Middle East ETF News Older than One Year
Kuwait Exchange loses the most over the week
February 3, 2011--The KSE Market Index lost 0.66% on Thursday, closing at 6,774.5 points. Over the first trading week of February, the KSE waekened by 2.44%.
While banks performed well overall, investment and indusytrial firms were fickle. Islamic bank Kuwait Finance House gained 1.63% to reach KD1.240. Al Eid Food Co. surged 9.8% to close at KD0.112.
Source: AME Info
Abu Dhabi bourse outperforms GCC market
February 2, 2011--The ADX General Index gained 0.87% to reach 2,647.17 points. First Gulf Bank, known as FGB, shares surged 7.88% to close at Dhs17.80 after FGB reported results for 2010. Credit Suisse analyst Mohamed Hawa in London commented on FGB: "
"One more time, FGB reports good results with Q4 net income of Dhs865m (up 1% y-o-y and 1.9% q-o-q) slightly missing our estimates (by 4%), but beating consensus estimates by 50.4%." Hawa concluded: "The stock is still trading below book value. We thus maintain our Outperform rating and 12 months target price of Dhs28." Abu Dhabi National Energy Company or Taqa, plummeted 3.55% to close at Dhs1.36. During the first week of February, the ADX lost 0.52%.
Source: AME Info
Dubai market down in a rollercoaster trading day
February 3, 2011--The DFM General Index closed 0.87% lower at 1,581.01 points. The market remained volatile amid uncertainty due to the Egypt crisis and a widely feared "domino"-effect in the Middle East.
Commercial Bank of Dubai posted the largest loss (down 8.82% at Dhs3.10). Emaar dipped 0.91% to finish at Dhs3.25. Bank Emirates NBD bucked the trend by gaining twp percent to reach Dhs3.05. Some 90.19m shares worth Dhs128.20m changed hands. Four shares gained, 20 declined and one remained flat. Over the first week of February, the DFM lost 1.96%.
Source: AME Info
Bahrain Financial Exchange officially launched
Febraury 3, 2011--Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), has welcomed the operational launch of the Bahrain Financial Exchange (BFX), which is set to commence trading on February 7th, 2011.
The BFX is a wholly owned subsidiary of the Financial Technologies Group - which is a global leader in creating and operating technology centric, next-generation financial markets - officially launched today as the Middle East and North Africa's first ever multi-asset exchange, which is internationally accessible to trade securities, derivatives, structured products and Shari'a- compliant financial instruments. It sets out to offer direct access to one of the world's fastest growing and largest areas of financial liquidity. The Exchange also incorporates an internationally accredited training institute, the (BFX-TI).
Source: AME Info
Dubai market jumps 3.31%
February 2, 2011--After uncertainty was taken out a bit of the crisis in Egypt with President Mubarak declaring not to run again for elections in September, the DFM Index closed 3.31% higher at 1,594.87 points.
Emaar recovered 5.81% To reach Dhs3.28. Shares of the DFM climbed 5% up, closing at Dhs1.47. Islamic insurance operator Dartakaful was the main loser, ending down 3.26% at Dhs0.86. Some 175.23m shares worth Dhs278.60m changed hands.
Source: AME Info
Energy, real estate shares lift Abu Dhabi market
February 2, 2011-The ADX Index gained 0.96% to reach 2,624.31 points. Aldar Properties, the sheikhdom's first real estate developer, jumped 7.83% to close at Dhs1.79. National Bank of Abu Dhabi (NBAD) added half a percent to close at Dhs12.00.
Earlier in the day, NBAD said its subsidiary NBAD-Egypt accounted for around 3.5% of the group assets: 3% of loans and 4% of net income in the year ended 31 December 2010. "The Bank also has cross border exposure on Egyptian entities of some $400m" the statement to the ADX says. Dana Gas surged 6.35% to close at Dhs0.67. National Bank fo Fujairah was the mein loser today, closing down 9.77% at Dhs2.77.
Source: AME Info
Kuwait bourse adds 0.21%, banks recover losses
February 2, 2011--The KSE Market or Price Index closed at 6,819.3 on Wednesday as financials and food firms recovered territory. Dar al Thuraya Real Estate Co.,knwon as Thuraya (Arabic for star), posted the largest gain (up 10.24% to reach KD0.027).
National Bank of Kuwait (NBK) rebounded by 2.86% to reach KD1.440. Yesterday, NBK reported net profits of $1,075m (KD301.7m) for 2010, up 14% compared to the previous year.
Source: AME Info
Qatar Exchange closes even
February 2, 2011--While the insurance sector and industrials gained value in Doha, banks and services declined, leaving the QE Index unchanged at 8,738.70. Commercial Ban of Qatar bucke the trend and closed 2.40% higher at QR85.20.
"All countries of the GCC are expecting to post growth in terms of real GDP for 2010. The average growth of the region is expected to be 4.5% reaching $567bn, with Qatar leading the way at 16.0%", Kuwait's Global Investment House says in its recently published MENA Economic Overview.
Source: AME Info
Saudi Tadawul bourse jumps 2.2%
February 2, 2011--The Riyadh-based TASI composite closed at 6,513.28 points. SABIC shares surged to SR104.75 (up 4.49%). Only five shares declined in the overall bullish market, while 135 gained value and five ended flat. Kuwait-based Global Investment House commented on prospects of oil-driven economies:
"While the oil-driven economies of MENA suffered during the global financial crisis in 2009 due to lower oil prices, the region as a whole was slightly impacted and continued to witness growth and is projected to post 3% real GDP growth in 2010. The MENA region is expected to continue its growth in 2011, backed by higher oil prices and increasing capital inflows from international investors."
Source: AME Info
Record monthly volume gives DGCX a robust start to 2011
Total 244,385 contracts traded in January, the highest ever monthly volume and 59% up on last year
Currency, gold and crude oil futures led the volume growth in January, with 197,511, 39,987 and 5,594 contracts traded respectively
Average Daily Volume was 11,637 contracts in January, up 55% on the previous month
February 2, 2011--The Dubai Gold & Commodities Exchange (DGCX) achieved a robust start to 2011, with a record volume of 244,385 contracts, valued at US $ 11.7 billion in the first month of the year.
This is the highest ever monthly volume activity for the exchange since inception in 2005.
January volumes were driven by strong member participation in currency, gold and crude oil futures, recording volumes of 197,511, 39,987 and 5,594 contracts respectively in January.
DGCX Indian Rupee futures continue to shine and achieve record volumes in the New Year with the exchange trading 168,088 contracts in January, a substantial increase of 71% on last month and 23 times more volume than January 2010. Euro/Dollar, GBP/Dollar, Yen/Dollar and Australian/Dollar futures also registered strong trading activity in January, representing the consistent participation and benefits of trading FX futures on DGCX.
Source: Dubai Gold & Commodities Exchange (DGCX)
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