Middle East ETF News Older than One Year
Dubai bourse declines 0.37%
April 4, 2011--The DFM General Index closed 0.37% lower at 1,548.67. Weak performing real estate and investment sector indices weighed on the market in particular.
Arabtec Construction was the most liquid share (off 1.16% at Dhs1.70). Insurer ARIG ended as a top gainer (up 6.38% at Dhs2.50). Nine shares gained, 12 lost and two closed unchanged amid low trading volumes.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-April 3, 2011
April 4, 2011--Economic Data Overview
The economic data calendar is quite sparse in the April 4 week, with no reports expected to have a significant market impact. However, a busy schedule of central bank announcements will give markets plenty to think about, including the FOMC meeting minutes from March 15.
The most important release of the week is likely to be the ISM Non-Manufacturing Index for March on Tuesday. The indexes for the manufacturing sector have been fairly strong of late. Should the data suggest that services are moving in the same direction, it will help the case for a more upbeat outlook for a sustainable economic recovery. However, plunges in consumer confidence and jumps in input costs like gasoline may restrain the activity in the services sector.
Four central banks make routine monetary policy announcements during the week. The Reserve Bank of Australia will issue its statement on Tuesday and will probably keep the cash rate at 4.75% unless there have been further negative impacts from the Queensland floods, or in the global economy which could result in deterioration in the domestic economy. In its February 1 announcement, rates were still considered "appropriate" in the outlook at the time. Expectations for rate hikes at the Bank of England and the ECB have been on the rise along with commodities costs. The BOE Monetary Policy Committee meets on Wednesday and Thursday. Recent votes have shown a shift in balance away from holding rates and asset purchases steady to increasing the rate and reducing assets bought, although most focus is on the May meeting. The ECB has signalled "strong vigilance" in regard to price increases. This has widely been interpreted as an indication that the ECB will raise rates and the Governing Council could act after the meeting on Thursday to reduce perceived risks to medium-term price stability. The Bank of Japan Policy Board meets on Wednesday and Thursday. Further steps to provide liquidity may be undertaken as the country struggles to recover from the earthquake and tsunami on March 11 and as the crisis at the nuclear power plants drags on. The Federal Reserve will release the minutes of the March 15, 2010 FOMC meeting on Tuesday. Although there was no hint of dissent in the 10-0 vote at the meeting, subsequent remarks by some District Bank Presidents suggest more.
Source: DGCX
Euro area inflation estimated at 2.6% Flash estimate - March 2011
March 31, 2011--Euro area1 annual inflation2 is expected to be 2.6% in March 2011 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 2.4% in February3.
Computation of flash estimates
Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available4 as well as early information about energy prices.
Source: Eurostat
“SEF Showcase: Current Technology & Market Direction”
Opening Statement of Commissioner Scott D. O’Malia
March 31, 2011--Introduction.
Good morning and thank you for coming to the SEF Showcase. I would like to thank staff for working so hard to put this meeting together. They did a terrific job. I would also like to thank Commissioner Michael Dunn for his participation.
The SEF Showcase was born out of a meeting with Chris Giancarlo of GFI in early February. He came in to show me how GFI’s platform functioned and how inter-dealer brokers viewed integrating their technology platforms with the new requirements under the Dodd-Frank Act. After seeing his demonstration, I was curious to see how other execution platforms function. It occurred to me that a single meeting bringing as many potential SEF platforms as possible to the Commission would be of great benefit to my office, to the rest of the Commission, and to market participants as well.
Source: AME Info
Saudi Stock Exchange gains slightly
March 31, 2011--The TASI benchmark in Riyadh opened fell shortly after the opening, but gained momentum during the last hour of trading and closed 0.67% higher at 6,562.85. SABIC, the petrochemical market leader, jumped 2.43% to reach a two-month highg at SR105.25.
Alujain Corp. plummeted 8.41%, closing at SR21.25. Yesterday, Alujan announced that that "in line with the normal industrial practice, its subsidiary National Petrochemical Industrial Co. Propylene & Polypropylene Complex in Yanbu Industrial City will be shut down for a period of 60 days starting May 1st, 2011 for a full turnaround procedure (major maintenance), as well as implementing the production and equipment enhancement." Sixty-two stock gained, 59 declined and 24 closed unchanged.
Source: AME Info
Dubai bourse closes the week positively
March 31, 2011--Apparently lifted by comments from HH Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman of Emirates Airline, of Dubai World and of the Dubai Supreme Fiscal Committee, that the Dubai economy might grow by 4% this year, the DFM General Index closed 0.85% higher at 1,556.04.
Shares of Dubai Islamic Bank (DIB), which holds its Annual General Meeting (AGM) later in the day, added 1.37% to reach Dhs2.22. In 2010, DIB achieved a full-year net profit of Dhs812.633m compared to Dhs1.21bn in the previous year. Emaar (up 2.87% at Dhs3.23) was the most liquid share. Commercial Bank of Dubai (down 7.69% at Dhs3) posted the largest decline. Some 168.76m stocks worth 254.78m securities changed hands.
Source: AME Info
Abu Dhabi developers buck market downtrend
March 31, 2011--The ADX General Index closed 0.98% lower at 2,607.12. Over the last week of March the Abu Dhabi benchmark lost 0.94%.
The leading real estate firms Aldar (up 2.70 at Dhs1.53) and Soroh (3.94% higher at Dhs1.36) gained against the trend. Abu Dhabi Ship Building posted the largest loss (down 6.38% at Dhs2.20). Around 105.12m worth Dhs170.43m changed hands as 14 stocks gained, six ended flat and nine declined.
Source: AME Info
Shares in Doha gain across the board
March 31, 2011--The Qatar Exchange's benchmark composite, the QE Index, added 0.83% to reach 8,456.17.
The country's largest bank by assets Qatar National Bank gained 2.10%, closing at QR137.20. Cinema posted the largest declined, closing 4.76% lower at QR40.00.
Source: AME Info
Kuwait bourse closed unchanged
March 31, 2011--The KSE Market Index closed insginficantly higher at 6,295.6 (up 0.02%). City
City Group Company (not related to the well-known US bank) surged 9.43%, finishing at KD0.580. Shares of Kuwait Resorts Co., known as Muntazahat, declined by 11.36% and closed at KD0.039.
Source: AME Info
Dubai market dips 0.82%
March 30, 2011--The DFM General Index closed 0.81% lower at 1,542.94. "The risk of oil prices rising further due to civil unrest in the region, puts some uncertainty in the market", says Dr. Farouk Soussa, Chief Economist Middle East at Citigroup in Dubai.
Market bellwether Emaar, which gained over 11% during the least month, lost 1.57% today, closing at Dhs3.14. Shares of Sharjah-based budget carrier Air Arabia plummeted nine percent, to close at Dhs0.761. Some 115.95m stocks worth Dhs171.7m changed hands. Seven shares gained, 14 declined and seven remained flat.
Source: AME Info
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