Middle East ETF News Older than One Year
IMF increases Lebanon growth forecast to 8%
June 9, 2010-The economic growth forecast for Lebanon has been raised by the International Monetary Fund (IMF) to at least 8% from a previous estimate of 6%, Reuters has reported.
"Lebanon is reaping the benefits of improved domestic stability and prudent policies," IMF mission chief, Andreas Bauer told a press conference. "The economy is still very strong and the momentum is carrying on."
Source: AME Info
Saudi stock market surges 1.85%
June 8, 2010--In line with the recovery at Western stock markets the Saudi Arabian Tadawul All Share Index (Tasi) advanced 1.85% and closed at 6,110.98 points, well above the psychological important resistance level at 6,000.00 points. Higher oil prices, advancing nearly 3% until the close of trading in Riyadh to almost $74 per barrel, supported the bull's run.
Al-Ahlia Insurance rebounded nine percent and ended at SR50.52 points after hit a new-year low on Tuesday. Market bellwether Sabic added 2.5% (closing at SR88.50). Sabic is well on the way to recover after the petrochemical giant topped out on May 4 at SR106.75. All Tasi sector indices gained ground, with 31 stocks (mostly financials) losing and 94 shares adding value.
Source: AME Info
Damas shares plummet 6.94% at Nasdaq Dubai
June 8, 2010--The Nasdaq Dubai saw some 622,496 stocks changing hands on Tuesday. Dubai-based jewelry giant Damas International Ltd. fell by almost seven percent to $0.161 after the firm announced today that the Company has appointed the Abdullah brothers (Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah) as senior advisors to the company.
On March 21 2010, the Dubai Financial Services Authority (DFSA), the regulatory body of the Nasdaq Dubai and the DIFC, banned the Abdullah Brothers from the board of any DIFC company for 10 years and imposed a penalty of Dhs2.57m on the firm after they were found to have withdrawn Damas funds for their own personal use without disclosing it to the board. Also traded at the Nasdaq Dubai were DP World (off 2.27% at $0.43) and interior designer Depa (unchanged at $0.74).
Source: AME Info
ADX Resumes the ETFs Awareness Campaign
Dow Jones UAE 25 Index Enables Investors to Track UAE’s Economic Growth
“Training brokers on ETFs ensures delivery to investors,” Rashed Al Baloushi
June 7, 2010--Abu Dhabi Securities Exchange (ADX) today resumed its ongoing Exchange Traded Funds (ETFs) awareness campaign through hosting a presentation for the registered brokers at its headquarters in Abu Dhabi in coordination with the National Bank of Abu Dhabi (NBAD) and Thomson Reuters.
"What distinguishes the ETFs trading platform at ADX is the high degree of transparency, thanks to the listing requirements that stipulate listing only the UCITS compliant ETFs, and such application of European standards in Abu Dhabi supports our efforts to attract more foreign and institutional investors to our capital markets,” commented Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations.
“Targeting brokers at this phase of the awareness campaign achieves several goals, such as ensuring the delivery to investors; whereas all investors need to go through a broker for investing at ADX, in addition to training brokers as regards to ETFs trading mechanisms and the players involved,” he added.
The presentation was delivered by Saeed Khouri, Head of Communications, Marketing and Research at ADX, Raed Abu Nahleh Head of Business Development at NBAD’s Asset Management Group, and Talal Touqan, the Asset Management Specialist at Thomson Reuters, Gulf.
The presentation included a thorough coverage of all the aspects related to ETFs trading including ADX’s platform, trading mechanisms and other technical issues exposing the many benefits for investing in ETFs such as risk mitigation and diversification and cost rationalizing through illustrating NBAD’s OneShare Dow Jones UAE 25 ETF.
Source: Abu Dhabi Securities Exchange (ADX)
Iran central bank denies 45 billion euro conversion: report
June 7, 2010--- Iran's central bank chief has denied reports the bank was converting 45 billion euros of its foreign exchange reserves into dollars and gold ingots, the economic daily Pool said on Sunday.
"These reports are incorrect. I categorically deny reports appearing in foreign media," the newspaper quoted Central Bank Governor Mahmoud Bahmani as saying.
Iran's English language Press TV channel's website reported on Wednesday that the bank was converting 45 billion euros of its reserves into dollars and gold ingots.
The report, also widely carried by Iranian newspapers, said the bank's new monetary policy came against a backdrop of a new phase of economic recession in Greece and Spain which had caused a drop in the value of euro against the dollar in global markets.
Source: EUbusiness
Nasdaq Dubai posts profits
June 7, 2010--At Nasdaq Dubai, shares of Dubai Ports (DP) World climbed 2.09% higher and closed at $0.44. Interior designer Depa added 2.07%, ending at $0.74. No other shares posted valuation changes.
Nasdaq Dubai-listed China Security and Surveillance Technology (CSST, flat at $4.7), a leading integrated provider of digital surveillance technology in the P.R. China and the only listed chinese stock at a Middle Eastern market, today announced the appointment of Dr. Liu Haitao as CSST's Chief Scientist.Nasdaq Dubai-listed China Security and Surveillance Technology (CSST, flat at $4.7), a leading integrated provider of digital surveillance technology in the P.R. China and the only listed chinese stock at a Middle Eastern market, today announced the appointment of Dr. Liu Haitao as CSST's Chief Scientist.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-June 6, 2010
June 6, 2010--Commodities Overview
Most financial markets are likely to remain on edge this week, rattled by a growing array of political, financial, and economic issues, problems, and uncertainties. Commodities markets will not be excluded from this nervous state of agitation. Prices may move sharply higher and lower across a band of commodities, as investors and commercial market participants struggle to ascertain where the world’s economic and political futures lie. The markets may not have any respite from this volatility this week. The underlying global economic and political landscape remains too overloaded with a large number of near-term perils to allow market participants to settle on any expectations for too long.
At present, economic conditions remain positive on a global basis, although the risks to continued recovery have risen sharply. Underlying economic conditions may not be deteriorating as much as investor expectations suggest, but it will be the reactions of nervous investors that determine market trends. The bifurcation of the U.S. dollar continues meanwhile, strengthening against the euro overall in a volatile fashion while remaining vulnerable against many other currencies. Investors remain interested in commodities, but are becoming increasingly nervous longs.
Currencies Overview
Currency market trends are likely to continue this week. The euro may test support levels while the pound and rupee consolidate in their recent respective trading ranges. The U.S. dollar and the yen meanwhile may see support from investors seeking safe haven assets amid turbulent financial market conditions and speculation over sovereign debt problems affecting euro zone member nations’ economic standings. Hungary’s recent comments late last week over its financial troubles helped spur increased concern over a broader span of European nations’ finances. More investor concern actually may have been generated by comments in Europe and London suggesting that European commercial banks’ financial positions are weakening to perilous levels. There was a broad sell-off in equity markets in both Europe and the United States as the euro fell to levels not seen since 2006. The U.S. dollar and the yen received a boost as investors moved toward safe haven currencies. While the recent trend in currency markets may remain in place this week, it should not be totally unexpected if volatility surges. Investor sentiment toward a broader scope of asset classes from bonds to equities to sovereign and bank debt insurance instruments may undergo large shifts.
Source: Dubai Gold And Commodities Exchange (DGCX)
Saudi Arabia to allow foreigners to own property
June 3, 2010--Foreigners will be allowed to own property in Saudi Arabia for the first time in one of four new metropolitan areas under construction in the kingdom, Bloomberg has reported. King Abdullah Economic City, known as KAEC and named after the head of state, will be the first freehold city in the kingdom as the country seeks new sources of investment.
The city is being built by Emaar Economic City, a company controlled by the Saudi Arabian government and Dubai's biggest property developer. "A lot of people want to invest in the Saudi market and see it as a frontier for real estate investment because of the population explosion here," Fahd Al-Rasheed, Emaar Economic City's CEO, told the news service.
Source: AME Info
Iran converts euros to dollars, ingots
June 3, 2010--The central bank of Iran plans to convert €45bn of its euro reserves into dollar and gold ingots, Press TV has reported.
Citing a report in Jaam-e Jam newspaper, the news service said the monetary plan was to be carried out in three phases, with the first stage of the programme already underway.
Source: AME Info
Qatar exchange tops GCC markets
June 3, 2010--The Doha-based Qatar Exchange (QE) outperformed all other GCC markets (except Saudi Arabia's Tadawul market, which is closed on Thursdays). The QE Market Index ended 0.98% higher at 6,803.25 points as 30 stocks advanced, two shares declined and nine ended flat.
General Insurance posted the largest advance, climbing 7.84% at QR55.00. Qatar Telecom (up 3.01%, at QR155.00) finished among the top gainers.
Source: AME Info
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