Middle East ETF News Older than One Year
Egypt economy contracts 7%
April 21, 2011--Egyptian finance minister Samir Radwan has said the country's economy has contracted 7% in the third quarter of the fiscal year that ends on June 30, Bloomberg has reported.
Exports fell 40%, the value of imports increased due to higher global commodity prices and tourism revenue "went away," the minister told Cairo-based TV channel ONTV. Egypt will obtain a $2.2bn loan from the World Bank, payable over 18 years with an interest rate below 3%, Radwan said in the interview.
Source: AME Info
Emaar The Economic City gains on lower net loss in the first quarter
April 20, 2011--The Saudi Tadawul market added 0.76% to reach 6,574.66 points.
Shares of Emaar The Economic City, a multi-billion dollar project near the Red Sea city of Jeddah, added 0.74% to close at SR6.80. Earlier in the day, Emaar TEC announced that it suffered a net loss in the first quarter of 2011, amounting to SR13.58m, compared to a net loss of SR 53.46m for the same period in 2010, representing a decrease of 74.59%, and compared to a net loss of SR206.35m posted in the previous quarter (Q4 2010) representing a decrease of 93.42 %. Market bellwether Sabic soared 2.52%, closing at a 2.5-year high at SR111.75.
Source: AME Info
Qatar Exchange weakens insignificantly
April 20, 2011--The QE Index ended 0.06% lower at 8,628.28, despite all sectors landing in the green, except the banking segment. Qatar National Bank weakened 0.48% at QR145.40.
Earlier in the day, the QE announced that it has along with Qatar Telecom and NYSE Euronext (NYX) concluded a major partnership agreement to enable the extension of the Secure Financial Transaction Infrastructure (SFTI) network platform to Qatar, connecting financial participants in the US and Europe to the Qatar markets. "The pioneering solution will see Qtel providing global connectivity, a complete disaster recovery solution, and premium network services to support the extension of SFTI to Qatar."
Source: AME Info
Kuwait market adds 0.61%, breaks through 6,400
April 20. 2011--The KSE Market Index closed at a four-week hihgh at 6,439.3. Equipment Holding posted the largest gain (up 8.4% at KD0.064).
National Bank of Kuwait added KD0.020 to reach KD1.220. Alargan International Real Estate Co. dived 9.9% at KD0.182.
Source: AME Info
Dubai bourse tops Arab capital markets
April 20, 2011--The DFM General Index gained 1.60% on Wednesday, closing at 1,680.96. Year-to-date, the DFm soared 3.09%. Dubai is therefore the only Arab market as of now, which generated an stock index profit.
Emaar Properties added 1.47% to reach Dhs3.46. Islamic home finance company Tamweel confirmen media reports from yesterday that it applied for resumption of tradig of its shares and that the issue was still pending. Dubai Insurance was the main loser (down 10% at Dhs2.25). Twenty-three stocks gained, seven lost and two ended flat. Some 244.2m shares valued at Dhs291.22m changed hands.
Source: AME Info
OPEC Monthly Oil Report April 2011
The impact of recent events on the oil market
April 20, 2011--Oil Market Highlights
The OPEC Reference Basket increased for the sixth month in a row to average almost $110/b in
March, up $9.55/b from the previous month. That was the highest monthly level since the onset of the financial crisis. The crisis in Libya and fears that supply disruptions might spread to other countries in the MENA region lifted the fear premium, pushing futures prices higher.
This was somewhat capped by market uncertainty following the tragic events in Japan. The Nymex WTI front-month rose to average almost $103/b despite a continued build in US crude oil inventories and ICE Brent averaged $114.67/b. The Basket moved higher in April to reach $120.30/b on 11 April.
World oil demand is forecast to grow by 1.4 mb/d in 2011, following an increase of 2.0 mb/d in the previous year. Japan’s disaster led to a sudden decline in the country’s use of oil. However, this should be offset by fuel substitution from nuclear to crude-burning and rebuilding operations later in the year. With the start of the second quarter, world oil demand has eased according to the seasonal norm. Risks to the forecast remain, particularly from higher oil prices which are likely to have a slightly negative impact on transport fuel demand worldwide. Early signs indicated winter product use was more than anticipated in the fourth quarter of last year, which led to an upward revision to the 2010 forecast.
Source: OPEC
Nasdaq Dubai: DP World stuck at $0.66
April 18, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1797.18 today, down 0.01% from the previous close.
After DP World failed to jump over the $0.70-barrier, the shares remain stuck below that level (off 0.15% at $0.66). Interior designer Depa Ltd. closed 1.64% lower at $0.60. Trading volumes remained low as some 4.3m stock changed hands on Monday.
Source: AME Info
Zain shares stabilise after Sunday shock
April 18, 2011--The KSE Market Index ended 0.32% higher at 6,375.1. Shares of mobile telecom operator Zain closed unchanged at KD1.160.
. On Sundya, Zain stock plummeted after Nasser Al Kharafi, chairman of the Kuwaiti conglomerate Kharafi Group, the top shareholder in telecom firm Zain, has died in a hospital in Cairo due to a heart attack, Reuters has reported.
Source: AME Info
Zain shares stabilise after Sunday shock
April 18, 2011--The KSE Market Index ended 0.32% higher at 6,375.1. Shares of mobile telecom operator Zain closed unchanged at KD1.160.
. On Sundya, Zain stock plummeted after Nasser Al Kharafi, chairman of the Kuwaiti conglomerate Kharafi Group, the top shareholder in telecom firm Zain, has died in a hospital in Cairo due to a heart attack, Reuters has reported.
Source: AME Info
Qatar bourse retreats further, down 0.96%
April 18, 2011--The stock market in Doha could not reverse the trend after a weak start on Sunday, closing at 8,645.17 points. Qatar National Bank dipped 1.27%, ending at QR147.50.
Qatar Gas Transport Company (Nakilat) plummeted 5.16% at QR18.55. During the first quarter, Nakilat achieved a net profit of QR188.5m in comparison to QR 163.4m for the corresponding period in 2010.
Source: AME Info
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