Middle East ETF News Older than One Year
Nasdaq Dubai listed shares gain slightly
November 25, 2010--The FTSE NASDAQ Dubai UAE 20 Index lost 1.06%, edning at 1,785.56. Dubai Ports (DP) World added 0.17% to close at $0.601. Interior designer Depa Ltd. closed 1.39% higher at $0.73. The value of equities traded on Nasdaq Dubai increased by 30% to 155 million dollars in October 2010, from 119 million dollars in October 2009, the exchange revealed.
In October, Al Futtaim HC was the most active Member of the exchange by traded value for the fourth successive month. Deutsche Bank was second, followed by EFG Hermes.Three more UAE brokers joined Nasdaq Dubai in October to take advantage of the merger of its liquidity pool with DFM: Al Dhabi Brokerage, Index Securities and NAEEM Shares & Bonds as join Nasdaq Dubai Individual Clearing Members. This raises the number of NASDAQ Dubai Members to 34. The exchange awaits its first initial public offering since 2008. Axiom Limited has announced it plans to IPO on NASDAQ Dubai in December 2010. Axiom announced a price range of $0.80 to $1.15, implying a market capitalization of between $760 million and $1.093 billion. Up to 35% of Axiom's issue shares are to be offered.
Source: AME Info
Kuwait market dips 0.10%
November 25, 2010--The KSE Price Index ended Thursday at 6,928 straight in a lackluster trading session. National Bank of Kuwait (NBK) weakened 1.51% to close at KD1.320.
MENA Real Estate Company (off 7.69% at KD0.060) posted the largest decline while Al-Mowasat Health Care Co. (up nine percent at KD0.120) topped the charts.
Source: AME Info
Qtel shares gain on rating agencies' comments
November 25, 2010--The Qatar Exchange in Doha added 0.37%, finishing at 8,178.77 points. On a year to-date basis, the QE (up 17.53%) posted the largest advance among GCC stock markets. Qatar Telecom (Qtel) shares gained 1.84% to close at QR183.00.
Yesterday, Standard & Poor's Ratings Services said today that its ratings and outlook on Qatar Telecom (Qtel) (A/Stable/A-1), incumbent fixed-line and mobile telecoms operator in the State of Qatar (AA/Stable/A-1+), are not affected by Qtel's announced signing of an agreement with a consortium led by Tunisian Princesse Holding to acquire from Orascom's 50% stake in mobile operator Orascom Telecom Tunisie S.A. (Tunisiana) for about $1.2 billion cash. Tunisiana leads among Tunisia's mobile operators and on June 30, 2009, had a 52.9% subscriber market share. Rating agency Moody's followed today with similar statements, saying its rating (A2/stable) on Qtel would not be affected by the telecom provider's acquisition plans.
Source: AME Info
DME Oman linked swap and option contracts to be launched
November 25, 2010--The contracts, which will be listed for trading on Sunday December 5 for trade date Monday, December 6, 2010, are subject to the rules and regulations of NYMEX and Chicago Mercantile Exchange Inc.
The Dubai Mercantile Exchange (DME) today confirmed the upcoming launch of a suite of DME Oman-linked swap and option contracts in early December. The contracts will be listed by CME Group which is a core shareholder of DME and the world’s largest derivatives exchange.
The six futures contracts that will be available for clearing on CME ClearPort are:
DME Oman Crude Oil Swap Futures
DME Oman Crude Oil vs. ICE Brent Swap Futures
DME Oman Crude Oil Average Price Option
Singapore MOGAS 92 Unleaded (Platts) vs. DME Oman Crude Oil Swap Futures
Source: Business Intelligence Middle East
Dubai's first Real Estate Investment Trust launched
November 24, 2010--A joint venture that will lead to the creation of Dubai's first Real Estate Investment Trust (REIT) was officially launched on November 23, 2010 at a high-profile event attended by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Department of Civil Aviation and Chief Executive and Chairman of The Emirates Group
and His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank (DIB), along with more than 100 public and private-sector decision-makers and investors.
Source: AME Info
Tadawul bourse loses insignificantly
November 24, 2010-The Saudi Stock Exchange's Tasi composite ended 0.07% lower Wednesday, closing at 6,291.3 points. Shares of Middle East Specialized Cables Co. bucked the fickle trend by ending 2.95% higher at SR15.70.
Saudi Arabia, which currently has a 38% share of the total construction projects in the region, is expected to launch contracts worth $86bn in 2011, according to MEED research. Saudi Arabian Mining Company lost 3.60%, ending at SR21.40. The stock gained over 40% between May and Ocotber 4, when it topped out at SR23.45.
Source: AME Info
Qatar Exchange recovers on banking and services
November 24, 2010-The Doha-based Qatar Exchange (QE) advanced 0.33% to close at 8,148.30. Qatar National Bank (QNB), the country's largest lender gained 0.11% to finish at QR174.70. Shares of Nakilat, the leading Qatari gas transport company,
jumped 5.21%, ending at QR20.20. As parts of Europe were surprised by an early winter outbreak this week, the demand for liquified natural gas (LNG) is expected to rise.
Source: AME Info
Banks fuel Kuwait bourse's rebound
November 24, 2010--The KSE Market or Price Index added a quarter percentage point, closing at 6,935 straight. Shares of National Bank of Kuwait (NBK) gained 1.53% to end at KD1.320.
Islamic Bank Kuwait Finance House (KFH) rebounded 1.69% after a recent fall from its double-2010-top at KD1.280. But from a chartechnical point of view the KFH shares still moves in a downward channel.
Source: AME Info
Taqa rises on restart of North Sea Rijn oil production
November 24, 2010-The ADX General Index in Abu Dhabi ended flat at 2,755.87 points. While most sectors advanced, losses in the real estate segment weighed on the market. Shares of Abu Dhabi National Energy Co., also known as Taqa, ended 1.39% higher at Dhs1.46.
Earlier in the day Taqa announced the successful restart of crude oil production from the Rijn field offshore the Netherlands, 12 years after being shut down. Taqa has a 38.27% operating interest in the Rijn field. The current production rate from the Rijn field is approximately 3,500 barrels of oil per day. Real estate bellwether Aldar Properties dipped 1.33% to finish at Dhs2.23.
Source: AME Info
Global Connectivity In Islamic Financial Markets - The Need Of The Present
November 24, 2010--The appetite for financial products that comply with Shari'ah or Islamic law is on the rise; with estimates for the total value of Islamic financial assets globally standing at approximately USD1 trillion. However, the development and progress of the Islamic finance market has not been uniform by any means and is characterised by its fragmented nature within several regions across the globe. Bursa Malaysia's Global Head of Islamic Markets, Raja Teh Maimunah further illustrated this scenario at the World Islamic Banking Conference in Bahrain today, where she presented a paper on "Establishing Global Connectivity".
She elaborated that sukuk origination is predominantly in Malaysia, UAE, Bahrain and Saudi Arabia,Islamic funds are mainly concentrated in Malaysia and the GCC, whilst Islamic ETFs are mostly concentrated in EuropeToday, the largely-fragmented Islamic finance industry is further exhibited by 10,000 Shari'ah compliant companies, which are listed in 40 different markets worldwide. It is believed that this geographical divide between Islamic markets, if not eliminated, will continue to hamper the growth in globalising Islamic finance. The sustainability of the industry hinges on its ability to present itself as a viable alternative financial market.
"Currently, Islamic markets worldwide are insular and highly focused within their domestic markets. Not only are products not accessible across markets, the absence of a uniformed regulatory framework and price opacity further dissuades participation from non-faith based players," quipped Raja Teh.
Source: Mondovisione
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