Middle East ETF News Older than One Year
Kuwait bourse down as Citibank forecasts lower GDP growth for 2011
September 29, 2011--The KSE Market Index dipped 0.27% on Thursday, bringing the year-to-down performance down to minus 16.14%, despite moderate gains in the banking sector index.
In today's published Global Economic Outlook and Strategy, Citibank expects the Kuwaiti GDP to grow by 4.4% this year, down from 6.2% last year. For 2012, Citibank forecasts that the northern Gulf state's economy will grow slightly higher, by 4.7%.
Source: AME Info
National Bank of Fujairah soars as shareholders approve commodities trading division
September 29, 2011--The ADX General Index ended flat at 2,533.41, as did market bellwether Etisalat, ending even as the most liquid share at Dhs10.30. Shares of National Bank of Fujairah, known as NBF, surged 8.92% to reach Dhs4.15.
Earlier in the day, NBF announced that its shareholders approved at an Extraordinary General Meeting an amendment to the bank's article of association, allowing the bank "to deal in commodities in addition to precious metals in both physical and derivatives markets." Over the week, the ADX lost half a percent amid low trading turnover.
Source: AME Info
Dubai bourse loses again ground
September 29, 2011--Despite some signs of stabilising stock prices this week, the DFM General Index dropped by 0.47% on Thursday, closing at 1,431.71 points.
Although Emaar (up 0.73%) and Arabtec (gaining 1.50%) added value, the majority of traded shares lost, with banks weighing on the market in particular. Emirates NBD fell three percent, while Shuaa Capital dived 3.60% over uncertainty whether the German parliament in Berlin will extend the rescue shield EFSF for highly indebted Eurozone countries. After the DFM closed, news spread that the German Bundestag approved the government's proposal, paving the way to increase Germany's contribution to the EFSF to EUR211bn from EUR123bn. Over the last week of the third quarter, the DFM declined by 1.5%, mainly due to the ongoing uncertainty in the Eurozone crisis.
Source: AME Info
Qatar's inflation hits 20-month high
September 29, 2011--Qatar's annual inflation for August has reached 2.1% year-on-year, its highest level since at least January 2010, Reuters has reported, citing data from from Qatar's statistics authority.
Consumer prices rose to 0.2% month-on-month in August after a 0.3% decrease in July, the data showed. Average deflation in Qatar reached 2.4% in 2010, less than 4.9% in 2009, which was the first full-year deflation since 1993.
Source: AME Info
The Egyptian Exchange launchs EGX 20 Capped Index
September 29, 2011--The Egyptian Exchange (EGX) is launching a new price index, EGX20 Capped Index, by the beginning of the 4th quarter of the year 2011.
EGX20 Capped Index includes the 20 most active companies in the Egyptian market in terms of liquidity and activity. The weight of each company in that index is identified by the market capitalization weighted by free-floated shares.
Source: AME Info
As oil prices drop again, the Tadawul bourse dips a quarter percent
September 28, 2011--Saudi Arabia: The Tadawul All Share Index closed 0.26% lower at 6,112.37 points. Sabic ended 0.27% lower at SR92.50.
Investors booked again profits at many insurance shares, such as Weqaya Takaful (down 3.30% at SR29.30).
Source: AME Info
Cairo bourse down over 3.5% after election announcement
September 28, 2011--Egypt's stock exchange on Wednesday fell 2.9 percent, a day after the country's military rulers set the election timetable, prompting officials to suspend trading for half an hour.
The main EGX-30 index was down 2.99 percent, forcing the suspension of trading for 30 minutes, after which it reached 2.96 percent in the negative.
The drop came a day after the Supreme Council of the Armed Forces laid out the timetable for the first election since the ouster of President Hosni Mubarak in February by a popular uprising.
Source: Arab News Online
FTSE Licences Kuwait Stock Exchange with the Industry Classification Benchmark (ICB)
September 27, 2011--: FTSE Group (“FTSE”), the award winning global index provider, today announces that the Kuwait Stock Exchange (“KSE”) has selected the widely-used global standard - Industry Classification Benchmark (ICB) – as their chosen classification system.
The introduction of the internationally acclaimed ICB opens up the doors to a range of new sector-based investment strategies within exchange-based and wider investment products and services for domestic investors.
Established in 1962, the Kuwait Stock Exchange is one of the first and largest stock exchanges in the Gulf region. Its adoption of the globally recognised ICB marks a significant development as the exchange continues to gain prominence within the world financial markets. The incorporation of ICB within the exchange’s current index solutions and trading platform will further enhance the depth of information available in the market.
Source: FTSE
Kuwait Stock Exchange falls behind GCC trend
September 27, 2011--Despite a modest recovery at bourses in the UAE< Qatar and Saudi Arabia, the KSE Market Index declined 0.32%, closing at 5,853.8 points.
Gulf Investment House gained against the trend (up 8.3% at KD0.0305. With a year-to-date loss of over 15%, the KSE is third worst performing GCC market, behind Bahrain (down 16.21%) and Muscat (16.40% lower).
Source: AME Info
Qatar market rebounds after Standard & Poor's affirms country's AA rating
September 27, 2011, 8:13:51 AM
The Doha-based QE Index closed 0.39% higher at 8,417.98 points. Banks in particular advanced on rating agency Standard and Poor's affirmation of the gas-rich state's souvereign AA rating.
"The stable outlook balances S&P’s view of Qatar's strong fiscal and external positions against its underdeveloped domestic institutions and geopolitical risks," National Bank of Abu Dhabi commented. Qatar National Bank, the largest lender in the Gulf state, added 0.21%, closing at QR142.20
Source: AME Info
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