Middle East ETF News Older than One Year
Abu Dhabi hoping to grow 7% a year until 2015
April 13, 2011--According to a bond prospectus, the emirate Abu Dhabi plans to reduce dependence on oil and diversify its economy in a bid to grow by an average of 7% a year until 2015 and 6% a year thereafter, Reuters has reported.
"The 2030 Economic Vision seeks to grow Abu Dhabi's GDP by an average of 7% per annum through 2015, and thereafter to stabilise growth at an average of 6% per annum for total growth in GDP of over 500% by 2030," a prospectus by Abu Dhabi's investment vehicle, Mubadala said. "The government also intends to foster non-oil GDP growth at a higher rate than that of the oil sector, with a goal of reaching equilibrium in oil and non-oil trade by 2028," the document said.
Source: AME Info
Tadawul market dips 0.32% on weak petrochemicals
April 12, 2011--The Saudi Stock Exchange's benchmark index Tasi closes at 6,590.65 points on Tuesday, off 0.32%. Shares of Petrochem dipped 6.04%, closing at SR22.50. Bellwether Sabic weakened 0.23%, finishing at SR107
Alinma Bank gained half a percent reaching SR10.05. During the first quarter 2011, Alinma Bank was the most traded company as some 1.3bn stocks changed hands, according to Global Investment House in Kuwait. Fifty-one stocks gained, 78 declined and 16 ended flat.
Source: AME Info
Industries Qatar decline despite higher quarterly profit
April 12, 2011--The Doha-based QE Index lost 0.71%, closing at 8,771.80 points. Shares of Industries Qatar dipped 0.69%, finishing at QR143.60. Earlier in the day,
Qatar Industries reported for the first quarter a net profit of QR2.1bn in comparison to QR1.2bnfor the corresponding period in 2010. Earnings per share (EPS) amounted to QR3.81 as of March 31 2011 versus QR2.21 of the same period in 2010.
Source: AME Info
Zain telecom dip 1.44%
April 12, 2011--The KSE Market Index closed flat at 6,364.6. Telecom giant Zain ended 1.44% lower at KD1.360. National Bank of Kuwait, known as NBK, closed 1.69% lower at KD1.160.
United Gulf Bank (UGB) was the top loser (off 7.14% at KD0.325). Kuwait Finance House, the world's second largest Islamic Bank in relation to assets, added 1.88%, reaching KD1.080.
Source: AME Info
Abu Dhabi bourse adds half a percent
April 12, 2011--The ADX General Index closed 0.50% higher at 2,632.44. Shares of RAK Properties gained 2.56%, closing at Dhs2.56. Earlier in the day, RAK Properties informed the ADX that it received a loan of $50m from the Investment and Development Office (IDO)
National Bank of Fujairah posted the largest gain, closing 10% higher at Dhs3.52. Investbank was the main loser (off 6.43% at Dhs1.60). Some 126.86m stocks worth Dhs190.29m changed hands in Abu Dhabi. Nineteen shares gained, eight lost and five remained even.
Source: AME Info
Etisalat shares save ADX Index from declining
April 11, 2011--In Abu Dhabi, the ADX General Index added 0.42% and closed at 2,619.34 points, despite slight losses in the real estate and energy sectors. Aldar Properties dipped 0.66%,
closing at Dhs1.50, while Dana Gas weakened 1.52%, finishing at Dhs0.65. Telecom giant Etisalat (up half a percent at Dhs10.25) belonged to the most liquid shares. Ten shares gained, 15 declined and five ended flat.
Source: AME Info
Qatar Exchange gains one percent
April 11, 2011-The QE Index closed on Monday at 8,834.90. Qatar National Bank, known as QNB and the country's largest bank, surged 3.40%, closing at QR148.90.
The insurance sector index was the only segment which landed in the red. Shares of Qatar Insurance dipped 1.33%, finishing at QR81.60.
Source: AME Info
Kuwaiit bourse lifted by banks, telecoms
April 11, 2011--The KSE Market Index closed up 0.41% to reach 6,365.2 points.
Telecom giant Zain was the most liquid share as it edged 1.47% higher to KD1.380. Islamic bank Kuwait Finance House, known as KFH, surged 1.0%, finishing at KD1.060. As at the Dubai Financial Market, Hits Telecom posted the largest advance, gaining 9.6% to close at KD0.057.
Source: AME Info
Egypt inflation accelerates in March
April 11, 2011--The rate of inflation in Egypt has climbed in March on higher food prices, Bloomberg has reported. According to the Central Agency for Public Mobilization and Statistics, inflation in urban parts of Egypt, the gauge that the central bank monitors, rose to 11.5% from 10.7% in February.
Prices increased 1.4% on a monthly basis, it said. "With inflation remaining to be food-prices led, we maintain our view that central bank of Egypt interest rates are likely to remain unchanged," Beltone said in a report.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-April 10, 2011
April 10, 2011-- Economic Data Overview
There is a lot of economic data on the calendar in the coming week. The standouts are likely to be the March reports on retail activity and the changes in the Consumer Price Index. The Beige Book will also be closely parsed for its assessment of economic conditions in the 12 Fed Districts. The March report on retail and food sales on Wednesday will finish out the data available for the first quarter.
So far January and February had respectable gains. March should get a boost from rising prices for gasoline at service stations. Data on import price indexes should be pushed higher by petroleum prices and to a lesser extent by increases in food commodities and non-petroleum industrial supplies. Export prices indexes are likely to get another boost from agricultural prices, although it should be a smaller gain than in the prior month.
The PPI survey takes its reading on oil prices usually in the second week of the month. Oil prices had not yet peaked at that time, but there was still a double-digit gain in prices in March from February. Gains in the March CPI are likely to be concentrated in rising gasoline prices, which were up about 10% compared to the prior month. The two earliest monthly reads on consumer confidence for April are the IBD/TIPP Economic Optimism Index on Tuesday and the preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday. Confidence plunged in March due to a confluence of bad news about international geopolitical concerns and natural disasters. Also, there was a surge in food and gasoline prices that more than offset a somewhat improved outlook for labour markets.
The data on the international trade deficit for February on Tuesday will provide.
Source: DGCX
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