Middle East ETF News Older than One Year
Tadawul market crashes 6.78%
March 1, 2011--The Saudi Stock Exchange was unimpressed by the partial stabilisation at other GCC markets on Tuesday, as the TASI index plummeted 6.78% to close at a 20-month low at 5,538.72.
Only a small last-minute upswing saved the index from falling over eight percent. All 145 traded stock ended in the red. Petrochemical giant SABIC dived 7.77%, finishing at SR86. While the civil unrest in Libya does not seem to end too soon, pressure might remain during the next days.
Source: AME Info
Egypt bans export of gold
March 1, 2011--The Egyptian trade and industry ministry has banned, with immediate effect, the export of gold in all its forms, including jewellery and ornaments, until June 30, state news agency Mena has reported.
"This decision, which comes in light of the exceptional circumstances the country is passing through ..., is to preserve the country's wealth until the situation stabilises," it said.
Source: AME Info
Investors worry as Egyptian Exchange again delays reopening
March 1, 2011--Investor confidence in Egypt is likely to be further undermined after Egyptian officials again delayed the reopening of the Egyptian Exchange (EGX – www.egyptse.com) from today (1 March). It was announced late on Monday that trading would not start today at 10:30am but would again be put off until Sunday, 6 March. There have been repeated delays to the reopening.
The exchange is expected to face strong selling pressure when the shortened trading session begins and this could trigger new measures to stop volatility and cause the bourse to halt trading very quickly after it does open. According to reports, trading on stocks will be carried on within a pre-set price range and will be halted for half an hour in there is a 5% change in value, while if a share price moves by 10% the price will be fixed until the end of the trading session. If the EGX 100 index moves by 5% trading will halt for half an hour, if it changes by 10% trading will halt for as long as decreed by the EGX Chairman.
State-run Middle East News Agency (MENA) carried a statement by exchange officials that the market would reopen on 6 March to “allow investors to profit from the government’s support to guarantee stability in the bourse.” Officials have refused some demonstrators’ demands last Sunday to cancel trades made during the 2 days before the EGX closed on 27 January, when share prices plummeted.
Source: African Capital Markets
Dubai bourse plummets 3.83%
February 28, 2011--The mini-crash at Saudi Arabia's Tadawul market yesterday and ongoing demonstrations in Oman has pulled the DFM General Index down by 3.83% to close at 1,410.70.
Emaar dived 6.32% to close at Dhs2.67, Arabtec Construction plunged 8.45%, finished Dhs1.30. Only shares of Gulf General Investment Co. (GGICO) gained (up 6.41% at Dhs0.415). Some 160.43m shares worth Dhs219.41m changed hands.
Source: AME Info
DP World dips slightly
February 28, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1483.76, down 3.55%.
Shares of port operator DP World stabilised above 50 US-Cent but remain fickle, closing 0.19% lower at $0.53. Interior designer DEPA Ltd. dived three percent to close at $0.659.
Source: AME Info
Etisalat shares defy regional downturn
February 28, 2011--The ADX General Index closed 1.50% lower at 2,588.90 points. Property bellwether Aldar dived 7.19% to close at Dhs1.38.
While investors continued to dump real estate shares, telecom provider Etisalat closed flat at Dhs10.90. Since Etisalat recovered at the start of February after the Egypt-shock, the stock performs relatively robust during the current shockwaves triggered by the civil unrest in Libya and demonstrations in Oman. National Bank of Fujairah surged 4.55% to reach Dhs3.60.
Source: AME Info
Qatar market sellout continues
February 28, 2011--Investors accelerated the downturn at the Qatar bourse as they send the QE benchmark down by 3.19%, closing at 7,932.84.
Doha Bank dived 9.91%, finishing at QR51.80, while Qatar Telecom plummeted 7.48%m finishing at QR146.00. Shares of Khalij Commercial Bank (up 0.26% at QR19.55) and Cinema (2.28% higher at QR38.10) were the sole gainers on Monday.
Source: AME Info
Tadawul market stabilises slightly
February 28, 2011--After losing 5% on Sunday, the Saudi Stock Exchange ended insignificantly lower (down 0.15% at 5,941.63) on Monday.
Petrochemical shares such as SABIC (up 0.27% at SR93.25) or National Petrochemical Company (2.07% higher at SR19.75). Saudi Arabian Amiantit Co., a producer of pipes, tanks and related accessories posted the largest loss, closing 8.49% lower at SR16.70.
Source: AME Info
Egypt's bourse may be excluded from emerging markets index
February 28, 2011--Sebastien Lieblich, vice president of index research and management at MSCI, has said that Egypt's stock exchange, which has been closed since January 28, could be excluded from the emerging markets index when the index provider reviews its status in four weeks, Reuters has reported.
The possible exclusion from the index would take place only if the stock market does not reopen before MSCI begins to consider a decision, he said. If Egypt is excluded from the emerging market MSCI indexes, the firm will continue to calculate it but would not be part of the investment opportunities of a portfolio manager that tracks the EM index, he said.
Source: AME Info
Egyptian Exchange to start trading tomorrow (1 Mar)
February 28, 2011--The Egyptian Exchange (www.egyptse.com) is set to reopen tomorrow (1 March) after it closed on 27 Jan. in the popular uprising that saw President Hosni Mubarak resign on 11 Feb. It was due to open earlier, but delayed because strikes were devastating the banks on which it relies for clearing and settlement. Some selling is anticipated.
An announcement by Egypt’s Cabinet yesterday (27 Feb.) confirmed the opening and also that Ziad Bahaa El-Din, chairman of Egypt’s Financial Supervisory Authority, resigned yesterday. On 19 Feb. the FSA had announced that new trading rules will be in place to prevent exchange volatility. Daily share price movement will be limited to 1%, trading sessions are cut from 4 to 3 hours, and the cash reserve requirement for brokerages is cut from 10% to 5% of their capital.
According to a report on Bloomberg, market participants expect selling pressure. Walaa Hazem, who helps manage $1 billion in Egyptian equities and fixed income as vice president for asset management at HC Securities & Investment in Cairo, is quoted as saying: “The market should have opened much earlier. Locking people’s money is something very bad. This will put selling pressure on the market, in addition to the regional turmoil and the economic slowdown.”
Source: African Capital Markets
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
