Middle East ETF News Older than One Year
IMF Kuwait: Staff Report for the 2012 Article IV Consultation
June 18, 2012--KEY ISSUES
Context. Macroeconomic outcomes were strong in 2011, supported by high oil revenues. However, the pace of recovery of non-oil economic activity continued to be moderate, with still weak, although improved, growth of banks' credit; inflation also remained moderate. The policymaking landscape changed significantly in recent months, and a new government and
parliament are now in place. Kuwait ranks relatively low on essential elements for competitiveness and lags in the quality of its physical and social infrastructure relative to its
GDP per capita level.
Outlook and risks. Economic recovery is expected to strengthen, led by increasing government expenditure—particularly in wages and capital outlays. High fiscal and external surpluses are expected to persist. Inflation is projected to moderate slightly, but inflation risk is on the upside.
Risks for the outlook include low implementation rates of the capital budget and legislative bottlenecks, which could dampen the recovery. Like other countries, Kuwait is exposed to external risks, including the intensification of the European crisis, but these risks are manageable.
view IMF Country Report-Kuwait: Staff Report for the 2012 Article IV Consultation
Source: IMF
Bargain hunters lift Qatar Exchange ahead of MSCI verdict
June 19, 2012--The QE 20 Index edged half a percentage point higher to reach 8,314 points Tuesday.
Banks in particular fuelled the rebound. On the coming Wednesday, June 20, index developer MSCI will decide if Qatar and the UAE are eligible to get the label of an emerging market. An upgrade from frontier market is expected to attract capital investments from global fund managers covering emerging markets.
Source: AME Info
National Bank of Abu Dhabi advances on S&P rating affirmation
June 19, 2012--The ADX General Index gained 0.32% to hit 2.467.97 points Tuesday, despite profit takings at developers Aldar Properties (off 0.90%) and Sorouh Real Estate (down one percent).
Investors shrugged off the market slump in Egypt, where uncertainty and confusion over the outcome of the presidential elections rule. The emirate's largest lender National Bank of Abu Dhabi or NBAD gained 0.60% to close at Dhs8.40. Earlier in the day NBAD said that U. S. rating agency Standard and Poor's (S&P) has raised its assessment of its capital and earnings to "very strong", and the Bank's stand-alone credit profile (SACP) to "a" from "a-," and affirmed NBAD's long- and short-term credit ratings of "A+/A-1" which maintains that NBAD has one of the strongest combined ratings in the Middle East. The outlook for NBAD was stable, S&P said, adding that "The stable outlook reflects our expectation that NBAD will remain a dominant player in the UAE, with no significant change in its ownership or business and financial profiles over the next two years."
Source: AME Info
Rollercoaster Tadawul bourse knocks out 6,800-level
June 18, 2012--In Riyadh, the Tadawul All-Share Index climbed 0.80% higher to close at 6,807.51 points, despite weak oil prices (off two percent at $82.38 (U. S. crude))
Market bellwether Sabic, the world's largest petrochems company, closed unchanged at SR90.50. Allianz Saudi Fransi Cooperative Insurance Company fell ten percent and closed this session wit the highest loss at SR74.50. 127 out of 152 traded securities advanced, while 12 declined.
Source: AME Info
Kuwait Stock Exchange leaves valley of tears
June 18, 2012--The KSE Market Index ended Monday a week-long decline, which almost erased its year-to-date gain.
The gauge surged 0.70% to close at 5,948.62 points, as 10 out of 12 sector indexes gained territory. National Bank of Kuwait (NBK) ended flat at KD1.020. Fujairah Cement Industries Company posted the largest decline (off six percent at KD0.078).
Source: AME Info
Qatari stock market bounces back
June 18, 2012--After falling to new 2012- lows last week, the Qatar Exchange 20 Index closed 0.31% higher at 8,276.62 Wednesday.
Investors used the general relief at global markets after the Greek elections, which saw pro-Euro zone parties winning, and bought shares across the board. According to Deutsche Bank Research, "High Liquified Natural Gas (LNG) production should help maintain large fiscal and current account surpluses," adding in its Qatar Frontier Country report published on June 15 that "the government will continue to follow an expansionary fiscal policy over the next years as it has significant investment needs for both the hydrocarbon and infrastructure sectors (...) GDP growth will slow down in 2012, but other factors mitigate. Qatar’s real GDP growth is expected at 7.1% year-on-year in 2012, respectable, but significantly lower than 20% year-on-year in 2011."
Source: AME Info
Developers, Etisalat drive Abu Dhabi exchange's advance
June 18, 2012--The ADX General Index gained 0.56% higher to close at 2,460.14 points, driven by gains in the UAE's first telecom provider Etisalat (up 0.65% at Dhs9.35)
and real estate merger candidates Aldar Properties (0.90% higher at Dhs1.12) and Sorouh Real Estate (gaining one percent at Dhs1.02). National Corporation for Tourism and Hotels lost the most, finishing down 9.90% at Dhs5.01).
Source: AME Info
Dubai market buoyant, but not euphoric
June 18, 202--Fuelled by the dramatic victory of Greece's Euro supporting parties in the parliamentary elections on Sunday, the Dubai market measure DFMGI closed Monday 0.68% higher at 1,473.64 points.
The increase was broadly supported, as 18 shares advanced, five declined and three closed even. Emaar Properties added up 1.05% at Dhs2.88. Islamic insurer Takaful Emarat lost the most, closing off 2.35% at Dhs0.541. Some 79m shares worth Dhs89.8m changed hands.
Source: AME Info
Egypt economy growth slows to under 2%
June 18, 2012--"We have a revolution," central bank governor Farouk El-Okdah told the news service when asked why growth would slow. He did not elaborate.
In April, the International Monetary Fund had forecast Egypt's gross domestic product growth would slow to 1.5% in 2012 from the 1.8% which it estimated for 2011. [AMEInfo.com]
Source:AME Info
IMF: Kuwait economic growth to drop over 2%
June 18, 2012--The International Monetary Fund has said Kuwait's economic growth is expected to slow to 6.6% in 2012 from 8.25% in 2011, though higher public spending and buoyant oil revenues should keep the economy growing rapidly this year,
Zawya Dow Jones has reported. High oil revenues and prices have helped the Gulf country generate large fiscal surpluses that have fed its growing public spending, but the IMF said it expects Kuwaiti growth to slow rapidly to 1.8% in 2013. It didn't provide a reason for the sharp drop in next year's predicted growth rate. The IMF had warned in May that a combination of higher wages and a rising population risks consuming all the country's oil revenues by the year 2017, which would prevent Kuwait from setting aside surplus oil wealth for future generations.
Source: AMEInfo.com
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