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MIDEAST STOCKS-Qatar soars as QNB to lift ownership ceiling, Saudi also strong
March 12, 2018--Qatar's stock market soared on Monday after Qatar National Bank said it would raise its ceiling for foreign ownership, while expectations for more inflows of foreign money lifted Saudi Arabia.
The Qatari stock indexadded 5.0 percent, its biggest leap since January 2016, in its heaviest trade this year as QNB, the Middle East's biggest bank, rocketed its 10 percent daily limit.
UK officials told that Aramco IPO unlikely until 2019: FT
March 11, 2018--British officials have been informed by their Saudi counterparts that oil giant Saudi Aramco's IPO-ARMO.SE initial public offering is likely to be delayed until 2019, the Financial Times reported.
The Saudi government had targeted a market listing by the second half of 2018, but preparedness for the offering and also willingness for a simultaneous or sequential flotation on a foreign exchange had been questioned, the FT reported, citing sources.
MIDEAST STOCKS-Abu Dhabi down; Egypt hits record high
March 6, 2018--Gulf stocks were mixed on Tuesday, with the Saudi market. TASI up on steady oil prices and Abu Dhabi dragged down by First Abu Dhabi Bank's stock going ex-dividend.
Outside of the Gulf, Egypt's index .EGX30 continued to climb, reaching an all-time high as it benefits from the central bank's decision to cut interest rates last month, the first time it has done so since letting the currency float freely in 2016.
Qatar Stock Exchange Lists the First ETF in Qatar
March 5, 2018--QE Index ETF today has become the first Exchange Traded Fund (ETF) listed on Qatar Stock Exchange under the symbol "QETF", it is the first ETF in Qatar and the largest ETF in the GCC.
The Fund will track the QE Index that measures the price performance of the top 20 largest and most liquid companies on Qatar Stock Exchange.
CEO of the Qatar Stock Exchange Rashid Ali Al Mansoori said: "Great thought and effort has gone into the development of an ETF market at Qatar Stock Exchange and a listing based on our main index was always going to be a proud moment. There's no denying the popularity of ETFs globally and were excited at the new trading opportunities the ETF provides to our investors,"...
Dubai Gold & Commodities Exchange appoints INTL FCStone Commodities DMCC to Serve as Market Maker for their Sharia-Compliant Spot Gold Contract (DGSG)
March 5, 2018--INTL FCStone Inc. (NASDAQ: INTL) today announced that its Dubai-based subsidiary, INTL FCStone Commodities DMCC ("the Company") will serve as the market maker for the Dubai Gold & Commodities Exchange (DGCX) Sharia-compliant Spot Gold contract, which will be available for trading beginning on March 29, 2018.
The release of this contract is a first for DGCX, and will mark its entry into the Islamic Finance sector.
DGCX's offering will be the first Sharia-compliant Gold product to be listed on a regulated trading platform in the Gulf Cooperation Council (GCC) region.
DGCX Records its Best Month since Inception with 67% Growth in Volume
March 1, 2018--Dubai Gold and Commodities Exchange (DGCX) continued its record-breaking start to the year while delivering its best month since inception. Last month, the Exchange traded its highest monthly Volume of 2,097,739 contracts, valued at USD 47.03 billion, recording 67% year-on-year (Y-o-Y) growth.
The Exchange has thus far recorded 53% year-to-date growth from 2017. The spikes witnessed in DGCX's trading volumes are a clear sign of investors' increased appetite for protection amidst market volatility. The Exchange's best performing product segments for the month were Currencies and Precious Metals.
Most big markets fall but local institutions help Qatar rebound a little
March 1, 2018--Major Middle Eastern stock markets mostly fell on Thursday after oil prices slipped more than two percent overnight and global bourses dropped, although buying by local institutions helped Qatar rebound slightly from its steep fall on Wednesday.
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MIDEAST STOCKS-Banks still weak in Saudi, ex-dividends drag down Qatar
February 28, 2018--Major Gulf stock markets were mostly lower in early trade on Wednesday with Saudi banks dropping for a fourth straight day, partly because of concern about the government's move to retroactively increase their Islamic tax liabilities.
The Saudi index fell 0.7 percent in the first hour with all 12 banking stocks declining. Al Rajhi Bank slipped 1.3 percent.
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Abu Dhabi looks to privatisations to boost sluggish economy
February 27, 2018--Abu Dhabi plans to accelerate the privatisation of several state companies and overhaul its national energy company as the oil-rich emirate attempts to revive sluggish growth.
Mubadala, one of Abu Dhabi's sovereign wealth funds, will sell a stake in Emirates Global Aluminium, one of the United Arab...
BRIEF-Goldman Sachs Saudi Arabia Joins Tadawul as Member
February 27, 2018--Goldman Sachs Saudi Arabia has completed all regulatory and technical requirements to become duly licensed, approved and authorized member of Tadawu1.
Goldman Sachs Saudi Arabia gets right to conduct brokerage services and …
