Middle East ETF News Older than One Year
The sellout continues at Dubai market
October 04, 2011--The DFM General Index dipped below 1,400 points Tuesday, closing 1.44% lower at 1,387.31 points. Emaar Properties, the most liquid share, ended down three percent to Dhs2.56.
The DFM, the only Arab market which is publicly listed, plunged 2.83% to Dhs1.03. "October could be torrid for investors," says Gary Dugan, CIO Private Banking at bank Emirates NBD (off 1.82% at Dhs3.77). "During the month Greece will either run out of money or have a further bail out from the Euro zone and IMF. Although G20 is set to meet in Cannes, France in November, I doubt the markets will be that patient to wait." Air Arabia, one of the four advancing shares, gained 0.16% to reach Dhs0.62. Trading volumes surged 7.5% as some 85m stocks were traded, valued at Dhs109.5m.
Source: AME Info
Egypt's external debt up 3.6%
October 04, 2011--Egypt: According to figures by the Egyptian Central Bank, the country's external debt rose 3.6% to $34.9bn in June 2011, compared with the same month a year earlier, Ahram has reported.
The rise was mainly due to currency fluctuations, the apex lender said, with the Egyptian pound plunging against the US dollar adding $2.4bn to the total value of the country's overseas loans. Debt service payments also rose by $158.4m to $2.8bn in the 2010/2011 fiscal year, the data showed.
Source: AMEInfo.com
DGCX records 486,710 contracts in September as Indian Rupee Options listed for trading
Monthly volumes of 486,710 contracts valued at $ 21.3 billion, an increase of 211% over 2010
Gold futures trade record daily volume of 9,638 lots worth $ 486.37 million on September 26
Currency futures trade 440,366 contracts in September, up 290% over last year
October 4, 2011--The Dubai Gold and Commodities Exchange (DGCX) clocked volumes of 486,710 contracts, valued at $ 21.3 billion, in September, an increase of 211% compared to the same month last year.
The Exchange’s Gold futures contract established an all-time daily volume record of 9,638 contracts on September 26, surpassing the previous high of 8,527 contracts in 2007. Gold futures also reached its highest-ever daily value of $ 486.37 million on the same day, exceeding the previous record value of $ 253.26 million in 2008.
Currency futures, which continued to be the main driver of volumes, grew 290% from last year to reach 440,366 contracts. DGCX also registered substantial year-on-year increases in the precious metals segment in September, with Gold and Silver futures volumes rising by 15% and 56% respectively. The Indian Rupee futures contract continued its exceptional growth, rising 511% year-on-year to reach 427,073 contracts, the highest ever monthly volume since the launch of the contract.
Source: Dubai Gold and Commodities Exchange (DGCX)
Sabic plummets to 11-month low
October 03, 2011--The Saudi Stock Exchange fell for the second day straight, closing 1.44% lower at 6,024.39. Saudi Basic Industries Corp. or Sabic dived 2.46%, closing at SR89.25.
Sabic's decline is negative indicator for all GCC exchanges, as the petrochemical and metals giant is considered a regional market indicator. Only 12 shares gained, while 130 declined (three closed even). "October is a crunch month," says Gary Dugan, CIO Private Banking at Dubai's bank Emirates NBD. "In the mess of the market sell-off it is always worth keeping half an eye on opportunities. If you are going to be tempted to buy equities we recommend buying high dividend paying companies", he adds.
Source: AME Info
Al Baraka Banking Group bucks Bahrain Bourse's downfall
October 03, 2011--The Bahrain benchmark index declined 0.61% and finished at 1.169.89, as blue chip firms Bahrain Aluminum
(flat at $0.70) and Bahrain Telecommunications (down half a percent at BD0.398). Islamic bank Al Baraka Banking Group surged 3.57% to reach $1.160. Year-to-date the exchange in Manama has lost 18.33%, the highest loss in the GCC during the first three quarters.
Source: AME Info
Qatari banks dive amid Euro zone's contagious woes
October 03, 2011--The QE Index closed down 0.79% at 8,290.83 points. While Qatar National Bank ended flat, shares of Doha Bank and Commercial Bank of Qatar or CBQ dived over two percent.
Yesterday, Meanwhile, Citibank has expressed doubts that the planned FIFA World Cup in 2022 in Qatar will have the widely expected positive effect on the gas-rich Gulf state. In its yesterday's published Emerging Market outlook, Citigroup says: "We have long argued that the awarding of the FIFA World Cup to Qatar in 2022 is unlikely to have any significant economic impact on the country. This is because: i) The actual spend on World Cup-specific infrastructure is going to be far less than the reported $50bn+, ii) The actual spend on World Cup-specific infrastructure is a drop in the ocean compared with currently ongoing projects, iii) The productivity of the World Cup-specific infrastructure developments is very low, and iv) The beneficiaries of increased expenditure on the World Cup will largely be foreigners, with little value-added remaining in Qatar. However, allegations of misconduct surrounding the bidding process are raising concerns that the award could be withdrawn, which are weighing somewhat on investor sentiment."
Source: AME Info
Food company shares outperform at Kuwait bourse
October 03, 2011--The KSE Market Index ended half a percent lower at 5,811.9 points. The Food Sector index was the only segment which added value on Monday. Danah Alsafat Foostuff Co. posted the second largest advance, closing 6.75% higher at KD0.038 points.
The KSE Market Index added 0.72% in September. "Kuwait Stock Exchange (KSE) was one of the handful stock markets in the GCC to post monthly gains, as it added 1.46 to its value by the end of the month, as measured by market capitalization weighted Global General index (GGI)," says Faisal Husain, Head of Research at Global Investment House in Kuwait.
Source: AME Info
Real estate shares dive in Abu Dhabi
October 03, 2011--The ADX General Index headed 0.66% lower on Monday, closing at 2,519.02 points. Aldar Properties plunged 2.56% to Dhs1.14, while RAK Properties and Sorouh Real Estate lost 2.85% and 1.85%, respectively.
Abu Dhabi Ship Building gained the most (up 7.22% at Dhs2.08). In its recently published Emerging Markets Outlook, Citibank's analyst David Lubin writes: "The deteriorating global outlook spells risks for the UAE on three fronts, and we now consider risks to our economic forecasts to be on the downside. First, the fall in recent months in global oil prices will squeeze revenues at the Abu Dhabi level, and we have already seen that emirate begin to pull back from some previously anticipated investments, particularly in the non-oil sector. Second, slower growth in global demand may impact Dubai’s ongoing recovery, dependent as it is on global trade, tourism and transportation. Finally, the retrenchment in global risk appetite will expose entities in the UAE to heightened refinancing risks if financial conditions remain tight in the medium term."
Source: AME Info
Al Baraka Banking Group bucks Bahrain Bourse's downfall
October 3, 2011--The Bahrain benchmark index declined 0.61% and finished at 1.169.89, as blue chip firms Bahrain Aluminum (flat at $0.70) and Bahrain Telecommunications (down half a percent at BD0.398).
Islamic bank Al Baraka Banking Group surged 3.57% to reach $1.160. Year-to-date the exchange in Manama has lost 18.33%, the highest loss in the GCC during the first three quarters.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary - October 2, 2011
October 2, 2011--Economic Data Overview
If the calendar for the October 3 week is a bit light on the number of data releases and appearances by Fed officials, it has enough that could be heavy hitting for markets. The release of the employment data for September on Friday will be the focal point of the week. The release of the BLS's annual revisions for the establishment survey for March 2010-March 2011 will be incorporated into this report. The September data will also get back the 45,000 workers after the end of the strike at Verizon in August.
The ADP National Employment Report for September on Wednesday will be anticipated for a hint on the direction of private payrolls, but it has been somewhat uneven in the last few months. The presence of the Verizon strikers was not accounted for in the August data, and their return will probably not be reflected in the September number.
The Challenger report on layoff intentions in September at 7:30 ET on Wednesday will probably show the increased pace in job cuts announced, especially in the financial industry. Any sign of a pickup in layoff activity will be concerning in the current economic climate, but levels still remain modest by historical standards, and mostly confined to a few sectors - notably government.
The ISM indexes for manufacturing and non-manufacturing industries in September may be stronger than the regional data from Fed District Banks and some Purchasing Managers indexes. Areas along the East Coast were particularly hard-hit during Hurricane Irene and the earthquake on August 23. Both occurred late in the month and had an impact on activity into early September. The manufacturing index is set for release on Monday, and the non-manufacturing index will be released on Wednesday. Although we do not anticipate strong readings, both should still signal expansion.
Initial jobless claims for the week ended October 1 on Thursday should continue to show some improvement as impacts from severe weather fade, and a wave of layoff activity ebbs. Levels of claims remain elevated and are likely to remain near the 400,000-mark which seems to be the consistent with the current underlying trend.
The August report on construction spending on Monday probably will not add much to what is known about residential activity except for home renovation and repair. New information about spending for public works and non-residential building will round out the picture.
The data for new orders for factory goods in August on Tuesday should be
Source: Dubai Gold & Commodities Exchange (DGCX)
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