Middle East ETF News Older than One Year
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
Qatar market advances to 8,866 points
April 7, 2011--The Doha-based QE-Index added 0.89% on Thursday, closing at 8,668.64. Financial shares were the drivers behind the surge.
The country's largest lender Qatar National Bank, known as QNB, edged 2.59% higher to reach QR142.80. Qatar Navigation declined 2.41%, closing at QR85. Earlier in the day, Qatar Navigation announced that its ordinary general assembly approved the company's audited financial results for the year ended 31 December 2010, along with the proposal by the Board of Directors to distribute a cash dividend of 40% of the share par value (QR4 per share) or the equivalent of QR458m compared to QR288m for 2009, an increase of 60%.
Source: AME Info
NASDAQ Dubai posts gains
April 7, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1717.430 today, up 20.670, or 1.22%, from the previous close.
DP World shares gained for the thrid day straight, closing up two percent at $0.66. DEPA Ltd. soared 6.17% to reach 58.5 US-Cent. Jewellery trader Damas surged 10% to reach 10.5 US-Cent. Some 7.9m stocks changed hands.
Source: AME Info
Kuwait bourse advances by 0.34%
April 7, 2011--The KSE Market Index closed 0.34% higher at 6,348.3.
First Investment Co. ended up 10%, closing at KD0.110. Menafae Investment Co. was the top loser (down 7.8% at KD0.059). All sector indices landed in the green. The country's largest lender National Bank of Kuwait (NBK) finished flat at KD1.160.
Source: AME Info
Dubai market weakens 0.14%
April 7, 2011--The DFM General Index finished the week slightly lower, closing off 0.14% at 1,555.41.
The advance-decline ratior finished at 11:11 (four stocks remained flat). Dubai Refreshments surged 14.91% to reach Dhs9.48. The sole franchisee and distributor of PepsiCo products in Dubai and Northern Emirates, has opened a distribution centre to meet the growing demand for its products. Emaar edged 1.27% higher, closing at Dhs3.20. Dubai Islamic Bank lost four percent, finishing at Dhs2.15. Over the week the DFM closed unchanged.
Source: AME Info
Barclays cuts Bahrain, Oman growth forecasts
April 7, 2011--Barclays Plc has said growth of the economies of Bahrain and Oman will be less than previously forecast this year as uprisings in the two Arabian Gulf states take a toll on industries such as financial services and tourism, Bloomberg has reported.
Bahrain's real gross domestic product will expand 1.4%, down from a previous forecast of 4.3%, while Oman's economic growth was downgraded to 4.5% from 5.2%, Barclay's Capital senior economist Alia Moubayed said in an e-mailed report yesterday. In countries where "severe unrest occurred, primarily in Bahrain and to a lesser extent in Oman, non-hydrocarbon growth is likely to slow despite the expected increase in government spending and support from neighbouring GCC states," the report said.
Source: AME Info
Oil could hit $200-300 if unrest in Saudi - ex-minister
April 6, 2011-- Former Saudi oil minister, Sheikh Zaki Yamani has said that if serious political unrest hits Saudi Arabia oil prices could skyrocket to between $200 and $300 a barrel, Reuters has reported.
"I don't expect this for the time being, but who would have expected Tunisia?" he said. Asked whether the United States was likely to succeed in cutting its dependence on Saudi oil, he said: "From the 1950s, American presidents have been saying this."
Source: AME Info
Tadawul bourse gains 0.4% as oil prices rise further
April 6, 2011--As in Dubai, the Saudi Arabian Tadawul market started modestly on Wednesday, but eventually gained pace and ended 0.4% higher at 6,574.63. Saudi Basic Industries Corp.,
known as Sabic, finished half a percent up at SR107.25. Oil prices continued to rally on Wednesday, with Nymex-quoted Light Crude reaching 108.6 US-Dollar (up 0.46%).
Source: AME Info
Qatar National Bank gains on rising net profit
April 6, 2011--The QE Index closed 1.12% to reach 8,591.77.
Qatar Islamic Bank jumped 2.47% to reach QR83. Al Khaleej Takaful dipped 3.7%, closing at QR43.00. Qatar National Bank (up 0.87% at QR139.20) disclosed an interim net profit for the first quarter 2011 of QR1.7bn in comparison to QR1.3bn for the corresponding period in 2010. The Earnings per Share (EPS) amounted to QR3.4 as of March 31, 2011 versus QR2.5 of the same period in 2010.
Source: AME Info
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