Middle East ETF News Older than One Year
Egyptian pound set to fall 9% next year-poll
July 14, 2012--Economists have said Egypt's currency is expected to fall 9% to a historic low in the coming year,
although some see a much bigger drop if the country's economic and political woes trigger a balance of payments crisis, Reuters has reported. "Anything could happen, but in our central scenario we still expect some form of devaluation to happen," according to Said Hirsh at Capital Economics. "In this case it is a gradual depreciation, perhaps over a two or three steps, until then." That kind of devaluation would keep the currency within the central bank's comfort zone and would not provoke significant inflationary pressures, he said.
Source: AME Info
CFTC Approves New Financial Rules Submitted by the National Futures Association to Strengthen the Protection of Customer Funds Held by Futures Commission Merchants
July 13, 2012--The Commodity Futures Trading Commission (Commission or CFTC) today approved new financial rules submitted by the National Futures Association (NFA) that enhance protections to customer funds held by futures commission merchants (FCMs).
The new financial rules are set forth in NFA Financial Requirements Section 16, and an Interpretive Notice entitled “NFA Financial Requirements Section 16 FCM Financial Practices and Excess Segregated Funds/Secured Amount Disbursements.”
The new NFA rules require FCMs to strengthen their controls over the treatment and monitoring of funds held for customers trading on U.S. contract markets (segregated accounts) and for funds held for foreign futures and foreign option customers trading on foreign contract markets (Part 30 secured accounts).
Source: AME Info
Qatar market advances by half a percent
July 12, 2012--The Qatar Exchange (QE) 20 Index ended a volatile week in the green, adding half a percentage point to close at 8,285.03 points, as investors await more earning reports in the coming weeks.
Financial shares helped the gauge to stabilise as Qatar National Bank, the country's largest lender by assets, advanced 0.40% to reach QR131.60. Doha Bank gained 1.82% to hit QR56. General Insurance lost the most , closing off 9.79% at QR42.40.
Source: AME Info
Merger canididates Aldar, Sorouh help to stabilie Abu Dhabi market index
July 12, 2012--The ADX General Index added 0.05% Thursday to end at 2,466.54 points.
Developers Aldar Properties and Sorouh Real Estate gained 1.83% and two percent, respectively. Market heavyweight Emirates Telecommunication or Etisalat dipped slightly, while Bank of Sharjah dived 5.83% to Dhs1.11. Twelve shares advanced, six declined and 10 closed flat.
Source: AME Info
Emaar shares soar as developer denies Egypt pullout
July 12, 2012--The Dubai Financial Market (DFM) General Index bucked the global downtrend and closed Thursday trading 0.74% higher at 1,491.08 points.
Market bellwether Emaar Properties was the share of the day, as the most liquid stock jumped two percent to hit a six-week high at Dhs3.10. Earlier in the day, the UAE's largest developer said in a statement to the DFM that media reports from Wednesday about a cancellation of its projects in Egypt were completely false. "The source of the information reported is unknown," Emaar said, adding that "despite the ongoing political events our Egyptian subsidiary Emaar Misr hd not suspended nor ceased its operations at any time." Emaar has three projects in Egypt, named Uptown Cairo, Marassi Egypt at the Mediterranean coast near El Alamain and Mivida, East of Cairo. "Our operations have been running smoothly without any interruption," Emaar said. Fourteen shares gained, 10 declined and one securitt closed even. Trading volumes were on the decline one week before the start of Ramadan. Some 52m shares were traded, valued at Dhs76.6m.
Source: AME Info
Bank Al Jazira dives as quarter-on-quarter profit dips by 10%
July 11, 2012--The Tadawul All-Share Index was forced back to the level from July 1 Wednesday as the gauge finished the week with a 0.8%-drop to close at 6,659.58 points.
Shares of Bank Al Jazira plummeted 2.11% to hit SR23.25 after the 44th largest lender in the GCC said its net income during the second quarter reached SR129m, compared to a net income SR65m for the same quarter in the previous year and with an increase of 98% and, compared to a net income of SR143m for the previous quarter, representing a decrease of 10%. Commenting on the latter performance, Al Jazira said "the reason for the lower income in the second quarter in 2012 compared to the first quarter in the same year is due to a decrease in the operating income." However, net profit in the first half of 2012 reached to SR272m, compared to SR127m for the same quarter in the previous year, with an increase of 114%.
Source: AME Info
Rebound in oil prices lift Kuwait Stock Exchange
July 11, 2012--The KSE Market Index added a quarter percentage point Wednesday and finished at 5,868.20.
While the Gulf state's as largest lender National Bank of Kuwait or NBK closed flat, shares Commercial Bank of Kuwait fell 5.20% to KD0.730. With today's rebouned, the KSE gauge avoided falling into the red on a year-to-date basis. Oil prices bounced back by 0.5% to rade above $84. Kuwait's federeal budget relies by 95% on oil revenues.
Source: AME Info
Qatar Islamic Bank reports higher H1 profit, share lose slightly
July 11, 2012--Qatar Exchange remained in a stutter mode Wednesday, closing off 0.36% at 8,242.11 points.
Qatar Islamic Bank (QIB) revealed a net profit for the first half-year of QR736.9m in comparison to QR703.2m for the same period last year. The Bank’s Earning per Share (EPS) amounted to QR 3.12 as of June 30, 2012 versus QR 3.08 for the corresponding period in 2011. QIB added to its statement that "Strong core banking activities have translated into Net Operating Income of QR1,540m for the first half of 2012 which is 18% higher than QR1,302m generated during the same period last year. QIB continues to diversify its income sources, with net fee and commission income increasing by 86% through its wide range of sharia complaint products and services offered by the bank both directly and through its subsidiaries." Barwa Real Estate bucked the trend and ended 1.45% higher at QR28.
Source: AME Info
Few financials resist drop at Abu Dhabi market
July 11, 2012--The ADX General Index slipped 0.40% to close at 2,465.41, as marker bellwether Etisalat and Abu Dhabi
National Energy Co., known as Taqa, both dipped 0.32% to end at Dhs9.21 and at Dhs9.24. Earlier in the day, Taqa deied repors it intended to buy a Dutch wind farm from Typhoon Capital. Among the three advancing shares were First Gulf Bank and Abu Dhabi Islamic Bank gaining slightly.
Source: AME Info
Tamweel shares get under pressure amid profit decline
July 11, 2012--The Dubai Financial Market General Index fell for the fourth session straight Wednesday, closing off 0.55% at 1,480.18 points.
Islamic home financing company Tamweel, as the most liquid share, dived 3.13% to Dhs1.24. Earlier in the day, Tamweel said its second quarter net profit fell by a third to hit Dhs18.6m. Last week, Tamweel, whose majority is owned by Dubai Islamic Bank (down 0.53% at Dhs1.89), postponed a mortgage-backed bond issuance planned at $235 after a road-show revealed a lack of interest among potential investors. Emaar slipped 0.33% to Dhs3.04. The UAE's first developer said it conducts fixed income investor meetings in London starting from July 11 with the aim to launch a benchmark sukuk under its $2bn dollar-sukuk program. Investment bank Shuaa Capital gained the most (up 4% at Dhs0.65). Some 67.5m shares worth Dhs80m changed hands.
Source: AME Info
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