabilize the market in foreign currency terms; and the risk of high prices triggering ‘demand destruction’, part fuelled by new figures showing declining US petrol demand.
view report-Kuwait Economic Brief - May 2011
Source: GulfBase
Gulf investors see value in developed markers
May 24, 2011--Middle East investors are looking west for investment opportunities as financial crises in developed markets such as Europe create more value plays, a study released by US-based fund manager Invesco showed. Growth in emerging markets have been strong in the last year but investors are increasingly looking towards markets where investment have been under pressure.
A lot of investors are looking back to the developed market where they are seeing good value. If you look at the prices in Western Europe, for instance, they're cheap," Nick Tolchard, head of Invesco Middle East told reporters at a conference to launch the study yesterday. Gulf-based sovereign wealth funds, however, have not abandoned regional and local investments despite the widespread political unrest, according to Tolchard.
The political crises might mean short-term concerns but investors in the region, like sovereign wealth funds, are taking a more sensible long-term returns approach. There still appears to be a great deal of confidence. At least, there is no more cautiousness then there was last year," he said.
Source: Kuwait Times
Dubai market dives two percent
May 23, 2011--Stocks a the DFM lost across the board, sending the DFM General Index down by 2.03% to 1,546.65 points. Emaar plummeted 3.18% to Dhs3.04.
Emaar lost 9.74% during the last month of trading. Cooling specialist Tabreed dived 10% to hit Dhs1.26. Abu Dhabi-based investment firm Mubadala increased its stake in Tabreed to 26.1%, Tabreed said yesterday. Dubai Insurance gained the most among the four gaining shares, closing up 0.92% to reach Dhs2.20. Twenty-four stocks lost and three ended flat. Some 171.24m shares valued at Dhs192.32m changed hands.
Source: AME Info
Abu Dhabi National Takaful rises to one-year high
May 23, 2011--The Abu Dhabi index ADX declined half a percent on Monday, closing at 2,631.83 points.
Islamic insurer Abu Dhabi National Takaful continued to soar, ending 7.14% higher at Dhs4.50. RAK Properties was the most liquid shares (down 5.13% at Dhs0.37). Abu Dhabi National Energy Co., known as Taqa, dipped 0.81% to Dhs1.23. Seven stock gained, 19 lost and seven closed flat.
Source: AME Info
Qatar bourse loses as turnover soars
May 23, 2011--The QE Index declined 1.92% to 8,441.35 points.
Qatar National Bank dived 2.50% to QR140.20. Al Khalij Commercial Bank bucked the trend by gaining 0.67% to reach QR17.98. Trading volumes increased almost three-fold as 10.7m shares valued at QR385.62m changed hands.
Source: AME Info
Real estate, industry shares interrupt Kuwait market rebound
May 23, 2011--The KSE's rebounf came to a halt on Monday as the KSE Market Index dipped 0.74% to close at 6,443.4 points.
Shares of telecom operator Zain dipped 1.82%, finishing at KD1.060. A'ayan Real Estate gained the most, closing 7.56% higher at KD0.071.
Source: SEC.gov
Tadawul market retreats by 0.71%
May 23, 2011--The Saudi Stock Exchange closed 0.71% lower at 6,702.76 points as weak performing energy and petrochemical shares weighed on the bourse.
Market bellwether Sabic dipped 0.23% to SR107.50. Jouf Cement was the most liquid share, adding 1.32% to close at SR15.30. Thirty-three shares gained, 99 lost and 13 ended even.
Source: AME Info
Mena equity markets to see growth
May 23. 2011--Ahead of a possible upgrade by MSCI of Qatar and the UAE markets, a regional asset management firm has said equity markets in the Middle East and North Africa (Mena) offers a "sizeable" opportunity for investors focusing on the emerging market economies.
The GCC economies are expected to witness sustained economic growth in the near and long term as a result of increased government spending on infrastructure, driven high oil prices, according to Yong Wei Lee, head of Mena equity investments at Emirates NBD Asset Management.
Source: Gulf Times
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