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Monday, 27 June 2016

Afkar Capital launches first ETF under new UAE regulations | GulfNews.com

Afkar Capital launches first ETF under new UAE regulations | GulfNews.com:

"Afkar Capital Limited, the Abu Dhabi-based asset management firm has launched the Afkar S&P UAE UCITS ETF, the first liquid, fully tradeable and transparent exchange-traded fund listed under the UAE’s new regulations.

The exchange traded fund (ETF) will list on the Dubai Financial Market (DFM) on Wednesday June 29, under the symbol ‘UAETF’ and has been designed to replicate the S&P UAE BMI Liquid 20/35 Capped Index.

The index includes the largest stocks by capitalisation in the UAE, providing exposure to the UAE economy. There are no entry or exit fees in the secondary market.

"



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MIDEAST STOCKS-Banks hold back Saudi as nearby markets tick higher | Reuters

MIDEAST STOCKS-Banks hold back Saudi as nearby markets tick higher | Reuters:

"Banks were the main drag on Saudi Arabia's stock market on Monday as investors grew wary before second-quarter financial results, while most other Middle East bourses recovered some of the losses from the sell-off after Britain's Brexit vote.

Riyadh's benchmark fell by 0.2 percent as banking shares were sold in the final hour of trade. Al Rajhi, the sector's largest Islamic bank, lost 2.2 percent to 56.50 riyals and the sector's sub-index dropped 0.8 percent.

A note from Riyad Capital said that tight liquidity and pressure on deposits are among the biggest challenges facing the banking sector this year."



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Full Show: Bloomberg Markets Middle East (06/27) - Bloomberg

Full Show: Bloomberg Markets Middle East (06/27) - Bloomberg:




"Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Rishaad Salamat. Guests include Nigerian Oil Minister Emmanuel Ibe Kachikwu, Mark Tinker, Asia head at AXA IM Framlington Equities, Saji Sam, global energy partner at Oliver Wyman, and Alex Guy, founder at Eshara Capital.(Source: Bloomberg)"



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Brexit Fallout: Do Gulf Markets Have Further to Fall? - Bloomberg

Brexit Fallout: Do Gulf Markets Have Further to Fall? - Bloomberg:




"Middle Eastern stocks followed declines across global markets as investors sought answers to how Britain’s decision to leave the European Union will affect economies in the region. Dubai’s DFM General Index lost 3.3 percent, the most since January, as Emaar Properties PJSC tumbled 4.7 percent. Saudi Arabia’s Tadawul All Share Indexfell 1.1 percent as more than 85 percent of its members retreated. The Bloomberg GCC 200 Index, a gauge of the biggest and most liquid stocks in the region, dropped 1.3 percent, the most in a month. Eshara Capital Founder Alex Guy discusses with Bloomberg's Tracy Alloway on "Bloomberg Markets Middle East.""



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MIDEAST STOCKS-Gulf bounces back as investors buy on dips | Reuters

MIDEAST STOCKS-Gulf bounces back as investors buy on dips | Reuters:

"Major stock markets in the Gulf rebounded in early trade on Monday, recovering from the immediate aftermath of Britain's vote to leave the European Union, as local retail investors and some institutions scooped up shares on dips.

Dubai's index, which had sunk 3.3 percent on Sunday in its initial reaction to the vote, rose 1.0 percent in the first hour on Monday with over nine-tenths of shares advancing.

Small and mid-sized shares favoured by local retail investors were the most traded with Islamic insurer Dar Al Takaful rocketing its 15 percent daily limit."



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Iran’s short-lived oil export boom is fizzling out. Why? | GulfNews.com

Iran’s short-lived oil export boom is fizzling out. Why? | GulfNews.com:

"Five months after sanctions on Iran were eased, the rapid rise in the country’s oil production and exports appears to be ending as quickly as it began.

Any slowdown in Iranian output will hasten the rebalancing of global oil supply and demand, adding weight to the assertion by Saudi Arabia’s oil minister Khalid Al Falih that “the oversupply has disappeared.”

Iran’s observed crude oil exports, which exceeded 2 million barrels a day in both April and May, slipped by almost 20 per cent in the first three weeks of June."



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