Middle East ETF News Older than One Year
Nasdaq Dubai awaits Axiom Ltd. IPO
October 13, 2010--The the Nasdaq Dubai, shares of DP World added 0.18% on high trading volumes, closing at $0.55. Interior designer Depa Ltd. ended flat $0.64. Axiom Limited, a Dubai International Financial Centre (DIFC) registered entity,
today announced its intention to undertake an initial public offering ('IPO') of up to 35% of its shares and a listing on Nasdaq Dubai. Axiom Ltd. is registered as the holding of retailer Axiom Telecom.
Source: AME Info
Qassim Cement shines at Saudi Stock Exchange
October 13, 2010--The Tadawul bourse in Riyadh remained fickle on Wednesday, ending 0.65% to close at 6,302.52 points as investors booked profits at petrochemical giants Sabic (off 0.55% at SR89.75)
and Sahara Petrochemical (down 5.25% to close at SR21.65). Shares of Qassim Cement jumped five percent to close at SR64.50.
Source: AME Info
Kuwait market stabilises above 7,000-level
October 13, 2010--The KSE Market or Price Index added 0.29%, closing at 7,075.5 points. Shares of The International Investor Co. jumped 9% to finish at KD0.030, posting the largest gain.
The inflation rate in Kuwait rose to 4.4% from 4% in the previous month, the highest since May 2009, Bloomberg has reported.
Source: AME Info
Qatar Telecom eyes more bond issues
October 13, 2010--The Qatar Exchange (QE) Index ended 0.92% higher at 7,827.55. Shares of Qatar Telecom gained 0.87%, finishing at QR173.50. Qtel International Finance Limited, a wholly owned subsidiary of Qtel), announced that following the high levels of demand from the international fixed income investor community for its recent bond issuance,
and the attractive pricing levels achieved, the Company has decided to undertake a further issuance under its Global Medium Term Note Programme. Qtel's recent $1.5 billion bond sale was more than ten times oversubscribed, as bids exceeded $15 billion a week ago.
Source: AME Info
OPEC Monthly Oil Market Report -October 2010
October 13, 2010--Oil Market Highlights
The OPEC Reference Basket increased a further 48¢ in September to average $74.63/b, the
highest since April. The futures market saw mixed patterns. Nymex WTI front month averaged $75.55/b, down $1.12 from August, while ICE Brent rose for the second month in a row, gaining
$1.30 to $78.42/b. In early October, improvement in macroeconomic data and the weaker dollar supported the market, pushing the OPEC Basket above $81/b for the first time since early May. WTI
recovered to move beyond $83/b and ICE Brent reached more than $85/b. On 11 October, the Basket stood at $80.44/b.
The world economy continues to expand at below-average levels. The global growth forecasts remain unchanged at 3.9% for 2010 and 3.6% for 2011. The US forecast stands at 2.6% in 2010 and 2.3% in 2011, in line with the previous report. Japan’s forecast was revised up 0.3 points to 2.8% in 2010, but remained unchanged at 1.3% in 2011. The Euro-zone is forecast to grow at 1.2% in 2010 and 1.0% in 2011, unchanged from the previous month. China and India are expected to continue their growth. So far, China has been successful in cooling down its economy with growth expectations at 9.5% in 2010 and 8.6% in 2011. India is forecast to grow by 8.2% in 2010 and 7.7% in 2011.
World oil demand growth in 2010 now stands at 1.1 mb/d, following an upward revision of 0.1 mb/d from the previous report, driven by the stronger-than-expected, stimulus-led economic growth in the first half of the year. Despite some turbulence and setbacks, the global economic recovery continues to provide support for oil consumption. While oil demand in the third quarter has been supported by warm summer weather along with the driving season, however, it is not expected to be as strong as in the previous two quarters. The recovery in industrial activities has positively affected industrial fuel demand across the globe. In 2011, global oil demand is forecast to grow by 1.0 mb/d, unchanged from the last month, with demand growth anticipated to be stronger in the second half of the year.
view OPEC Monthly Oil Report-October 2010
Source: OPEC
Rising domestic power demand to boost alternative energy projects in KSA
October 12, 2010-- Power demand in the Kingdom of Saudi Arabia (KSA) is rising by eight percent per year and is expected to triple in the coming years .
Power consumption is expected to increase from an estimated 179TWh in 2009 to 208TWh by the end of 2014, with a growing power generation surplus, assuming 5.1 percent average annual growth (2010-2014) in electricity generation . These factors have propelled the expansion of numerous power projects, which includes the use of alternative energy resources.
Source: AME Info
Kuwait market bucks global downtrend
October 12, 2010--Thanks to advances in the financial and real estate sector, the KSE Market or Price Index added 0.66% to finish at 7,054.7 points.
Islamic insurer First Takaful Insurance Co., one of the worst performers in 2010 (as yet), posted the leargest gain (up 11.62% at KD0.096).
Source: AME Info
Qatar bourse weakens 0.94%
October 12, 2010--Shares lost value across the board in Doha, dragging the QE Index down by 0.94% to 7,756.27
Investors took profist in bank shares in particular, e.g. at Qatar Islamic Bank (down 0.72% at QR82) after the share hit an 11-month high last week.
Source: AME Info
Tadawul exchange weakens slightly
October 12. 2010--The Saudi Arabian Tadawul exchange closed 0.38% lower at 6,343.86 points, as its bellwether Sabic ended weaker (off 0.55% at SR90.25) Shares of Alinma Bank declined 0.46% to close at SR10.80.
Alinma Bank reported interim consolidated financial results: net income for the third quarter amounted to SR20m, compared to net income of SR39m for the same quarter of previous year with a decrease of 49%, and compared to a net income of SR3m for the previous quarter with a increase of 567%. ".The decrease in net income for the period compared to last year was mainly due to lower yield on investments and higher operating expenses related to new branches and ATMs", Alinma Bank said addressing shareholders.
Source: AME Info
Egypt plans to issue Islamic debt guidelines next year
October 12, 2010--Egypt's Financial Supervisory Authority has said the country plans to issue its first Islamic debt guidelines in 2011, to catch up with the GCC and Southeast Asia regions and help spur sales, Bloomberg has reported.
"The target of issuing these regulations is to help companies that want to issue sukuk," Ziad Bahaa El-Din, chairman of the authority said. "Right now, we don't have a framework to help anybody who wants to issue sukuk."
Source: AME Info
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