Middle East ETF News Older than One Year
Saudi stocks plunge on oil, Fitch outlook cut; Egypt slides
August 23, 2015--The main Saudi stock index was down 5.2 percent at 7,594 points after 20 minutes of trade, nearing major technical support at the December low of 7,226 points. This brought its losses so far this month to 16 percent.
Selling was indiscriminate, with petrochemical producer Saudi Basic Industries Corp losing 5.6 percent, miner Ma'aden down 6.4 percent and Alinma Bank sinking 4.8 percent. view more
Source: Zawya
Fitch Ratings lowers outlook for Saudi Arabia to 'negative' from 'stable'
August 22, 2015--Fitch has lowered its outlook for Saudi Arabia to "negative" from "stable" on the back of lower oil prices and increased spending on infrastructure projects.
While the ratings agency affirmed its AA rating for the kingdom, it forecasts Saudi Arabia's general government deficit to widen to 14.4 per cent of gross domestic product this year.
Source: The National
MIDEAST STOCKS-Dubai tumbles 2.7 pct after oil hits new low
August 20, 2015--Dubai's stock market led losses in the Gulf early on Thursday after oil prices in the United States tumbled to their lowest level since 2009.
U.S. crude slumped over 4 percent on Wednesday as a huge, unexpected stockpile build in the United States reinforced concerns about a growing global oil glut.
Source: Zawya
MIDEAST STOCKS-Dubai extends rebound, other Gulf markets flat
August 18, 2015--Most Gulf stock markets were little changed in early trade on Tuesday as oil prices slipped further, though Dubai's bourse edged up, extending gains after it bounced off technical support in the previous session.
The Dubai index edged up 0.4 percent to 3,944 points with most stocks positive.
Source: Zawya
Markaz: Issuance of bonds and sukuk by GCC entities decreases
July 30, 2015--Their value totalled $48.13 billion, down by 15.19 per cent from the same period in 2014.
This is according to a report issued by Kuwait Financial Centre (Markaz) and titled GCC Bonds & Sukuk Market Survey. The study highlights the trends pertaining to issuances in the GCC region during H1 2015, reports Kuwait-based Alrai.
Source: AMEInfo
Abu Dhabi bourse issues new trading law
July 28, 2015--Law regulates procedures for managing confidential information about investors and clients
The Abu Dhabi Securities Exchange (ADX) on Sunday (26 July) issued new law for a trading, clearing and depositary system for its investors, according to the UAE's official news agency, WAM.
Source: AMEInfo
UPDATE 1-Saudi's SABIC Q2 net profit falls slightly but beats forecasts
July 26, 2015--Q2 net down 4.5 pct yr/yr at 6.17 billion riyals
Analysts had expected 4.96 billion riyals
CEO cites higher product prices q/q, cost management
But sees continued pressure on prices ahead
Shares edge up, come well off highs
Saudi Basic Industries Corp, one of the world's largest petrochemicals groups, reported a drop in second-quarter net profit on Sunday but beat analysts' forecasts by a large margin, suggesting it was coping well with low oil prices. view more
Source: Reuters
Arab region ranks fourth in investment attractiveness, GCC at the top
July 22, 2015--Mashreq countries rank second after GCC, followed by Maghreb in third
The Arab region ranked fourth globally among seven geographical groups for the second consecutive year, with an average weak performance, according to the Arab Investment and Export Credit Guarantee Corporation (DHAMAN).
DHAMAN's annual report says there is a discrepancy between the performance of the four Arab groups monitored by the report, as GCC countries (Saudi Arabia, UAE, Kuwait, Oman, Qatar and Bahrain) ranked first among Arab countries with a good performance level compared with the global average.
Source: AMEInfo
Goldman Sachs Looks To Saudi Arabian Stocks Following Market Opening
July 22, 2015--Following Saudi Arabia's opening of its near $600 billion stock market to direct foreign investment, Goldman Sachs-which advises clients on over $1 trillion in investment-has applied to own and trade Saudi Arabian stocks, Bloomberg reports, citing people familiar with the matter.
Goldman is seeking a qualified foreign investor permit from the Capital Markets Authority of Saudi Arabia, according to the report.
Source: emergingequity.org
Study: Climate change costs Egypt billions of dollars
July 21, 2015--Nile Delta and the northern coast incurred losses and rising water levels will negatively
affect 600+ resorts and tourism.
Source: AMEInfo
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