Middle East ETF News Older than One Year
Morocco could Lead Economic Integration around the Mediterranean
November 24, 2010--World Bank Managing Director Sri Mulyani Indrawati wrapped up her first visit to the Middle East and North Africa region with appreciation for Morocco’s impressive economic performance and commitment to achieve greater competitiveness in the Mediterranean and global economy.
Indrawati held talks with the Minister of Foreign Affairs, Taieb Fassi-Fihri, the Minister of Economy and Finance, Salaheddine Mezouar, the Minister of Energy, Mines, Water and Environment, Amina Benkhadra, the Minister of Economic and General affairs, Nizar Baraka and the Governor of the Central Bank, Abdelatif Jouahri. Their deliberations touched a wide agenda including social development issues, competitiveness, climate change, Morocco’s business environment, its trade regime and the potential of small and medium enterprises.
“I have great appreciation for the historical partnership between the World Bank and the Government of Morocco” said Indrawati ”I am very excited about some of the path breaking work I think we are tackling together in the area of energy supply and diversification as well as the government program to address the country’s acute vulnerability to climate change.”
Shamshad Akhtar, Vice President for the Middle East and North Africa, who accompanied Indrawati, said Morocco’s recent economic performance had been impressive considering the international situation. “The country’s stable macroeconomic stance and reform momentum will certainly help the Moroccan economy overcome the crisis,” said Akhtar. “We are fully committed to help expand the ongoing programs and support the government’s development agenda.”
Source: World Bank
Tadawul-listed shares weaken across the board
November 23, 2010--With an advance-decline ratio of 13 to 121, the Tadawul All Share in Index (Tasi) in Riyadh ended 1.09% lower at 6,295.49. Market bellwether and petrochemical giant Sabic dipped 1.99% to finish at SR98.75.
The Kingdom's largest Islamic Bank Al Rajhi Bank dipped 1.29%, closing at SR76.75. Al Sagr Co-operative Insurance Co. extended it rebound and posted the highest advance Tuesday, closing 5% higher at SR21.00.
Source: AME Info
Bullish Qatari bourse gains 83 points
November 23, 2010--The Qatari bourse continued its bullish run yesterday with strong backup from foreign institutional investors whose net buying was quite high as usual.
The main index of Qatar Exchange (QE) jumped more than 83 points, or a little more than one percent, to 8,273 at the close of trading yesterday -- a level close to October 14, 2008 record mark of 8,377.36 when there was a sudden and surprising 733 points jump due to the government's announcement that it would prop the local banks against risks lurking from the onset of the global recession.
Source: Zawya
Aramex leads Dubai market gains
November 22, 2010--The DFM General Index added half a percentage point Monday, closing at 1,711.27 points. Logistics provider Aramex recovered from a one-month slide,
surging 4.90% to finish at Dhs2.14. Financial ended mixed. While investment bank Shuaa Capital reached Dhs1.20 (up 4.35%), Emirates NBD lost 0.61% to end at Dhs3.25. Some 94.24m shares changed hands.
Source: AME Infio
Banks push Abu Dhabi bourse up
November 22, 2010--Lifted by gains in the financial and real estate sector, the ADX General Index ended 0.42% higher at 2,753.94 points. The sheikhdom's largest bank National Bank of Abu Dhabi (NBAD) added two percent, closing at Dhs12.45. RAK Properties (up 2.13% at Dhs0.48) posted the largest advance among the real estate developers. Abu Dhabi Ship Building Co. (ADSB) plummeted 5.14% to close at Dhs2.77. ADSB announced today, that Richard Turner has joined ADSB as Chief Financial Officer.
Turner joins ADSB from Qatar Insurance Services L.L.C in Doha - Qatar where he held the position of Chief Financial Officer. After the closing of the ADX market, Standard & Poor's Ratings Services said in a press statement that it has affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Emirate of Abu Dhabi. The outlook is stable. "Our Transfer & Convertibility assessment is unchanged at 'AA+. "The ratings on Abu Dhabi are supported by the government's very strong asset position, which provides significant financial flexibility, and that has allowed the emirate -through strong countercyclical policies and preemptive support to the financial sector- to face the global economic downturn with a high degree of resilience," said Standard & Poor's credit analyst Luc Marchand. Around eight percent of the world's proven oil reserves are located in Abu Dhabi.
Source: AME Info
Qatar Telecom shares add slightly on Tunisiana acquisition
November 22, 2010--The QE Index ended one percent higher Monday at 8,273.07 points as Qatari shares gained across the board. Shares of Qatar Telecom (Qtel) added 0.05% to finish at QR182.50. Qatar Telecom announced today that it has signed,
via Wataniya Telecom, a 52.5% subsidiary of Qtel, an agreement with a consortium led by Princesse Holding of Tunisia to jointly acquire from Orascom Telecom Holding their 50% shareholding in Orascom Telecom Tunisie. Wataniya has an existing 50% shareholding in Tunisiana.
Source: AME Info
Kuwait bourse KSE dips insignificantly
November 22, 2010--The KSE market index ended 0.05% to close at 6,964.4 points. Shares of National Bank of Kuwait (NBK), the largest bank in the emirate, ended in line with the lacklustre trading
flat at KD1.320. Kuwait Investment Company, which rallied since bottoming out in July, lost 6.1% on profit bookings, closing at KD0.152.
Source: AME Info
Tadawul market ends flat at 6,363 points
November 22, 2010--Early index gains were wiped out at the Saudi bourse Tadawul as banks weighed on the Tasi composite which ended unchanged at 6,363.2. Alinma Bank dipped 0.47% to close at SR10.55.
Saudi Hollandi Bank weakened 1.58%, finishing at SR31.10. But market bellwether Sabic stabilised at SR100.75 (up 0.50%) which prevented the GCC's lead market from falling further.
Source: AME Info
ADX sees glitches for derivatives
Bourse sees influx of foreign capital and enhanced transparency
November 22, 2010--The Abu Dhabi Securities Exchange (ADX) is still planning to introduce derivatives as part of an ongoing development strategy but the scheme is beset with hurdles, the bourse’s deputy CEO has said.
Rashed Al Baloushi said the 2008 global fiscal distress had hit foreign investment flow into to the emirate and dampened IPO issuance but expected the flow to resurge after the market stabilizes and measures to enhance transparency.
Source: Emirates 24/7
Dubai Gold And Commodities Exchange Weekly View-November 21, 2010
November 21, 2010--It is a short working week in the U.S. next week, due to the Thanksgiving holiday on Thursday and all the economic data of significance therefore is clustered in the Tues-Weds period.
On Tuesday, the data leads off with the second estimate of third quarter GDP. There may be an upward revision as consumer spending was a bit stronger, net exports a bit narrower and inventories bit higher, but it should not look fundamentally different from the advance estimate. The Richmond Fed's Survey of Manufacturing for November will also be released.
The BLS will release two separate labour market reports for October on Tuesday. The data for mass layoff activity should continue to reflect very low levels of layoffs. Employers are reluctant to lose skilled workers, and payrolls that were deeply pared in early 2009 have yet to recover. The numbers for state and regional unemployment will provide some detail for the data behind the national unemployment rate of 9.6%.
On Wednesday, initial claims for the week ended November 20 will be released. New claims are slowly heading lower, if somewhat unevenly. Claims for continuing and extended benefits are taking somewhat larger strides in declines, but remain elevated, as do initial claims. If Congress extends benefits again, these decreases could wane...
Source: Dubai Gold And Commodities Exchange
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