Middle East ETF News Older than One Year
Kuwaiti stocks lose across the board
November 30, 2010--The Kuwait bourse KSE weakened 0.35% on Tuesday, ending at 6,891 straight. All industry segments declined, with the the exception of the real estate sector (up 0.07%). Heavy Engineering and Ship Building Co. posted the largest decline, closing at KD0.340 (down 6.84%). ined 0.20% on Tuesday, closing at 12,605.44 points.
Al Khaliji Commercial Bank shares dipped 0.66 to finish at QR15.10 as most financial stocks weakened. The QE Index posted during the first 11 months 2010 a gain of 17% straight. Willem Buiter, Chief Economist at Citi, writes in today's published Global Economic Outlook and Strategy that his bank expects Kuwait to grow 3.1% in 2010, 4.5% in 2011 and 6.2% in 2012.
Source: AME Info
Banks drag Abu Dhabi bourse down
November 29, 2010--At the Abu Dhabi market ADX, shares of financial institutions Union National Bank (UNB, off 4.4) at Dhs3.18), Abu Dhabi Commercial Bank (ADCB, down 3.06% at Dhs2.20) and Abu Dhabi Islamic Bank (ADIB, 2.68% lower at Dhs2.90) ended among the top decliners Monday,
dragging the ADX index down by 0.67% to close at 2,731.22 points. Energy heavyweight Dana Gas bucked the trend by reaching Dhs0.73 (up 1.39%)
Source: AME Info
DP World shares rebound to reach $0.60
November 29, 2010--At the Nasdaq Dubai, FTSE NASDAQ Dubai UAE 20 Index closed at 1778.190 on Monday, up 0.93%, from the previous close. Port operator DP World gained 0.84% to reach $0.60 on modest trading volumes.
Damas, the Dubai-based retail trader of jewelry and accessories, closed unchanged at $0.15.
Source: AME Info
Kuwait market gains 0.66%
November 29, 2010--The KSE market index ended 0.66% to close at 6,914.4 points. Banks and the industrial sector led the rebound. Yiaco Medical Co. topped the charts, closing 9.62% higher at KD0.285.
"Healthcare and education are key growth sectors in the GCC, as the region has the youngest world's youngest work force", said Sherif El-Diwany on Monday, the Managing Director of Middle East at the World Economic Forum (WEF) at the opening of the WEF Summit on the Global Agenda, which runs in Dubai until December 1st.
Source: AME Info
Qatar bourse is back on its bullish track
November 29, 2010--The QE Index in Doha gained for the second consecutive day, ending 0.59% higher at 8,158.52 points. On a year-to-date basis, the QE Index advanced 17.23%, the highest gain among the GCC markets.
Gulf Warehousing Company jumped 1.81% to reach QR22.50, as industrial stocks led the market on Monday.
Source: AME Info
Tadawul bourse adds 0.36%
November 29, 2010--The Saudi Stock Exchange, also known as Tadawul, advanced 22.46 points or 0.46% Monday, closing at 6,332.43. Samba Financial Group gained 1.73%, reaching SR58.75.
Most petrochemical shares also advanced slightly, as market bellwether Sabic climbed back over SR100 (up 1.01% at SR100.50).
Source: AME Info
Bahrain economy grows in line with 4% forecast
November 29, 2010--Bahrain's economy expanded by 4.3% year-on-year in Q3 2010 according to the Central Informatics Organisation's (CIO) Bulletin of Quarterly National Accounts,
with year-on-year growth in key economic sectors including Manufacturing (8%) and Financial Services (6%).
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View-November 28, 2010
November 28, 2010--Economic Data Overview
The coming week is capped by the release of the U.S. employment data on Friday. Over the course of the week there is a lot of economic data, but not much that will distract from the next reading on unemployment and payrolls. Of next importance will be the data on consumer spending as the U.S. holiday shopping season approaches.
he November employment report on Friday will be the high point of the week. At the time of writing, median forecasts are for an increase in nonfarm payrolls of around 150,000. This would be quite similar to the headline number in the October report. Back-to-back months of solid gains in jobs would be welcome, but it will take higher payroll additions for many months before the unemployment rate starts to fall to levels more consistent with a sustained economic recovery.
Other labour market indicators for November during the week include the November Challenger report on layoff intentions and ADP National Employment on Wednesday, the Monster.com Employment Index in the early hours of Thursday, and the employment components of the ISM national manufacturing and non-manufacturing indexes. The manufacturing index will be out on Wednesday, while the non-manufacturing index is slated for Friday, and thus will not be available to forecasters to help set expectations for service-providing payrolls.
Source: Dubai Gold And Commodities Exchange
Banks, real estates lift Dubai bourse by 0.50%
November 25, 2010--The DFM General Index ended Thursday half a percentage point, ending at 1,682.23. The local market started the first week after Eid holidays strongly, but the bellwether index dipped 4.77% compared to the last trading day before Eid. Bank Emirates NBD gained 1.58% to close at Dhs3.21.
Dubai Islamic Bank (DIB) added 0.46%, finishing at Dhs2.20. On Tuesday, DIB launched the first Real Estate Investment Trust (REIT) in the UAE in a new partnership with France's Eiffel Management. The firm is called Emirates REIT and is licenced by the DIFC-regulator DFSA. Emaar (up 0.83% at Dhs3.65) recovered from losses earlier in the week. Emirates 24/7 reported that UAE Central Bank governor Sultan Al Suwaidi said that "UAE banks need to attract nearly Dh40bnin new deposits to expand their financial resources to cut rates and bridge a gap between loans and deposits." Dr. Farouk Soussa, Chief Economist Middle East at Citibank in Dubai, told AMEinfo.com on request that, "the UAE Central Bank has been pumping liquidity into the banking system through repo facility and direct deposits over the past 2 years." Soussa added that "of course this is in response to the general liquidity crunch in the UAE, but that crunch is also partly a result of the Dubai debt problem. The CB also maintained order by making strong statements of support in the immediate aftermath of the Dubai World standstill."
Source: AME Info
Abu Dhabi Commercial Bank shares dip as bank sues Credit Suisse and S&P
November 25, 2010--The Abu Dhabi market ADX ended almost flat at 2,756.89 points as 11 shares gained and 11 lost value (four stocks remained unchanged). The UAE's third largest lender Abu Dhabi Commercial Bank (ADCB) weakened 0.43%, ending atDhs2.33.
Earlier in the day ADCB said in a statement it has initiated legal actions in the US against Switzerland's largest bank Credit Suisse (CS) and rating agency Standard and Poor's (S&P). ADCB accuses CS of "providing misleading information when structuring, marketing and selling an investment, known as Farmington" and S&P of providing "inaccurate, investment-grade ratings" to assets associated with the aforementioned structure. Farmington was designed as an emergency structuring transaction related to an SIV (structured investment vehicle) known as Stanfield Victoria which faced liquidity issues in 2007. ADCB invested in that SIV in 2005 and 2006, the bank says. On October 27, ADCB has reported 3Q net income of Dhs325m (versus net loss of Dhs531m in Q2 10).
Source: AME Info
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