Middle East ETF News Older than One Year
Saudi Economic Review
January 20, 2013--Lower than previously forecasted global economic growth combined with expanding non-OPEC output, especially in North America, will put a gradual downward pressure on oil prices.
The ECB also justified its inaction of the Euro’s appreciation by indicating that exchange rates are not a primary focus on its current agenda, as it has more pressing matters at stake.
Source: Zawya
Egypt expects sukuk to generate $10bn in revenue
January 20, 2013--Egyptian finance minister El-Morsi Hegazy has said the new Islamic bonds (sukuk) law is expected to generate $10bn for the Egyptian government, Ahram has reported.
Last week, the cabinet approved a draft law to allow sovereign Islamic bonds as the government searches for new ways to finance an unsustainable budget deficit. The legislation still needs to be approved by the upper house of parliament.
Source: AME Info
UAE economy grew around 4% last year
January 18, 2013--The UAE economy minister Sultan bin Saeed al-Mansouri has said the country's economy is estimated to have grown by around 4% in 2012, little changed from the previous year, and a similar clip is seen in 2013, Reuters has reported.
“I am waiting for the [gross domestic product] figures [from last year] ... but the estimate will be hovering around plus 4%,” said al-Mansouri. In November, al-Mansouri estimated the UAE’s inflation-adjusted GDP would grow by 3.5 to 4% in 2012, below 4.2% in 2011 as the global slowdown, partly due to the Eurozone debt woes, was expected to take its toll.
Source: AME Info
Egypt: ESE Gains LE 1.1 Billion
January 17, 2013--The Egyptian Stock Exchange (ESE) gained LE1.1 billion on Wednesday 16/1/2013 trading with the main index going up by 0.59 per cent on the
backdrop of massive purchase operations by Arab and foreign investors.
Source: Egypt State Information Service
Tel Aviv Stock Exchange Launches New Index -Tel-Bond Yields
January 17, 2013--The Tel Aviv Stock Exchange (TASE) Board of Directors approved the launch of TASE's new "Tel-Bond Yields" index, which will comprise of TASE-traded investment grade corporate bonds rated (BBB-) to (A).
For the first time, bonds rated (BBB+) and below will be included in a Tel-Bond index. Given their lower rating, the yield-to-maturity on these bonds tend to be higher than the yields on the bonds rated (A-) to (AAA), which are currently included in Tel-Bond indices.
Source: Tel Aviv Stock Exchange Ltd
Kuwait Finance House in new move to crack old resistance
January 17, 2013--The KSE Market Index added 0.18 percent to reach 6,139.3 points Thursday, driven by gains in telecoms, real estate and basic materials.
Shares of the country's largest Islamic bank Kuwait Finance House or KFH advanced 1.19%, ending at KD0.850. The shares has gained 4.39 percent since Jan. 1 but tried unsuccessfully to shave the resistance level at KD0.850, which used to be a support level in Nov. 2012.
Source: AME Info
Vodafone Qatar soars on rising revenues, narrowing Q3 net loss
January 17, 2013--The QE Index added 0.51% to reach 8,621.73 points.
Vodafone Qatar shares closed 4.62% higher at QR8.84. Earlier in the day, Qatar's second telecom firm said revenue for the nine-months to Dec. 2012 grew by 20% year-on-year. The third quarter financial results revealed a net loss of QR327m compared to a net loss of QR359m for the corresponding period last year. Vodafone Qatar added it had 1,004,767 mobile customers as of Dec. 31, representing an increase of 26% compared to Dec. 2011.
Source: AME Info
Developers rebound, banks weigh on Abu Dhabi market
January 17, 2013--The ADX General Index slipped 0.19% to 2,764.48 points Thursday.
Aldar and Sorouh, the two largest developers in the sheikhdom closed 1.90% and 3.18% higher, respectively. Both companies closed at Dhs1.62. National Bank of Abu Dhabi and First Gulf Bank fell 3.08% and 0.42%, respectively.
Source: AME Info
Stock market run boosts DFM shares
January 17, 2013--The Dubai Financial Market (DFM) General Index ended the week at a 14-month high, closing 1.93% higher at 1,774.92 points.
Some 392.4m shares were traded, valued at Dhs417.4m. DFM, the only Arab bourse listed to the public, gained the most, ending up six percent at Dhs1.23 Real estate maintenance, water power and property energy specialist Drake and Scull International closed 5.62% higher at Dhs0.808, the highest level since Nov. 8 2012. At the NASDAQ Dubai, DP World shares fell back below $13, finishing off 2.20% at $12.90.
Source: AME Info
Egypt approves sukuk law
January 16, 2013--Egypt's finance minister has said the cabinet has approved a draft law to allow sovereign sukuk, as the government searches for new ways to finance an unsustainable budget deficit, Reuters has reported.
Demand is expected to be strong for the Islamic bonds, said minister Al-Mursi Al-Sayed Hegazy, adding that in recent days the Islamic Development Bank said it could be ready to buy around $6bn of them. "I imagine that Egypt, with its great human and material resources, will attract many investors," said Hegazy, who took up his post as finance minister earlier this month.
Source: AMEInfo.com
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