Middle East ETF News Older than One Year
Islamic directive shocks Qatari banks
February 14, 2011--A directive by Qatar’s central bank has perplexed and infuriated bankers and analysts in the gas-rich emirate.
The central bank this month ordered conventional banks to close their Islamic banking operations by the end of 2011. This deadline is less than a year since the regulator’s Islamic “window” rules were sharpened, and six years after it first permitted conventional banks to make Islamic loans.
Source: FT.com
Dubai market gains 0.33%, stabilises above 1,600
February 14, 2011--As in the days before, the DFM index rose sharply at the opening, but lost steam when it approached the market's closure, finishing 0.33% higher at 1,608.29. Contractor Drake and Scull International (DSI) surged 3.67% to reach Dhs1.13 as investors hailed DSI's new contract it has won on Saudi Arabia.
DSI will build for SR2bn the King Abdullah Petroleum Studies and Research Center in Riyadh. Arab Insurance Group, known as ARIG, posted the largest gain (up 14.04% at Dhs1.95) reported for 2010 a net profit of $23.5m compared to $26.4m in the previous year. Emaar Properties declined 0.31% to Dhs3.25. Some 152.2m shares worth Dhs11.45m changed hands. Nine stocks gained, 14 declined and three remained even.
Source: AME Info
Qatar market loses 0.89%
February 14, 2011--The QE Index closed at 8,936.23 points. Banks and industry shares weighed on the market. The country's second lender Commercial Bank of Qatar (CBQ) dipped 0.33% to close at QR89.30.
Shares of Qatar Cinema and Film Distribution Company, known as Cinema, closed even at QR30. Earlier in the day, Cinema revealed a net profit of QR12.9m in 2010 and the Earnings per Share (EPS) amounted to QR2.5 in 2010.
Source: AME Info
Kuwait market shaves 6,700-level
February 14, 2011--The KSE Market Index declined 0.82% to close at 6,660.90 points while not a single industry sector landed in the green. Investment company Al-Safwa Group was the main loser, ending off 6.97% at KD0.020.
National Bank of Kuwait dived 2.58%, closing at KD1.360. Al-Safat Real Estate Co. posted the largest advance, ending 10% higher at KDKD0.022.
Source: AME Info
Tadawul exchange dips insignificantly
February 14 2011--The TASI benchmark in Riaydh closed off 0.04% at 6,624.2 as market bellwether SABIC closed unchanged at SR103.75. Shares of Eastern Cement posted the largest gain, closing 6.08% higher at SR47.10. Zain KSA (up 0.05% at SR8.10) still benefits from The Kingdom's extended 25% purchase offer.
The latter firm aims to buy into Zain KSA in case the UAE's Etisalat succeeds with its plan to purchase 51% in Zain KSA mother company Zain in Kuwait. Bahrain's Batelco also has placed an offer of Zain KSA. Etisalat must already runs telecom operations in Saudi Arabia through its subsidiary Mobily.
Source: AME Info
Egypt''s debts hit 89.5% of GDP
February 14 2011-Egypt's Central Auditing Agency has said that internal and external indebtedness reached higher than secure limits at 89.5% of the country's gross domestic product (GDP) on June 30, 2010, state news agency Mena has reported.
Egypt's net internal and external debts amounted to EGP1.8trn, Jawdat Al-Malt, chief of CAA said, "The net public internal debt hit on June 30, 2010 a total of EGP888bn, making up 73.6% of the country's GDP," he said.
Source: AME Info
Egyptian stock exchange delays reopening to 16 Feb
February 14, 2011--The Egyptian Exchange has postponed its reopening until Wednesday 16 February.
The stock exchange closed on 27 Jan after the main EGX 30 Index fell 16% in a week, and was due to open again 13 Feb. Talks continue with regulators, stockbrokers and the Misr for Central Clearing, Depository and Registry.
Source: African Capital Market News
Dubai Gold And Commodities Exchange Weekly View-February 13, 2011
February 13, 2011-- Economic Data Overview
The economic data calendar is densely packed Tuesday-Thursday next week and the most closely-watched will likely be retail sales and the Consumer Price Index. The release of the FOMC meeting minutes from January 25-26 will also get a close read to see if there was more dissention among the Committee than was apparent in the unanimous vote and to get a look at the Fed's updated economic forecast.
Elsewhere, The Bank of Japan governors meet to consider monetary policy on Monday and Tuesday, while the G20 finance ministers will meet in Paris on Friday and Saturday. The agenda there will likely include further discussion of global trade imbalances, rising food prices, and foreign exchange.
Retail sales data is due on Tuesday. Same-store sales comparisons for fiscal January suggest that consumers retreated less than usual in 2011, but the series of winter storms that affected much of the US at one point or another left the weekly measures of retail activity on the soft side. Increases in gasoline prices will provide some boost to the numbers, as will strong sales of motor vehicles.
There are back-to-back-to-back numbers on inflation - Import and Export Price Indexes for January, CPI, PPI from Tuesday through Thursday. All will move of essentially the same cause – higher commodities prices in foods and energy. However, the extent of the impacts will vary according to the measure.
Elsewhere, the New York Fed releases its Empire State Survey for February on Tuesday, and the Philadelphia Fed publishes its February Business Outlook on Thursday. The January report on industrial production and capacity utilization could well be restrained by the severe weather in much of the US that forced closures in many businesses.
Import and Export Price Indexes for January are due on Tuesday and should reflect changes in commodities prices. On the import side, a relatively flat reading of petroleum should keep increases moderate, but there will be
Source: Dubai Gold & Commodities Exchange
Retail investors increase share of Nasdaq Dubai equities trading to 13%
February 10, 2011--Retail investors increased their share of equities trading on Nasdaq Dubai to 13% of total traded value in January 2011. Institutional investors accounted for 87%
The retail share rose from 2% in August 2010, which was the first full month of trading after Nasdaq Dubai started routing all its equities trades through the trading platform of Dubai Financial Market (DFM) in mid-July. In the second week of January 2011, the retail share of trading rose as high as 26%.
Source: AME Info
Foreign investors keeping close eye on Saudi stock exchange situation
February 10, 2011--Although officials in Saudi deny any changes are imminent, there is growing talk of the region's biggest stock exchange being opened up to direct investment from foreigners. But what would this mean for Saudi, and why are policymakers taking so long to make the transition?
Although officials have since denied its existence, a document seen by newswire Reuters in January this year apparently showed that at a December 2010 meeting, Saudi stock exchange officials asked representatives from regional banks and brokerages to check capabilities for handling foreign accounts. "We might see the markets opening up in the first half of 2011 or probably in the second quarter," a source familiar with discussions told the newswire. "It's not a question of if it will happen, but when it will happen."
Source: AME Info
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