Middle East ETF News Older than One Year
Dubai World accord boosts Dubai market
September 13, 2010--On the first trading day after the Islamic holiday Eid ul-Fitr, the DFM General Index surged 2.43% to 1630.85 points, the highest closing since May 30. Shortly before Eid on September 10th, government-related entity Dubai World announced that it has received formal agreement from over 99 per cent by value and approximately 99 per cent by number of its creditor banks to to restructure approximately $24.9bn of liabilities.
The DFM share gained six percent at Dhs1.76, wiping out losses between mid-June and Eid. Emaar was the most liquid stock (up 2.72% at Dhs3.78). Logistics provider Aramex lost 0.57%, finishing at Dhs1.73. Aramex announced today that Mana Al-Mulla has been appointed a board member. Some 239.27m stocks changed hands at the DFM.
Source: AME Info
Abu Dhabi bourse advances 1.38% to 2,566.56 points
September 13, 2010--Real estate and financial shares lifted the ADX General Index 1.38% higher to 2,566.56 points, as National Bank of Umm Al-Qaiwain (NBQ) posted the largest gain (up 10% at Dhs2.31). Umm Al-Qawain Cement Industries, on the other hand, plummeted 4.41% to Dhs0.65.
"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", a sector analysis done by Global Imvestment House says. "The reason for such decline is because of stagnant and depressed projects activity in the region."
Source: AME Infio
Dubai Gold And Commodities Exchange Weekly Views-September 13, 2010
September 13, 2010-Commodities Overview
Gold and silver prices have been trying to forcefully break above $1,260 and $20 over the past couple of weeks. At these historically high levels there has been dampened investment and fabrication demand, which has helped cap price gains. A retreat in prices may spark the demand needed for the break above recent resistance levels. Investment demand for both gold and silver has been firm. Economic conditions, although improved over the past several quarters, are still not at prerecession levels.
Unemployment around the world remains high, especially in large consuming nations. This has contributed to the wide variation in economic indicators over the past several quarters. The restocking of inventories in late 2009 and earlier this year helped foster the economic recovery, but with high debt burdens on balance sheets of both consumers and governments, spending is likely to be constrained going forward.
Currencies Overview
The U.S. dollar’s activity against the euro, pound, and yen may be of continued consolidation this week. Although underlying fundamentals for each of these currencies are beginning to provide a sense of direction, this should be much clearer in the weeks ahead. The dollar made moderate gains against the euro and the pound early last week as concerns rose over the credibility of the euro zone banking sector stress tests. Speculation rose over the completeness of distressed debt reported by euro zone banks. The dollar held on to most of its gains against the euro, but lost ground to the pound later in the week. The yen meanwhile continued to appreciate last week, although was capped at 120 cents. The Japanese government is becoming increasingly concerned that a further appreciation in the yen will dampen exports, a major contributing factor to the country’s gross domestic product.
Source: Dubai Gold And Commodities Exchange (DGCX)
Nasdaq Dubai issues its monthly trading report: August 2010
September 8, 2010--The value of equities traded on Nasdaq Dubai rose by 20% in August 2010 from the same period in August 2009. It was the first full month of trading since the exchange outsourced its operations to Dubai Financial Market (DFM) on July 11, 2010.
The August value reached $78.7m, up from $65.5m in August 2009. The proportion traded by individual investors, as opposed to institutions, also increased. Volume for the month fell by 9% to 158.6 million shares, from 175.2 million in the same 2009 period.
Nasdaq Dubai outsourced its trading, settlement, clearing and custody functions for equities to DFM on 11 July, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
Source: AME Info
Qatar shares lead Gulf markets higher before Eid holiday
September 8, 2010--Qatar shares rose a second day this week, leading gains in Gulf markets, as investors bought shares before this week’s Muslim holiday on speculation stocks will rally after Ramadan ends.
Qatar National Bank, the country’s biggest lender, increased 1.4 percent. Qatar Telecom QSC climbed the most since June 21 after it said Nawras, an Omani phone company it controls, may raise as much as $608 million in Oman’s first initial public offering in two years. The QE Index advanced 0.4 percent, the most since Sept. 5, to 7,453.73 at the 12:30 p.m. close in Doha. The Bloomberg GCC 200 Index rose 0.1 percent.
Source: Arabian Business
Kuwait market rises insignificantly ahead of Eid holidays
September 8, 2010--The Kuwait Stock Exchange (KSE) Market or Price Index added 0.05% on Wednesday, closing at 6,757.1 points. Abyaar Real Estate Development Co. landed at the top of the charts, gaining 7.54% at KD0.0285.
Zain Telecom, which announced end of August it seeks a telecom licence in the Arab Republic of Syria, ended 1.58% higher at KD1.280.
Source: AME Info
Industrials lift Qatar bourse by 0.41%
September 8, 2010--The Qatar Exchange (QE) finished 0.41% higher at 7,453.73 points amid advances in the industrial sector. Qatar Fuel added 1.32%, closing at a five-month high at QR184.10.
Insurance firms posted minor gains, e. g. Doha Insurance (up 0.67% at QRE30).
Source: AME Info
Key Islamic funds poised for growth
September 7, 2010--With around 1.6 billion Muslims worldwide and $950bn in assets under the management of the Islamic finance industry, the room for growth in Islamic exchange traded funds (ETFs) is evident.
"There are currently 16 ETFs trading that are benchmarked to Islamic indices, with around $36 million in total assets across the funds," according to iShares vice-president Robert Broadwell
There are now Sharia-compliant ETFs trading on major stock exchanges around the globe, including Saudi Arabia, Europe, the US and Asia.
"Sharia-compliant indices now offer investors the ability to gauge equity market returns based on a screening and selection process that combines benchmark index design with Islamic principles," he said.
"The key element that unifies the various Islamic index providers is transparency. The security selection rules and screening methodology are clearly laid out and published on each provider's website.
Source: Gulf Daily News
Dubai stocks hit 3-month high; volumes cross 200m mark
September 7, 2010--Bulls continued to rule for the second consecutive day on the Dubai Financial Market as investors went back into the ring amid hopes the market will sustain the rally after Eid.
The DFM benchmark index on Monday rose to three-month high, supported by high volumes that crossed the 200 million mark due to increased trading activity ahead of the Eid holidays, starting tomorrow.
The DFM General Index climbed 30.79 points, or two per cent, to 1,568.88 points, its highest finish since May 31. Volumes hit a two-month high as the traders exchanged 204.06 million shares worth Dh393.38 million compared to 103.22 million shares on Sunday. Sentiments remained positive throughout the day as out of 25 shares traded on the exchange yesterday, 20 posed gains and only five declined.
Emaar Properties continued its upward trend and surged 3.14 per cent to Dh3.61 while Arabtec and Dubai Financial Market Company advanced 4.7 per cent and 5.3 per cent, respectively. This trio accounts for two-thirds of all shares traded on the benchmark.
Source: MenaFN
Arab Banking and Finance released
September 7, 2010--.Regional directory publisher Primedia International announced the release of Arab Banking & Finance in three platforms: print, online and mobile.
Published annually, the guide presents detailed comprehensive information covering banks, institutions, regional rankings, CI Ratings and more. As an added benefit, Arab Banking & Finance also publishes expert opinions on current industry trends and developments.
Source: AME Info
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