Middle East ETF News Older than One Year
Qatar market dips half a percent
June 22, 2010--Low trading volumes and profit taking pulled the QE Index in Doha declined by 0.49% at 7,088.42 points. No stock, however lost more than 2.90%. On 22 June 2010, MSCI published its decision to retain Qatar as a frontier market. The country has been placed under review for a possible upgrade to emerging market status in MSCI's Annual Market Classification Review in June 2011.
EFG Hermes Vice President and Head of Equity research Fahd Iqbal said in a statement, he expected the MSCI's move. The dhipping firm Nakilat was the most liquid traded stock in Doha, closing 0.52% lower at QR19.10.
Source: AME Info
Kuwait exchange bucks global downtrend
June 22, 2010--The KSE Market Index rose against the weak global and regional trend on Tuesday, finishing 0.44% higher at 6,672.7 points. Islamic bank Ithmaar extended its rally and closed 7.69% higher at KD0.035. News that The Kuwait Investment Authority (KIA) has made an $800m investment in the Agricultural Bank of China, as Thomson Reuters reported, was received positively.
According to Josef Schuster, CEO of IPOX Schuster, a Chicago-based specialist on analyzing global IPOs, "the IPO of the Agricultural Bank of China represents another key milestone for the further development of Chinese Equity Capital Markets and equity culture." Schuster told AME Info further that "amid continued year-to-date underperformance of emerging markets, the participation of sovereign wealth funds will facilitate the pricing of the IPO and should be positive with respect to gathering further broad-based domestic and foreign interest for this year's largest global IPO."
Source: AME Info
No "Super Tuesday" at Dubai market
June 22, 2010--After a strong debut of the week, investors booked profits at the Dubai Financial Market (DFM), which closed 1.37% lower at 1,542.07 points. Negative inputs from U. S. and Asian markets influenced traders' decisions.
Financials and real estate firms were the top declining sectors. Shuaa Capital was down 6.50% at Dhs1.15. Emaar Properties, the most liquid stock, ended nearly three percent lower at Dhs3.29. As most market participants preferred to stay on the sidelines turnover and volumes dropped by 50% compared to the Monday session.
Source: AME Info
Saudi Regulator Approves Falcom Petrochemical ETF
June 21, 2010--Saudi Arabia approved its second exchange-traded fund this year as the kingdom seeks to expand investment opportunities in the Middle East’s largest bourse.
Falcom Financial Services will offer an exchange-traded fund for petrochemical companies on the bourse, the Riyadh-based Capital Market Authority said in a statement on the exchange’s website today. The market regulator approved in March its first ETF, offered by Falcom.
Source: Business Week
Jordan gets $76m loan for banking reforms
June 21, 2010--Ummaya Toukan, governor of the central bank of Jordan has said the Arab Monetary Fund has approved a $76m loan for the kingdom to undertake key financial reforms inclduing bank stress tests and setting up a credit bureau, Reuters has reported.
The disbursement of the funds is tied to implementing the three-phased plan, he said. Since the global downturn, monetary authorities in the kingdom have strengthened supervision of the country's banking sector to reduce financial vulnerabilities by boosting capital adequacy ratios, liquidity and installing early warning systems
Source: AME Info
Kuwait bourse ends flat
June 2l, 2010--The Kuwait Stock Exchange (KSE) faced a loss during the first hours of trading but a last minute buying spree saved the KSE Market Index (up 0.05% at 6,643.7 points) from ending in the red. Islamic bank Ithmaar topped the charts by closing 8.33% higher at KD0.0325 in a V-shape reversal.
Contrary to the UAE stock markets, real estate shares performed weaker at the KSE as the real estate sector index dipped half a percent. United Real Estate Company (down 2.6% at KD0.075) and Kuwait Real Estate Company (3.22% lower at KD0.060) and National Real Estate Company (off 2.9% at KD0.138) ended with losses
Source: AME Info
Bahrain market adds a quarter percent
June 21, 2010--As at the Kuwait market, Ithmaar Bank posted the largest advance and ended 9.1% up at $0.12. Bahrain Telecom (Batelco) followed with a day gain of 2.73%, finishing at BD0.565.
As at the Kuwait market, Ithmaar Bank posted the largest advance and ended 9.1% up at $0.12. Bahrain Telecom (Batelco) followed with a day gain of 2.73%, finishing at BD0.565.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-June 20, 2010
June 20, 2010--Most commodities prices rose last week amid improved investor sentiment over financial markets and economic conditions. Rising equity values around the world boosted investor confidence last week, supporting the view that the global economic recovery is likely to continue.
Investors also moved into commodities, although the buying was tempered. While most commodities prices were up last week, they were still off from the levels seen in March and April, when investors were just beginning to increase their attention on euro zone sovereign debt problems. Gold and silver prices, however, are up from the levels seen during those two months.
Equity markets have recovered and investor confidence has improved, but most investors continue to increase their holdings of safe haven assets. This cautiously optimist trend may continue in the near term and should benefit both gold and silver. Crude oil meanwhile is likely to remain exposed to swings in market sentiment although fundamentals are exerting increased influence on prices. Recent price gains for gold, silver, and oil will be vulnerable to profit-taking, although strong declines may not occur and prices are likely to hold at higher levels than seen two weeks ago.
Currencies Overview
The euro continued to recover last week after having fallen to lows not seen since 2006 in the previous week. While anxiety over euro zone sovereign debt and fiscal problems remain, sentiment over the region’s finances has improved. Government efforts to allay investor concerns are taking hold after several weeks of heightened levels of anxiety. Concern had been mounting over the region’s financial troubles adversely affecting economic activity elsewhere around the world. Rising skepticism over the emerging global economic recovery resulted in increased financial market volatility, declining equity values, and a move toward safe haven assets by investors worldwide.
Source: Dubai Gold And Commodities Exchange (DGCX)
Deloitte Middle East Second CFO Survey -A front row view of performance expectations
June 17, 2010--In this second survey, conducted in March 2010, results indicate that CFOs have favorable views toward government actions in supporting the economy, the banking environment beginning to stabilize, and the outlook for general business activity improving. When looking at their own balance sheets, however, CFOs do not seem to have achieved any significant deleveraging over the past six months so financial risks remain which should be monitored and tracked closely.
Key points from the survey
The majority of CFOs do not see the need for further government intervention or stimulus measures at this time, however they believe that governments in the region have the capacity to do more in the future should the need persist.
CFOs see the markets for external finance as having improved over the past six months particularly for bank borrowings and equity raising. However, most believe it is still not a good time to be accessing the markets for external finance.
An increasing number of CFOs expect their company’s operating cash flows to increase over the coming 12 months.
CFOs continue to view company balance sheets as being overleveraged though with little change for planned levels expected in their own company balance sheets over the coming 12 months.
There is an increase in optimism reported by CFOs relating to the financial prospects for their company over the coming 12 months with a consistent view from the last survey that growth in demand for the company’s products and services will accelerate in the second half of 2010.
view the Deloitte Middle East Second CFO Survey
Source: Deloitte Touche
Kuwait exchange gains 0.62%
June 17, 2010--Strong real estate share boosted the Kuwait Stock Exchange (KSE). The KSE Market Index finished 0.82% higher at 6,583.10 points, also due to rising oil prices.
Kuwait's state budget relies 90% on oil. Dar Al Thuraya Real Estate Company posted the largest advance, ending 8.2% higher at KD0.066. The banking sector turned weaker, with Commercial Bank of Kuwait (CBK) closing 5.43% lower at KD0.870.
Source: AME Info
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