Middle East ETF News Older than One Year
Abu Dhabi bank shares fickle
July 7, 2010--After two flat trading days, the ADX General Index showed some forms of a revival and closed 0.24% higher at 2,528.34 points. First Gulf Bank (FGB) stood 1.05% higher at Dhs14.50 as of the close of trading.
The Abu Dhabi-based bank announced today details of its share buy bank from July 7. FGB bought 1.418m shares of 0.1031% of its total share capital back at a price of Dhs14.20 per stock back. The financial sector market leader National Bank of Abu Dhabi (NBAD) weakened 0.90% at Dhs11.00. NBAD is expected to report earnings for the second quarter on July 27. Credit Suisse research expects a slight quarter-on-quarter decline of 6.2%.
Source: AME Info
DFM finishes the week on a positive note
July 8, 2010--Driven by positive inputs from the Wall Street and Asia, the Dubai Financial Market (up 1.19% at 1,499.81) points finished the week on a stronger note. Stock markets in East and West surged on Wednesday as a stronger Euro boosted commodity shares.Emaar Properties was the most liquid stock and the top gainer, closing 3.21% higher at Dhs3.22.
Contractor Drake and Scull gained 1.75% (ending at Dhs0.814) benefited from its announcement that it has been awarded an Dhs460m contract for the complete Mechanical, Electrical and Plumbing (MEP) works for the Information Technology and Communications Centre (ITCC) project in Riyadh, its second major contract in the Kingdom. DSI will be undertaking this project in a joint-venture with KSA's Al Zamil Group. Traded value surged 70% to Dhs126.32m and volumes climbed 36% to 78.48m stocks changing hands. The DFM added over the first week of July 0.88%.
Source: AME Info
Bahrain Reports Real GDP Growth of 70% in Last Decade
EDB Economic Review Forecasts Real GDP Growth of 7.2% in 2015
July 8, 2010--Bahrain enjoyed real GDP growth of 70 percent over the past decade according to a report out this week from the Kingdom’s Economic Development Board (EDB). This represents a sustainable growth rate in real GDP of more than six percent year-on-year.
The EDB’s first Annual Economic Review details Bahrain’s economic performance over the past decade and forecasts continued, sustainable growth over the coming ten years. In addition to the 70 percent GDP growth, exports increased 116 percent, Bahraini employment rose by 39 percent and Bahraini wages increased 54 percent.
From 2005 to 2008, Bahrain also achieved the highest amount of foreign economic investment as a proportion of nominal GDP among the six nations of the Gulf Cooperation Council (GCC) at around 35 percent. Real GDP is forecast to continue to grow sustainably with a four percent expansion in 2010, rising to 7.2 percent in 2015.
Whilst Bahrain’s economic expansion was against the backdrop of global economic growth, Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the EDB, believes the figures reflect the success of economic reforms. The measures – implemented under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB – have helped to build an open economy based on ethical values, he said.
“In Bahrain, our economic growth has been consistently strong, with a real average growth rate of over six percent during the last decade. Prudent economic reform has played a key role in strengthening the long term prosperity of the Kingdom. Our plan has always been about building sustainable growth through a sound and flexible economic and fiscal policy and diversified economy, with an emphasis on transparent, sound regulation.
“In today’s world, our ongoing reform programme – driven by Vision 2030 – is helping us to deliver sustainable prosperity by making the private sector the engine of growth and creating the optimum business environment for international companies looking to access the trillion dollar market of the Gulf.”
The five years to the end of 2008 were of particularly strong growth for Bahrain. Output in the finance sector nearly doubled and at the end of the period accounted for over one quarter of output, compared to less than a fifth five years previously. Manufacturing output improved 80 percent, while the education services, tourism and logistics sectors also grew. Today, the Kingdom is recognised as the most diversified economy in the Gulf and is ranked in the top 20 globally in the World Bank’s Doing Business Report.
Although Bahrain’s growth slowed during 2008 and 2009 as a result of the global economic downturn, the Kingdom avoided the worst of the recession apparent in Europe and North America. Bahrain’s success in continuing to expand during the sharpest global downturn in well over half a century is further testament to the strength of the economy and the value of the extensive reforms undertaken in the preceding decade, Shaikh Mohammed added.
Source: Bahrain Economic Development Board
Thomson Reuters report: Middle East investment banking sector shows strong start in 2010
July 7, 2010--The Middle Eastern Investment Banking Industry continues to grow with second quarter activity contributing to an impressive overall first half of 2010. The analysis, compiled by Thomson Reuters, shows that although the second quarter activity was at a lower level than the first quarter, there is still a strong foundation for which to build on for the remainder of 2010.
Analysis of the Thomson Reuters Middle East Investment Banking data for the first half of 2010 shows that:
The volume of Middle East targeted M&A in Q2 dropped 70% on Q1 2010, but contributed to a H1 that reached US$11.7bn - the busiest start to a year since 2008.
Investment banking and adviser fees reached $247m during Q2 contributing to $429m for H1 2010 - up 19% year on year.
Middle Eastern debt issuance reached $5.6bn during Q2, driven by the Financials, Governments/Agencies, and Telecommunications sectors.
Equity issuance reached $2.57bn during Q2 to contribute to $5.6bn for H1, resulting in 64% year on year growth.
Loan activity in Q2 was recorded at $3.3bn, down from $9bn during Q1. Despite this, loan activity for H1 reached $12.4bn, a 92% year on year increase.
The analysis shows that M&A fees account for 40.4% of activity during the first half of 2010, with DCM activity accounting for 13% of Middle East fees, in the most active first half since 2007. HSBC holds the top spot in Middle Eastern DCM fee raking for the first half of 2010, with Central Bank of Libya topping the Middle Eastern ECM ranking. Credit Suisse leads the M&A rankings with Standard Chartered leading the Syndicated Loans ranking.
Source: AME Info
Too soon to relax at Nasdaq Dubai
July 7, 2010--After two days of encouraging advances at the Nasdaq Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1514.460 today, down -26.880, or -1.74%, from the previous close as most regional indices took a dive on Wednesday.
Shares of DP World were the only securities posting a price change, plummeting 3.94% to $0.415.
Source: AME Info
Dubai market hit by profit booking
July 7, 2010--Ending with 14 decliners and seven gaining shares, the DFM Index failed to sustain its upward momentum from the start of the week and ended 0.86% lower at 1,482.12 points. The DFM share lost 2.67% (finishing at Dhs1.46).
Credit Suisse analyst Mohamad Hawa said yesterday in a statement that the Swiss bank estimates at DFM "a significant (41%) decline in 2Q net income of AED32mn, with total revenues of AED49 mn (based on Q2 total trading value of AED19 bn)." Emirates NBD gained two percent and finished at Dhs2.50. Traded value declined 31% with 74.3m stocks worth changing hands.
Source: AME Info
Sabic shares surge 4.44% in Riyadh
July 6, 2010--Saudi Arabia's stock market posted the largest advance among GCC markets on Wednesday. With all Saudi sector indices finishing in the green, but mostly boosted by energy and oil related firms, the Tadawul bourse closed 1.58% higher at 6,125.73 points. Market heavyweight Sabic, the world's largest petrochemical firm, added 4.44%, ending at a four-week high at SR88.25.
Saudi Hollandi Bank shares (off 0.31% at SR31.90) fell against the trend. But Credit Suisse analyst Mohamed Hawa expects that the oldest KSA institute (founded in 1926) has earned 8.8% more during the second quarter 2010, as Hawa expects that earnings of most Saudi banks have declined.
Source: AME Info
Nasdaq Dubai joins GCC rebound
July 6, 2010--The FTSE Nasdaq Dubai UAE 20 Index added 2.21% and finished at 1,541.34 points. Ports operator DP World extended its rebound form Tuesday, closing 2.86% higher at $0.432 on a high trading volume.
Depa Ltd., the global interior designer, ended up 2.78% at $0.74. EFG Hermes reiterated its buy rating for Depa Shares on Monday.
Source: AME Info
DGCX Indian Rupee Contract Achieves Record Day
DGCX Indian Rupee/Dollar futures contract reaches highest ever daily volume of 1,264 contracts, valued at US $53.8 million on July 1st, 2010
Total of 16,277 contracts traded on July 1st, 2010, the second highest daily volume for the exchange since inception
July 6, 2010--The Dubai Gold & Commodities Exchange today announced that trading in the Indian Rupee/Dollar futures contract reached an all time daily high of 1,264 contracts and US $53.8 million notional value on July 1st, 2010.
The new trading record for the Indian Rupee contract surpasses the previous peak of 1,074 contracts and US $47.37 million notional value achieved on March 26th, 2010 and follows the highest ever Indian Rupee monthly volume which was set last month. Year-to-date volume for Indian Rupee/Dollar futures is more than double the number of contracts traded in the same period last year, with growth of 121%.
"The recent daily high in Indian Rupee/Dollar futures demonstrates the increased demand among our global members and their commercial and investor clients to manage their exchange rate risk or gain exposure to the Indian Rupee," said Eric Hasham, Chief Executive Officer, DGCX.
"We are delighted with the increased momentum and trading activity that we are seeing in the India Rupee contract, which is testimony to improved liquidity, low cost trading and easy access to DGCX markets," he added. July 1st saw total volume of 16,277 contracts, valued at US $863 million, the second highest trading day since inception. The highest daily record was set on March 1st, 2010, with 19,255 contracts traded, valued at US $1.27 billion.
Source: Dubai Gold & Commodities Exchange
Tadawul market opens higher, ends lower
July 4, 2010--The Tadawul All Share Index (Tasi) fell for the sixth consecutive day. The Tasi opened positively but was forced back by selling pressure which mounted on financial and energy shares. Gulf General Cooperative Insurance Company was the top gaining share, ending 5.92% higher at SR32.20. Since the start of 2010 Gulf General surged 21.50%.
But this performance does not represent the entire sector as the Tasi insurance segment posted the second highest loss (down 21.66%) among all sectors on a year-to-date basis. Petrochemical bellwether Sabic declined 1.19% and finished at SR83.00. Filing & Packing Materials Manufacturing Co. jumped three percent, closing at SR26.80. According to Amman-based investment bank Jordinvest, Saudi Arabia's non oil exports showed a growth of 21% to SR11.4bn ($3.04 bn) in March 2010 from SR354m($94.4mn) in March 2009.
Source: AME Info
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