Middle East ETF News Older than One Year
Mena private equity activity declined in 2009 but set to rebound in 2010
July 20, 2010--Private equity in the Middle East witnessed a decline in 2009, with fund managers raising only $1.06bn compared to a near-record $5.4bn in 2008 according to the 4th annual Private Equity& Venture Capital in the Middle East report released by the Gulf Venture Capital Association (GVCA) in collaboration with KPMG and Zawya.
Private equity investments have also regressed from $2.72bn in 2008 to $561m in 2009. Private equity investments globally as well as regionally were affected by the cautious investment environment as a result of the continued recession in 2009.
However, private equity firms in the Middle East and North Africa raised $1.25bn in the first quarter of 2010, an 18% increase over all of 2009, as regional economies recovered and investor appetite returned.
Source: AME Info
Saudi market declines by one percent
July 19, 2010--Profit taking and stuttering oil prices triggered the Saudi Tadawul bourse to weaken by one percent. Oil prices lost 58 US-Cent as of the close of trading in Riaydh on Tuesday, as the price declined below the level of $76 per barrel. The lead index Tasi closed at 6,068.65 points.
Shares of market bellwether Sabic, the world's largest petrochemical firm, eased 3.42% to SR84.75. A number of Insurance firms bucked the fickle trend in Riyadh, such as The Company for Cooperative Insurance, also known as Tawuniya, which surged 4.65% to SR89.75. Tawuniya operates 100% on the basis of Islamic Law or Shari'ah and the firm has the only Standard and Poor's 'A'-rating among rated Takaful operators in the region.
Source: AME Info
Bahrain exchange stabilises above 1,400 points
July 20, 2010--The Bahrain All Share Index advanced to 1,404.47 points, as only 954,524 stocks changed handes, the lowest trading volume in the GCC on Tuesday.
Shares of Ahli United Bank (AUB) extended their recovery. AUB, the second largest bank in the Kingdom of Bahrain, gained 1,49%, closing at$0.68.
Source: AME Info
Qatar bourse adds 0.16%
July 20, 2010--As on Monday, the QE Index gained slightly, closing 0.16% higher at 6,935.42 points. Shares Shares of Doha Bank ended flat at QR44.10. Doha Bank reported a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter.
Credit Suisse research analyst Mohamad Hawa commented the result: "We think the operating results for Qatari banks in general are far from ideal as the significant growth in nominal GDP is not yet being filtered into the balance sheets of local banks - we thus highlight marginal (5%) downside risk to our full year estimates for Doha Bank. Nevertheless, we remain constructive on the stock on a/ continuous government support as shown in QIA relinquishing the right to receive dividends and b/ attractive valuations: on our current estimates, the stock is trading at 2010E PE of 7.2x, and yielding 6.6% in dividends." Credit Suisse maintains its outperform rating on Doha Bank and target price of QR64 per share. Volumes remained low as some 2.7m shares changed hands in Doha.
Source: AME Info
NASDAQ OMX and the MICEX Group Announce Market Data Partnership
July 20, 2010--Abu Dhabi's securities market ADDX added 0.36%, closing at 2,543.36 points. Shares of Aabar Investments jumped 9.88% to the level of Dhs1.89. Aabar sent out an invitation letter to its shareholders regarding an extraordinary general meeting in order to transform the investment firm, which is a 9.1% shareholder at Daimler AG, into a joint private stock company.
International Petroleum Investment Company (IPIC), a 70% shareholder of Aabar, was told at the beginning of the week by the UAE market regulator SCA to raise its Dhs1.45 share takeover by 34.5% to Dhs1.95. The sheikhdom's largest real estate firm Aldar Properties declined by three percent and finished at Dhs2.56. National Bank of Ras al-Khaima (RAKBank) ended unchanged at Dhs4.10. Rak Bank has reported a net profit of DHs468.3m for the six months ended 30th of June 2010, reflecting a 36.2% growth compared to the same period in 2009. Energy stock ended on a mixes note. Dana Gas advanced 2.78% to Dhs0.74, while shares of Abu Dhabi National Energy Co., dubbed Taqa, closed flat at Dhs1.14.
Source: AME Info
Abu Dhabi inflation climbs to 3.38%
July 19, 2010--Inflation in Abu Dhabi rose by 2.50% to 3.38% during the first half of the year compared to the same period a year ago, boosted by higher rents and utility charges in the emirate, the Abu Dhabi Statistics Center said.
The Consumer Price Index rose to 117.92 points, up from 115.04 points during the January-June period.
Source: AME Info
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)
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