Middle East ETF News Older than One Year
Sabic shares bounce back as quarter-on-quarter net profit rises
October 17, 2012--Saudi Basic Industries Corporation or Sabic, world's largest producer of petrochemicals, closed at 1.41% higher at SR90 Wednesday.
Earlier in the day, Sabic said its net income for the quarter ended September 30 was SR6.31bn compared to the net income of SR8.19bn for the same quarter in 2011, representing a decrease of 23%, and compared to the net income of SR5.30bn in the previous quarter, representing an increase of 19%. Commenting on the results, Riyadh-listed Sabic said in a statement to the Tadawul bourse "The increase in net income of the quarter ended September 30, 2012 compared to the previous quarter is driven by increased production volume due to improvement in operational efficiencies. In addition, other income includes income from the polycarbonate technology licensed by Sabic Innovative Plastics to the Tianjin project, which is equally owned by Sabic and China Petroleum and Chemical Corporation."
Source: AME Info
Transaction Dynamics: DGCX EURO
September 17, 2012--DGCX in its commitment to its end users recognizes the need of the region to have a safe, liquid and dependable platform to trade, invest and hedge
in the major currencies. The journey starts with a renewed focus on the
EURO-USD contract.
DGCX EURO-USD contract has seen the emergence of large institutional and retail participation, making it one of the biggest EURO liquidity pool in the region.
Consistent "Bid-O!er" volumes ranging from a value of USD 1 million to 7 million are quoted on the contract. Fine spreads, with three levels of depth, offer participants a plethora of opportunities to trade.
Source: DGCX
Zain KSA plummets as net loss increases in Q3
October 16, 2012--The Tadawul All-Share Index recovered further from its two-month low it hit Saturday and closed Tuesday trading 0.40% higher at 6,749.
Sabic rebounded for the second day, ending up half a percentage point to hit SR88.75. Mobile Telecommunications Company, known as Zain KSA, lost 4.40%, finishing at SR8.70. Earlier in the day Zain KSA said its Q3 net loss widened to SR493m, up from SR484 in Q3 2011. Commenting o on its interim financial results for the third quarter ending 30 September 2012 (nine months period), Zain KSA said this is to clarify that the 2% increase in net loss of the Company during the 3rd quarter of 2012 as compared to the same quarter of last year was due to the decrease in revenues resulting primarily from the price regulation imposed following the excessive price competition for international calls (that contributed to the revenue growth in the corresponding period of the last year). "The net loss during the 3rd quarter of 2012 increased by 25% as compared to the previous quarter mainly due to the increase in marketing and distribution costs during this quarter, including the Holy month of Ramadan and Eid Al Fitr Holiday," Zain KSA added in a statement to the Tadawul market.
Source: AME Info
Qatar market consolidates above 8,500 points
October 16, 2012--The Qatar Exchange Index added 0.40% to reach 8,558.12 Tuesday.
Qatar Insurance surged 2.50% to hit QR69.70. Earlier in the day, the insurer said its interim financial statements revealed a net profit of QR415.2m for the nine months period ended September 30, 2012 in comparison to a net profit of QR459.2m for the corresponding period last year.
Source: AME Info
Abu Dhabi developers know the way up, Aldar hits 7-month high
October 16, 2012--The ADX General Index continued to recover Tuesday, closing 0.13% higher at 2,647.31 points.
Real estate giants Aldar and Sorouh were the most liquid shares. Both firms, which are progressing in their merger talks, gained 2.36% and 1.50%, respectively. RAK Bank lost the most (off 3.33%). Invest Bank closed flat at Dhs1.60. Earlier in the day, Invest Bank said it generated in the third quarter a net profit of Dhs256m, up 3% year-on-year.
Source: AME Info
DFM shares hit six-month high on 'bullish flag'-formation
October 16, 2012--The DFM General Index closed 0.64% higher at 1,646.03 points Tuesday as global markets rebounded on expectation of earnings reports from market heavyweights in East and West.
In Dubai, Emaar was the most liquid share (up 0.54%). DFM, the only Arab market being listed, closed 0.93% higher at Dhs1.09. From a chart-technical point of view, DFM is on the way to complete a 'bullish flag'. End of last month the research of HSBC cut DFM to 'underweight', after trading turnover dropped significantly in Q3. However, with the start of the fourth quarter, trading turnover bounced back at the DFM.
Source: AME Info
Saudi Stock Exchange regains territory on tailwinds from abroad
October 15, 2012--The Tadawul All-Share Index advanced amid good input from Europe and the U. S. Monday, closing 0.92% higher at 6,723.21 points.
Sabic added slightly (up 0.30% at SR88.25). Saudi Steel Pipe Company added 0.41% to reach SR24.30. Earlier in the day, Saudi Steel Pipe said its net income for the third quarter decreased to SR8.92m which is 5.1% lower than the same period last year of SR9.40m and has decreased by 28.0% compared to second quarter 2012 of SR12.38m. Net profit for the first nine months of 2012 decreased to SR39.62m which is 23.4% lower than same period last year of SR51.75m. The firm said in an e-mailed statement "The reason for the decreased in net income for the third quarter and first nine months of 2012 compared to the same periods of last year mainly due to increase in raw material price, decreased in average selling price because of very tough market price competition particularly on the export market, and increase of transportation and shipping costs."
Source: AME Info
Qatar Exchange rebound accelerates as Industries Qatar hits six-month high
October 15, 2012--The QE Index gained 0.42% to reach 8,522.91 points investors expect more earnings figures ahead of Eid holidays.
Market bellwether Industries Qatar hit a six-mony high at QR146.50 after the firm reported a slightly higher 9-month profit on Sunday.
Source: AME Info
IMF Outlook for Sub-Saharan Africa: "Maintaining Growth in an Uncertain World"
October 12, 2012--The International Monetary Fund (IMF) today released the October 2012 Regional Economic Outlook: Sub-Saharan Africa. Ms. Antoinette Monsio Sayeh, Director of the IMF's African Department, commented on the report's main findings:
"Economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy.
Most low-income countries continued to grow soundly in 2012, although drought in many Sahel countries and political instability in Mali and Guinea-Bissau undermined economic activity. Middle-income countries, especially South Africa, slowed further, reflecting closer links to European markets. Inflation fell, as pressures on food and fuel prices eased following a surge during 2011.
“The near-term outlook for the region remains broadly positive, with growth projected above 5 percent a year in 2012–13.
view more view the IMF Outlook for Sub-Saharan Africa: "Maintaining Growth in an Uncertain World" October 2012
Source: IMF
IMF Staff Report-Arab Countries in Transition: Economic Outlook and Key Challenges
While transition governments have maintained macroeconomic stability thus far, serious short-term risks continue, and the authorities have made limited progress in building consensus for needed economic reforms. With the exception of Libya, the ACTs’ growth in 2012 has remained weak in light of continued policy uncertainty, regional tensions, the deteriorating global economy, and high food and fuel commodity prices. A moderate recovery is expected in 2013. The shrinking of fiscal and reserve buffers over the past year has left very little policy space and heightened vulnerabilities. Prompt policy action and timely and adequate international support are essential to maintain macroeconomic stability and address long-running structural deficiencies, to lay the foundation for inclusive growth and job creation for a young and growing population. view IMF Staff report-Arab Countries in Transition: Economic Outlook and Key Challenges
Source: IMF
October 12, 2012--REGIONAL ECONOMIC OUTLOOK AND KEY CHALLENGES
Political uncertainty in the Arab Countries in Transition (ACT) has continued in recent months, especially as the escalation of the conflict in Syria is creating negative regional spillovers.1
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