Middle East ETF News Older than One Year
Abu Dhabi market rises by 0.57%
September 7, 2010--The ADX General Index (up 0.57% at 2,531.72 points) was lifted by advances across the board. Telecom provider Sudatel rebounded and posted the highest gain (3.98% higher at Dhs2.35)
after the firm said on Monday it expects to pay 2009 dividends to shareholders by November after a threat from the UAE's securities regulator to suspend the Sudatel stocks. First Gulf Bank. the UAE fourth largest bank, was the most liquid stocks, ending 0.15% lower at Dhs13.80.
Source: AME Info
Dubai market bullish ahead of Eid
September 7, 2010--The DFM Index surged 1.49% to 1,592.24 points ahed of Eid ul-Fitr. The DFM will remain closed from Wednesday until the fourth day of the Islamic month of Shawwal. Emaar Properties, the most liquis stock, closed 1.94% higher at Dhs3.68.
Shares of telecom provider du closed at a 14-week high at Dhs2.28 (up 3.96%). Global Investment House writes on GCC telecoms: "With the resolving of the blackberry in Saudi Arabia, the chances have become brighter for a similar deal in UAE." The UAE seeks access to transmitted data done by Blackberry users and has set a deadline until October 11. Islamic real estate developer Deyaar failed to join the sector's advances and finished 1.63% lower at Dhs0.301. Traded value and volumes declined ahead of Eid holidays by 30% and 23%, respectively as 156.32m shares worth Dhs275.76m changed hands.
Source: AME Info
Investor confidence in Dubai as hub for FDI in Middle East region grows, survey reveals
September 6, 2010--The Foreign Investment Office (FIO), an agency of the Dubai Department of Economic Development (DED), has commissioned an in-depth special study to further enhance the competitiveness of the economy.
The preliminary findings of the report which surveyed more than 1,000 global and regional investors highlight that investors have confidence in Dubai as a destination for foreign direct investments (FDI) and as the FDI hub for the wider Middle East and North African (MENA) region.
The preliminary findings identified that an impressive 54% of the participants in the survey already have a presence in Dubai and an additional 16% of global and regional investors plan to enter Dubai in the next three years.
Source: AME Info
Saudi market Tadawul joins GCC rally
September 6, 2010--The Tadawul's benchmark composite Tasi gained 0.59%, closing at a four-week high at 6,306.33 points. National Agriculture Marketing Co. (up 5.39% at SR21.50) topped the list of gaining shares, as corn and wheat prices rallied during the summer months.
Energy shares mostly underperformed while petrochemical giant Sabic added 0.29%, finishing at SR87.50. Eighty-three shares gained value, 33 lost while 19% of all 144 traded in Riyadh shares or 28 securities closed flat.
Source: AME Info
Banks, insurers lift Kuwait bourse
September 6, 2010-- The KSE Price or Market Index surged a quarter percent to 6,727.5 points as financial bellwether National Bank of Kuwait (NBK) gained 5.6% to KD1.500.
. Kuwait International Bank (KIB) failed to join the bank's bull run and finished 1.88% lower at KD0.260. On a year-to-date basis the KSE is currently trading off 3.97%, despite the latest market rally.
Source: AME Info
Saudi market Tadawul joins GCC rally
September 6, 2010--The Tadawul's benchmark composite Tasi gained 0.59%, closing at a four-week high at 6,306.33 points. National Agriculture Marketing Co. (up 5.39% at SR21.50) topped the list of gaining shares, as corn and wheat prices rallied during the summer months.
Energy shares mostly underperformed while petrochemical giant Sabic added 0.29%, finishing at SR87.50. Eighty-three shares gained value, 33 lost while 19% of all 144 traded in Riyadh shares or 28 securities closed flat.
Source: AME Info
Abu Dhabi market adds 0.40%
September 6, 2010--The ADX General Index (up 0.40% at 2,517.39 points) saw shares of Union Cement Co. from Ras al-Khaima posting the largest gain (8.46% higher at Dhs1.41).
According to Kuwait-based Global Investment House, "most of the companies have shifted their focus away from risky real estate and property investment and their investment value has already been wiped off because of the previous tumults in the equity and real estate market." Abu Dhabi Islamic Bank (ADIB) added 1.57%, closing at Dhs2.58. ADIB reported today that it led the Islamic Tranche of the Dhs4.0bn ($1.1bn) Project Finance Facility for Emirates Steel Industries, the UAE's leading steel maker.
Source: AME Info
Bahrain Stock Exchange closes 0.56% higher
September 6, 2010--The Manama-located stock market BSE ended 0.56% higher at 1,422.72 points. United Gulf Bank (UGB) topped the charts by adding 9.94% at BD0.398.
Civil engineering firm Nass Corporation (off one percent at BD0.20) was the only losing share.
Source: AME Info
DGCX trades 111,348 contracts in August 2010, with Indian Rupee Futures achieving third straight record month
Total volumes for August reach 111,348 contracts
DGCX Indian Rupee futures contract continues momentum with third straight record month
Year-to-date volumes increase 34% year-on-year, with over 1.2 million contracts YTD
September 6, 2010--The Dubai Gold & Commodities Exchange (DGCX) transacted 111,348 contracts last month, valued at US $57.1 billion, with Indian Rupee futures achieving a third consecutive monthly volume record.
DGCX Indian Rupee futures recorded 43,547 contracts in August, valued at US $18.6 billion, almost twice the number of contracts in July, and a 769% increase on last year and an average daily volume of 1,979.
Meanwhile, although overall monthly volumes were down 27% in August due to the holiday season and Ramadan, year-to-date volumes have recorded a 34% year-on-year increase. Year-to-date, volumes now stand at just over 1.2 million contracts.
Of the total volume on DGCX in August, the currency futures segment accounted for 77,347 contracts and an average daily volume of 3,516 contracts. Gold, Silver and WTI crude oil futures were 24,756, 1,038 and 8,207 contracts respectively in August 2010. Eric Hasham, Chief Executive Officer, DGCX, said, "The consecutive records in the Indian Rupee futures contract and the excellent overall growth of DGCX currency futures reflects the strength of the Exchange’s currency derivatives offering."
Source: Dubai Gold & Commodities Exchange (DGCX)
Qatar Exchange successfully launches new state-of-the art trading system
Introduction of NYSE Euronext’s Universal Trading Platform represents major milestone in plans to transform Qatar Exchange into world class financial center
Qatar Exchange now trading with same leading edge technology as strategic partner, NYSE Euronext
September 5, 2010- Qatar Exchange has reached a major mile-stone in its drive to develop in Doha a world class financial center by launching the Universal Trading Platform, with the system successfully going live at the start of trading today.
The introduction of the Universal Trading Platform means that the country’s cash equities exchange will operate with the same state-of-the-art technology as NYSE Euronext, the global trading group and strategic partner of the Qatar Exchange since June 2009.
The move represents a significant step forward in the development of Qatar Exchange, laying firm foundations to realize the State of Qatar’s strategic vision for the market to act as a global exchange, working in accordance with the best international practices and standards.
Qatar Exchange now has an important piece of the infrastructure to work towards expanding the capabilities of the market with new products such as bonds and other diversified exchange traded instruments.
The announcement caps a year of progress towards achieving the five year development of the Qatar Exchange project which has also seen the Central Bank of Qatar act as Settlement Bank; Government permission to allow Qatari banks to join the Exchange, and modification to the Qatar Exchange’s index.
Source: Qatar Exchang
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