Middle East ETF News Older than One Year
Saudi Arabia's non-oil exports rise 40% in May
July 19, 2010--According to Saudi Arabia's Central Department of Statistics and Information, the kingdom's non-oil exports rose 40% to SR11.9bn for the month of May, compared to SR8.5bn in May 2009, Reuters has reported.
The main non-oil exports were plastics and petrochemicals, which reached a total of SR7.3bn, representing 61% of non-oil exports. The UAE led the importers with around SR1.3bn, followed by China which imported products worth around SR1bn, the data showed.
Source: AME Info
Economic Development Board’s first Annual Economic Review-Bahrain’s
July 19, 2010--Growth in retail banking and insurance has formed an important part of the changing nature of the financial services industry in Bahrain, according to the Annual Economic Review, which was officially launched today by the Bahrain Economic Development Board.
Special articles included in the Review discuss:
The potential GDP growth over the next two decades implied by projections of population, labour productivity and Bahraini participation in the workforce.
Alternative ways of measuring changes in the real incomes and living standards of Bahrainis.
The growth of employment in recent years.
The changing composition of Bahrain’s exports.
The strength and composition of the small and medium enterprise sector in Bahrain.
The performance of the tourism, banking and construction sectors during the global downturn.
The likely impact of the new recovery program on Bahrain’s onshore oil production, investment, and the Kingdom’s oil revenues over the next fifteen years.
Source: Bahrain Economic Development Board
DGCX 2010 Trading Volume Crosses One Million
DGCX volumes cross the one million contracts mark on July 13, 2010
Exchange records 48% increase in year-to-date volume compared with 2009
July 18, 2010--The Dubai Gold & Commodities Exchange today announced that its total volume for 2010 surpassed the one million contracts mark on July 13, 2010 the earliest it has exceeded this milestone in any year since inception.
Trading volume stood at 1,006,485 contracts on July 13, 2010 representing a total value of US $58 billion and a 48% increase on the YTD volume of 678,716 contracts achieved within the same period last year. Higher volumes in 2010 have been driven by significant growth across all product segments which include precious metals, currencies and energy.
Commenting on the milestone, Eric Hasham, CEO of DGCX said, “Topping the one million contracts mark in just over six months is further evidence of the growing demand for both currency and commodity derivatives this year. It is also a sign of the Exchange’s growing profile as a leading venue for hedging and investing. Encouraged by the performance of the first six months, we are looking forward to a strong end of year.”
The new milestone follows an all-time monthly high of 192,138 contracts achieved by DGCX in June 2010, surpassing the previous peak reached in November 2009.
Source: Dubai Gold & Commodities Exchange
Dubai Gold And Commodities Exchange Weekly Views July 18th, 2010
July 18, 2010--Commodities Overview
Gold, silver, and petroleum prices were caught up in a broad sell off of assets last Friday, from stocks to dollars to commodities. There were various theories and rumors as to why prices fell, but most of them did not stand up to scrutiny. One rumor related to heavy liquidation by a long gold investor, but the market did not seem to reflect such trades. Given that the selling occurred across a wide spectrum of markets, it is unlikely that it was primarily driven by fundamentals in gold, oil, or any other single asset market.
Such conditions may have contributed to the urge to sell, but the selling, which started in Asia Friday morning, was too broad based to reflect such events. The primary factor behind the sell off appears to have been stale-bull liquidation, as investors sought to take profits in various markets that either had risen in recent weeks, or had risen and then had stalled out. Additionally, financial market participants are concerned about the potential unintended side effects of the U.S. financial regulatory reform bill passed by Congress on 15 July.
Currencies Overview
The dollar took a drubbing against many currencies last week. The majority of the dollar’s weakness may be in the market now, however, and the dollar could see some recovery in the coming week. The dollar’s recent weakness has reflected many varying economic trends. First, there are signs that the U.S. economy is slowing. This was expected, but some indicators are that the second-half slowdown will be greater than had been anticipated. This has taken some investor interest away from the dollar and dollar-denominated investments. At the same time economic conditions in Europe, the United Kingdom, and Japan are showing signs of greater strength than had been expected. Economic conditions are still weak and vulnerable in these countries and regions, but they are better than the markets had been giving them credit for in May and all of June.
Source: Dubai Gold And Commodities Exchange (DGCX)
Iraq to offer full crude volumes for August
July 15, 2010--Iraq is to supply crude to the majority of Asian term buyers at full contracted volumes for August, compared with an average 10% to 15% cut for July, Reuters has reported, citing oil traders.
The cuts for July had been as deep as 50%, though some received full allocations, traders said. "Ports conditions seem to be better now and loading is faster than before," one source was quoted as saying.
Source: AME Info
Kuwait Stock Exchange remains in up-and-down mood
July 15, 2010--The KSE Market Index ended 0.43% lower at 6,512.70 points as only the industrial index added value. Salbookh Trading posted the largest advance, closing 8.62% higher at KD0.063.
First Takaful Insurance Company plummeted 19.69% lower at KD0.106. Over the week the KSE Market or Price Index added some 16 points in a series of lackluster trading sessions
Source: AME Info
Doha bourse fails to sustain above 7,000 points
July 15, 2010--Negative input from oversea markets dragged the Qatar Exchange (QE). The QE Index closed 0.78% lower at 6,963.53 points. Investors booked profits in the financial segment in particular.
The country's largest financial institution Qatar National Bank (QNB) ended 0.43% lower at QR137. Fitch ratings services affirmed the 'A+' rating of QNB with outlook 'stable'. Trading volumes dropped insignificantly as 3.77m stocks changed hands (compared to 3.91m shares on Wednesday).
Source: AME Info
Abu Dhabi market declines slightly
July 15, 2010--Abu Dhabi's ADX General Index dipped slightly, closing at 2,523.78 points. Shares of real estate bellwether Aldar Properties ended 0.74% lower at Dhs2.67. Abu Dhabi Commercial Bank (ADCB) ended among the top gainers. ADCB shares added 1.79% and closed at Dhs1.70.
The sheikhdom's largest financial institution National Bank of Abu Dhabi (NBAD), on the other hand, closed unchanged at Dhs11.00. A total of five shares closed even, 10 advanced and nine lost value.
Source: AME Info
Tadawul bourse: resilient financials, sluggish petrochemicals
July 14, 2010--Riyadh's Tasi composite ended 0.67% lower at 6,174.74 points. While a number of banks bucked the downtrend, such as Samba (up 1.32% at SR57.50), investors booked profits at petrochemical leader Sabic (down SR2 at SR88.00) or Yanbu National Petrochemical Company (7.36% lower atSR39.00).
Al-Ahlia Insurance Company topped the charts and finished 4.82% higher at SR59.75. But just twenty shares added value, despite bullish inputs from overseas, and 106 lost value while 16 ended flat.
Source: AME Info
Qatar Exchange recaptures 7,000-points level
July 14, 2010--The Doha-based QE Index ended at 7,018.48 points (up 0.85%) as trading volumes nearly doubled to some 3.9m stocks changing hands. Insurance firms in particular outperformed the market. Islamic insurance topped the charts by gaining 6.67%, closing at QR45.20.
Qatar Insurance (4% higher at QR69.00) and Doha Insurance (up 3% at QR28.00) joined the top 10 stocks. But General Insurance dipped against the sector trend by posting the biggest loss among all shares, ending 2.66% lower at QR51.20. The QE Index posted the highest gain in the GCC on Wednesday
Source: AME Info
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