Middle East ETF News Older than One Year
IMF predicts strong recovery for Middle East economies
October 8, 2010--The International Monetary Fund has forecast that economic growth in the Middle East and North Africa region will reach 4.1% this year, more than twice the rate in 2009, and may expand to 5.1% in 2011 as oil prices continue to push higher.
The Washington-based agency said in its World Economic Outlook that the region has benefitted from the fact that crude oil prices have recovered from levels below $40 a barrel at the beginning of 2009 and are now above $80.
'The strength of the recent economic recovery in the Mena region is largely underpinned by the rebound in oil prices from their trough in 2009, which has boosted receipts for oil exporters in the region,' the report said.
At the same time, 'a sizable and rapid fiscal policy response, especially in oil-exporting economies, has played a substantial role in supporting the nonoil sector in these economies', the report noted. These expansionary policies have also had spillover effects on the region's oil importers—where fiscal expansion was more moderate.
Source: AME Info
Banks keep Qatar bourse advancing
October 7, 2010--Despite losses in the industry and services sector, the QE Index in Doha extended its gains slightly, closing 0.20% higher at 7,765.45. Qatar National Bank (QNB), the country's largest lender by assets, reached QR156.10 (up 1.69%).
Credit Suisse analyst Mohammed Hawa says in a today's released statement, that the Swiss bank maintains its outperform rating on QNB, and raises the 12 month target price to QR182. "We also upgrade our 2010E-2012E cumulative EPS estimates by 14%", Hawa writes. Qatar Telecom Q.S.C., known as Qtel (flat at QR173.60), announced today the successful pricing of $1.5bn senior unsecured notes issued by its wholly owned subsidiary.
Source: AME Info
Kuwait market knocks at 7,000 level
October 7, 2010--Finishing at 6,695 (up 0.58%), the KSE Market Index was mostly driven by gains in the banking and real estate sector.
According to Cityscape Global quoting Ventures Middle East, there is a total of $2.29bn worth of construction under way in the Gulf state, with a further $24bn in the pipeline. National Bank of Kuwait (NBK) added 1.42% to close at KD1.42%.
Source: AME Info
DP World gains, while Depa Ltd. and Damas end flat
October 7, 2010--The Nasdaq Dubai's FTSE NASDAQ Dubai UAE 20 Index closed at 1810.120 today, up 22.820, or 1.28%, from the previous close.
The world's third largest port operator DP World recovered further, ending 2.51% higher at $0.531. Interior designer Depa Ltd. and jewellery designer Damas closed flat, at $0.64 and $0.16 respectively.
Source: AME Info
Taqa shares surge as oil hits five-month high
October 7, 2010--The Abu Dhabi market index ADXGI added 0.29% to close at 2,685.30. Abu Dhabi National Energy Co. or Taqa reached another 2010 new high by gaining 2.24%, finishing at Dhs1.37.
Oil prices surged over $83 Wednesday, the highest level since May 2010. Industry shares performed overall weaker such as National Marine Dredging Co. (off 9.31% to close at Dhs8.41).
Source: AME Info
Doha Bank shares reach new 2010 high
October 6, 2010--The Qatar Exchange (QE) Index recovered by 0.56%, closing at 7,749.86. Shares of Doha Bank rose to QR54.10, up 1.12%, reaching a new 2010 high. Doha Bank will publish results for the third quarter on October 19.
The country's largest lender Qatar National Bank is on the brink of breaking a important resistance level at QR155. Total traded value surged at the QE from QR196.71m to QR375.47m.
Source: AME Info
Kuwait market stabilises, eyes 7,000-level
October 6, 2010--The KSE Market Index ended 0.13% higher to close at 6,955, thanks to advances in the banking and investment segments. Islamic bank Boubyan surged 3.27% to finish at KD0.630. Sokouk Holding Co. weakened 4.54% to finish at KD0.0315.
Zain Telecom ended flat at KD1.340.
Source: AME Info
Bahrain exchange ends unchanged
October 6, 2010--The BSE index addded 0.37 points to finish at 1,451.35. Shares of Ahli United Bank closed in line with the market flat at $0.75. Standard & Poor's Ratings Services said today that it has assigned its 'A-/A-2' long- and short-term senior unsecured debt ratings to the $2.0 billion Euro Medium-Term Note program recently renewed by Ahli United Bank B.S.C. (AUB; A-/Stable/A-2).
"The ratings on the program are equalized with the counterparty credit rating on AUB, reflecting our view that the notes will rank pari-passu with AUB's other senior unsecured debt", S&P said. With total assets of $25.1 billion on June 30, 2010, AUB is among the 20 largest banking groups in the Gulf.
Source: AME Info
Abu Dhabi Securities Exchange maintains positive trend in third quarter
October 6, 2010--The General Index of Abu Dhabi Securities Exchange (ADX) accumulated more than 6.3% of gains during the third quarter of 2010 as compared to the second quarter of the same year, the official figures revealed.
The general index stood at 2,677.31 points by the close of the trading session on September 30, 2010, compared to 2,531.44 points on June 30, 2010, with the total value and volume of trading increasing by 1.9% and 2.1% respectively during the same period.
The total value of traded shares amounted to Dhs7.54bn through a volume of 3.85 billion shares, of which UAE nationals accounted for 59.6% or Dhs5.27bn through trading 66.8% of the total traded shares, or 2.57 billion shares. The top gainer was Gulf Livestock Company, accumulating 76.46% of gains during the period, from Dhs4.12 to Dhs7.27, followed by Abu Dhabi Commercial Bank which advanced by 50.66% from Dhs1.52 to Dhs2.29 and Waha Capital which closed 36.36% higher.
Source: AME Info
Dubai Mercantile Exchange Achieves New Record in Open Interest
October 6, 2010--October 6, 2010: The Dubai Mercantile Exchange Limited (DME) today announced that it has achieved the highest level of open interest for its benchmark Oman Crude Oil Futures Contract (DME Oman) since the commencement of trading on the Exchange on June 1, 2007.
As of September 30, open interest in the DME stood at 21,797 contracts. Open interest is the total number of outstanding futures contracts held by market participants and is regarded as a leading performance indicator in the industry. Open interest in DME Oman has increased steadily since launch: the previous total open interest record of 20,160 contracts was set in July 2010.
The DME has reported a 130% increase in liquidity since 2008, averaging 2,930 lots per day since the start of 2010, equivalent to approximately 3 million barrels of oil traded daily.
The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to East of Suez, the world's fastest growing commodities market and the largest crude oil supply/demand corridor in the world. Today, DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the historically established markers for Middle East crude oil exports to Asia Pacific.
Source: Dubai Mercantile Exchange Limited (DME)
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