Middle East ETF News Older than One Year
Qatar Exchange regains territory, ends at 7,799
November 3, 2010--After declining three consecutive days, the Qatari bourse QE closed 0.42% Wednesday, ending at 7,799.24 points.
The country's largest lender Qatar National bank (QNB) added 0.85% to finish at QR166.40. "Qatar's economy remains extremely favourable, as per IMF estimates, the Qatar GDP is expected to grow 16.0% in 2010 to reach QR294.8bn driven by the expansion in natural gas production", Kuwait's Global Investment House says.
Source: AME Info
Kuwait investment firm shares post losses
November 3, 2010--The KSE market index dipped 0.15% to close at 7,118.5. Osoul Investment Co. lost 8.4%, ending at KD0.054.
Dar Al Thuraya Real Estate Co. topped the charts, by gaining 9.8% (closing at KD0.028).
Source: AME Info
Tadawul bourse dragged down by petrochemicals
November 3, 2010--The Saudi Arabian stock market Tadawul declined 0.45% to close at 6,344.02. Market leder Sabic, the world's largest petrochemical firm, declined 0.76% to close at SR98.25.
Saudi Kayan Petrochemical Company declined 1.11% to finish at SR17.75.
Source: AME Info
Oil prices rise above $85 on Saudi signal
November 2, 2010--Oil prices rose above $85 a barrel on Tuesday, as traders tested the claim of Saudi Arabia, Opec's de facto leader, that it was happy with prices as high as $90 a barrel.
Saudi Arabia sparked a $2 jump in oil prices on Monday when Ali Naimi, its oil minister, raised the trading range it has backed for nearly two years, declaring that crude was in a "comfortable zone" of $70 to $90 a barrel. Mr Naimi's comments marked a subtle shift by the minister, who in the past had voiced satisfaction with the $70-$80 a barrel range that has prevailed for a year.
In late afternoon trading in New York on Tuesday, the rally continued, with Nymex December West Texas Intermediate up $1.23 to $84.17 a barrel. In London, ICE December Brent rose $1.08 to a three-week high of $85.70 a barrel.
Source: Zawya
First Gulf Bank shares buck regional downtrend
November 2, 2010--With 20 decliners and only three gaining shares, the ADX benchmark index ended the session on Tuesday 1.42% lower to close at 2,763.66 points. Investors dumped real estate shares, such as Aldar Properties (down 6.18% at Dhs2.40) or RAK Properties (3.92% lower at Dhs0.50).
Shares of First Gulf Bank (FGB), the UAE's fourth largest lender by assets, added 0.60% to finish at Dhs16.75. Credit Suisse issued a strong buy recommendation for FGB shares on October 27: "We expect FGB to maintain high profitability of some 20% return on equity in 2011E despite the very high capitalization levels (tier 1 20%, CAR 23.4%), and is still trading at 1x book value. We see room for multiples re-rating and thus maintain our Outperform rating and 12 month target price of Dhs28 per share", says Credit Suisse analyst Mohamad Hawa.
Source: AME Info
Qatar bourse dips slightly
November 2, 2010--The Doha-based Qatar Exchange ended 0.05% lower on Tuesday, closing at 7,766.24, whilst insurers and services firms weighed on the market. Doha Bank regained territory, ending up 0.75% to close at QR53.60. Banks benefit from the government's diversification strategy.
Kuwait's Global Investment House comments on Qatar "Non oil & gas sector has surpassed oil & gas sector share in total GDP for the first time in the new millennium. Non oil sector GDP reached all time high of QR192.5bn and grew on a CAGR basis of 31.4% during the period 2005-2009. Financial services which make about 12% of the total GDP in 2009, reaching QR43.4bn. The State of Qatar was active in the financial sector during the crisis, it intervened strongly to help shore up capital of the banks, Qatar Investment Authority injected around US$1bn to shore up capital, in addition the government made available up to US$6bn to buy the equity and real estate portfolios of the banks as they were affected by the crisis."
Source: AME Info
Kuwait market KSE escapes GCC index losses
November 2, 2010--As the only stock exchange in the GCC, the KSE Market Index added 0.68% to close at 7,129.30.
The Gulf state's largest lender by assets and market share National Bank of Kuwait (NBK), surged 2.98%, ending at KD1.380. Islamc bank Kuwait Finance House (KFH) closed 1.66% higher at KD.1220.
Source: AME Info
Tadawul market adds 0.14%
November 2, 2010--Saudi Arabian investors turned a red day into the green during the last hour of trading in Riyadh, sending the Tadawul market 0.14% higher to 6,372.71 points.
Yanbu National Petrochemical Company added 1.42% while its rival Sabic dipped by half a percentage point to close at SR99. Earlier in the day, the Tadawul market said that the total amount of traded shares in the Saudi Stock Exchange last month was SR57.87bn.
Source: AME Info
DGCX sets monthly volume record of 209,994 contracts in October
Monthly volumes increase 52% year-on-year to 209,994 contracts, valued at US $10.61 billion
Year-to-date (YTD) volumes rise 39% to reach 1,568,727 contracts
November 2, 2010--October volumes on the Dubai Gold & Commodities Exchange (DGCX) grew 52% year-on-year to set a new monthly record of 209,994 contracts, valued at US $10.61 billion, surpassing the previous high of 192,138 contracts recorded in June this year.
ncreased trading activity throughout October also saw year-to-date (YTD) volumes rising 39% to reach 1,568,727 contracts, the earliest point that the Exchange has crossed the 1.5 million mark in any year since inception. Average daily volume was 10,000 contracts in October, a 59% increase on last year and a 34% increase on last month.
DGCX currency futures were again the prime driver of growth with monthly volumes growing 202% to reach 147,977 contracts in October. DGCX Indian Rupee futures sustained its record run, setting its fifth consecutive monthly high with 97,353 contracts, a 39% increase from last month. Indian Rupee futures also established a new daily volume record on October 21st with 6,099 contracts traded. New currency contracts; Australian Dollar, Canadian Dollar and Swiss Franc futures, recorded strong growth, increasing 81%, 141% and 43% on last month to achieve volumes of 4,170, 6,208 and 4,745 contracts respectively. Euro/Dollar, Sterling/Dollar and Yen/Dollar saw volumes of 21,192, 11,080 and 3,229 contracts respectively.
Within the precious metals segment, DGCX Gold futures saw a strengthening in trading of 46% on last month to reach 51,392 contracts. Gold futures sustained increased trading activity throughout October, registering daily volumes of over 2,500 contracts on many trading days. Silver grew 54% on last month to reach 2,526 total contracts while WTI climbed 15% to register volumes of 8,099 contracts in October.
Source: Dubai Gold & Commodities Exchange (DGCX)
Yemen's oil exports increase by 20%
November 1, 2010--According to official data by the central bank of Yemen, the government's share of oil exports increased by 20.6% during the first half of current year to 15.5 million barrels, matching the 2009 period, Yemen Observer has reported.
Oil exports through the first half of 2010 were 34.9% below their level during the same period of 2008, and less than half the amount exported as late as the second half of 2006, the data showed.
Source: AME Info
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