Middle East ETF News Older than One Year
Bahrain bourse tumbles on Japan shock, local unrest
March 14, 2011--The Manama-based Bahrain All Share Index closed 1.56% lower at 1,395.06 as the desaster in Japan caused by a tsunami last friday took its toll at global markets and ongoing demonstrations in Manama's financial district weigh on the market.
Bahrain Telecom declined 0.97% to close at BD0.410. Earlier in the day, Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, announced the acceptance from the Board of Directors of Zain Kuwait to the non-binding joint offer from Kingdom Holding and Batelco Group to acquire 25% of Zain Saudi Arabia.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly View--March 13, 2011
March 13, 2011--Economic Data Overview
With the data for employment and retail sales out of the way, markets will now focus on inflation. The March 14 week includes back-to-back-to-back releases of three inflation indicators on Tuesday through Thursday.
These will capture the first wave of increases in gasoline prices in February as well as a number of reports related to the factory sector. Markets will be watching to see if the recent pickup in orders and employment continued into March. Tuesday's FOMC meeting will probably serve as a placeholder until the April 26-27 meeting. Signs of a more sustainable recovery and stable inflation expectations will need another month or two of data before the Fed is likely to start any shifts in policy. The FOMC won't have the February CPI data when they meet on Tuesday and the PCE deflator for February is not released until Monday, March 28.
The three-in-a-row release of February data for import prices, producer prices and consumer prices will probably confirm Fed Chairman Bernanke's expectations for only modest pass-through of higher input costs (at least so far) and gains at the core should be consistent with inflation moving slowly towards the Fed's target of 1.7%-2.0%. Data on import prices for February on Tuesday should once more pivot on the petroleum component. The largest gains in prices came towards the end of the month and overall should produce only moderate gains for the month, although March could prove ...
Source: Dubai Gold & Commodities Exchange
UAE says no capital outflows due to unrest
March 12, 2011--The UAE central bank governor has said the there has not been capital outflows due to unrest in the region, and that inflationary pressures would not be of concern despite high oil prices, Reuters has reported.
"There is absolutely nothing unusual. No capital outflows," Sultan Nasser Al Suwaidi said. "I am not worried about inflation at this point of time because originally inflation came from high rent rates. It will range in low, single-digit rate," he said declining to give specific forecast.
Source: AME Info
Banks fuel Kuwait market advance
March 10, 2011--The KSE Market or Price index closed Thursday 1.09% higher at 6,286.6.
National Bank of Kuwait, known as NBK, recaptured the level at KD1.200 (up 1.69%). Al-Arabi Group Holding Co. dived 8.6% to close at KD0.106, ending as the top losing share.
Source: AME Info
Qatar bourse advances 0.70%
March 10, 2011-The QE Index closed at 8,228.87 on Thursday.
As all other GCC markets, the QE Index rebounded strongly during the week. The market in Doha soared 8.9% during the last five trading days, mostly due to gains in the financial segment.
Source: AME Info
Etisalat crosses key resistance level
March 10, 2011--The ADX General Index surged 0.43% to close at 2,617.13.
The Abu Dhabi-benchmark achieved a week gain of 3.45%. On Thursday, Ras al-Khaima-based pharmaceutical producer Julphar posted the largest advance (up 3.74% at Dhs1.94). The UAE's first telecom provider Etisalat gained 1.35% to reach Dhs11.30, crossing a resistance level at Dsh11.25. The next resistance lies at Dhs12.00. RAK Cement Co. shares lost 1.64% to close at Dhs0.61. Earlier in the day, RAK Cement disclosed a full-year 2010 loss of Dhs3.9m, 105% decline compared to 2009. Six shares gained, 17 declined and four remained flat at the ADX.
Source: AME Info
Dubai market saves the bullish week
March 10, 2011--The DFM General Index added 0.46% to reach 1,449.98.
During the week the DFM surged 7.22% on increasing confidence in the Dubai economy expressed by the IMF and bargain prices at the exchange. Emaar closed flat at Dhs2.68. Nine shares gained, eight closed unchanged and 11 lost. Somme 138.23m stocks worth Dhs199.15m changed hands.
Source: AME Info
Dubai World set to sign final debt deal
March 10, 2011-Sheikh Ahmad Bin Saeed Al Maktoum, chairman of Dubai's Supreme Fiscal Committee and chairman of Dubai World, has announced the government-owned conglomerate is to sign next week the final deal on its nearly $25bn debt restructuring agreement with its creditors, Gulf News ahs reported.
The company is not under pressure to sell any of its assets to manage its debts, Sheikh Ahmad said. "We have a period of eight years. Always the question is asked, is an asset up for sale? Anything can be sold if the offer is good and tempting," he said.
Source: AME Info
Egypt's foreign reserves tumble by $1.7bn in February
March 10, 2011--Egypt's central bank deputy governor Hisham Ramez has said net foreign reserves plunged by $1.69bn in February to $33.32bn from $35.01bn a month earlier, the biggest one-month decline in over a decade as political turmoil drove capital out of the country
and put pressure on its currency, Reuters has reported. Ramez said the fall "was not big, considering what Egypt just went through," declining to go into specifics on how the reserves were drawn down.
Source: AME Info
Tadawul market advance decelerates
March 9, 2011--The Saudi Arabian Tadawul market added 0.57% to reach 6,108.67.
SABIC (up 1.25% at SR101.50) pushed the index higher, but 57 out 145 traded shares declined as investors started to book profits. Anaam Holding posted the largest advance, closing 9.97% higher at SR37.50. Alkhaleej Training and Education Company dipped 0.26%, finishing at SR39.00. Earlier in the day, the Capital Market Authority (CMA) announced it has approved National Industrialization Company request to increase its capital from SR5,067,531,550 to SR5,574,284,710 through issuing one bonus share for every ten existing shares owned by the shareholders.
Source: AME Info
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