Middle East ETF News Older than One Year
Qatar market weakens slightly
February 23, 2011--The Doha-based Qatar Exchange failed to jump on the recovery bandwagon in the GCC on Wednesday as its benchmark declined to 8,176.74 (off 0.10%).
The Gulf state's second bank Commercial Bank of Qatar, known as CBQ, declined 1.99% to close at QR74.00. Earlier in the day, CBQ announced that it has signed a Letter of Intent for a strategic outsourcing partnership with Tata Consultancy Services "to set-up a regional shared services centre which will deliver integration and efficiencies for the Bank." Under this partnership, Tata will manage the IT platforms and back-office processing services with the objective to reduce operational costs for CBQ. The outsourcing arrangement is subject to regulatory approval from the Qatar Central Bank.
Source: AME Info
Indian Rupee Futures Volume Hits Another Record Daily Volume on February 22, 2011
February 23, 2011--Trading activity on DGCX's Indian Rupee/US Dollar futures continues to grow rapidly, with a new daily volume record of 12,499 contracts achieved on February 22nd, 2011, with a value of USD 551.55 million. The previous record was achieved on January 5th, 2011 with 11,968 contracts.
The contract is attracting increased interest and participation globally, as market players wishing to seek exposure to the Indian economy or hedge the Indian Rupee become aware of its unique offering as the only Indian Rupee futures contract outside of India. The contract also has the added benefit that it is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading.
Source: DGCX
OPEC ready to meet any supply shortage: Riyadh
80 countries sign new new International Energy Forum Charter
February 22, 2011--Minister of Petroleum and Mineral Resources Ali Al-Naimi said Tuesday OPEC is prepared to meet any shortage of supplies due to unrest in the Middle East and that its members have sufficient spare capacity to do so.
“There is absolutely no shortage of supply now ... OPEC is ready to meet any shortage in supply when it happens,” Al-Naimi told a press conference at the end of a consumer-producer meeting that signed a cooperation charter. “There is concern and fear, but there is no shortage,” the minister reiterated .
Source: Arabnews.com
Kuwait food and services sectors buck market downtrend
February 22, 2011--The KSE Market or Price Index ended 0.13% lower at 6,417.7 points. Pearl of Kuwait Real Estate co. was the main loser, closing 9.61% lower at KD0.0235, Ajwan Gulf Real Estate Co. was the main gainer (up 9.8% at KD0.056).
Compared to the last trading weeks when the KSE ended in the red, not all segments lost, as services and food firms gained slightly.
Source: AME Info
Dubai market dives 2.44%, shaves 1,500-support line
February 22, 2011--The DFM General Index finished at 1,479.41 (off 2.44%) on Tuesday, the lowest level since July 2010. DFM shares (the local Dubai bourse is the only Arab market publicly listed) plummeted 6.82% to close at Dhs1.23.
Emaar Properties ended down two percent at Dhs2.92. Air Arabia lost 1.45% at Dhs2.92. On Monday evening, the Sharjah-based budget carrier disclosed a full-year 2010 net profit of Dhs309.55m (84.41 million US-Dollars), down 31.5% compared to the year 2009. Ajmanbank gained 1.89% to reach Dhs0.754. Four stocks gained, 21 lost value and one stood flat. Traded value added 7% as 136.67m shares worth Dhs182.58m changed hands.
Source: AME Info
Abu Dhabi exchange dips 1.58%
February 22, 2011--Abu Dhabi-based real estate heavyweights Aldar Properties (down 4.24% at Dhs1.58) and Sorouh Real Estate (4.24% lower at Dhs1.13) still searching for grounds, as the ADX General Index declined 1.58% to close at 2,578.79.
National Bank of Fujairah bucked the trend and surged 9.93% to reach Dhs2.99. Pharmaceutical producer Julphar from the emirate of Ras al-Khaima added 0.98%, closing at Dhs2.08.
Source: AME Info
Qatar Exchange plummets 3.57%
February 22, 2011--The QE Index in Doha closed 3.57% lower at 8,185.24 points, driven by losses across all sectors. Qatar National Bank dived 3.50% to close at QR123.90. Al Ahli Bank (up 0.66% at QR61.30) and General Insurance (gaining 6.78% at QR63.00) bucked the trend.
Telco-provider Vodafone Qatar dipped 1.55%, finishing at QR7.63. Earlier in the day, the country's second telecom provider said it established a partnership woth global IT systems integrator to the telecom industry Tech Mahindra "for the delivery of information services and support which will help make a world of difference to Vodafone customers in Qatar." Under the 3-year agreement, Tech Mahindra will deliver solutions to support services to Vodafone Qatar's 700,000 customers.
Source: AME Info
Tadawul market loses slightly
February 22, 2011--The Tadawul exchange in Riyadh dipped 0.35% to close at 6,277.03, as bellwether SABIC lost a quarter percent, ending at SR97. Shares of The Kingdom Holding Company (KHC) jumped 7.47% to reach SR9.35.
Earlier in the day, the KHC, chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced the development of the second Four Seasons Hotel Riyadh at "Kingdom Oasis" will be the center piece of a 3.8M sqm residential development part of the of "Kingdom Riyadh Land" that is 16m sqm, will be offering unparalleled living community experience in Riyadh. The Kingdom Holding plummeted earlier in the week after his offer to buy a 25%-stake of Kuwait's telecom giant Zain's Saudi subsidiary Zain KSA was turned down. Zain KSE closed down 4.05% at SR7.10.
Source: AME Info
Dubai market loses 1.30% as Emaar dips below Dhs3.00
February 21, 2011-The Dubai Financial Market (DFM) did not show signs of a rebound on Monday as its General Index closed 1.30% lower at 1,516.43 points. Emaar Properties was the most liquid share and dipped 1.32% to finish at Dhs2.98.
United Foods Co. was the main loser and ended 10% down at Dhs5.40. Shares of Dubai Islamic Bank (DIB) dived 1.78% to close at Dhs2.21. Earlier in the day, rating agency Fitch said it has assigned DIB a long-term foreign currency Issuer Default Rating (IDR) of 'A' with a Stable Outlook, Short-term IDR of 'F1', Individual Rating of 'C/D' and Support Rating Floor of 'A'. "DIB's Long- and Short-term IDRs and Support Rating reflect the extremely high probability of support from the UAE authorities, if needed", the statement says. Fitch Ratings cited further DIB's "strong franchise, earnings power and satisfactory liquidity position." Gulf General Investment Co., known as GGICO, hit the top of the charts by gaining 6.89% to reach Dhs0.45. Gary Dugan, Chief Investment Officer and Acting General Manager, Private Banking, Emirates NBD, told AMEinfo.com today that he consults his clients to be cautious with equity investments during the next four to five months as stock markets in the West rise despite non-supporting news from the industry sectors and rising inflation. "Although the local UAE markets have reached attractive valuations, international investors avoid the region in general due to ongoing civil unrest in some Arab countries and geopolitical uncertainties", Dugan added. Some 123.36m shares worth Dhs170.88m changed hands at the DFM.
Source: AME Info
Abu Dhabi bourse declines as blue chips plummet
February 21, 2011-The ADX Index closed 0.47% lower at 2,620.29 points. ADX heavyweights Aldar Properties (down 2.94% at Dhs1.64), Sorouh Real Estate (off 2.48% at Dhs1.18) and energy firm Dana Gas (1.54% lower at Dhs0.63)
weighed on the market sentiment as global linvestors currently shy away from GCC markets due to ongoing civil unrest in Libya and Yemen.
Source: AME Info
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