Middle East ETF News Older than One Year
IMF increases Middle East growth forecast
July 18, 2012--The International Monetary Fund (IMF) has revised upwards its economic forecast for the Middle East and North Africa, despite trimming its predictions for global growth, Ahram has reported.
According to the IMF, growth of 5.5% for the Mena region is expected in 2012, 1.3% higher than its April forecast, helped by boosts in Saudi and Libyan oil production. "In contrast with the broad trends, growth in the Middle East and North Africa will be stronger in 2012–13 relative to last year," the fund said in its quarterly revision of economic forecasts. The region, which is a net importer of raw materials and food staples, may also benefit from a projected easing in global consumer price inflation.
Source: AME Info
Bahrain banks safe as EU crisis continues
July 18, 2012--Bahrain Association of Banks (BAB) has said lenders in the kingdom are unlikely to be directly affected by the eurozone turmoil, because their net funding dependence on European banks, and external funding in general, is largely limited and manageable, Daily Tribune has reported.
"The banking sector is also very liquid and that is the reason that makes Bahraini banks very resilient," said BAB Chairman Abdulkareem Bucheery. "Even with the economic woes, the liquidity means that the banking system would operate normally, even under extreme economic conditions. And banks will continue lending because of the high levels of liquidity." [AMEInfo.com]
Source: AME Info
UAE stocks gain ahead of Q2 earnings
July 18, 2012--The Dubai Financial Market (DFM) index rose strongly again yesterday amid higher volumes as investors took positions ahead of the declaration of the second quarter corporate earnings.
However, increasing downside risks in Europe and Asian markets capped the upside move on the market.
Source: Zawya
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
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