Middle East ETF News Older than One Year
Egypt mulls changes to banking law
March 24, 2011--Egypt's central bank has said it is to consider a revision to the country's banking and monetary law to strengthen bank governance, particularly that of state banks, Reuters has reported.
The central bank said plans revisions to bank oversight rules included in the 2003 law and to its own role in the oversight. The study is expected to take around four months to allow time to consult different parties.
Source: AME Info
The Palestine Exchange alone amongst Arab exchanges in the green
PEX regained its losses since early 2011as the Al-Quds Index recorded an increase of 1.37 per cent as of 21/03/2011, compared to close of 2010.
March 23, 2011--The Palestine Exchange (PEX) showed a positive performance during March 2011. PEX regained its losses since early 2011 as the Al-Quds Index recorded an increase of 1.37 per cent as of 21/03/2011 compared to close of 2010.
This leaves PEX as the only Arab exchange in the green where all other Arab exchanges sustained considerable losses since January 2011.
Ahmad Aweidah said, "Investors are confident and well informed of the solid facts on the ground regardless of the current political turbulence that is overshadowing all Arab exchanges since January 2011.”
Source: Online News
UAE markets close steady
DFM closes at a month-high despite fall of Egypt shares
March 23, 2011--UAE markets ended mixed on Wednesday, showing little reaction from sharp declines on Egypt's index as Cairo trading resumed following an eight-week suspension
Dubai Financial Market’s index closed at a month-high, rising 0.6 per cent to 1,529 points, its fifth gain in six sessions, although it is down 6.2 per cent in 2011.
"It's very positive for UAE markets that they haven't reacted to Egypt opening at limit down," Mohammed Yasin, CAPM Investment chief investment officer said.
Source: Emirates 24/7
MENA M&A deals increase by 65%
March 23, 2011--Ernst and Young has said the total value of deals announced last year in the Middle East and North Africa (Mena) region climbed 65% to $55.9bn last year from $33.9bn in 2009.
Total volume of announced M&A deals also increased from 2009 to 2010, going from 353 deals to 402 deals, a rise of 14%. The UAE was the top acquiring country in terms of volume of deals with 42 deals, which comprised 36% of total volume of outbound deals; followed by Qatar with 14 deals comprising 12% and Saudi Arabia with 13 deals comprising 11%.
Source: AME Info
Egyptian Exchange opens, hit by giant wave of selling
March 23, 2011--The Egyptian Exchange opened today at 10:30am after nearly two months, and was immediately swamped with a flood of selling, which saw the index plunge nearly 10% and trading halted a few minutes after the exchange opened. The EGX 30 Benchmark opened the day at 5,646.50 but selling pressure that had built up before trading opened saw the index start to plummet down and buyers stayed well clear. Trading was halted for 30 minutes with the index at 5,085.63, according to the EGX website.
When the exchange reopened, the mood was a little better and the index slowly edged up to 5,155.33 over the next 50 minutes before drifting through to close at 5,142.71 after a further 2 hours, down 8.9% on the day. Foreigners and then Gulf Cooperation Council members reportedly led the sell-off.
Source: African Capital Markets
Composition Of Tel Aviv Stock Exchange Corporate Bond Indices As Of April 3rd, 2011
March 22, 2011--As of April 3rd 2011, the composition of the corporate bond indices will be updated.
Source: Tel Aviv Stock Exchange
Egypt bourse set to open on Wednesday
March 22, 2011--Egyptian cabinet spokesman, Magdy Rady has announced the stock exchange will reopen tomorrow, more than seven weeks after having closed down due to the unrest that ousted Hosni Mubarak,
Mena news agency has reported. MSCI has warned Egypt it risked exclusion from its emerging markets index if the exchange it did not reopen by March 24.
Source: AME Info
Tadawul bourse adds 0.21%
March 21, 2011-The Saudi Arabian Tadawul market closed 0.21% higher on Monday to reach 6,357.37.
Petrochemical giant SABIC gained a quarter percent to reach SR101.75. Eigthy-eight shares advanced, 41 lost and 16 finished flat, reflecting the consolidation sentiment at the market in Riyadh after a week of strong gains.
Source: AME Info
Egypt bourse announcement expected soon
March 21, 2011--Egyptian prime minister Essam Sharaf has said the country's stock exchange, which has been closed since January 30, is set to announce within days a date for reopening, state news agency Mena has reported.
An executive from index provider MSCI said on Friday that Egypt must reopen its stock exchange by next Thursday to avoid the risk of exclusion from MSCI's emerging markets index.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-March 20, 2011
April 20, 2011--Economic Data Overview
Although there is plenty of economic data during the March 21 week, focus will likely still be on the release of the March employment data on April 1.
The release of the Richmond Fed's Manufacturing Survey for March on Tuesday should reinforce what the New York and Philadelphia Fed outlooks had to say about conditions in the factory sector. The components for new orders and employment should continue to signal expansion, and overall activity remains on the rise.
The report on new orders for durable goods in February is set for Thursday. Once more the transportation component will probably have the biggest impact on the headline number. Civilian aircraft orders were down for a second month in a row, and will contribute to softness in transportation, although that is likely to be offset by demand for new motor vehicles.
The final Reuters/University of Michigan Consumer Sentiment Index could well be revised lower from the 68.2 in the preliminary report. Consumers have been buffeted by horrendous news from the earthquake in Japan and the subsequent volatility in financial markets. Gasoline prices also have remained high.
Initial claims for the week ended March 19 are expected to be in line with recent weeks, showing a modest downward trend for initial claims, and steady declines in continuing and extended benefits. The labor market is mending, albeit at a slow pace.
The BLS will release February data for mass layoff activity on Tuesday and for state unemployment on Friday. Outside of the government sector, layoff activity has returned to..
Source: Dubai Gold & Commodities Exchange
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