Middle East ETF News Older than One Year
Shariah-compliant Australian equity fund approved by Bahrain authorities
September 29, 2010--The Central Bank of Bahrain has authorized formation and marketing of the Hyperion Australian Equity Islamic Fund, the first Shariah-compliant offshore fund comprised of the country's stocks.
Investment manager for the fund is Hyperion Asset Management, a Brisbane-based, growth-style manager whose award-winning core investment team has worked together since 1997. Shariah advisors to the fund are Dr. Mohd Daud Bakar of Malaysia and Sheikh Nizam Yaquby of Bahrain.
Source: AME Info
DGCX Indian Rupee Futures exceed 4,000 contracts
September 30, 2010--DGCX Indian Rupee / Dollar futures achieved further new records this week, with daily volumes surpassing 4,000 contracts for the first time on Tuesday 28th and again on Wednesday 29th September 2010.
The new daily high for Indian Rupee futures, achieved on Tuesday 28th September 2010 was as follows:
4,367 contracts traded
US $192.75 million notional value
read more
Source: DGCX
Tadawul market dips slightly
September 28, 2010--The Tadawul bourse's benchmark index Tasi closed 0.74% lower at 6,403.93. Petrochemicals, IT firms and retailers posted the largest sector losses.
Market bellwether Saudi Basic Industries Corporation (Sabic) declined by 1.10% to finish at SR90. Shares of Southern Province Cement added 1.13% to close at SR67.00. According to Global Investment House in Kuwait, in relation to cement sales "Saudi Arabia was the only GCC country to witness a higher sales revenue in 1H-2010, as sales increased 5.5% to reach US$1.13bn, as compared Kuwait, Qatar, UAE and Oman witnessed a severe decrease in sales revenue by 31.6%, 24.5%, 33.5% and 27.2% respectively."
Source: AME Info
Kuwait exchange advances 0.56%
September 28, 2010--The KSE Market or Price Index ended Tuesday at 6,870.2. Shares of Kuwait Building Materials Manufacturing reached KD0.315, gaining 8.6%. The stock started to recover in recent months.
According to Global Investment House in Kuwait, "cement prices in the GCC averaged around US$65.6/ton in 1H-2010, as compared to US$78.5/ton enjoyed in 1H-2009, a 16.4% decrease."
Source: AME Info
Taqa shares extend rally at Abu Dhabi bourse
September 28, 2010-The Abu Dhabi bourse ADX lost 0.12% to close at 2,660.98 as real estate stocks declined further RAK Properties (off 2.38% at Dhs0.41) posted the largest loss among ADX listed developers. Despite GCC markets losing steam, shares of Abu Dhabi National Energy Co. surged 0.76%, reaching a new 2010 high at Dhs1.32. Abu Dhabi Ship Building Co. (up 5.75% at Dhs3.86) ended as a top gainer.
After advancing 50% since June 2010, Waha Capital today declined by 2.63% to close at Dhs0.75. Waha Capital's CEO Salem Rashid Al Noaimi told AME Info recently that his firm aims to invest $300bn in maritime and logistics companies in the GCC, along with increasing investments in East Asia.
Source: AME Info
Nasdaq Dubai: DP World shares stabilise
September 28, 2010--The FTSE NASDAQ Dubai UAE 20 Index closed at 1771.710 today, down -3.880, or -0.22%, from the previous close. Shares of ports operator DP World gained amid high trading volumes by 0.97%, reaching $0.52. News on a planned $1bn Euro Medium Term Note by the Dubai government might have supported DP World shares, as the emirate of Dubai holds four fifths in the firm.
Dubai Gold Securities ended 0.62% lower at $128.18 as the price for an ounce of gold eased Tuesday from its record highs by 0.6%, trading at $1,287.80.
Source: AME Info
AAOIFI issues three new Shari'a standards
September 28, 2010--The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".
Commenting on the issue of these new standards, Secretary General of AAOIFI, Dr. Mohamad Nedal Alchaar, said, "The adoption of these new standards by AAOIFI Shari'a Board came after careful and indepth study in the same way as all other AAOIFI Shari'a standards are reviewed and assessed before issuance. The purpose of these standards is to seek setting Shari'a requirements and rules for the different modes of investment, insurance and financial services and provide interepretation for such requirements and rules."
Source: AME Info
Beltone to Receive Egyptian Exchange-Traded Fund License Before Year End
September 28, 2010--Beltone Financial, an Egyptian investment bank, may receive an exchange-traded fund license before the end of the year, Khaled Seyam, chairman of the Egyptian Exchange, said.
“We are at the final stage, the stage of signing contracts,” he told reporters at an investment conference today in Cairo. “Beltone is the only applicant but other firms have started talking about getting in.”
Egypt’s benchmark EGX30 index has gained 7.7 percent this year, according to data compiled by Bloomberg. The exchange- traded funds, known as ETFs, trade like stocks and allow investors to track indexes and make bets on whether they will rise or fall. The bourse will begin listing funds based on the benchmark index, Seyam said.
Source: Bloomberg
Dubai confirms plan for bond issue
September 27, 2010--Dubai has confirmed that it plans to launch a dollar-denominated sovereign bond, the first since the scale of the regional business hub’s debt problems dramatically surfaced last November.
The government said in a statement on Monday that it would launch the bond “shortly”, adding that the proceeds would be used for general budgetary purposes. It did not say how big the bond would be, but bankers say the emirate is looking to raise around $1bn with maturities of up to seven years.
Source: FT.com
Saudi economy to grow 3.5% this year
September 27, 2010--Saudi Arabian Monetary Agency (Sama) has said the kingdom's economy is expected to grow 3.5% this year due to government spending and higher oil prices,
Bloomberg has reported. "The role of the state's fiscal policy during this year and last year has been large," Sama governor, Muhammad al-Jasser said in a press conference in Riyadh. "Its influence on the private sector and other sectors will be good." [
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
