Middle East ETF News Older than One Year
UAE says $80-$100 oil price is 'reasonable'
November 01, 2011--United Arab Emirates: The UAE oil minister, Mohammed bin Dhaen Al-Hamli has said a reasonable price for crude oil is between $80 and $100 a barrel, Reuters has reported.
A high oil price would lead to more investment in alternative energy and also more investment in crude production capacity, which would mean less volatile prices, he said. "The higher the capacity, the less fluctuation in prices, except that capacity that is not in used is very expensive," Al-Hamli said.
Source: AME Info
Greek shockwaves felt at Saudi Stock Exchange
November 01, 2011--The Saudi Stock Market Tadawul posted the second largest loss in the GCC (after the DFM in Dubai) on Tuesday, closing down 1.11% at 6,155.10 points. Market bellwether Sabic fell the third day straight, ending off 1.81% at SR94.75. Shares of Abdullah A. M. Al-Khodari Sons Company dived 3.69% to SR52.25.
Earlier in the day the firm announced it received an award letter from the Ministry of Municipal & Rural Affairs for cleaning of cities and villages at Jazan for a period of 1095 days at SR70m. "A further announcement will be made upon contract signing including the expected start of the financial impact," the statement says.
Source: AME Info
Qatar Telecom shares slip amid a lower third quarter profit
November 01, 2011--The Qatar Exchange Index ended 0.76% lower at 8,529.29 points. Al Ahli Bank posted the largest advance, closing up 5.42% at QR75.90, but the majority of the financial shares declined in value. Qatar Telecom or Qtel disclosed its interim financial statements for the period ending September 30, 2011.
The interim financial statements revealed for the third quarter a net profit of QR567m, a 13% decline year-on-year. "Seasonal promotions and foreign exchange losses impacted Q3 2011 net profit," the firm said in a statement posted on the QE website. Qtel shares closed off 0.34% at QR146.50.
Source: AME Info
Kuwait's inflation rises to 4.5% in September
October 31, 2011--Kuwait: According to data from Kuwait's central statistics office, the country's annual inflation rate rose slightly to 4.5% in September, compared to the same month in 2010, whereas it increased 1.1% compared to August of 2011, Kuna has reported.
The report said that the monthly consumers' price index for September 2011 showed a rise of 150 points, compared to the recorded 148.4 points in August 2011 and 143.5 points in September of 2010. The food index jumped 9.2%, while the clothing and footwear index rose 3%, the report added.
Source: AME Info
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
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