Middle East ETF News Older than One Year
UAE 2010 growth at 2.5%
April 27, 2010--UAE economy minister Sultan bin Saeed al-Mansouri has said that the country's economy is expected to grow by up to 2.5%, Reuters has reported. "Up to 2.5% GDP growth in 2010 depending on oil prices," Mansouri told reporters, when asked about growth this year.
"Definitely this is a positive supporting element to reinforce our performance in terms of the GDP." Last month the minister forecast 3.2% growth this year. The government revises its figures as often as every month and gave no reason for the downgrade.
Source: AME Info
Weekly Market Views - April 25, 2010
April 26, 2010--Commodities Overview
Prices for gold, silver, and crude oil rose last week, following a round of profit-taking in the previous week. Prices did not rally to the highs seen earlier this month, but these levels could be tested this week. Commodities prices have been consolidating over the past several weeks in broad ranges, reflecting shifting investor sentiment over financial markets and economic conditions.
Currencies Overview--The U.S. dollar is expected to move broadly sideways this week, following last week’s overall consolidation in currency markets. Shifting investor levels of concern over Greece’s fiscal problems have been influencing the euro while politics in the United Kingdom are increasingly guiding the pound. The yen continues to test support as investors look abroad for higher yielding assets.
Source: Dubai Gold And Commodities Exchange (DGCX)
.Saudi official forecasts oil demand peak
April 26, 2010--Ibrahim Al-Muhanna, adviser to Saudi Arabia's oil minister, has said that oil use will probably peak in emerging markets by early next decade, Arab News has reported.
'The demand in emerging economies will take time to peak but definitely it will peak maybe this decade or early next decade,' he said.
Source: AME Info
Kuwait property sales rise 130%
April 26, 2010-- A report by the National Bank of Kuwait has said real estate sales in the country rose 130% in March compared to the year-ago period, due to high turnover in residential and investment property, Reuters has reported.
Sales in the Gulf state rose to KD205.83m ($714.6m) from KD89.35m in March 2009. 'March data suggest that there may be scope for activity to surprise on the upside, helped by improving confidence and stronger demand for land, especially as the government pushes on with its economic development plans,' the report said.
Source: AME Info
UAE consumer prices edge up
April 25, 2010--Official data has showed that consumer prices in the UAE rose 0.68% year-on-year in March, Reuters has reported. The consumer price index in the country edged up to 114.13 points in March, compared to 113.36 points in March 2009.
Prices rose 0.09% month-on-month, the data showed, also the first increase after three consecutive months of declines.
Source: AME Info
ADX dips 0.19%
April 22, 2010--The Abu Dhabi Securities Index dipped 0.19% today to close on 7,815, led by the Consumer sector, which fell 1.63%.
Union Cement had the day's biggest gain, rising 6.38% to Dhs1.50. Abu Dhabi Ship Building had the day's biggest loss, tumbling 7.50% to Dhs3.33.
Source: AME Info
DFM climbs 1.41%
April 22, 2010--The Dubai Financial Market rose 1.41% today to close on 1,754, with 17 stocks rising and nine falling.
Gulf Navigation was the day's big gainer, rising 5.56% to Dhs0.570. Drake & Scull had the day's biggest loss, falling 5.80% to Dhs0.925.
Source: AME Info
Qatar to rebrand bourse index
April 22, 2010--Qatar Exchange has said that the DSM20 Index will be renamed the QE Index following the rebranding of the exchange in June, Reuters has reported.
The QE Index will be calculated based on free-float market value and the average daily traded value. The Qatar Exchange replaced its trading systems with NYSE Euronext technology after the Gulf state sold a 20% stake in the Exchange to NYSE Euronext for $200m in June.
Source: AME Info
Bahrain inflation edges higher
April 22, 2010--Data released by Bahrain's state statistics office has showed that the kingdom's inflation edged up to 1.8% year-on-year in March, from 1.7% in the previous month, Reuters has reported.
The slight increase in March was driven by higher food prices, which edged up 0.38% from February, and higher clothing prices, which increased 1.15%. On the month, the consumer price index of the kingdom rose by 0.1% in March, after a 0.2% increase in February.
Source: AME Info
Oil Market Highlights-April 2010
April 21, 2010--The OPEC Reference Basket rose $4.22 in March to average $77.21/b, the highest since the
onset of the financial crisis in September 2008. Volatility was lower with the Basket fluctuating
between $75.51/b and $78.70/b.
The rise in the OPEC Basket was driven by the bullish sentiment of the market, supported by improving expectations about global economic growth and US dollar weakness against the euro as concerns over Greece’s fiscal problems temporarily eased. Futures hit an 18-month high on 6 April with Nymex WTI front-month settling at $86.89/b, in the week when speculators pushed net long positions on the Nymex to a new record high. Prices have eased in recent days and the OPEC Reference Basket stood at $81.52/b on 13 April.
The world economy continues to improve and is now expected to grow by 3.5% in 2010. The OECD is forecast to grow by 1.9% in 2010 compared to the previous forecast of 1.7%. The US is expected to contribute the most within the OECD with growth of 2.6%. Japan is forecast to grow by 1.5% and the Euro-zone by 0.7%. China and India are forecast to contribute significantly to global growth expanding at 9.5% and 7.1% respectively.
Challenges to this benign outlook include concerns about the level of public debt in many OECD countries, continued high unemployment levels and the risk of a correction in China if government efforts to avoid overheating misfire.
Source: OPEC
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