Middle East ETF News Older than One Year
Thomson Reuters report: Middle East investment banking sector shows strong start in 2010
July 7, 2010--The Middle Eastern Investment Banking Industry continues to grow with second quarter activity contributing to an impressive overall first half of 2010. The analysis, compiled by Thomson Reuters, shows that although the second quarter activity was at a lower level than the first quarter, there is still a strong foundation for which to build on for the remainder of 2010.
Analysis of the Thomson Reuters Middle East Investment Banking data for the first half of 2010 shows that:
The volume of Middle East targeted M&A in Q2 dropped 70% on Q1 2010, but contributed to a H1 that reached US$11.7bn - the busiest start to a year since 2008.
Investment banking and adviser fees reached $247m during Q2 contributing to $429m for H1 2010 - up 19% year on year.
Middle Eastern debt issuance reached $5.6bn during Q2, driven by the Financials, Governments/Agencies, and Telecommunications sectors.
Equity issuance reached $2.57bn during Q2 to contribute to $5.6bn for H1, resulting in 64% year on year growth.
Loan activity in Q2 was recorded at $3.3bn, down from $9bn during Q1. Despite this, loan activity for H1 reached $12.4bn, a 92% year on year increase.
The analysis shows that M&A fees account for 40.4% of activity during the first half of 2010, with DCM activity accounting for 13% of Middle East fees, in the most active first half since 2007. HSBC holds the top spot in Middle Eastern DCM fee raking for the first half of 2010, with Central Bank of Libya topping the Middle Eastern ECM ranking. Credit Suisse leads the M&A rankings with Standard Chartered leading the Syndicated Loans ranking.
Source: AME Info
Too soon to relax at Nasdaq Dubai
July 7, 2010--After two days of encouraging advances at the Nasdaq Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1514.460 today, down -26.880, or -1.74%, from the previous close as most regional indices took a dive on Wednesday.
Shares of DP World were the only securities posting a price change, plummeting 3.94% to $0.415.
Source: AME Info
Dubai market hit by profit booking
July 7, 2010--Ending with 14 decliners and seven gaining shares, the DFM Index failed to sustain its upward momentum from the start of the week and ended 0.86% lower at 1,482.12 points. The DFM share lost 2.67% (finishing at Dhs1.46).
Credit Suisse analyst Mohamad Hawa said yesterday in a statement that the Swiss bank estimates at DFM "a significant (41%) decline in 2Q net income of AED32mn, with total revenues of AED49 mn (based on Q2 total trading value of AED19 bn)." Emirates NBD gained two percent and finished at Dhs2.50. Traded value declined 31% with 74.3m stocks worth changing hands.
Source: AME Info
Sabic shares surge 4.44% in Riyadh
July 6, 2010--Saudi Arabia's stock market posted the largest advance among GCC markets on Wednesday. With all Saudi sector indices finishing in the green, but mostly boosted by energy and oil related firms, the Tadawul bourse closed 1.58% higher at 6,125.73 points. Market heavyweight Sabic, the world's largest petrochemical firm, added 4.44%, ending at a four-week high at SR88.25.
Saudi Hollandi Bank shares (off 0.31% at SR31.90) fell against the trend. But Credit Suisse analyst Mohamed Hawa expects that the oldest KSA institute (founded in 1926) has earned 8.8% more during the second quarter 2010, as Hawa expects that earnings of most Saudi banks have declined.
Source: AME Info
Nasdaq Dubai joins GCC rebound
July 6, 2010--The FTSE Nasdaq Dubai UAE 20 Index added 2.21% and finished at 1,541.34 points. Ports operator DP World extended its rebound form Tuesday, closing 2.86% higher at $0.432 on a high trading volume.
Depa Ltd., the global interior designer, ended up 2.78% at $0.74. EFG Hermes reiterated its buy rating for Depa Shares on Monday.
Source: AME Info
DGCX Indian Rupee Contract Achieves Record Day
DGCX Indian Rupee/Dollar futures contract reaches highest ever daily volume of 1,264 contracts, valued at US $53.8 million on July 1st, 2010
Total of 16,277 contracts traded on July 1st, 2010, the second highest daily volume for the exchange since inception
July 6, 2010--The Dubai Gold & Commodities Exchange today announced that trading in the Indian Rupee/Dollar futures contract reached an all time daily high of 1,264 contracts and US $53.8 million notional value on July 1st, 2010.
The new trading record for the Indian Rupee contract surpasses the previous peak of 1,074 contracts and US $47.37 million notional value achieved on March 26th, 2010 and follows the highest ever Indian Rupee monthly volume which was set last month. Year-to-date volume for Indian Rupee/Dollar futures is more than double the number of contracts traded in the same period last year, with growth of 121%.
"The recent daily high in Indian Rupee/Dollar futures demonstrates the increased demand among our global members and their commercial and investor clients to manage their exchange rate risk or gain exposure to the Indian Rupee," said Eric Hasham, Chief Executive Officer, DGCX.
"We are delighted with the increased momentum and trading activity that we are seeing in the India Rupee contract, which is testimony to improved liquidity, low cost trading and easy access to DGCX markets," he added. July 1st saw total volume of 16,277 contracts, valued at US $863 million, the second highest trading day since inception. The highest daily record was set on March 1st, 2010, with 19,255 contracts traded, valued at US $1.27 billion.
Source: Dubai Gold & Commodities Exchange
Tadawul market opens higher, ends lower
July 4, 2010--The Tadawul All Share Index (Tasi) fell for the sixth consecutive day. The Tasi opened positively but was forced back by selling pressure which mounted on financial and energy shares. Gulf General Cooperative Insurance Company was the top gaining share, ending 5.92% higher at SR32.20. Since the start of 2010 Gulf General surged 21.50%.
But this performance does not represent the entire sector as the Tasi insurance segment posted the second highest loss (down 21.66%) among all sectors on a year-to-date basis. Petrochemical bellwether Sabic declined 1.19% and finished at SR83.00. Filing & Packing Materials Manufacturing Co. jumped three percent, closing at SR26.80. According to Amman-based investment bank Jordinvest, Saudi Arabia's non oil exports showed a growth of 21% to SR11.4bn ($3.04 bn) in March 2010 from SR354m($94.4mn) in March 2009.
Source: AME Info
Asset deflation continues at Kuwait bourse
July 4, 2010--Most shares across all sectors declined at the first day of the week in Kuwait, with KSE Market Index ending off 1.73% at 6,320.6 points. Banks and insurers posted heavy losses in particular. Industry bellwether National Bank of Kuwait (NBK) weakened by 3.5% and finished at KD1.1. Kuwait International Bank bucked the downtrend and advanced 1.06%, ending at KD0.190.
Jazeera Airways declined 1.88% and finished at KD0.104. According to data from Kuwait's Directorate General for Civil Aviation (DGCA), Jazeera under its CEO Stefan Pichler gained a leading market share in May 2010 among Kuwait-based airlines on the most competitive routes served from Kuwait, including routes to Amman, Bahrain, Beirut, Damascus, Dubai, Luxor, and Sharm El Sheikh. The carrier had closed the month with a market share of 31% on the Kuwait-Beirut route, 49% to Sharm El Sheikh, 19% to Dubai, 20% to Bahrain, 34% to Amman, 46% to Damascus, and 55% to Luxor. On year-to-date basis Jazeera shares lost 45.26%.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-July 4, 2010
July 4, 2010--Commodities Overview
Commodity prices may stage small, hesitant recoveries this week, following the heavy sell-off last week. The selling last Thursday was inspired by concerns over global economic trends. There is a bearish sentiment abroad all financial markets that suggests the world economy is headed into renewed recession. These views are based on less than sterling economic data being released, but the view that all is bad in the major economies seems excessively negative compared to the actual data.
Chinese and U.S. real growth are expected to continue over the next two quarters, but to slow dramatically. The markets are taking signs of this slowdown as indications of imminent recession. That seems too harsh of an outcome, given the strength that is evident in recent figures for autos, manufacturing, employment, inventories, and other sectors of the economy. This bearish view of economic prospects informed the sell off of stocks, bonds, and commodities last week. It appears overdone, however.
Currencies Overview
The overall impetus in the major traded currencies seems to be for a slight strengthening of the U.S. dollar against the euro, yen, and pound. This may not happen immediately, but the direction remains toward a somewhat stronger dollar against these currencies. This week may see exchange rates move sideways in a hesitant fashion, with this pro-dollar bias evident. The dollar may gain against these currencies this week, perhaps after trading lower early in the week.
Source:Dubai Gold And Commodities Exchange (DGCX)
Kuwait approves $56bn budget
July 1, 2010--Kuwait has approved a 2010/11 state budget which increases spending by 67.2% from the previous fiscal year as the country aims to reduce its dependence on oil, Reuters has reported. The new budget projects a deficit of KD7.55bn with expenditure set at KD16.3bn, up from the KD9.75bn the OPEC member spent in the 2009/10 fiscal year.
However, analysts believe the budget will eventually register the biggest surplus in the Gulf as the government has assumed a very conservative price of $43 a barrel for oil in its calculations.
Source: AME Info
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