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Kuwait Stock Exchange falls below 7,000
October 20, 2010--Ahead of the release of the US Beige Book on the overall economic activity, the KSE Market index dipped 0.30% to close at 6,997.70. Since the start of the third week in October, the index lost 1.1%. Shares of Global Investment House (Global) declined today 1.8% in value, closing at KD0.054.
Global announced that it has made a principal repayment of $72.5m in relation to its bank debt value 21 October 2010. To date the total principal repayments to the lending banks has reached $151.4m representing 8.8% of the total debt to banks and financial institutions. CEO Bader Al-Sumait: "To date we have made principal repayments of $151.4m and interest payments of $31.9m, despite the continued market turbulence in GCC and rest of MENA markets where primarily Global has its principal investments book. This reflects our ability and commitment to honour the terms of restructured debt agreement."
Qatar shares lose across the board
October 20, 2010--The Doha-based QE Index declined 1.31% on Wednesday to close at 7,722.51. Doha Bank lost 1.83%, closing at QR53.90. Doha Bank
CEO Raghavan Seetharaman plans to issue a $500 million bond in January, he told Thomson-Reuters on Tuesday.
Saudi Stock Exchange dips 0.53%
October 20, 2010--Saudi shares posted losses across alll sectors, sending the Tadawul bourse down 0.54% to close at 6,230.15. Saudi Cable Company ended plummeted 9.93%, finishing at SR13.15.
Red Sea Housing posted the highest gain (up 4.36% at SR40.70) among the 23 gaining shares.
DGCX & Dow Jones Indexes Sign License Agreement To Launch New Futures Products
Dow Jones Indexes and Dubai Gold & Commodities Exchange Sign Agreement pursuant to which DGCX aims to Launch New Futures Contracts on Dow Jones-branded Indexes
October 19, 2010--Dow Jones Indexes, a leading global index provider, and Dubai Gold & Commodities Exchange (DGCX), have entered into a license agreement pursuant to which DGCX aims to list futures contracts on Dow Jones-branded indexes including the Dow Jones Islamic Market Titans 100 Index.
The license agreement represents the commitment and collaboration between the two companies for DGCX to bring futures trading in regional and Islamic blue-chip indexes to the Middle East and for Dow Jones Indexes to make those indexes readily available in that market. The first product expected to launch on DGCX is the Dow Jones Islamic Market Titans 100 Index Future, which is subject to regulatory approval. The Islamic index represents the top 100 blue-chip, Shari’ah compliant stocks globally.
“This agreement with DGCX reflects growing investor interest in the Middle East generally and in Islamic finance, which in turn is increasing the demand for unique concepts and products in passive investing,” said Michael A. Petronella, president, Dow Jones Indexes. “The Dow Jones Islamic Market Titans 100 index is an ideal tool for measuring the performance of the largest 100 Shari’ah-compliant companies globally. Our Islamic index family is recognized worldwide as the standard in Shari'ah compliant investing," Petronella added.
“We are delighted to collaborate with Dow Jones Indexes and to license indexes for new product launches in Dubai. The relationship represents an exciting time for DGCX as it looks to expand its reach and product suite across the region and internationally,” said Eric Hasham, chief executive officer, DGCX. “Since inception, DGCX has pioneered the development of the derivatives market in the Middle East. The world’s first Indian Rupee futures contract launched on DGCX in 2007 and in 2008, the exchange brought futures trading in the global energy benchmarks WTI Light Sweet and Brent Crude Oil to the region. The agreement with Dow Jones Indexes demonstrates that DGCX is once again developing new and innovative trading opportunities for its membership and customer base,” said Hasham.
Fniancial shares losses weigh on Kuwait market
October 19, 2010--The KSE Market Index dipped 0.38% Tuesday, ending at 7,018.8 points. Shares of Burgan Bank, which surged 57% since July, weakened 1.02% to finish at KD0.485. Shares of Zain Telecom lost 1.40%, closing at KD1.400.
. Its rival Etisalat from the UAE said today that no agreement has been reached as yet to buy 46% in Zain for the price of KD1.70 per share.
Qatar Exchange wipes out week losses
October 19, 2010--The Doha-based Qatar Exchange gained 0.52%, wiping out almost the entire losses it accumulated since the start of the week.
The QE Index ended at 7,824.86. Banks and services in particular lifted the market, e. g. Commercial Bank of Qatar, the number two in the Gulf state, which added 0.12% to finish at QR86.10. Insurers weighed on the market, such as Qatar Insurance (down 0.36% to close at QR83.40)
Bahrain bourse adds 0.27%
October 19, 2010--The Bahrain All Share Index closed 0.27% up at 1,465.56. Ahli United Bank posted tha largest gain, closing two percent higher at $0.765.
Al Salam Bank, on the other hand, plummeted 6.25%, ending at BD0.075.
Derayah launches the first unified trading platform
October 18, 2010--Derayah Financial, the first investment supermarket in the Middle East, has launched the first unified equity trading platform that allows investors in the Middle East to trade in the same day across the most important local, regional
and international financial markets in the same day, through a single platform and using a single cash account.
MENA Private Equity Confidence survey 2010 - Building for the future
October 18, 2010-The survey was conducted for Deloitte by Arbor Associates among private equity fund managers (GPs) in the Middle East and North Africa (MENA) and is designed to measure confidence and market sentiment in the regional private equity market.
Compared with 2009 results, the latest MENA Private Equity Confidence Survey demonstrates some signs of a positive shift in sentiment amongst GPs in the Middle East and North Africa (MENA) region. Overall, GPs remain optimistic about the prospects for MENA private equity, with strong domestic economies and favourable demographics cited as just two of the many attractions that MENA has to offer.
Yet, while there is now perceived to be less uncertainty in the global economy and more encouraging signs within MENA itself, GPs still view the next 12 months with an element of caution. With the process of market stabilization underway, there is a sense of greater realism in the market but the complicating factor is the sheer diversity of the MENA region, which on one hand presents significant opportunities for scale, but on the other highlights many of the challenges still faced.
The survey explores these opportunities and challenges in more detail while also gauging how GPs anticipate investment and exit activity in the region that will take shape in the coming year.
view MENA Private Equity Confidence survey 2010
Weekly FX roundup: US Dollar continues recovery as QE2 fears lack details
October 18, 2010--The Greenback has continued to gain since Friday's positive closing, with risk correlated trades quickly falling out of favour. The market has gotten ahead of itself in pricing-in massive QE2 for the US. Clearly the combo of the FOMC minutes, Bernanke's comments and underlying inflation "trending downwards" all point to further easing but the lack of details - especially critical detail of time frame & magnitude,
has the market pulling back slightly this trading week. In addition, the month long USD selling spree created a market well short of USD (going by the IMM speculative data) and ripe for a short squeeze.
We suspect that barring a significant dip in US data this week, the market has overpriced-in US QE2 and we should see a light unwind of short USD positioning this week. We are moving cautiously in front of US economic data, even though its mostly 2nd tier this week. A string of Fed speakers and the G20 meeting this upcoming weekend may cause a sharp reversal in risk appetite depending on the information that comes out.
