Middle East ETF News Older than One Year
Dubai Gold And Commodities Exchange Weekly Views
August 29, 2010--Commodities Overview
Gold and silver prices may remain elevated this week, at least during the first few days. Investors remain interested in these metals, as portfolio diversifiers and safe havens in the face of greater concern over U.S. economic performance. Industrial commodities may move sideways.
They weakened early last week as investors reduced their expectations for fabrication demand in the face of lower U.S. overall economic growth, but recovered late in the week as the markets moved away from the gloomy assessment. Investors realized U.S. economic conditions, while weakening, still were expanding, with the more important realization that economic conditions in the rest of the world still were in better shape.
Currencies Overview
Since July there has been a measurable deterioration of real economic activity, in the United States in particular but also in China and a few other nations. Investor pessimism and concern over economic trends and seemingly ineffectual governance compounded with the political impasse in the U.S. government are reducing capital expenditures, new business and real estate investments, and consumer spending, and economic growth and are threatening to push the U.S. economy into a new recession. It is not clear that this trend will result in an actual recession, but real economic activity clearly is suffering and the odds of much weaker economic performance in the United States have risen sharply. The upcoming U.S. midterm elections will worsen matters: They are likely to be extremely negative and should be expected to increase investor and consumer pessimism further. In this environment, the dollar already has halted the strong recovery that began at the end of 2009. The dollar is likely to trade sideways in a wide and volatile fashion over the next few months, with a possible range for the rest of this year of $1.15 to $1.40 against the euro.
Source: Dubai Gold And Commodities Exchange (DGCX)
Mena fund managers turn positive on financials, says Standard and Poor's Fund Services
August 26, 2010-Despite a lack of consensus among fund managers on whether the worst is over for the sector, financials bounced back strongly in the Mena region, according to the latest sector update published by Standard and Poor's Fund Services.
After being the main laggard in 2008 and 2009, the sector performed well in the first seven months of 2010, although the best-performing names have been the higher quality ones. "Some managers have turned more positive and have benefited from the re-rating of the sector," comments S&P Fund Services analyst, Roberto Demartini.
Source: AME Info
Qatar Exchange recovers slightly
August 26, 2010--The QE Index added 0.21%, finishing at 7,160.6 points. Most local insurance companies were the main gainers.
Doha Insurance (gaining 3.18% to Qr29.20) landed at the top of the charts, while Islamic Securities (off 1.56% at QR31.40) failed to jumpd on the bandwagon. Som 3.4m shares changed hands in Doha.
Source: AME Info
Industries, insurers weigh on Kuwait exchange
August 26, 2010--The KSE Market or Price Index lost 0.42% in Thursday and closed at 6,645.6 points. Advanced Technology Co. posted the largest loss (off 6.25% at KD0.750). While banks performed overall weaker,
Bahrain's Islamic Ithmaar bank bucked the trend, finishing at the top gainer at KD0.039 (6.84% higher).
Source: AME Info
Abu Dhabi market index recaptures 2,500 points
August 26, 2010--The ADX General Index ended 0.19% higher at 2,500.62 points. Real estate heavyweights Aldar Properties (up 4.57% at Dhs2.34) and Sorouh Real Estate (gaining 2.52% at Dhs1.65) lifted the sentiment in particular.
Most banks suffered losses, with First Gulf Bank (down 1.09% at Dhs13.65) and retail banking focussed Abu Dhabi Commercial Bank (0.60% lower at Dhs1.68) underperforming the sector index (off 0.17%). The ADX benchmark lost some five points over the week.
Source: AME Info
Dubai bourse rebounds on Dubai World hopes
August 26, 2010--Reported news that that government-related Dubai World group offered a specific restructuring plan of its $23.5bn debt to creditor banks (that plan allegedly included proposed sales of key assets such as DP World) lifted the DFM General Index by 0.8%5% to 1,497.47 points.
Real estate bellwether Emaar pushed 2.17% higher at Dhs3.30. Nasdaq Dubai-listed DP World, which is controlled 80% by Dubai World, ended flat at $0.48. Traded value surged 96% to Dhs87.71m, 50.27m shares changing hands (up 44%). Over the week the DFM Index added 0.38%.
Source: AME Info
UAE money growth slows
August 26, 2010--According to data by the UAE central bank, the country's M1 money supply slowed to an annual 5.3% growth rate in July from 6.3% in June, Bloomberg has reported.
M2 money supply, which includes time and savings deposits, grew 5.2% last month compared with 5.4% in June, the central bank said.
Source: AME Info
Tadawul bourse declines by 0.28%
August 25, 2010--The Saudi Stock Exchange (Tadawul) saw its benchmark index Tasi closing 0.28% lower at 6,001.24 points. Market bellwether Sabic hit a six-week low at SR83.25 (down 0.30%).
A number of insurers recovered from heavy losses they suffered in recent weeks, e. g. Al-Ahlia Insurance Co (up 5.21% at SR55.50).
Source: AME Info
Dubai market loses 0.57%
Augsut 25, 2010--Influenced by weak U. S. economic data, the DFM General Index ended 0.57% lower at 1,484.89 points. U. S. home sales plummeted 27% July to an annual rate of 3.83 million units, the lowest sales pace since the National Association of Realtors began tracking the figure in 1999.
Emaar Properties (down 0.92% at Dhs 3.23) remains stuck in a three-month tradig between Dhs 3.10 and Dhs3.40. Kuwait's Global Investment House surged 7.94% to Dhs0.897. While trading volumes stabilises at 35m shares, traded volume dipped four percent to Dhs44.66m.
Source: AME Info
Bahrain exchange surges to 14-week high
August 25, 2010--The Bahrain Stock Exchange (BSE) closed 0.70% higher at 1,434.25 points due to gains in the banking sector. United Gulf Bank surged 6.15% to BD0.380.
Al Baraka Banking Group, a 100% Sharia-compliant bank, ended flat at $1.490. Al Baraka, one of the oldest regulated Islamic banks announced that it plans to expand to Saudi Arabia depending approval of the Saudi regulator. It also reached an MoU with the Islamic Corporation for the Development of the Private Sector.
Source: AME Info
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