Middle East ETF News Older than One Year
Confidence up among Gulf business leaders - HSBC
June 22, 2010--Confidence among the Gulf’s business community has risen over the last year, with Saudi business leaders proving to be the most upbeat, according to the latest HSBC Gulf Business Confidence Index released on Thursday.
During the past year, business leaders said they were confident of an upturn in revenue and profit and the index rose 20 points in the first quarter of the year, compared to the same period in 2009.
There has been a slight increase in hiring trends, with 39 percent of leaders surveyed saying they expect to increase staff numbers this quarter, compared to 37 percent in Q4 2009.
Source: arabianbusiness.com
Yuan-euphoria stops at Tadawul bourse
June 22, 2010--Lower oil prices and profit taking triggered the Tadawul All Share index (TASI) to fall by 1.35% to 6,363.55 points. Petrochemical shares in particular weighed on the market. Market bellwether Sabic closed at SR91.75 (off 3.42%). Credit Suisse Research warned on Sunday that the recent price increase in oil might be halted at the technical resistance level of $77 per barrel.
Beijing's decision to de-peg the as undervalued considered Yuan (against the Dollar) triggered a rally in Riyadh at the start of the week because the Saudi Riyal is pegged to the greenback, and a stronger Yuan would mean a higher export value for the GCC to China. Ann Wyman, Managing Director and Head of Emerging Marker Research at Nomura Saudi Arabia however told AME Info that the GCC is only indirectly affected by the Yuan re-valuation. Ann Wyman: "In relation to trade, while a modest appreciation of the Yuan against the USD would help export competitiveness on the margin, the move is not likely to be large enough to result in any major shifts in export performance in the region." Wyman added that, "while some may draw an analogy of currency flexibility in China with the Middle East, we still see no scope for movement on currency pegs in the region. Inflation remains low, and there are limited pressures for revaluation in any countries."
Source: AME Info
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)
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