Middle East ETF News Older than One Year
Waha Capital shares gain on profit increase
January 25, 2011--The local stock market ADX in Abu Dhabi dipped 0.13% to close at 2,670.59 points. Shares of Waha Capital surged 1.25% to reach Dhs0.81. Earlier in the day Waha reported a 15% increase in unaudited net profits for the 12-month period ending December 31, 2010.
"Net profits reached Dhs249m, compared to Dhs217m in 2009, while return on equity increased to 12.2%, from 11.6% in 2009", the company's statement to the ADX says. Real estate heavyweight Aldar Properties plummeted 5.24%, finishing at Dhs1.81. Aldar today sent invitations to its shareholders regarding the Extraordinary General Assembly in order to get approval for the issuance of a Dhs3.5bn convertible bond, among other measures to secure the firm's financial future. The EGM will take place on February 20 in the Crowne Plaza Hotel on Yas Island in Abu Dhabi.
Source: AME Info
Dubai market weakens by 0.41%
January 25, 2011--The DFM General Index fell on Tuesday to 1,623.50 points as real estate bellwether Emaar (down 1.45% at Dhs3.41) and contractor Drake and Scull International (down 1.77% at Dhs1.11) weighed on the market.
Logistics firm Aramex posted the largest advance, reaching Dhs2.13 (up 3.90%). Some 87.93m shares worth Dhs133.39m changed hands.
Source: AME Info
Saudi Stock Exchange's sharp rise halted
January 25, 2011--Investors took a break from after the recent market really in Riyadh, as he Tadawul bourse closed 0.02% up at 6,723.83 points, despite a negative advance-decline ratio.
National Gypsum Company posted the largest advance, ending 3.26% higher at SR31.70. Market bellwether SABIC dipped by 0.69%, closing at SR107.25. Thirty-nine stock closed higher, 86 declined and 20 closed unchanged.
Source: AME Info
Dubai market rebounds 1.62%
January 24, 2011--In a technical reaction, investors lifted the DFM General Index to 1,630.16 points. Dubai-based telecom provider du posted the largest gain, closing 5.30% higher at Dhs3.18. Dubai Islamic Bank (DIB) surged 1.86% to reach Dhs2.19.
Earlier in the day DIB announced the appointment of Ahmed Fathy Al Gebali as its new Chief Financial Officer (CFO). Traded value climbed 74% to Dhs197.44m, as 129.75m stocks changed hands. Twenty-two securities added value, two real estate firms (UPP and Deyaar Development) declined while one share closed unchanged.
Source: AME Info
Aldar shares extend losses
January 24, 2011--The ADX General Index in Abu Dhabi weakened 0.32% to finish at 2,674.18. Abu Dhabi Aviation Co. was the main gainer, reaching Dhs2.85 (up 8.85%). Real estate bellwether Aldar Properties plummeted 3.54% to Dhs 1.93 as the most active stock in relation to market volumes.
Credit Suisse analyst Ahmed Badr commented on Aldar last week: "Aldar announced a better than expected financing plan that includes asset sales to the Abu Dhabi Government worth Dhs16.4bn as well as the issuance of a convertible bond to (sovereign wealth fund) Mubadala that involves minimum dilution. Although the plan is a relief for Aldar (as it solves the short-term funding gap of about Dhs11bn in 2011E) (...), we maintain our Neutral rating as we remain cautious on future cash flow generation, given the weak real estate market prospects in Abu Dhabi."
Source: AME Info
Bank shares stabilise Kuwait bourse
January 24, 2011--The KSE market gained the second day straight, closing 0.29% higher at 6,959.9. Gulf Investment House topped the charts by gaining 9.6% at KD0.057.
Real estate stocks mostly underperformed, such as Real Estate Trade Centres, known as Marakez, which plummeted 14.49% to finish at KD0.295.
Source: AME Info
Qatar Exchange gains 0.76%
January 24, 2011--The Doha-based QE Index added 0.76% to reach 8,999.79 points.
All sector indices landed in the green and a number of banks which suffered losses on profit booking last week, recovered. The country's largest lender Qatar National Bank, known as QNB, gained 0.15%, closing at QR200.10. Qatar Fuel finished 1.20% higher at QR253.00.
Source: AME Info
Tadawul market advances steadily
January 24, 2011--The Tadawul market's main index TASI closed 0.46% higher at 6,722.79 points. SABIC added 0.70%, reaching SR108.00. All sector indices gained, except the Agriculture and Food segment. Ash-Sharqiyah Development Company,
which gained over 28% during the last 12 months, dipped on profit booking, fell by 5.39% to close at SR42.10.
Source: AME Info
Israel: Selected Issues IMF Country Report
Janaury 24, 2011--I. Why was Isreal so little affected by the Great GREAT Recession?1
A. Economic Structure
1. In the decade to 2007, Israel had secured strong stable growth-averaging 3.8 percent, with inflation in the 1-3 percent range, public debt falling below 80 percent of GDP, budget deficits
declining into the 1-3 percent range, external current account surpluses, and the shekel freely floating and competitive (Figure 1). The economy was open and flexible-reflected in exports of some 40 percent of GDP, significantly oriented towards advanced economies. Property markets were
stable, capped by earlier supply overhangs.
Financial—and especially banking—supervisory structures were, by global pre-crisis standards, highly activist and effective.
B. The Nature of the Global Shock
2. The seizure of global financial markets led to sharp falls in global spending on consumption (especially of durable goods) and investment goods, and to inventory decumulation. It also led to steep declines in global commodity prices and surges in capital flows seeking “safe havens.” On all counts, Israel was well positioned to withstand the shocks: strong supervision shielded its banks; durable and investment goods are minor components of its output; as an energy importer, its terms of trade strengthened by 13 percent in H1 2009. And the worst of the global shock was relatively brief. For all these reasons, Israel became—somewhat atypically—a safe-haven for investors, notably for residents.
Source: IMF
Dubai Gold And Commodities Exchange Weekly View-January 23, 2011
January 23, 2011-- Economic Data Overview
The January 24 week has a variety of economic data on the calendar, but it is probably the first estimate of GDP for Q4 2010 that will get the most attention. Fed policymakers hold a two-day meeting to update their forecasts and help Chairman Ben Bernanke prepare for his upcoming semi-annual monetary policy testimony.
Fourth quarter earnings season also continues with a packed calendar and many of the reports are in the transportation and energy sector, as well as for pharmaceuticals and other large manufacturing companies.
The governors of the Bank of Japan will meet on Monday and Tuesday. The Bank has an easing bias, although no action is expected at this session.
The FOMC meets on Tuesday and Wednesday, the first meeting of the Committee in 2011 and the one at which the next rotation of FOMC voters will take place. The Committee is expected to maintain the current policy of Large Scale Asset Purchases by a majority vote.
New orders for durable goods for December on Thursday should reflect a rise in orders for civilian aircraft and increased demand for motor vehicles, as well as more broad-based gains from other components as the factory sector picked up some steam. The Richmond Fed's Manufacturing Survey comes on Tuesday and the New York and Philadelphia reports have already suggested that...
Source: Dubai Gold And Commodities Exchange
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