Middle East ETF News Older than One Year
Dubai GDP expected grow by up to 5% this year
March 2, 2011--Dubai's Chamber of Commerce and Industry (DCCI) has said the emirate's economy may grow by up to 5% this year, Gulf News has reported. "We expect 3% to 5% of real gross domestic product (GDP) growth in 2011,"
Hamad Bu Amim, director general of DCCI said. "Service sectors, trading and logistics will see most growth," he noted. Dubai's economy, which accounts for almost a third of the UAE's overall output, grew 2.5% year-on-year in the first nine months of 2010, the emirate's statistics office head said in February.
Source: AME Info
Egyptian stock exchange rejects calls for manipulation of last week of trading
March 2, 2011--The Egyptian stock exchange has rejected calls from angry protesters to cancel trades made shortly before the bourse shut for a month, Reuters has reported.
Investors have demanded that trades in the last two days of business on January 26 and January 27, before the bourse was closed in the wake of anti-government protests, should be cancelled. "The public prosecutor has assured that there was no manipulating in the last week of trading (on the Egyptian bourse)," bourse head Khaled Serry Seyam said.
Source: AME Info
DGCX February volumes rise 17 % year-on-year to reach 210,330 contracts
Year-to-date (YTD) volume stands at 454,715 contracts, a 37 % increase on 2010
Average daily volume in February stands at 11,070 contracts, a 17% rise on last year
March 1, 2011--February volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 17 % year-on-year to reach 210,330 contracts, valued at $10.07 billion. Year-to-date volume in 2011 also increased 37% on 2010 levels to reach 454,715 contracts.
Average daily volume (ADV) in the month of February reached 11,070 contracts, the second month in a row that the ADV has remained above 11,000, demonstrating the strength of the demand for DGCX’s products.
Consistent with recent trends, DGCX currency futures were the mainstay of trading activity in February accounting for 82% of total volumes. Currency futures volumes increased 28 % on last year to 172,181 contracts. Indian Rupee futures volumes in February reached 149,126 contracts, a substantial increase from 7,796 contracts in the same month last year. On February 22, Indian Rupee futures registered a new daily volume record of 12,499 contracts worth US $551.55 million surpassing the previous daily high of 11,968 contracts achieved on January 5, 2011.
Australian Dollar, Canadian Dollar and Swiss Franc futures achieved volumes of 1,279, 244 and 1,050 contracts respectively while Euro/Dollar, Sterling/Dollar and Yen/Dollar saw volumes of 10,283, 9,405 and 794 contracts respectively.
DGCX Silver futures saw a strong rebound in February growing 67% on the previous month to reach 2,165 contracts. Gold declined 22% on last month to reach 31,122 contracts.
WTI crude oil futures increased 16% on last year to stand at 4,862 contracts. Year-to-date volumes of WTI crude also rose 23% to reach 10,456 contracts.
Source: Dubai Gold & Commodities Exchange
Kuwait bourse re-opens, falls 2.46%
March 1, 2011--On its first trading day after the three-day National holiday which marked the liberation of the country from Iraqi occupation twenty years ago, the KSE Market Index plummeted 2.46%, closing at 6,321.4.
Last week, the index showed some form of stabilisation, but obviously too much selling pressure mounted during the last days when the market remained closed. Banks and food firms lost the most. National Bank of Kuwait (NBK) lost 4.28%, finishing at KD1.340. Dar Al Thuraya Real Estate was the top gainer, closing 7.2% higher at KD0.052.
Source: AME Info
Kuwait bourse re-opens, falls 2.46%
March 1, 2011--On its first trading day after the three-day National holiday which marked the liberation of the country from Iraqi occupation twenty years ago, the KSE Market Index plummeted 2.46%, closing at 6,321.4.
Last week, the index showed some form of stabilisation, but obviously too much selling pressure mounted during the last days when the market remained closed. Banks and food firms lost the most. National Bank of Kuwait (NBK) lost 4.28%, finishing at KD1.340. Dar Al Thuraya Real Estate was the top gainer, closing 7.2% higher at KD0.052.
Source: AME Info
Qatar Exchange advances 0.10%
March 1, 2011--Bank blue chips have lifted the Doha-based QE-Index higher by 0.10% to reach 7,940.90.
The gas-rich Gulf state's largest lender Qatar National Bank surged 1.02% to reach QR129.00 and Qatar Islamic Bank added 1.40%, closing at QR79.50. Doha Bank plunged 5.69%, closing at QR48.85.
Source: AME Info
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
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