Middle East ETF News Older than One Year
Qatar shares dip across the board
December 28, 2010--Profit taking continued at the Qatar Exchange on Tuesday. The QE Index weakened 0.86% to close at 8,645.65 points. 2010-highflyer stocks like Doha Bank (down 1.06% at QR65.60) or Industries Qatar (1.54% lower at QR134.40) performed weaker as investors cashed in on profits before the end of 2010.
On Monday, Qatar Petrochemical Company (QAPCO), a subsidiary of Industries Qatar, announced the opening of a new representative office in Philippines.
Source: AME Info
Abu Dhabi real estate blue chips advance
December 28, 2010--In Abu Dhabi, the local bourse ADX gained 0.33%, reaching 2.702.67 points. Aldar Properties and Sorouh Real Estate both regained territory, ending at Dhs2.32 (up 1.80%) and Dhs1.61 (0.62% higher) respectively.
Abu Dhabi National Energy Co. or TAQA closed flat at Dhs1.48. Earlier in the day, TAQA announced it had appointed Steven L. Phillips as General Councel. Mr. Phillips will oversse TAQA's global corporate activities along with its legal departments. TAQA runs operations in 13 countries worldwide.
Source: AME Info
Sabic shares face tricky resistance at 106 Saudi Riyal
December 27, 2010--The Riyadh-based Tadawul market's main index Tasi lost 0.45% to end at SR104.50. Market bellwether Saudi Basic Industries Corporation (Sabic) dipped 0.75% to close at SR104.50.
After reaching a new 2010 high on December 12 at SR106, Sabic failed to crack a key resistance line at that level. Mohamad Hawa, analyst at Credit Suisse, has set a target price at SR120. Insurance companies were still demanded in Riyadh. Amana Cooperative Insurance Co. posted the highest increase on Monday, closing up 3.91% at SR15.95.
Source: AME Info
Julphar shares break key resistance level
December 27, 2010--At the Abu Dhabi market ADX, which lost 0.38% on Monday to close at 2,693.89 points, shares of Gulf Pharmaceutical, known as Julphar, climbed 5.17% to reach Dhs1.83.
Julphar broke a key resistance level at Dhs1.80. Since the UAE imports 70% of its medical drugs, local pharmaceutical firms have been constantly expanding their businesses in recent years. Shares of market bellwether Aldar Properties weakened 1.77% to close at Dhs2.20. Like in Dubai, financial shares performed weaker in Abu Dhabi. National Bank of Umm al-Qaiwain posted the second largest decline, ending 4.52% lower at Dhs1.90.
Source: AME Info
Profit booking at Nasdaq Dubai drags DP World down
December 27, 2010-The FTSE NASDAQ Dubai UAE 20 Index closed at 1768.050 today, down 1.19%, from the previous close. Shares of Dubai-based DP World, the world's third largest port operator, declined 2.50% to end at $0.625.
Interior designer Depa Ltd. weakened 1.41% to end at $0.70. Trading volumes surged significantly after markets in Western countries resumed trading on Monday. Some 28.1m shares changed hands at the Nasdaq Dubai.
Source: AME Info
Kuwait bourse rebound slows down
December 27, 2010--The KSE Market Index added 0.18% to reach 6,918.50 points. The composite gained constantly since the last week as oil prices reached a tow-year high, trading above $91 per barrelt.
Some 95% of Kuwait's national budget is based on oil revenues. Shares of National Bank of Kuwait (NBK) jumped 4.35% to reach KD1.440. Earlier in the day, NBK's private equity arm NBK Capital announced today that it has completed its fifth investment in Turkey by acquiring a 20% equity stake in Kilic Deniz ("Kiliç"), Turkey's largest aquaculture company.
Source: AME Info
Investors cash in on Industries Qatar
December 27, 2010--The Doha-based Qatar Exchange's QE Index declined slightly (off 0.19%), closing at 8,720.61 points.
Industries Qatar, which reached a 2.5year high last week, ended 3.19% lower at QR136.50. Qatar National Bank, known as QNB and the largest lender in the country, added 0.65% to reach QR185.00.
Source: AME Info
DFM: Introduces unified fluctuation band of 15% up and 10% down for listed securities
Essa Kazim: Index rules modified to accurately mirror market activity
Most traded stock representation in the index increased to 81%:
December 26, 2010--Dubai Financial Market (DFM) announced today that it will introduce a unified fluctuation band for all listed securities within the one trading session based on 15% up and 10% down, as of January 2nd , 2011.
Additionally, the exchange will adopt modified rules for the DFM General Index (DFMGI) to further reflect the highly traded stocks and accurately mirror the market activity. Accordingly, Most traded stock representation in the index increased to 81%.
Based on the new modifications, DFM-listed securities will be grouped in one category and traded under a unified fluctuation band, contrary to the split between Active and Non-Active. It is noteworthy that the current fluctuation band is 15% up and 10% down for Active stocks and 5% up and down for Non-Active stocks.
Commenting on these developments, Essa Kazim, Managing Director and CEO, Dubai Financial Market (PJSC) said: “DFM continuously monitor and review market developments and market activity with the aim to achieve the highest accuracy levels and adopt international best practices.
Source: Dubai Financial Market (DFM)
Standard and Poor's explains economic and financial impact of Qatar's 2022 World Cup
December 26, 2010--According to Standard & Poor's Ratings Services, the decision by FIFA to award the 2022 World Cup to Qatar (AA/Stable/A-1+) will have a significant impact on the country's economic and financial future.
In a report released today, "FAQ On The Economic And Financial Impact Of Qatar's 2022 World Cup", credit analyst Luc Marchand explains Standard & Poor's views on how the World Cup may affect Qatar's development and its ratings.
Source: AME Info
OPEC Monthly Oil Report December 2010
December 23, 2010--Oil Market Highlights
The OPEC Reference Basket increased further in November, remaining above $80/b for the entire month to average $82.83/b. The increase came in line with developments in the futures oil market which saw front-month benchmarks Nymex WTI and ICE Brent continuing to move within the
$80-90/b range for the second month in a row and reaching 25-month highs. The upward trend was driven mainly by bearish macroeconomic sentiment, US dollar fluctuations and signs indicating a recovery in oil demand. Growing interest in the futures market was reflected in increasing volume of
trading contracts and open interest for both Nymex WTI and ICE Brent.
In December, the Basket continued to move above $85/b, standing at $87.92/b on 9 December.
The world economy continues its expansion. Growth for 2010 was revised up to 4.3% from 4.1% on better-than-expected growth in the manufacturing sector. Growth in 2011 has also been revised higher to 3.8% from 3.6%. The implementation of further stimulus plans is likely to have an impact on the current global growth expectations for next year. The US is forecast to grow by 2.8% in 2010 and 2.4% in 2011. The deceleration in Japan’s economy remains more pronounced with growth of 3.5% in 2010 and 1.4% in 2011. The Euro-zone is currently growing at two speeds with Germany taking the lead. Together, the region is forecast to grow by 1.5% in 2010 and 1.1% in 2011. China is forecast to grow at 9.7% in 2010 and 8.8% in 2011, while India is forecast at 8.5% and 8.0%.
Source: OPEC
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