Middle East ETF News Older than One Year
Petrochems, energy shares lift Tadawul market
September 1, 2010--The Saudi Stock Exchange's benchmark composite Tadawul added 0.86%, closing at 6,158.99 points.
As oil prices stabilised above $72 per barrel in late trading in Riyadh, energy related stocks gained value, such as Sahara Petrochemical (gaining 0.54% at SR18.75. Retail and telecom firms performed weaker, e. g. Abdullah Al Othaim Markets Co. posted the largest loss (off 2.68% at SR72.50).
Source: AME info
DIFC announces strong growth in its core businesses in 2010
August 31, 2010--The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today updates the market on its successful performance in 2010 to date.
Highlights
The overall number of active registered companies operating from the DIFC has remained constant at 745, despite the downturn.
New companies registered from emerging markets such as China, Malaysia and Indian subcontinent.
Major international financial institutions are expanding their regional footprint using the DIFC platform.
Continued development of internationally recognised regulations with introduction of new changes to the DIFC's Collective Investment Funds.
Total available area, including third party developers, is 2,116,311 square feet of office space.
An annualized growth rate of 20% in terms of additional office space leased in DIFC.
Occupancy of the DIFC's Gate District (Gate Building, Gate Precinct and Gate Village) remains high at 92% of the leasable space.
Completion of DIFC's Business Strategy review in preparation for the next phase of the Centre's long term growth.
Cost of doing business to be reduced to encourage the growth of businesses based in the DIFC.
DIFC announces strong growth in its core businesses in 2010 - Arabic
Source: Dubai International Financial Centre (DIFC)
Kuwait sees $22.3bn budget surplus
August 31, 2010--According to data by Kuwait's finance ministry, the Gulf state has recorded a budget surplus of KD6.44bn ($22.3bn) in the fiscal year ended March 31, after oil revenue was more than double what was forecasted, Bloomberg has reported.
Oil revenue was KD16.58bn for the fiscal year, compared with a projection of KD6.9bn, while non-oil revenue was 4% below budget at KD1.1bn, the data showed.
Source: AME Info
Qatar Exchange rally slows down
August 31, 2010--The Doha-located QE Index ended 0.11% higher at 7,226.15 points as insurers and industrials advanced further but to a lesser amount than during previous trading sessions.
The country's largest bank Qatar National Bank (QNB) gained half a percent, closing at QR141.10. According to a survey done by Credit Suisse among 30 fund managers across Europe "Saudi and Qatari banks are the place to be in Mena financials." However, "European managers were skeptical about Qatar's long term story, despite the medium term outlook remaining robust,", the Credit Suisse survey found out.
Source: AME Info
Saudi Stock Exchange gains 0.57%
August 31, 2010--Despite Saudi market bellwether Sabic losing 0.29% (closing at SR84.75), the Tadawul market in Riyadh advanced 0.57% to 6,106.42 points. Banks were the main gainers after a statement issued by Switzerland's largest bank Credit Suisse, saying that Saudi and Qatari banks were favored by European fund managers.
The statement is based on a survey. Riyad Bank surged 4.58%, ending at SR27.40. Bank Albilad closed 4.14% higher at SR18.85. Shares of Tourism Enterprise Co. (Shams) lost 1.50% (at SR19.70) due to media reports about a temporary travel ban for GCC expats who want to visit the Kingdom for tourism purposes.
Source: AME Info
Dubai market meltdown extended
August 31, 2010--The DFM General Index ended 0.47% lower at 1,483.67 points after UAE's Minister of Economy, Sultan Al Mansouri told The National that he expects growth to be at the lower end of forecasts in 2010.
Emaar Properties was the most liquid share, closing 0.61% lower at Dhs3.26. Traded value declined 38% to Dhs44.71m, while 31.16m shares (off 44%) changed hands.
Source: AME Info
IIRA and DS Assess the Pulse of OIC Capital Markets
August 31, 2010--The Islamic International Rating Agency, Bahrain and Dinar Standard, USA have joined hands together to release a research report on the Pulse of the OIC (Organization of Islamic Conference member countries) Islamic Capital Markets. The research was conducted by selecting 28 major OIC markets
based upon a combination of quantitative and qualitative assessment of data sourced from Dinarstandard.com and the referenced third?party sources.
The report summarizes the current state of Islamic capital flow within its core OIC markets. The report will provide investors, finance managers, and investment managers with a broad overview of areas of opportunities for them. The report covers three key representative sectors: 1) the Stock Markets of the OIC countries, 2) the flagship industry segment of Sukuk (Islamic Bonds) and, 3) the Islamic Funds market.
The research highlights that total market capitalization of 28 OIC member country equity markets stood at USD 1,860 billion with a total of 6655 companies listed. This even is less than the Shanghai Stock Exchange whose market capitalization stood at USD 2,196 billion with only 879 companies listed. The largest market among OIC member countries by market capitalization is Saudi Tadawul (USD 327 billion) and in terms of number of listings is Bursa Malaysia Berhad with 967 companies. The fastest growing in terms of market capitalization from 01Jan2010 to 30June2010 was Dhaka Stock Exchange.
Source: Islamic International Rating Agency
25% Growth In Saudi Arabian DBFX customers
August 30, 2010--dbFX, Deutsche Bank's online margin foreign exchange (FX) trading platform has seen customer numbers in Saudi Arabia increase by 25% from 2009, as the country's investors diversify their portfolios by investing in FX.
The increasing sophistication and need to diversify Saudi Arabia's small institutional and family office portfolios is leading to a growing adoption of FX as an asset class in addition to traditional equity and fixed income assets.
Source: AME Info
Tadawul market dips 0.23%
August 30, 2010--The Saudi Stock Exchange ended off 0.23% at 6,071.72 points. Market bellwether Sabic closed unchanged at SR85. Only the Hotel and Tourism sector index advanced significantly.
Losses, however, remained modest as investors prepare for Eid holidays and prepare to stay on the sidelines. Jezan Development posted the only loss exceeding two percent (off 2.57% at SR13.25).
Source: AME Info
Abu Dhabi market heavyweights drag index lower
August 30, 2010--Losses at Abu Dhabi's blue chips Aldar (down 2.58% at Dhs0.77), Abu Dhabi Commercial Bank ADCB (1.18% lower at Dhs1.70) and Dana Gas (off 1.28% at Dhs0.77) dragged the ADX General Index down by 0.37% to 2,499.36 points.
The emirate's energy bellwether Taqa resisted the general GCC downtrend, ending 0.83% higher at Dhs1.20. Some 26.86m shares changed hands in Abu Dhabi.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
