Middle East ETF News Older than One Year
Abu Dhabi bourse follows weak GCC trend
October 4, 2010--Selling pressure increased on real estate shares Monday, pulling the ADX General Index down by 0.39%, closing at 2,664.23 points.
The construction sector index, on the other hand, gained slightly. ADX heavyweights Aldar Properties (off 2.40% at Dhs2.43) and Dana Gas (down 1.19% to finish at Dhs0.83) weighed on the market in particular.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-October 3, 2010
October 3, 2010--Commodities Overview
Precious and base metals prices spiked sharply higher last week. While gold prices tested record highs on a consecutive basis since 28 September, silver and other industrials metal prices rose to historic levels. Technical pressures such as the roll in open interest in the New York gold contract as well as continued weakness in the US dollar are helping drive prices of the metal higher.
Specifically, there has been an enormous amount of open interest in the active October Comex gold and Nymex futures contracts, which needed to be rolled over into forward contract months. Once heavy buying from traders looking to hedge against firmer prices winds down, gold prices could come off sharply before moving higher.
Currencies Overview
Source: AME Info
Bahrain market surges to six-month high
October 4, 2010-The BSE benchmark index in Manama added 0.47% to close at 1,455.90, the highest index level since May 30. Bahrain Commercial Facilities jumped 6.52% to finish at BD0.49.
Other gains were posted in banking segment. Khaliji Commercial Bank, one of the lowest performers in relation to their year-to-date development, gained 1.35% to finish at BD0.075.
Source: AME Info
Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects-IMF Working paper
October 4, 2010--According to a dynamic panel estimated over 1995–2008 on around 80 banks in the GCC
region, the NPL ratio worsens as economic growth becomes lower and interest rates and risk
aversion increase. Our model implies that the cumulative effect of macroeconomic shocks
over a three year horizon is indeed large.
Firm-specific factors related to risk-taking and efficiency are also related to future NPLs. The paper finally investigates the feedback effect of increasing NPLs on growth using a VAR model. According to the panel VAR, there could be a strong, albeit short-lived feedback effect from losses in banks’ balance sheets on economic activity, with a semi-elasticity of around 0.4.
Source: IMF
Dubai index down, traded volumes up
September 30, 2010--The Dubai Financial Market failed to stabilise above 1,700 and closed 1.10% lower at 1,683.69. Emaar was the liquid share, declining 1.84% to close at Dhs3.73. Emaar announced today that it has upsized a 7.5%-convertible note to $450m from $375m due to "strong investor demand.
The note will be issued by Emaar's wholly-owned Pyrus Ltd. and listed at Luxembourg's Euro MTF market. Traded value surged 50% to Dhs330.97m, as 147.24m stocks changed hands. The DFM General Index lost 6 points during last week but surged 13.26% during September.
Source: AME Info
Kuwait market gains 4.43% in September
September 30, 2010--Against the regional trend, the KSE Market or Price Index advanced on Thursday, closing 0.82% higher at 6,985 points. All sectors landed in the green, except the real estate index. Kuwait Hotels topped the market by ending 16.37% to finish at KD0.270.
Telecom giant Zain ended flat at KD1.360. UAE Telecom provider Etialat confirmed its bid of 46% in Zain today in a statement, adding that no final fulfilment has been made as yet, depending of further requirements and conditions.
Source: AME Info
Qatar bourse declines a quarter percent
September 30, 2010--The QE Index dipped 0.25% to close at 7,694.88 points. Financials lost in particular. Al Ahli Bank bucked the trend and gained 6.04% to finish at QR57.90.
The QE Index posted the third largest gain in September (behind the ADX in Abu Dhabi), adding 6.4%.
Source: AME Info
DIFC announces elimination and reduction to fees imposed by the Registrar of Companies
September 29, 2010--The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today announced a series of changes to its Registrar of Companies (ROC) fees.
The changes made by the DIFC Authority which came into effect on September 5 2010, included amendments to the Companies Regulations (COR) fees covering retail and non-retail companies. In addition there were also amendments to DIFC Limited Liability Partnership Regulations, General Partnership Regulations and Limited Partnership Regulations and Special Purpose Company Regulations. The changes include the elimination of fees in 61 categories, a reduction of fees in 10 categories and a slight increase in fees in 12 categories. Fees in 46 categories were maintained at the same levels.
Abdulla Al Awar, CEO of the DIFC Authority said:
“This review process is part of our wider initiative to reduce the cost of doing business in the DIFC. We are committed to working closely with our clients in order to help them achieve their business goals. These proposals are designed to help our clients grow their businesses by making the DIFC a more competitive business hub.”
The changes followed a review conducted in the first quarter of 2010 in relation to the fees imposed by the Centre’s ROC. The review’s aim is to make the DIFC a more attractive and cost effective centre for companies establishing and maintaining a presence in the region.
Source: Dubai International Financial Centre (DIFC)
Once-fertile Gulf proves a fundraising desert
September 29, 2010--International asset managers used to make regular journeys to the Gulf, where sovereign wealth funds, sheikhs and merchant families, flush with petrodollars, were eager investors.
Local asset managers also benefited from the region’s capital surplus, as many wealthy Arabs started to plough more money into their domestic economies after the 9/11 terrorist attacks.
However, the financial crisis sent oil prices plummeting, hammered local stock markets and precipitated real estate crashes in several countries, hurting sentiment across the region.
Source: FT.com
Dubai market rebounds 0.72% on high turnovers
September 29, 2010--The DFM General Index ended Tuesday at 1,702.43 as Arabtec, the most liquid share, surged two percent to reach Dhs2.03, along with gains at real estate developers Emaar (gaining 0.80% at Dhs3.80) and Deyaar (0.31% higher at Dhs0.321).
DP World and Depa Ltd., both listed at the Nasdaq Dubai and the DFM parallel, posted losses (down 1.73% at $0.511 and down three percent at $0.64 respectively). At the DFM, traded value surged 51% to Dhs220m. Some 120.8m shares changed hands, 45% more than on Monday.
Source: AME Info
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