Middle East ETF News Older than One Year
Qatari stocks advance across the board
June 29, 2011--The QE Index in Doha gained for the third day straight, closing up 0.53% at 8,334.51 points. Banks were once again the driving forces behind the surge.
Commercial Bank of Qatar, known as CBQ, soared 2.46% to close at QR70.80. Qatar National Bank could not jump on the bandwagon and dipped 0.21%, finishing at QR141.20.
Source: AME Info
Kuwait market dips a quarter percent
June 29, 2011--The KSE Market Index lost like Abu Dhabi's ADX 0.24% and closed at 6,211.7 points. Real Estate Trade Centers Co. was the top gainer (up 7.4% at KD0.072). Bahrain's Gulf Finance House dived 8.3% to KD0.055.
Advances in the Kuwaiti banking sector could not mitigate the aforementioned losses. Financial bellwether National Bank of Kuwait added 1.7% to reach KD1.160. The country's largest Islamic bank Kuwait Finance House (KFH) finished one percent higher at KD1.000.
Source: AME Info
Abu Dhabi exchange sheds a quarter percent
June 29, 2011--The ADX General Index closed off 0.26% at 2,704.19 points. While like in Dubai real estate and construction shares gained, financial stocks performed overall weakly, weighing on the market.
Heavyweight Etisalat (down 0.90% at Dhs11) also dragged the index lower. Arkan Building Materials advanced the most, reaching Dhs1.23 (up 4.07%). Eleven stocks gained, nine lost and eight closed unchanged.
Source: AME Info
Emaar shares surge on new visa regulation
June 29, 2011--The Dubai bourse was mainly lifted by construction and real estate stocks on Wednesday, lifting the DFM General Index up by 0.62% to 1,516.93 points. The UAE Cabinet's decision to give multi-entry visas to investors purchasing a property in the UAE with a value above Dhs1m has lifted Emaar Properties by two percent to Dhs3.02.
Arabtec Construction (up 2.40% at Dhs1.28) and Islamic home financing company Tamweel (0.35% higher at Dhs0.85) were also demanded. Emaar Properties Chairman Mohammed Alabbar praised the initiative, saying "The UAE Federal Cabinet decision to extend residence visa for real estate investors to three years will significantly enhance investor confidence and drive the growth of the country's property sector." He added that "the property sector is a key contributor to the non-oil GDP of the country, and is one of the largest employment providers apart from supporting several associated industries." Logistics services provider Aramex ended among the top losing shares (down 2.22% at Dhs1.76). Fifteen stocks gained, 12 lost and two closed even. Trading volumes increased significantly, as 115.9m shares valued at Dhs166m changed hands. At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1641.25 today, up 1.38%. DP World added one percent, finishing at $12.28.
Source: AME Info
Dubai market tests 1,500 points-level
June 28, 2011--The DFM General Index fell 1.18% to 1,507.61 points as stocks lost across all sectors. Investment bank Shuaa Capital added 0.10%, closing at Dhs0.958. Earlier in the day,
Shuaa announced it is planning to seek shareholders approval on July 19 to change the composition of its board by allowing more nationals from the GCC countries, Bloomberg has reported. News that Drake and Scull International (down 0.52% at Dhs0.964) has won a Dhs100m mechanical, electrical and plumbing contract for a private residential facility in Doha could not lift its shares. Around 81m shares were traded valued at Dhs111.5m. Five stocks gained, 20 lost and two ended flat.
Source: AME Info
Taqa shares end flat as CEO steps down
June 28, 2011--The Abu Dhabi market ADX added a quarter percent to reach 2,711.30 points.
National Bank of Umm al-Qaiwain (up 9.34% at Dhs1.99) gained the most while Oman Emirates and Investment Holding (off 9.41% at Dhs0.77) was the top loser. Abu Dhabi National Energy Co., known as Taqa, closed even at Dhs1.21. Earlier in the day, Taqa announced that its CEO Abdullah Saif Al Nuaimi will step down on July 1st, but will remain Vice Chairman at Taqa. Mr. Al Nuaimi wants to fully concentrate on his role as Director General of Abu Dhabi Water Electricity Authority (ADWEA). Carl Sheldon will lead Taqa in his role as General Manager. Taqa'a statement did not disclose if Sheldon will remain acting CEO or if he will be appointed CEO later.
Source: AME Info
Kuwait bourse sheds 0.43% more
June 28, 2011--Bank and investment shares dragged the KSE Market Index down by 0.43% to 6,226.8 points.
Investors booked profits at Pearl of Real Estate Company (off 9.3% at KD0.0245). Only the industrial sector index added value on Tuesday. Boubyan International Indusries Holding surged 7.7% to KD0.112.
Source: AME Info
Qatar market extends rebound
June 28, 2011--Like yesterday, the QE Index added again half a percent to close at 8,290.39 points.
Financial heavyweights Qatar National Bank (QNB, up 1.65% at QR141.50) and Qatar Islamic Bank (0.38% higher at QR78.50) helped to keep the market on track.
Source: AME Info
Sabic recovers, lifts Tadawul market
June 28, 2011--The Saudi Stock Exchange's lead index Tasi climbed 0.37% to 6,531.17 points, despite 70 declining shares
outnumbered 52 gaining stocks (43 shares ended flat). Shares of petrochemical giant Sabic added 074%, finishing at SR102.75. Saudi Integrated Telecom Company, also known as Almutakamela, rose significantly on its losed at it first trading day and finiashed as a top gainer at SR12.60.
Source: AME Info
Policy Coordination in Fiscal Federalism: Drawing Lessons from the Dubai Debt Crisis
June 27, 2011--Summary: Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis.
The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth.
Source: IMF
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