Middle East ETF News Older than One Year
Gulf Union Cooperative Insurance Co. dips, signs MoU
October 31, 2011--The Saudi Arabian Tadawul bourse closed 0.10% lower at 6,224.3 points. Sabic declined a quarter per cent, ending at SR96.50. Allianz Saudi Fransi Cooperative Insurance Company jumped 10% to reach SR29.70.
Shares of Gulf Union Cooperative Insurance Co. fell 1.03% to SR19.20. Earlier in the day, Gulf Union and Services Claims and Risks Company Ltd had signed the Memorandum of Understanding (MOU) for the settlement of medical claims for Gulf Union Cooperative Insurance Company clients.
Source: AME Info
Kuwait Stock Exchange advances slightly
October 31, 2011--The Kuwait Stock Exchange closed 0.19% higher at 5,919.6 points. Automated Systems Co. posted
the largest gain (up 8.8% at KD0.222). IFA Hotels & Resorts lost the most (down 6.7% at KD0.345.
Source: AME Info
DP World shares rise on record high volumes
October 31, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1494.150 today, off 0.12%, from the previous close.
Dubai Ports (DP) World added 0.46% to close at $10.95 as 12.38m DPW-shares changed hands. Depa Limited and Dubai Gold Securities both dipped 1.1% to close at $0.33 and $169.74, respectively.
Source: AME Info
Sorouh Real Estate gains one per cent on rising Q3 profts
October 31, 2011--The Abu Dhabi bourse ADX dipped 0.30% to 2,501.43 points. The emirate's first developer Aldar Properties closed down 0.93% at Dhs1.05.
Earlier in the Aldar said it will lay off 125 staff or a quarter of its emoployees. Sorouh Real Estate climbed one perecnt to reach Dhs1.01 after Abu Dhabi's second developer reported a Dhs83.6m net profit for the third quarter (after provisions) compared to Dhs62.9m in the corresponding period in 2010.
AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary
October 30, 2011-Economic Data Overview
The coming week offers a packed US data calendar as well as the US Treasury's quarterly refunding announcement and the FOMC meeting.
We should get a sense about whether the economy is faring a bit better as the fourth quarter gets off to a start, and if the outlook for fiscal and monetary policy is at all improved.
The October data on the employment situation is also due on Friday and will clearly be the focus of the week. The current gloomy perceptions of conditions in the labor market could lighten a bit if there is evidence that payrolls have not lost momentum going into the fourth quarter. The monthly average for the last two quarters is just under 100,000 in both, and the median market expectation for the change in October payrolls is about that. There is little sentiment that the unemployment rate is going to decline from the 9.1% that has held in the prior three months, but at least it should be no worse.
The ADP National Employment Report on Wednesday will probably be the most closely watched of the labor market indicators going into the government report. The data has had some big misses in the last few months, but still remains the most likely indicator to give an accurate signal about the change in private payrolls which is where we can expect job growth to take place. The government sector has been consistently losing jobs at the state and local levels.
The Challenger report on layoff intentions on Wednesday should confirm that job cuts are mainly restricted to a few sectors -- notably finance and government -- while hiring intentions are on the rise for some seasonal work in retail and transportation.
Initial claims for jobless benefits in the week ended October 29 on Thursday will probably remain about on trend. New filings appear to have settled in near the 400,000 mark.
The ISM Manufacturing Index on Tuesday and the ISM Non-Manufacturing Index on Thursday will reflect two differing trends, although both should remain consistent with expansion. While the factory sector is showing some rebound in activity after the uncertainties in August and September, the service sector is struggling as consumer confidence plunged.
The Dallas Fed's Texas Manufacturing Outlook is set for Monday, while its Service Sector Outlook is due on Tuesday. Both of these will probably fall in line with the data already available from the New York and Richmond Feds.
Manufacturing activity remained little changed in October from September. Service sector data from the Richmond Fed was weaker. The October index from the Chicago Purchasing Managers on Monday will also be a focus with the other manufacturing and services data.
New orders for factory goods on Thursday should reinforce that orders are firming outside of the transportation sector.
New orders for durables were reported at down 0.8%, however,,...read more
Source: Dubai Gold & Commodities Exchange (DGCX)
Moody's downgrades Egypt to B1, negative outlook
October 29, 2011--Egypt: Moody's Investors Service has downgraded Egypt's government bond ratings by one notch to B1 from Ba3.
The outlook remains negative. Rating action was prompted by: - The country's ongoing economic weakness and financial deterioration, as reflected in the sharp loss in official foreign exchange reserves since the beginning of this year, the likelihood of continued macroeconomic weakness and instability, and the rising pressures on budgetary spending and financing. [AMEInfo.com]
Source: AME Info
Moody's cuts Egypt government bond ratings further
October 29, 2011--Moody's Investors Service has cut Egypt's government bond ratings by one level for the third time this year, citing "ongoing economic weakness" after the revolt that ousted President Hosni Mubarak, Bloomberg has reported.
The country's credit worthiness was lowered to B1, four levels below investment grade, Moody's said. "Unsettled political conditions have further undermined economic performance and investor confidence in Egypt," Moody's said.
Source: AME Info
Qatar Exchange Index approaches year-to-date break-even
October 27, 2011--The Qatar Exchange ended up 0.85% at 8,535.68 points. Doha Bank extended its advances and gained 1.92% to reach QR63.80.
Gulf Warehouseing Co. declined the most (of one per cent at QR35.15. Year-to-date, the QE Index improved its performance to minus 1.68%. If the QE Index breaks even next week, it would be the only Arab equity market which has added value this year (as yet).
Source: AME Info
Abu Dhabi real estate giants lift stock market
October 27, 2011--Like the Dubai market DFM, the ADX bourse surged on news from Europe that Greece will have its sovereign debt cut by half, as EU leaders and banks have agreed. The ADX General Index added 0.69% to reach 2,471.67 points.
Aldar Properties and Sorouh Real Estate were the most liquid shares and advanced three per cent and 3.30%, respectively. Etisalat failed to benefit and ended flat at Dhs9.99. Gulf Pharmaceutical Industries or Julphar (the old name of the emirate of Ras al-Khaima) closed flat at Dhs2.15. Earlier in the day Julphar said its net profit for the third quarter advanced to Dhs41.4m from Dhs38.26m year-on-year. According to the Julphar management, sales during the first nine months grew 28.6% year-on-year. Some 60.5m shares were traded, valued at Dhs79.1m.
Source: AME Info
Aramex shares gain on slightly higher third quarter profit
October 27, 2011--Shares of logistics specialist Aramex, which are listed at the DFM, gained 1.11% Thursday, finishing at Dhs1.82. Earlier in the day, Aramex reported a net profit of Dhs48m, up 3% year-on-year.
"Considering the volatile political situation in a number of our markets in the Middle East, I am satisfied with the financial results, which were in line with our expectations for this difficult year” said Fadi Ghandour, Aramex founder and CEO.
Source: AME Info
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