Middle East ETF News Older than One Year
GCC Bonds & Sukuk Market Surveys
October 25, 2010-- H1 2010 Abstract:
The GCC aggregate primary bond market, which includes bonds and sukuk, decreased to USD24.2 billion in H1 2010, down by 32% compared to the respective period of 2009. The majority of issuances occurred in the month of April, with 17 issuances and USD6.1 billion, raising 25.1% of H1 2010 total issuances value.
Conventional issuances raised the largest amount during H1 2010 representing 82.9% of the total value raised, and five times the total value of sukuk issued during the same period. As well, sovereign/government issuances dominated the majority of the amount raised during the period.
GCC Bonds & Sukuk Market Survey-H1 2010 Highlights
Source: Markaz
Real estates push Abu Dhabi bourse up
October 25, 2010--The ADX General Index gained 0.43% to close at 2,833.09. Real estate bellwethers Aldar Properties (up 2.70% at Dhs2.65) and Sorouh Real Estate (2.26% higher atDhs1.82) lifted the market in particular.
National Bank of Abu Dhabi (NBAD), the sheikhdom's largest bank by assets, closed 1.27% higher at Dhs12.05. Credit Suisse analyst Mohamad Hawa added NBAD to his top picks, labelling the bank with an 'outperform'-rating and target price Dhs19.00.
Source: AME Info
Kuwait market jumps one percent
October 25, 2010--Bank shares lifted the KSE market or price index by 0.99% to close at 7.032.1.
Burgan Bank closed 4.1% higher at KD0.500. Kuwait Finance and Investment Co. posted the largest loss, ending 6.6% lower at KD0.035.
Source: AME Info
Qatar Exchange adds 0.16%
October 25, 2010--The QE Index in Doha closed at 7,786.49, as industry gains offset losses in the banking sector
Gulf Warehousing Co. gained 0.53% to finish at QR19.10 as the share approached an important resistance level at QR20.
Source: AME Info
SABIC shares knock out key resistance level
October 25, 2010--Saudi Arabia's Tasi index added 0.47% to finish at 6,329.89. Saudi Basic Industries Corporation (SABIC), the world's largest petrochemical firm, ended at a five-month high at SR95 (up 1.88%). Standard & Poor's Ratings Services today said it has assigned its 'A+' long-term rating to a proposed bond issue by SABIC Capital (not rated), to
be unconditionally guaranteed by SABIC, its parent company which is rated investment grade A+/Stable/A-1. Shares of recently listed Abdullah A. M. Al-Khodari Sons Company dipped 3.81% to close at SR45.50. The shares of the Dammam-based contracting services firm were issued at SR48.
Source: AME Info
Rising Competitiveness Gap between Gulf Economies and the Rest of the Arab World
Over the past five years, many Arab world economies have improved their competitiveness, but the gap between Gulf countries and the rest of the region is growing
Morocco takes second place in the North Africa region, after Tunisia
Financial markets, labour markets and education remain key challenges
October 25, 2010--The Arab World Competitiveness Review 2010 finds that the global economic crisis has further widened the competitiveness gap between the countries of the Gulf Cooperation Council (GCC) and the rest of the Arab world region. The review, published ahead of the 2010 World Economic Forum on the Middle East and North Africa, sees Qatar, Saudi Arabia and Kuwait outperforming other economies at a similar level of development in terms of competitiveness. In the overall ranking of 139 economies, they place 17th, 21st and 35th.
United Arab Emirates is the only economy from the region that has reached the most advanced innovation-driven stage of development because of its diversified structure. It places 23rd within this group and 25th overall. Kuwait places second among the factor-driven economies (lowest stage of development).
Tunisia and Morocco (efficiency-driven) rank 32nd and 75th in the overall ranking and outperform Egypt (81), Algeria (86) and Libya (100), which remain in the factor-driven stage of development.
The Arab world’s competitive strengths lie in sound and transparent institutions, macroeconomic stability and business sophistication. Countries will need to accelerate efforts in raising the efficiency of their labour markets, furthering the development and stability of financial markets, and reforming education.
GCC countries have reached OECD levels on a number of categories of the index, such as institutions, infrastructure, as well as efficiency of goods, labour and financial markets. North Africa outperforms the Levant region in terms of infrastructure, macroeconomic stability, market size and innovation. The Levant region outperforms North Africa in terms of education, efficiency of goods, labour and financial markets, and business sophistication.
view the report The Arab World Competitiveness Review 2010
Source: World Economic Forum
Growth Rebounds in Middle East, North Africa
Upturn in worldwide demand, oil prices spurs regional recovery
Addressing financial sector vulnerabilities remains a priority
Job growth, competitiveness are key to region’s development
October 25, 2010--The Middle East and North Africa (MENAP) region is experiencing a robust recovery, aided by rising oil prices and higher oil production levels, a new IMF report says.
The IMF’s Regional Economic Outlook for the Middle East and Central Asia, released October 24, says the MENAP region’s output is projected to expand by some 4.2 percent in 2010, up from 2.3 percent in 2009.
“We expect most countries in the region to grow faster in 2010 and 2011 than in 2009,” IMF Middle East and Central Asia Director Masood Ahmed told a press conference in Dubai. “With the economic recovery taking hold, the region needs to resume its focus on medium-term challenges: diversification and financial market development for the oil exporters, and tackling unemployment through faster, job-creating growth in the emerging markets.”
view the RegionalEconomic Outlook: Middle East and Central Asia report
Source: IMF
UAE ranks second worldwide in HSBC Trade Confidence Index
October 24, 2010-Traders in the Middle East reported high levels of confidence in the market once again, according to the HSBC Trade Confidence Index released in the region today. The UAE results showed a slight drop from the first half of the year, when the Emirates reported the highest levels of confidence globally, to report an index score of 125, in second place behind India.
Saudi Arabia registered a score of 118, above the global average of 116, and in line with the overall emerging markets average of 120.
In the UAE, which has a trade turnover to GDP ratio of 140%, there has been a significant move by the Federal Government to build activity in the trade sector to benefit the wider economy. These initiatives have been well received in the Emirates, with 47% of respondents indicating that government trade regulation is likely to have a favorable impact.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-October 24, 2010
October 24, 2010--Economic Data Overview
In the final week of October, the economic data may have a little trouble keeping market attention as the November 2 - 3 FOMC
meeting nears. None of it is likely to sway opinion that further easing
in policy is on the way in the form of large-scale asset purchases,
but should the numbers on housing and consumer confidence be stronger than expected, it will add an element of uncertainty.
For most financial markets, the data on the housing market will probably dominate the week with existing homes set for release on Monday and sales of new single-family homes on Wednesday. Home prices data includes the S&P/Case-Shiller Home Price Index and the FHFA House Price Index on Tuesday.
Consumer confidence is struggling to regain ground in the last few months. The onset of the election season with its attendant heightening of uncertainties in regard to the future will make it difficult to see any improvement in overall conditions. The Conference Boards Consumer Confidence Index is due on Tuesday, and the final Reuters/University of Michigan Consumer Sentiment Index is due on Friday.
The manufacturing sector will get another look at October with the Dallas Fed Texas Manufacturing Outlook on Monday and the Richmond Fed's Manufacturing Index on Tuesday. The New York and Philadelphia Fed report have already signalled some recovery after the downturn in late summer, and these next two are likely to follow that lead. The Kansas City Fed Manufacturing Survey is also on Thursday, but this report does not have an overall index.
Source: Dubai Gold & Commodities Exchange (DGCX)
Three DGCX currency futures set volume records on same day
Trading hits new highs in Indian Rupee, Canadian Dollar and Australian Dollar futures on October 19, 2010
Total daily volume reaches 15,350 contracts valued at US $786 million on October 19, the third highest ever
October 24, 2010--Daily volume records were set by three DGCX currency futures
contracts on October 19, 2010, contributing to what is set to be one of the most active monthsvof trading for the Dubai Gold & Commodities Exchange (DGCX).
So far, the month of October has seen several trading days with daily volumes surpassing 10,000 contracts and the third highest overall daily volume of 15,350 contracts.
Continuing its ongoing growth, the DGCX Indian Rupee futures contract traded a record 6,043 contracts worth US $270.61 million on October 19, 2010 beating the previous high of 5,376 contracts worth US $242.83 million. On the same day, two of the new currency futures contracts launched in June this year also achieved record highs; Canadian Dollar futures traded a record 606 contracts worth US $29 million eclipsing the previous peak of 528 lots worth US $26 million while Australian Dollar traded 498 contracts worth US $24 million surpassing the previous record of 285 contracts worth US $12 million.
Source: Dubai Gold & Commodities Exchange (DGCX)
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
