Middle East ETF News Older than One Year
Kuwait maintains AA rating from Fitch
July 25, 2012--Kuwait's long-term foreign and local currency issuer default ratings at "AA" have been reaffirmed by Fitch Ratings with a 'Stable' outlook, supported by huge foreign assets and high oil prices, AFP has reported.
However, the ratings agency warned against heavy reliance on oil income and continued political disputes between MPs and the government that hinder reforms. The “ratings are primarily supported by its strong sovereign net foreign assets, estimated by Fitch at $323 billion in 2011,” the international ratings agency said, citing a budget surplus over the past 13 fiscal years.
Source: AME Info
SCA issues regulations for investment funds
July 24, 2012--The Security and Commodities Authority (SCA) has issued board's resolution No. 37 of 2012 concerning the rules of investment funds. The decision was signed by HE Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and SCA Chairman.
The announcement was made by HE Abdullah Al Turifi, CEO of SCA, who added that the resolution will enter into force on the day after its publication in the Official Gazette. Al Turifi said that it represents a positive step that will help strengthen corporate investment and provide more opportunities for stability in financial market. Al Turifi commented, “The resolution is part of the SCA’s endeavor to issue new investment products and diversify the investment tools available to traders in the markets. It will boost the investment climate in the local markets and help attract new investments and liquidity. The new regulations will be a pillar and a prerequisite for creating a market maker who keeps balance in the country’s markets.”
The Kuwait Market Price Index closed on a negative note at 5,791 points
July 24, 2012--The Kuwait Market Price Index closed on a negative note at 5,791 points, a loss of 0.38%.
The Weighted Index closed at 399.46, a loss of 0.19%. The KSE 15 Index closed at 965.98, a loss of 0.18%. 24 stocks advanced while 46 declined. The Financial Services Index witnessed highest volume traded at 68.6 Mn and the highest value traded at KD 4.6 Mn. Several indices were negative. Healthcare Index was the top gainer, up 2.06%. Basic Materials Index was the top loser, down 1.78%. Most blue-chips were flat. Gulf Bank was the top gainer, up 1.25%, closing at KD 0.405. NIND was the top loser, down 1.03%, closing at KD 0.192.
Source: Markaz
GCC Outlook 2H12-Lack of Domestic Triggers Mean Dancing to Global Problems
July 24, 2012--The first half of 2012 was mostly about markets reacting to events in the developed world.
The regional markets clearly lacked major triggers except for the disappointment from MSCI, which came in June. Market talks, early in the year, about Saudi Arabia allowing foreign investor participation did not see any constructive development as well. GCC markets mostly reacted to the series of events that unfolded in Europe. Concerns about Chinese hard landing also affected market sentiment due to its impact on commodity demand.
view report-GCC Outlook 2H12-Lack of Domestic Triggers Mean Dancing to Global Problems
Source: Markaz
UAE finance minister: no immediate need to issue bonds
July 24, 2012--UAE finance minister Sheikh Hamdan bin Rashid al-Maktoum has said the country has no immediate need to issue bonds to cover a small budget deficit this year, as it can cover the shortfall with its own resources,
Al Ittihad has reported. “The government is not in a dire need for issuing bonds,” Sheikh Hamdan was quoted as saying by the daily. “We don't need to finance anything and we should be able to fill the gap from our own resources,” he said.
Source: AME Info
The Kuwait Market Price Index closed on a negative note at 5,813 points
July 23, 2012--The Kuwait Market Price Index closed on a negative note at 5,813 points, a loss of 0.49%.
The Weighted Index closed at 400.21, a loss of 0.49%. 19 stocks advanced while 58 declined. The Financial Services Index witnessed highest volume traded at 71.8 Mn and Banking Index witnessed the highest value traded at KD 9.3 Mn. Several indices were negative. Technology Index was the only gainer, up 0.59%. Oil & Gas Index was the top loser, down 2.66%. Blue-chips were either flat or in the red. AUBK Bahrain was the only gainer, up 1.22%, closing at KD 0.166. NIND was the top loser, down 3.96%, closing at KD 0.194.
Source: Kuwait Financial Centre
Egypt budget draft shows deficit to rise 12.5%
July 23, 2012--According to Egypt's draft budget, the country's deficit is set to rise 12.5% to EGP135bn ($22.26bn) in the fiscal year that began on July 1, though the government is already struggling to find funding for the shortfall, Reuters has reported.
Total expenditure will climb to EGP533.8bn this year from EGP476.3bn in 2011/12, the finance ministry said in the draft budget. The budget deficit represents 7.9% of projected gross domestic product (GDP), down from 8.2% a year earlier, said the ministry.
Source: AME Info
TASE Rules for ETN Underlying Indices and Leveraged ETNs
July 23, 2012--The Exchange-traded notes (ETN) market has developed rapidly in Israel over the past few years, as has the market for exchange-traded funds abroad.
As of the middle of 2012 more than 300 ETN series tracking bonds and share price indices trade on the Tel Aviv Stock Exchange (TASE). The value of the public float in these instruments exceeds US $ 12.5 billion.
At its 28/6/2012 meeting, the TASE Board of Directors approved additional regulations, designed to better address investor needs, while maintaining fair and orderly trade.
Key additions to the Regulations:
1. Criteria for indices eligible to serve as ETN underlying assets:
The value of the public float of a local share index serving as the underlying asset for an ETN shall not be less than NIS 7 billion and of a bond index shall not be less than NIS 3 billion.
Source: TASE
Egypt's stock exchange signs agreements to boost global links
July 19, 2012--The Egyptian Stock Exchange (EGX) has signed two agreement as part of an initiative aimed at facilitating the trade of Egyptian securities by international investors, Daily News Egypt has reported.
The 'FIX HUB' project operates through connecting the EGX to the international Fidessa and ULLINK trading networks, allowing investors to trade via a FIX gateway. Fidessa's network includes around 170 stock markets from the US, Europe, Asia, and the Middle East, containing roughly 3600 partners in the field of financial services with approximately $800bn worth of transactions being executed. ULLINK serves around 130 financial institutions in the Canada, the US, Latin America, South and East Asia and Europe.
Source: AME Info
Saudi Arabia sees oil revenue climb 48%
July 19, 2012--According to figures by Opec, Saudi Arabia's saw a 48% jump in revenue from exports of crude oil and other petroleum products in 2011
as shipment volumes increased over the previous year, Saudi Gazette has reported. The kingdom shipped oil and products valued at $318.5bn last year, compared with $215.4bn in 2010, Opec said in its annual statistical bulletin. Iran, the group's second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at $114.8bn, compared with $72.2bn the previous year, the data showed.
Source: AME Info
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