Middle East ETF News Older than One Year
Weekly FX roundup: US Dollar continues recovery as QE2 fears lack details
October 18, 2010--The Greenback has continued to gain since Friday's positive closing, with risk correlated trades quickly falling out of favour. The market has gotten ahead of itself in pricing-in massive QE2 for the US. Clearly the combo of the FOMC minutes, Bernanke's comments and underlying inflation "trending downwards" all point to further easing but the lack of details - especially critical detail of time frame & magnitude,
has the market pulling back slightly this trading week. In addition, the month long USD selling spree created a market well short of USD (going by the IMM speculative data) and ripe for a short squeeze.
We suspect that barring a significant dip in US data this week, the market has overpriced-in US QE2 and we should see a light unwind of short USD positioning this week. We are moving cautiously in front of US economic data, even though its mostly 2nd tier this week. A string of Fed speakers and the G20 meeting this upcoming weekend may cause a sharp reversal in risk appetite depending on the information that comes out.
Source: AME Info
Qatar market remains in stutter mode
October 18, 2010--The QE Index dipped 0.34% to close at 7,784.24. Banks mostly posted losses, e. g. Qatar Islamic Bank, also known as QIIB, which was down one percent to close at QR79.30. On Sunday,
QIB has announced a recorded net profit of QR907m, and an outstanding operational income of QR1734m during the first nine months of 2010.
Source: AME Info
Kuwait bourse gains slightly
October 18, 2010--Kuwait's KSE Market Index ended 0.17% higher at 7,045.8. Shares of the country's largest lender National Bank of Kuwait (NBK) added 1.4% to close at KD1.420.
Other finance relates firms mostly performed weaker e. g. International Financial Advisors (off 5.63% at KD0.067).
Source: AME Info
Qatar market remains in stutter mode
October 18, 2010--The QE Index dipped 0.34% to close at 7,784.24. Banks mostly posted losses, e. g. Qatar Islamic Bank, also known as QIIB, which was down one percent to close at QR79.30. On Sunday, QIB has announced a recorded net profit of QR907m
and an outstanding operational income of QR1734m during the first nine months of 2010.
Source: AME Info
Bahrain Financial Exchange announces launch of its Islamic division Bait Al Bursa
October 18, 2010--The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (Mena) region, is delighted to announce the launch of its Islamic Finance division with the establishment of 'Bait Al Bursa'
marking the creation of the region's first exchange operated platform dedicated to Islamic finance products.
Source: AME Info
Qatar market dips insignificantly
October 14, 2010--The Qatar market QE in Doha ended the second week of October down 0.08% at 7,821.23. Qatar Telecom (up 0.29% at QR174) extended its advances after the share fell from a year high it hit on September 15 at QR182.1.
Its rival Vodafone Qatar dipped 0.63% to close at QR7.90. Since its going public in July 2009, Vodafone Qatar failed to create shareholder value in relation to its share price performance.
Source: AME Info
Abu Dhabi borse ADX adds half a percent
October 14, 2010--The ADX General Index ended up 0.52% at 2,758.67 points. Insurers such as Methaq Takaful (up 9.42% at Dhs1.51) and building materials producers like Arkan Building Materials Co. (8.96% higher at Dhs1.47). Shares of Invest Bank closed 2.94% higher
at Dhs1.75. Invest Bank posted a net profit of Dhs236.2m for the third quarter 2010, up 4.1% on a year-on-year basis.
Source: AME Info
Kuwaiti shares lose across the board
October 14, 2010--The KSE Market Index dipped 0.92% to finish at 7,010.5 points. All industry sectors landed in the red. National Bank of Kuwait (NBK), the country's largest lender by assets, lost 1.4%, closing at KD1.400.
NBK has reported an 11.4% rise in net profits for the first nine months of 2010 to $789m, compared to $709m for the same period in 2009. Total assets reached $44bn while total shareholders' equity stood at $7bn.
Source: AME Info
Nasdaq Dubai awaits Axiom Ltd. IPO
October 13, 2010--The the Nasdaq Dubai, shares of DP World added 0.18% on high trading volumes, closing at $0.55. Interior designer Depa Ltd. ended flat $0.64. Axiom Limited, a Dubai International Financial Centre (DIFC) registered entity,
today announced its intention to undertake an initial public offering ('IPO') of up to 35% of its shares and a listing on Nasdaq Dubai. Axiom Ltd. is registered as the holding of retailer Axiom Telecom.
Source: AME Info
Qassim Cement shines at Saudi Stock Exchange
October 13, 2010--The Tadawul bourse in Riyadh remained fickle on Wednesday, ending 0.65% to close at 6,302.52 points as investors booked profits at petrochemical giants Sabic (off 0.55% at SR89.75)
and Sahara Petrochemical (down 5.25% to close at SR21.65). Shares of Qassim Cement jumped five percent to close at SR64.50.
Source: AME Info
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