Middle East ETF News Older than One Year
Sabic advances as joint venture with China's Sinopec materializes
Tuesday, April 03, 2012--Saudi Arabia: The Saudi Arabian Tadawul market index added 0.28% Tuesday, closing at 7,930.58 points. Dairy food producer Almarai gained the most (up 10%), while Saudi Electricity was the top losing share (off 5.38%).
Global petrochemicals and metals producer Sabic advanced 0.23%. Earlier in the day, Sabic announced the foundation of a polycarbonate project in the Eastern coastal city of Tianjin near the capital Beijing, with an annual production of 260 kilo metric tons in collaboration with China Petroleum & Chemical Corporation, known as Sinopec. "The 50/50 joint venture aims to form a $1.7bn polycarbonate project in Tianjin, which is expected to be operational by 2015," Sabic said in a statement to the Tadawul bourse. [AMEInfo.com]
Source: AME Info
Saudi stock index takes a break while Riyadh prepares for Najran Cement's IPO
April 02, 2012--The Saudi Arabian Tadaul bourse ended flat Monday, closing at 7,908.3 points amid sluggish oil prices.
The price of the black gold (WTI) fell slightly below $103 per barrel today, marking a 4.2% decline over the last two weeks, as "Saudi oil production is at the highest level in 30 years, in order to compensate Iran's oil exports' reductions due to sanctions," according to Citigroup Middle East Chief Economist Farouk Soussa. Market breadth stood neutral on Monday, as 68 shares advanced, while 65 declined. Earlier in the day, the Capital Market Authority said is has issued its resolution approving the initial public offering of 85,000,000 shares, which represent half of Najran Cement Company share capital. The offer price will be SR10 per share, and the subscription period will be from April 16 to April 22. According to the company's website, "Najran Cement Company was established in 2005 as a Saudi Closed Joint Stock Company with a paid up capital of SR1,150m. The firm's objective is to be a main supplier of cement in the southern region and an important exporter to Yemen."
Source: AME Info
Kuwait bourse rebounds as market capitalisation rises slightly in March
April 02, 2012--The KSE Market Index added 0.40% to close at 6,189 Monday amid gains in the insurance and real estate sector. Arab Insurance Group posted the second highest advance (up 9.84%), while Al-Ahli Bank of Kuwait lost the most (down 7.7%).
Earlier in the day, Kuwait's Global Investment House (unchanged) said "the market capitalization of the KSE amounted to KD29.81bn by the end of March 29, 2012, recording an increase of 1.24% from the end of February 2012. On the broader market for equities, advancing stocks outnumbered declining stocks by a ratio of 80 to 75, while 50 stocks remained unchanged."
Source: AME Info
NASDAQ Dubai: DP World approaches $12-level
April 02, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1702.53 Monday, up 0.24%, from the previous close. Shares of global maritime port operator Dubai Ports (DP) World added 1.20% to reach $11.79.
Citigroup Middle East's Chief Economist Farouk Soussa said in his ME Macro Monthly released on Sunday that "Dubai is benefitting as a hub from increased south-south trade, and has received substantial Chinese investment over the past year or two." Jewelry trader Damas International and interior design company Depa ended flat.
Source: AME Info
Food and beverage giant Agthia Group hits seven-month high on rising sales
April 02, 2012--Like the Dubai bourse, the Abu Dhabi equity gauge ADX General Index (ADXGI) dipped slightly on Monday (down 0.32%) as foreign investors from the investment reduce trading ahead of Easter holidays.
Islamic insurer Methaq Takaful lost the most (down 9.17%). Earlier in the day, Methaq reported for 2011 a full-year loss of Dhs51.09m, compared to Dhs15.6m in 2010. Shares of Agthia Group, one of the UAE’s leading food and beverage companies, advanced half a percent to hit the highest level since August 2012. In 2011, Agthia's Consumer Business Division (CBD) recorded a solid 18% net sales growth year on year at Dhs376.9m, while Agri Business Division (ABD), which manages the Flour & Animal Feed business, delivering a 12% net sales growth reaching Dhs767.4m, the compan said on March 29. Net profits, however, net dived 25% to Dhs86m, "caused by the higher soft commodity and PET prices", Agthia said, adding that "despite a truly challenging environment, we remain optimistic about the prospects for future revenue and profit growth as the Company pursues its strategy of introducing new and value-added products, continued geographical expansion, and high operating efficiencies."
Source: AME Info
Dubai market dips as risks for 2012 remain high in the emirate
April 02, 2012--The Dubai Financial Market (DFM) General Index fell 0.44% Monday, closing at 1,654.39 points. Bellwether Emaar Properties ended even, while the UAE's largest lender Emirates NBD fell one percent.
The continues decline in oil prices (off 5.5% in the last two weeks) might hint to a slowdown in the world economy. "Dubai remains highly dependent on global economic trends, and risks for 2012 are therefore high," said Farouk Soussa, Citigroup's Chief Econmist Middle East at Citigroup in Dubai in his monthly Middle East Macro study. Nevertherless "the Arab unrest over the past year has helped Dubai differentiate itself as a stable business and tourism destination. Moreover, Dubai is benefitting as a hub from increased south-south trade, and has received substantial Chinese investment over the past year or two," Soussa added. Shares of logistics provider Aramex (up 1.13%) gained against the trend. Around 170.3m shares were traded, valued at Dhs186.3m.
Source: AME Info
Israel: Selected Issues Paper
April 2, 2012--MACROSOCIAL CHALLENGES IN ISRAEL1
1. Israel's growth performance of recent years is impressive, with real GDP growing at a faster pace than many other OECD countries. However, poverty remains among the highest in OECD countries (Figure 1).
2. While the secular Jewish population enjoys a high level of living standards, most of Arab and Haredi (Ultra-orthodox Jewish) people are poor, with poverty incidence reaching 60 percent for both groups. These populations also have a large number of children— typically 6–7 children in a Haredi family, and 3–4 children in an Arab family—and child poverty is dire. This mostly reflects low employment in these two groups, as they are not fully integrated in the labor market.
view IMF Israel: Selected Issues Paper
Source: IMF
Israel: Financial System Stability Assessment
April 2, 2012--The Israeli financial system currently appears to be generally robust, but faces an unusually uncertain and dangerous global economic environment.
While Israel’s direct exposure to the most vulnerable countries is minor, there is a clear risk of a recession in Israel’s main trading partners in Europe and the United States, heightened risk aversion in financial markets, and difficult funding conditions. Moreover, Israel lives with persistent regional geopolitical risks, which would have economic repercussions if realized. Domestically, even an idiosyncratic disturbance in a major bank or nonbank financial institution (NBFI), or one of the large nonfinancial groups, could generate a systemic event, given the concentrated and interlinked structure of the economy.
The boom in housing prices and construction in recent years represents a further vulnerability, although recent evidence points to a soft landing, partly in response to the authorities’ policy actions.
view IMF country report-Israel: Financial System Stability Assessment
Source: IMF
DP World advances, reports strong annual results
March 29, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1682.30 Thursday, off 0.95% from the previous close.
Shares of Damas International surged 2.35%, after the jewelry trader said it accepted the $445m joint cash offer from Qatar's Mannai Corporation and Egypt's investment bank EFG Hermes. DP World (up 0.17% at $11.60) was the share of the day. The world's third largest maritime port operator, which runs 60 ports globally, reported its 2011-profit amounted to $751m, up 67% year-on-year on the backdrop of a rebounding world economy. The Board of DP World is recommending an increased dividend distribution to $199m, or $0.24 per share.
Source: AME Info
Bahraini lender BBK extends rally
March 29, 2012--The Baharain All Share Index added 0.18% Thursday, enlarging its first quarter gain to 0.77%.
Bahrain Telecommunication or Batelco advanced 0.93%, while lender BBK surged 1.94%. The bank has constantly added value during the last week as the Kingdom's economy is expected to recover in 2012 from the last year's negative turmoil effects.
Source: AME Info
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