Middle East ETF News Older than One Year
UAE rolls out new banking guidelines
November 18, 2010--The UAE's central bank has unveiled new guidelines regarding provisions and loans in line with the Basel Committee on Banking Supervision standards, Reuters has reported.
"All banks and other financial institutions are required to make provisions, specific or general, required for this regulation and deduct them from the profit and loss account at the end of each quarter and not delay them till the end of the financial year," the central bank said in a statement. The guidelines will "serve as a catalyst in depicting a truly realistic financial position of banks and other financial institutions," it said.
Source: AME Info
UAE stock markets will stay calm after Eid break
November 18, 2010--UAE stock markets, which are scheduled to resume trading on Sunday after the Eid holiday, should remain relatively unaffected by worrying global financial news
that dragged down international markets in the last few days, an analyst said.
Source: Todays Zaman
Dubai market down 0.28%
November 14, 2010--The DFM General Index ended 0.28% lower Sunday, closing at 1,687.00. District cooling specialist Tabreed plummeted 2.38% to finish at Dhs0.41.
Dubai Islamic Bank bucked the trend, gaining 1.82% to close at Dhs2.24. Some 73.67m shares changed hands.
Source: AME Info
Abu Dhabi bourse dips 0.35% ahead of Eid holidays
November 14, 2010--The ADX market in Abu Dhabi ended 0.35% lower at 2.748.92. Losses in the energy segment weighed on the market. Abu Dhabi National Energy Co., also known as Taqa, plummeted 5.41% to close at Dhs1.42.
Market bellwether Aldar Properties surged 2.65%, finishing at Dhs2.33. United Insurance Co. reported a 9-month net profit of Dhs16.51m, down 11.58% compared to the corresponding period in 2009. The share price is quoted at Dhs4.
Source: AME Info
Qatar Telecom shares reach new 2010 high
November 14, 2010--The Doha-based Qatar Exchange (QE) ended 0.13% higher at 8,083.87 points. Trading volumes declined 40% (some 5.09m shares changed hands) as investors prepared for Eid holidays.
Qatar Telecom, the former telecom monopolist, closed 1.05% higher at QR182.30, reaching a new high in 2010. Qtel is trading at a price earnings ratio of 9.33. Its dividend yield stands at 3.84%.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-November 14, 2010
November 14, 2010--Economic Data Overview
The week of November 15 has a variety of data reports, and much of it is of first tier data to shape the economic outlook.
A few Fed officials will be out giving speeches. Most of them have already made public comments in the post-FOMC period and staked out their respective positions in regards to the large-scale asset purchase program. The Senate Banking Committee is expected to vote on Tuesday on the nomination of Peter Diamond for the Board of Governors. If passed by the full Senate, there could well be a Fed Board with no empty seats by the December 14 FOMC meeting.
Topping the list is probably the retail sales numbers for October to be released on Monday. The weekly data on retail activity were mostly lacklustre over fiscal October, but ended on a strong note in the final week with the approach of Halloween. There may be a pause in October for many types of retailers as the back-to-school shopping period ended in September and the holiday sales period has yet to rev up in November. Total retail sales may get a boost from higher gasoline prices and a rise in motor vehicle sales.
The October CPI report on Wednesday is preceded by the PPI data on Tuesday. Both are likely to reflect the recent increases in commodities costs for food and energy and for other items like precious metals, industrial metals and cotton. On the producer side, most companies will do whatever they can to avoid passing on rising input costs, but some pass-through is likely. For consumers, prices have already been increasing for items like coffee and jewellery.
Source: Dubai Gold And Commodities Exchange
OPEC Monthly Oil Market Report -November 2010
November 12, 2010--Oil Market Highlights
The OPEC Reference Basket moved within a higher but narrow range of $78.50-81.50/b in October. This resulted in a monthly average of nearly $80/b, the second highest so far this year after April’s $82.33/b. The rise in the OPEC Reference Basket was driven by bullish sentiment in the futures market, mainly attributable to the weaker US dollar following the second round of quantitative easing.
The Basket continued moving higher in November to stand at $85.27/b on 10 November. The Nymex WTI front-month rose $6.43 to stand slightly below $82/b in October before going on to hit a two-year high in the first week of November. Similarly, ICE Brent gained a further $5.12 to average $83.54/b and then moved beyond $88/b in November.
Growth in the world economy was revised up to 4.1% for 2010, supported by a better-thanexpected expansion in the manufacturing sector of the OECD. Growth for 2011 remains unchanged at 3.6% as it is still unclear if the current momentum can be carried over into the coming year. A relative resilient US economy is now forecast to grow at 2.7% in 2010 and 2.4% in 2011. The forecast for Japan was revised up slightly to 2.9% for 2010 and left unchanged at 1.3% for 2011. Germany’s manufacturing base has been driving the expansion in the Euro-zone to 1.4% in 2010 and 1.1% in 2011. Growth expectations for China remain at 9.5% in 2010 and 8.6% in 2011, while India’s forecast was revised up to 8.5% in 2010 and remains unchanged at 7.7% in 2011.
Source: OPEC
Depa Ltd. shares remain volatile
November 11, 2010--At the Nasdaq Dubai, The FTSE NASDAQ Dubai UAE 20 index closed at 1796.660 today, down 0.47%, from the previous close.
DP World regained the level above $0.60, closing 2.20% up at $0.605. Interior designer Depa Ltd. lost 4.20% to finish at $0.73. During the last four weeks, Depa shares advanced 14.1%
Source: AME Info
Dubai market dips slightly ahead of Eid al-Adha
November 11, 2010--The local Dubai bourse failed to defend the level above 1,700 points. The Dubai Financial Market (DFM) General Index declined 0.86%, to finish at 1,691.65.
Shares of real estate developer Union Properties (UP) ended four percent lower at Dhs0.407. Earlier in the day, UP reported a net loss of Dhs751m for the first nine months 2010. Islamic bank Ajmanbank gained, along with four other shares, and closed 1.18% higher at Dhs0.86. Over the week, the DFM General Index lost 1.8%.
Source: AME Info
Industrial, real estate shares drag Abu Dhabi bourse down
November 11, 2010--The ADX General Index ended 0.12% lower to close at 2,758.44. Sharjah Cement and Industrial Development plummeted 3.19%, finishing at Dhs0.90.
Real estate bellwether Aldar Properties also posted heavy losses, ending down 3.42% to finish at Dhs2.27. Etisalat closed 0.45% lower at Dhs11 straight. Earlier in the day, the first UAE telecom provider announced it will establish a $7bn Global Medium Term Note (GMTN) Programme and a $1bn Sukuk programme in the coming days. Over the week, the ADX market gained 0.29%
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
