Middle East ETF News Older than One Year
Qatar Exchange surges above 8,000 points
November 9, 2010--The Doha-based QE Market gained 0.43% to close at 8,002 straight, as investors remained bullish on industrial and services firms. "Given the relatively low valuation of the MENA markets, we expect them to attract significant international capital in the near future.
The continuing high oil prices and the considerably high bond yields currently available in the regional markets will further encourage capital inflows to the region, since investors can expect higher returns on their investments," Gary Dugan, Chief Investment Officer and Acting General Manager, Private Banking at Emirates NBD said, speaking to media on the sidelines of Emirates NBD's investor road show in Abu Dhabi Tuesday. The Management of Qatar Exchange announced today that the QE will be closed from Monday 15 November up to and including Thursday 18 November 2010 on the occasion of Eid Al-Adah. Trading will be resumed on Sunday 21 November 2010.
Source: AME Info
Tadawul market stabilises despite most sectors posting losses
November 9, 2010-The Saudi Stock Exchange added 0.33% to close at 6,452.49 points although 10 out of the 15 Tasi sector indices declined.
Real estate and petrochemical shares lifted the market. Shares of Emaar The Economic City, a 168 million sqm project being built off the Red Sea in the north of Jeddah, jumped 4.32% to close at SR7.25. On a year-to-date basis, the shares lost almost a quarter of its value. Market bellwether and petrochemical giant Sabic finished 0.73% higher at SR103.25.
Source: AME Info
Five Dow Jones Indexes Licensed to Bahrain Financial Exchange
November 9, 2010-- Dow Jones Indexes, a leading global index provider, today announced that the Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, has signed a licensing agreement to issue financial products based on the Dow Jones Kuwait Titans 30 Index, Dow Jones MSM Index (Muscat Securities Market), Dow Jones ASE 100 Index (Amman Stock Exchange), Dow Jones SAFE India Index and Dow Jones MENA (excluding Saudi Arabia) Index.
“We are delighted to work with BFX as it creates new opportunities for investors in this region,” said Michael A. Petronella, president, Dow Jones Indexes. “These indexes measure important markets of interest to people in a region that we are committed to support in its expansion,” added Petronella.
“This relationship with Dow Jones Indexes, the region’s leading index provider, represents another significant step forward for the BFX and its members. With this collaboration, we are developing the preeminent exchange in the region which will provide a range of internationally recognized products and services to the financial sector,” said Arshad Khan, managing director & chief executive officer of the BFX and the BCDC (BFX Clearing and Depository Corporation).
The Dow Jones Kuwait Titans 30 Index measures the performance of the largest and most liquid stocks trading on the Kuwait Stock Exchange. The Dow Jones MSM Index is a total-market index tracking stocks listed on the Oman Stock Exchange, Muscat Securities Market. A new component must trade at least 10 days in a quarter, and an existing component will be deleted from the index if it trades less than 7 days in a quarter. The Dow Jones ASE 100 Index measures the performance of the largest stocks traded on the Amman Stock Exchange. Component stocks are subject to screens for minimum size and liquidity. The Dow Jones SAFE India Index is composed of 50 securities trading in India; it is a subindex of the Dow Jones SAFE 100 Index. The Dow Jones MENA ex-Saudi Index measures the stock performance of companies in the MENA region, excluding Saudi Arabia. The index includes listings in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Tunisia and the UAE.
As of November 5, 2010, the year-to-date performance calculated in USD for the Dow Jones Kuwait Titans 30 Index is 26.78%, Dow Jones MSM Index is 3.68%, Dow Jones ASE 100 Index is -7.73%, Dow Jones SAFE India Index is 25.71% and Dow Jones MENA ex-Saudi Index is 12.57%.
All these indexes are float market capitalization-weighted indexes and are quoted in U.S. Dollars (USD). The Dow Jones Kuwait Titans 30 Index is also calculated in Kuwait Dinars (KWD), the Dow Jones ASE 100 in Jordanian Dinar (JOD) and the Dow Jones MSM in Omani Rial (OMR). The indexes are reviewed quarterly in March, June, September, and December. For more information on the Dow Jones Indexes, please visit http://www.djindexes.com.
Source: Dow Jones Indexes
Credit Suisse: possible DFM-ADX merger priced already in Dubai market DFM shares
November 9, 2010--The DFM General Index surged 1.32% to close at 1,715.68. Construction giant Arabtec recovered from its recent heavy losses, ending 4.21% higher at Dhs1.98. Shares of the DFM, the only Arab market which has listed securities (as yet), gained 2.61%, finishing at Dhs1.57. Credit Suisse research today commented on a possible merger between the DFM and the exchange ADX in Abu Dhabi:
"While we await confirmation and price consideration of any such merger, we believe that the market has already priced in some sort of synergies effect of the consolidation given the strong stock performance during the quarter (up c.22% despite dismal trading volumes)." Consequently, the Swiss bank's research remains neutral on DFM shares.
Source: AME Info
Methaq Takaful shares fall on third quarter results
November 9, 2010--The Abu Dhabi bourse ADX added 0.16% to finish at 2,755.30. Islamic insurer Methaq Takaful plummeted 4.21% to finish at Dhs2.64. Earlier in the day,
Methaq reported a loss attributable to shareholders for the third quarter 2010 of Dhs5.28m compared to a profit of Dhs6.26m for the corresponding period in 2009.
Source: AME Info
Kuwait bourse declines the fourth consecutive trading day
November 9, 2010--The KSE Price Index ended 0.97% lower to close at 6,982.20. Low-fare carrier Jazeera Airways extended its surge from Monday, reaching KD0.124 (up 8.772%). Jazeera Airways has said that its Q3 net profit has jumped almost six-fold to KD4.4m ($15.7m) from KD762,745 in the year-earlier period, marking the carrier's best quarter in its five years in operation.
Most insurance firms declined, such as Kuwait Insurance Company (off 7.353 at KD0.315). The banking sector index added half a percentage point with Al-Ahli Bank of Kuwait gained 1.53% to finish at KD0.660.
Source: AME Info
Kuwait-based Jazeera Airways shares jump 9.61%
November 8, 2010--The KSE Market Index declined for the second consecutive day, ending 0.94% lower at 7,050.3 points. Investment and industrial firms underperformed in particular. Al-Tamdeen Investment Co. declined 7.5% to finish at KD0.305. The country's second airline Jazeera Airways posted the largest gain, climbing 9.6% higher to reach KD0.114. On Sunday, Jazeera Airways, under its German CEO Stefan Pichler, said it crossed the one-million passenger mark, Gulf News reported.
The Kuwait market KSE witnessed substantial growth on Trading activity for the month of October 2010. According to Global Investment House, "over the previous month, the KSE observed a significant increase of 26% in trading value to reach KD1.22bn ($4.34bn) while witnessing a large increase of 53% in the number of traded shares to reach 7.0bn shares."
Source: AME Info
Qatar National Bank shares recover, close near 22-month high
November 8, 2010--In Doha, the Qatar Exchange added 0.11% to close at 7,967.56, extending its year-to-date gain to 14.54%. The gulf state's largest financial institution Qatar National Bank (QNB) recovered form its slight setback, ending 0.72% higher at QR169.
Its 22-month high stands at QR171.2 (as of the close of trading on January 4, 2009. Credit Suisse analyst Mohamad Hawa, who favours Qatari banks over its peers in the UAE and Saudi Arabia, upgraded the price target for QNB on October 6, 2010 to QR182.
Source: AME Info
Tadawul market dips 0.08% in lackluster trading session
November 8, 2010--Due to lack of impulses, the Saudi Stock Exchange ended 0.08% lower at 6,431.18 points. Dar Al Arkan Real Estate extended its decline it started end of May, closing at a new 2010-low of SR8.70 (off 2.25%). The insurance sector index gained 0.23%.
. Allied Cooperative Insurance Group jumped 4.66%, closing as a top gainer at SR35.90. Islamic insurance firm Solidarity Saudi Takaful Co. ended 2.19% higher at SR14.00.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-November 7, 2010
November 7, 2010-- Economic Data Overview
After the barrage of events and data announcements this week, the November 8-12 week has little economic data of more than passing interest. The presence of Veterans Day on Thursday shortens the working week as stock and bond markets will be closed on Thursday and there will be an early close for the bond market on Wednesday.
The G20 leadership will meet in Seoul, South Korea on November 11 and 12. However, these top level summits are generally of less interest to markets than the sessions of the finance ministers and central bankers.
Quite possibly the most interesting data of the week is not on official calendars. The Fed's Senior Loan Officer Opinion Survey for October should be released on Monday at 14:00 ET. In the last few reports credit conditions had begun to return to pre-recession readings and this edition should continue the trend. There was a hint in the FOMC statement of November 3 that bank lending has ceased to contract.
Source: Dubai Gold And Commodities Exchange
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