Middle East ETF News Older than One Year
Asset deflation continues at Kuwait bourse
July 4, 2010--Most shares across all sectors declined at the first day of the week in Kuwait, with KSE Market Index ending off 1.73% at 6,320.6 points. Banks and insurers posted heavy losses in particular. Industry bellwether National Bank of Kuwait (NBK) weakened by 3.5% and finished at KD1.1. Kuwait International Bank bucked the downtrend and advanced 1.06%, ending at KD0.190.
Jazeera Airways declined 1.88% and finished at KD0.104. According to data from Kuwait's Directorate General for Civil Aviation (DGCA), Jazeera under its CEO Stefan Pichler gained a leading market share in May 2010 among Kuwait-based airlines on the most competitive routes served from Kuwait, including routes to Amman, Bahrain, Beirut, Damascus, Dubai, Luxor, and Sharm El Sheikh. The carrier had closed the month with a market share of 31% on the Kuwait-Beirut route, 49% to Sharm El Sheikh, 19% to Dubai, 20% to Bahrain, 34% to Amman, 46% to Damascus, and 55% to Luxor. On year-to-date basis Jazeera shares lost 45.26%.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-July 4, 2010
July 4, 2010--Commodities Overview
Commodity prices may stage small, hesitant recoveries this week, following the heavy sell-off last week. The selling last Thursday was inspired by concerns over global economic trends. There is a bearish sentiment abroad all financial markets that suggests the world economy is headed into renewed recession. These views are based on less than sterling economic data being released, but the view that all is bad in the major economies seems excessively negative compared to the actual data.
Chinese and U.S. real growth are expected to continue over the next two quarters, but to slow dramatically. The markets are taking signs of this slowdown as indications of imminent recession. That seems too harsh of an outcome, given the strength that is evident in recent figures for autos, manufacturing, employment, inventories, and other sectors of the economy. This bearish view of economic prospects informed the sell off of stocks, bonds, and commodities last week. It appears overdone, however.
Currencies Overview
The overall impetus in the major traded currencies seems to be for a slight strengthening of the U.S. dollar against the euro, yen, and pound. This may not happen immediately, but the direction remains toward a somewhat stronger dollar against these currencies. This week may see exchange rates move sideways in a hesitant fashion, with this pro-dollar bias evident. The dollar may gain against these currencies this week, perhaps after trading lower early in the week.
Source:Dubai Gold And Commodities Exchange (DGCX)
Kuwait approves $56bn budget
July 1, 2010--Kuwait has approved a 2010/11 state budget which increases spending by 67.2% from the previous fiscal year as the country aims to reduce its dependence on oil, Reuters has reported. The new budget projects a deficit of KD7.55bn with expenditure set at KD16.3bn, up from the KD9.75bn the OPEC member spent in the 2009/10 fiscal year.
However, analysts believe the budget will eventually register the biggest surplus in the Gulf as the government has assumed a very conservative price of $43 a barrel for oil in its calculations.
Source: AME Info
Kuwait market weakens 1.70%
July 1, 2010--Sell-outs at real state shares and industry stocks triggered another day of decline in Kuwait. The KSE Price or Market Index ended at 6,4317 points. Shares of Grand Real Estate Projects (down 27.78% at KD0.026) and Mena Real Estate Company (falling 16.39% at KD0.051) weighed on the market in particular.
Kuwait Real Estate Holding Co., dubbed Alaqaria, on the other hand, advanced 3.48%, finishing at KD0.0445.
Source: AME Info
Dubai bourse rebounds 0.56%
July 1, 2010--Investors saw an encouraging start into the second half of 2010 as the DFM Index gained 0.56%, closing at 1,469.98 points. Global Investment House from Kuwait led the list of the winnin shares, jumping 8.33% higher at Dhs1.30. Other strong financials were Bank Emirates NBD (up 2.06% at Dhs2.48) and the DFM itself (advancing 1.40% atDhs1.45). Shuaa Capital ended flat at Dhs1.05.
The Dubai-based investment bank informed the DFM today that its private equity Shuaa Partners Fund 1 has agreed a share purchase for the sale of its ca. 22% in Rotana Hotel Management Corp. which goes back to the year 2006. The offer was made to an existing Rotana Hotel Corp. shareholder. Traded value declined at the DFM by 45% to Dhs146.01m , while volumes plummeted by 61% to around 123.277m shares changing hands.
Source: AME Info
Qatar exchange opens higher, ends in the red
July 1, 2010--The Doha-located QE Index declined slightly (down 0.78%), finishing at 6,845.81 points. Banks and industry shares posted mostly losses. Doha Bank (0.89% lower at QR44.50) decided today to disclose its semi-annual results July 19.
The media will be informed on July 25. Telecom operator Qtel (up 1.16% at QR165.40) and Vodafone Qatar (flat at QR8.10) were not affected by the general bearish mood.
Source: AME Info
Banks weigh on Bahrain market
July 1, 2010--The Manama-based Bahrain All Share Index was pulled down 1.17% to 1,379.98 points by weak performing banks. The country's largest financial instutute Arab Banking Corporation (ABC) posted the largest loss, plummeting 9.82% at $0.505.
Inovest bucked the baisse by advancing 4.35% at $0.480.
Source: AME Info
DGCX Volume Hits All-Time Monthly High in June
July 1, 2010--Volume scales a new monthly high in June at 192,138 contracts
June also sees the highest ever monthly volume for Indian Rupee/Dollar futures at 12,159 contracts
Total volume on Dubai Gold & Commodities Exchange (DGCX) rose to an all-time high in June at 192,138 contracts, surpassing the previous peak achieved in November 2009.
The strong activity was led by significant increases in volume across all product suites - precious metals, currencies and crude oil. Month-on-month volume rose by 24% for gold, 95% for Euro/Dollar, 40% for INR and 187% for WTI futures.
Setting yet another record, the volume of Indian Rupee/Dollar futures also scaled a new monthly high in June, at 12,159 contracts, demonstrating robust demand for the product.
Trading and participation on the Exchange has continued to expand since the start of 2010, borne out by a year-to-date June 2010 volumes of 934,403 contracts compared to 631,850 contracts over the same period in 2009, a growth of 48%.
The underlying value of total commodity and currency futures transactions in June was US$ 10.846 billion.
Commenting on the activity in June, Eric Hasham, Chief Executive Officer, DGCX, said, "June marked several milestones for DGCX. In addition to achieving the highest traded overall and Indian Rupee volumes, June also saw the launch of three new currency contracts."
"The DGCX INR/Dollar futures contract is the only exchange-traded Rupee futures outside of India, and is witnessing new interest from businesses, arbitrageurs and investors," said Hasham. "This is spurred by the contract’s higher liquidity, competitive trading costs, guaranteed settlement and reduced counterparty risk."
Source: Dubai Gold & Commodities Exchange (DGCX)
Funds tap into GCC's carbon market
June 30, 2010--As news of some clean development mechanism projects initiated by the GCC governments begins to spread, funds managed by banks and financial institutions are descending on the region to tap CERs, or Certified Emission Reduction units, that can be traded on European climate exchanges.
The GCC as a source of CERs is still at a fledgling stage and cannot be compared to Europe or even to China and India.
"You have funds trying to tap into the CERs from the GCC. These funds are managed by professional bodies and they may have banks and financial institutions behind them," said Anthony M Dols, CEO, Avantis 4E, a member company of the Dubai Multi Commodities. The Dubai-based firm provides sustainable energy solutions and advisory services in the UAE.
Funds that collect CERs sell them on European exchanges that record the highest volumes of carbon trade in the world. The London-based European Climate Exchange sees 2.2 billion such units being traded as futures and options annually.
The carbon trade market in Europe is estimated to be worth €100bn (Dh448.54bn) and is expected to grow to €800bn by 2020.
Source: Zawya
Saudi market falls on oil price decline
June 29, 2010--The Riyadh-located Tadawul market plummeted 2.65%, closing at 6,135.86 points as oil prices were hit by worrying data from East Asia and by comments made by the Bank of International Settlements (BIS) about an alleged weak status quo of the global financial sector. Consequently market leader and petrochemical giant Saudi Basic Industries Corporation (Sabic, off 3.87% at SR87) and a number of banks posted heavy losses.
But there were also gainers in Riyadh: Amana Cooperative Insurance Co. and Gulf General Cooperative Insurance Company which both added two percent and closed at SR15.00 and SR30.90, respectively, were the top gainers.
Source: AME Info
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