Middle East ETF News Older than One Year
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
Abu Dhabi inflation stays at 4.1%
December 23, 2010--According to data from the UAE National Bureau of Statistics, Abu Dhabi's annual inflation rate stayed at 4.1% for the second consecutive month in November, as housing and energy prices were stable, offsetting rising food and transport costs, Reuters has reported.
On a monthly basis, November consumer prices rose 0.2%, decelerating from a 0.4% rise in the previous month. Inflation in the emirate of Dubai increased slightly in November to reach 0.5% year-on-year, the data showed.
Source: AME Info
Dubai market gains 0.45%
December 23, 2010--The Dubai market DFM ended the week positively (up 0.45% at 1,631.11). Shares of contracting and maintenance specialist Drake and Scull International DSI cracked the resistance level at Dhs1 by adding 1.30%.
Emaar gained 0.87% to reach Dhs3.47. Gulf General Investment Company (GGICO) posted the largest loss, closing 1.92% lower at Dhs0.51.
Source: AME Info
Abu Dhabi bourse rises slightly
December 23, 2010--The ADX General Index closed 0.23% higher at 2,706. Main drivers were the industrial and construction sector.
Gulf Cement Co. surged 8.97% to reach Dhs1.59. Investment company Waha Capital was the main loser, closing 2.63% lower at Dhs0.74. Ten shares advanced, seven ended flat and nine declined.
Source: AME Info
Banks weigh on Qatar Exchange
December 23, 2010--The QE Index declined 0.30% to end at 8,628.35. Financial shares mostly suffered losses.
Qatar National Bank (QNB) weakened 0.92% to finish at QR182.80. Investors also booked profits at Khalij Commercial Bank (off 2.22% at QR17.60) after the share reached a six-month high yesterday on progress in its merger plas with International Bank of Qatar (IBQ).
Source: AME Info
National Bank of Kuwait gains 1.43%
December 23, 2010--The KSE Market or Price Index added 0.23% to reach 6,881.9. Alargan International Real Estate was the main gainer, ending 23.81% higher at KD0.208.
Kuwait's largest lender National Bank of Kuwait added 1.49% to finish at KD1.340. Islamic bank Boubyan also climbed higher (up 1.61% at 0.630)
Source: AME Info
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