Middle East ETF News Older than One Year
Saudi pension body invests $533m in stock market
May 18, 2011--Mohamed al-Kharashi, governor of Saudi Arabia's Public Pension Agency has said the agency has invested SR2bn ($533.3m) in the kingdom's stock market in March, Reuters has reported.
The agency invested in the bank, telecom, pharmaceutical and cement sectors, he said. "We will keep investing. The market is promising," he told the news service. "Our asset management strategy is 47% external and 53% internal. Our investment strategy is open both ways but we focus on maximising internal investments," he said.
Source: AME Info
Dubai market ends three-day loss series
May 18, 2011--The DFM Index gained 0.74% to reach 1,589.73 points.
Shares of Islamic home financier Tamweel were the most liquid stocks, jumping 8.29% to close at Dhs0.94. Emaar added 1.28%, closing at Dhs3.20. Seventeen stocks gained, seven declined and three ended flat
SourceL AME Info
Bahrain's BFX delays launch of conventional training
May 18, 2011--Bahrain Financial Exchange (BFX), which started operations this year, has postponed the launch of its conventional trading platform and is relocating some of its staff to other parts of the group, Reuters has reported.
Arshad Khan, the exchange's chief executive, said the bourse plans to start trading for conventional products, including derivatives, after the slow summer period in the Gulf region when business activity remains subdued. "On the conventional side, we have postponed the launch. We will wait for business conditions to improve," Khan said. [AMEInfo.com]
Source: AME Info
Qatar starts selling monthly treasury bills
May 17, 2011--The central bank of Qatar is to start selling treasury bills monthly for the first time, adding a new tool to manage liquidity in the Gulf state where credit growth has slowed in the last six months, Bloomberg has reported.
The central bank plans to sell QR2bn ($550m) in bills each month after completing its first sale last week. The central bank will sell three-month maturity bills in June and July and may consider different maturities in future auctions, governor Sheikh Abdullah bin Saud Al Thani said.
Source: AME Info
Tadawul bourse adds a quarter percent
May 17, 2011--The Saudi Stock Exchange's Tadawul market closed 0.26% higher on Wednesday at 6,651.37 points. Market bellwether SABIC dipped 0.23% to SR106.25. Credit Suisse has set the target price for Sabic at SR120, while Rajhi Capital sees SABIC even at SR131.2.
According to Dr. Said Al-Shaikh, Group Chief Economist at National Commercial Bank (NCB), the Tadawul market's performance does currently not correlate with the overall increase profitability of Saudi listed firms. "Although listed firms have achieved net profit increases in 2010, the Saudi Stock market has not responded positively as in the years before the financial crisis,", Dr. Said said at the two-day Euromoney Conference Saudi Arabia in Riyadh on Tuesday.
Source: AME Info
New Abu Dhabi brokerage plans FX trading
May 16, 2011--Mahmood Ebraheem Al Mahmood, chairman of new Abu Dhabi-based brokerage, ADS Securities has said the firm is eyeing a share of the rapidly growing trade in commodities and foreign exchange by bridging the time gap between Asian and European markets,
Reuters has reported. "When you look at where we are situated, we are open here and there is no body to serve (investors). That's where the opportunity is and hence the decision to operate out of Abu Dhabi," Al Mahmood told the news service.
Source: AME Info
Dubai and Egyptian stock markets eye dual listings
May 16, 2011--The Dubai Financial Market has agreed with the Cairo exchange to set up a framework to encourage dual listings, in a bid to boost liquidity and offer investors more diversity
the Associated Press has reported. Dubai has been spared the Arab world's unrest, but its stock market faces competition from rival exchanges in neighbouring oil-rich Gulf cities.
Source: AME Info
Saudi bourse aims to join MSCI index
May 16, 2011--The Saudi Capital Market Authority has said the kingdom's stock exchange is in talks with several index providers, including influential index compiler MSCI, to become one of its component, Reuters has reported
"The kingdom is eligible to join emerging markets indicators like some of other markets in the region," CMA president, Abdul Rahman Al-Tuwaijri said. Saudi Arabia is the largest stock market in the Gulf region and fund managers have been scrambling to get an exposure in the market, considered more diverse than most other Gulf markets.
Source: AME Info
DGCX Weekly Market Comentary -May 15, 2011
May 15, 2011- Economic Data Overview
A moderate number of economic data releases are spread out over the week. The highlights will probably be associated with activity in the housing market, although there will also be a number of reports pertaining to the factory sector. Two of the earliest reads for the factory sector will be released during the week. The New York Fed's Empire State Survey for May is scheduled for Monday, and the Philadelphia Fed's Business Outlook is due on Thursday.
Although the two general activity indexes moved in opposite directions last month - New York was stronger, and Philadelphia was lower – both remained consistent with continued moderate expansion. That is expected to continue into May. The numbers for industrial production and capacity utilization in April on Tuesday will feel the impact of slower production in the auto industry and some regional disruptions due to severe weather. Oil prices should help keep mining activity on the rise. Initial claims for the week ended May 14 will include the survey comparison week from April to May. Claims are likely to remain somewhat elevated as flooding in the Mississippi River basin succeeded the tornadoes that struck parts of the South in prior weeks. Two reports on mass layoff activity and state and regional unemployment for April will be released on Friday. Layoffs have been rising somewhat for the private sector as some businesses have cut costs through reducing payrolls. Government layoffs appear to be slowing, but are not yet done. The numbers for state unemployment will add some detail to the national average, but will not change the overall picture.
The Conference Board's Leading Economic Index for April on Thursday should signal another month of increased activity, albeit at a slower pace. Positive contributions are expected from interest rates, building permits, consumer expectations, stock prices and money supply. The Bank of Japan is the only major central bank scheduled to make a routine monetary policy announcement. The Policy Board meets on Thursday and Friday. The Bank may offer additional support for the post-earthquake recovery. The FOMC meeting minutes from April 26-27 will be released on Wednesday. This could well have
Source: DGCX
Emaar, Arabtec weigh on Dubai bourse
May 12, 2011--The DFM General Index could not sustain its crossing over 1,600 points froom Wednesday and declined 0.73% to 1,596.80 points. Arabtec Construction (off 2.145 at Dhs1.37) and Emaar Properties (down 0.62% at Dhs3.22) pulled the market lower.
Islamic home finance specialist Tamweel (up six percent at Dhs0.85) posted its firs gain after being its' re-listing this week. Trading volumes doubled compared to the day before as 355.22m shares valued at Dhs314. 51m changed hands. Nine stocks gained, 19 lost and two ended flat. Over the second week of May, the DFM lost 0.61%.
Source: AME Info
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