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Bahrain Bourse advances steadily as financial sector grows
March 06, 2012--Bahrain: The Bahrain All Share Index closed 0.40% higher at 1,156.53 points Tuesday. Ahli United Bank ended up 0.75% at $0.675.
Earlier in the day, AMEinfo.com reported that the number of financial institutions registered in Bahrain continued to rise last year, reaching 415 by the end of January 2012, up from 403 a year earlier. The Kingdom saw a number of successes in the last few months of 2011 as financial institutions such Notz Stucki and Altaira Middle East have set up in the Kingdom, increasing the number of institutions registered in the country to 415 as of 31st January.
Egypt's foreign reserves decline slows
March 05, 2012--According to data by Egypt's central bank, the country's foreign currency reserves dropped last month by the smallest amount in more than a year, giving the country additional time to secure a $3.2bn loan from the International Monetary Fund, Bloomberg has reported.
Net official reserves fell by about $640m to $15.7bn, the figures showed. The pace of decline eased “on the back of a bit of confidence in the markets this month and optimism over the IMF deal and political progress,” said Liz Martins, Dubai-based senior economist at HSBC Holdings. It’s good news but it doesn’t change any of our fundamental views that Egypt’s external position is still under pressure and that the currency is still under pressure.”
Aluminum Bahrain, Batelco drag Bahrain Bourse slightly higher
March 05, 2012--The Bahrain All Share Index closed 0.40% higher at 1,152.11 points Monday,
ending a flat phase which lasted three trading session. Blue chips Aluminum Bahrain or Albah (up 3.40%) and Bahrain Telecom, known as Batelco (gaining 2.60%) helped the gauge to rebound. Ahli United Bank was the only traded share which fell in value (off 1.50%).
Riyadh bourse takes a break from the bull run
March 05, 2012--Like the Dubai Financial Market (DFM), the Saudi Stock Exchange closed even Monday at 7,353.79 points.
Emaar The Economic City gained the most, closing 9.74% to reach SR10.70. Sabic slipped slightly to close at SR101.25. Market breadth remained positive as 76 shares advanced and 57 declined. Year-to-date, the Saudi Stock Exchange surged 14.60%.
Dubai Mercantile Exchange Continues Record Breaking 2012 with New Trading Highs
February sees highest monthly trading, best average daily volume and busiest day in exchange's history
March 5, 2012--The Dubai Mercantile Exchange (DME), the leading energy futures exchange in the Middle East, today continued its historic start to 2012 with the announcement of three new trading
records:
Total Monthly Traded Volume – 107,565 contracts, a 12.5% increase over the previous high
February 2012 saw the Exchange trade the highest number of DME Oman Crude Oil Futures (DME Oman) contracts in one month with a new record total of 107,565 contracts, equivalent to approximately 108 million barrels or 25% of total Arabian Gulf crude oil exports to the East. Average Daily Volume (ADV) – 5,378 contracts, an increase of 21.5% over the previous record
The Exchange recorded its highest ever Average Daily Volume (ADV) at 5,378 contracts.
Dubai Gold & Commodities Exchange Weekly Market Commentary
March 4, 2012--Economic Data Overview
Gold fell sharply last week as a lack of physical demand to sustain the well-established gains of recent months was undermined by the fact that the mention of a QE3 program was to be omitted by Ben Bernanke in statements.
Gold bulls want low US bond yields and a weak dollar. The prospect of continued low interest rates and but no further new bond purchases had the impact of capping bond markets and supporting the dollar.
European leaders have signed a growth agenda and a deficit control treaty. "We're not out of the economic crisis yet but we are turning the page of the financial crisis," French President said this week, after the latest summit on the European crisis. The private debt issue which asks institutions to take a 70% haircut on Greek debt has yet to be agreed. A further Greek related issue is the news that credit default swaps will not be triggered by this move. This had the impact of allowing investors to move funds out of safe haven markets like treasuries and gold.
European Finance ministers will hold a conference call on March 9 to gauge the take-up of the debt swap offer. Failure to accept could lead to even bigger losses for European banks. This week's ECB debt tenders had a take-up of an estimated 215 billion euro as banks continue to repair balance sheets with cheap ECB funds. This type of easing within the financial system helps European banks but may do very little to filter credit through the broader economic system. There is an increased consensus in the market that due to the continued debt tenders being issued by the ECB, interest rates in Europe will stay at 1% through this year.
The problem of generating growth in economies which are already crippled, by imposing further austerity measures also showed signs of breaking this week. Spain independently increased their budget deficit target from 4.4% to 5.8% of GDP and told reports it was a sovereign decision made by Spain upon which they did not consult with European authorities
DP World dives over three percent as worries over possible instabilities in the Middle East loom
March 01, 2012--United Arab Emirates: The FTSE NASDAQ Dubai UAE 20 Index closed at 1735.70, off 1.76% from the previous close. Dubai Ports (DP) World, the world's third largest container port operator, retreated 3.17% to $11.90.
DP World hit a seven-month high last Monday, but meanwhile many analysts increasingly express worries the sharp surge in GCC stock markets in the last two months might fickle due to a possible escalation in the row between the West and Iran on Tehran's nuclear energy program. "One of the challenges for markets is the rise in oil prices, Gary Dugan, CIO Private Banking at Emirates NBD, said in his weekly market commentary published Wednesday. "In the last few days oil prices have risen to a nine-month high. In our view higher oil prices are here to stay. Much has being made of the potential greater geopolitical risks but the 'high' oil prices are also due to an ongoing fundamental imbalance between supply and demand."
Kuwait market extends its step-by-step rally
March 01, 2012--The KSE Market Index added 0.11% to reach 6,133.6 Thursday.
Fujairah Cement Industries Co. gained the most (up nine percent), while most banks underperformed, such as Al Ahli Bank of Kuwait (ABK), ending down 1.53%. The northern Gulf state's largest lender by assets National Bank of Kuwait (NBK) gained 1.7%. Bank of America Merrill Lynch expects the Kuwait economy's to grow by 5% in 2012, up from 4.1% in the previous year.
DP World dives over three percent as worries over possible instabilities in the Middle East loom
March 01, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1735.70, off 1.76% from the previous close.
Dubai Ports (DP) World, the world's third largest container port operator, retreated 3.17% to $11.90. DP World hit a seven-month high last Monday, but meanwhile many analysts increasingly express worries the sharp surge in GCC stock markets in the last two months might fickle due to a possible escalation in the row between the West and Iran on Tehran's nuclear energy program. "One of the challenges for markets is the rise in oil prices, Gary Dugan, CIO Private Banking at Emirates NBD, said in his weekly market commentary published Wednesday. "In the last few days oil prices have risen to a nine-month high. In our view higher oil prices are here to stay. Much has being made of the potential greater geopolitical risks but the ‘high’ oil prices are also due to an ongoing fundamental imbalance between supply and demand."
Sorouh Real Estate publishes corporate governance report, shares dip slightly
March 01, 2012--In contrast to the Dubai bourse, the Abu Dhabi Securities Exchange (ADX) remained buoyant Thursday, ending up half a percent at 2,623.87 points depite negative market breadth (seven shares advanced, 18 declined).
United Arab Bank gained the most (10% higher), while RAK Ceramic posted the largest decline (off 8.90%). First Gulf Bank, the UAE's fourth largest lender by assets, was the most liquid share, gaining one percent to reach Dhs21.40. Sorouh Real Estate fell 1.60%. Earlier in the Sorouh published its annual corporate governance (cg) report. UAE markets upgraded their cg standards in recent years. Listed firms are required to report every year to report about their cg activities, such as increasing transparency in management operations or social and ecological responsability. "CG is key to increase trust into capital markets among share- and stakeholders, the public and employees and to attract foreign direct investment," said Dr. Nasser Saidi, Chief Economist and Head of External Relations of the DIFC Authority and founding Director and Board Member of the DIFC-based Institute of Corporate Governance Hawkamah.
