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Dubai Gold & Commodities Exchange Weekly Market Commentary
January 15, 2012--Economic Data Overview
The January 16 week is shortened by the presence of the ML King, Jr. Birthday observance on Monday. While markets and Federal offices will be closed, the day is not universally a business holiday.
There will be a number of earnings reports released that day, retailers will be offering sales to move out winter merchandise and introduce spring items, many private businesses will be open. Some data normally released Tuesday -- like the weekly numbers for retail activity -- will be moved to Wednesday.
The relatively light economic data calendar is mainly packed into Wednesday and Thursday, and during which markets will have a lot of fresh data to consider in advance of the next FOMC meeting. The main themes will be for inflation, manufacturing, and housing.
The December data on the Producer Price Index and Consumer Price Index will be released on Wednesday and Thursday, respectively.
Recent comments by Fed officials indicate that attention is shifting back to the potential for too low prices as the surge in commodities prices over the summer months continues to abate. The December inflation numbers are likely to reflect falling food prices and moderation in some key components like motor vehicles. While prices for oil were on the rise the last couple of months, those for gasoline and home heating oil for December indicate that there will be little upward pressure in the finished energy components of either index.
The release of the New York Fed's Empire State Survey on Wednesday and the Philadelphia Fed's Business Outlook on Thursday will set the tone for conditions in the factory sector in January. The general activity index in both reports continued to signal expansion in the last couple of months, albeit at a fairly soft pace.
Any strengthening of the trend will be a welcome indication that manufacturing will continue to support the recovery.
The report on industrial production and capacity utilization for...
Source: Dubai Gold & Commodities Exchange (DGCX)
UAE banking market most competitive in GCC, despite lower profits
January 12, 2012--United Arab Emirates: According to a report by the Abu Dhabi Islamic Bank (ADIB) reports, the UAE remains the most competitive banking market in the GCC,
Gulf News has reported. The UAE population of about 8 million is served by 51 banks with more than 840 branches and over 4,000 ATMs, delivering high levels of service, yet lower profitability than its GCC counterparts, the report said. [AMEInfo.com]
Source: AME Info
Saudi oil output nears full capacity
January 12, 2012--Saudi Arabia: Saudi Arabia will find it difficult to compensate shortages derived from sanctions on Iran, Reuters has reported, citing sources from the region.
The kingdom is already close to its oil production capacity, sector professionals and there is very little unused capacity in the Gulf, an unnamed official was quoted as saying. The kingdom, now pumping just under record rates of 10 million barrels per day, has poured billions of dollars into its vast oil fields, which on paper should ensure it has the ability to ramp up to 12.5 million bpd.
Source: AMEInfo.com
Emaar Properties shares remain stuck at Dhs2.50
January 12, 2012--The Dubai Financial Market (DFM) General Index declined 0.45% to 1,327.54 points.
Market and real estate bellwether Emaar (off 0.40%) fell back to Dhs2.50, it seems that this price level became the developer's 'street number'. Shuaa Capital soared 12.53% to reach Dhs0.53. Over the week, the Dubai equity gauge fell by 1.13%. Some 79m shares were traded Thursday, valued at Dhs70.4m.
Source: AME Info
Qatar's Gulf Warehousing reports annual profit increase, shares fall
January 12, 2012--The Qatar Exchange (QE) Index declined 0.13% to 8,699.46 points. The country's largest lender by assets Qatar National Bank ened unchanged at QR147.50.
Gulf Warehousing plummeted two per cent to finish at QR36.90. Earlier in the day Gulf Warehousing reported a net profit of QR61.7m in 2011 compared to QR51m in the year 2010. The Company’s EPS amounted to QR1.56 in 2011 versus QR2.04 in 2010. "The board also recommends to the General assembly a cash dividend distribution of 15% of the nominal value of share capital 39.6m shares," Gulf Warehousing said in an e-mailed statement.
Source: AME Info
DP World shares remain on solid growth path
January 12, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed a quarter per cent lower at 1366.96 Thursday.
Bellwether Dubai Ports (DP) World added 0.78% to reach $10.30. Since its month-low on December 27 2011, DP World has gained eight per cent. Damas Jewellery, after doubling in value in the last four weeks, lost 10% on profit bookings, closing at $0.36.
Source: AME Info
Despite lying on the bargain table, DFM shares fall further
January 11, 2012--The Dubai Financial Market (DFM) General Index fell half a per cent to 1,333.52 points.
Heavyweight Emaar Properties dipped 1.18% to Dhs2.51. The DFM, the only publicly listed Arab market, dived 3.26% to hit Dhs0.772. DFM shares, also historically low valued, still suffer from index provider MSCI's decision to postpone a possible upgrade of the UAE to 'emerging market' from 'frontier market'. Bank Emirates NBD, the UAE's largest lender, ended even at Dhs2.80. According to the 'GCC Banking Competitiveness Report' published by Abu Dhabi Islamic Bank earlier in the day, the UAE has the most competitive banking market in the GCC. "“UAE banks’ net interest margin, which is the spread between what banks pay for deposits and what they charge for financing and loans remains the lowest among the GCC, at an average of 2.9%. Saudi banking spreads are currently closer to 3.5%, Qatar at 3.4% those of Kuwait banks are at around 3.2%,” the report by ADIB found out. Some 45.7m shares were traded, value at Dhs43.8m.
Source: AME Info
Despite lying on the bargain table, DFM shares fall further
January 11, 2012--The Dubai Financial Market (DFM) General Index fell half a per cent to 1,333.52 points.
Heavyweight Emaar Properties dipped 1.18% to Dhs2.51. The DFM, the only publicly listed Arab market, dived 3.26% to hit Dhs0.772. DFM shares, also historically low valued, still suffer from index provider MSCI's decision to postpone a possible upgrade of the UAE to 'emerging market' from 'frontier market'. Bank Emirates NBD, the UAE's largest lender, ended even at Dhs2.80. According to the 'GCC Banking Competitiveness Report' published by Abu Dhabi Islamic Bank earlier in the day, the UAE has the most competitive banking market in the GCC. "“UAE banks’ net interest margin, which is the spread between what banks pay for deposits and what they charge for financing and loans remains the lowest among the GCC, at an average of 2.9%. Saudi banking spreads are currently closer to 3.5%, Qatar at 3.4% those of Kuwait banks are at around 3.2%,” the report by ADIB found out. Some 45.7m shares were traded, value at Dhs43.8m.
Source: AME Info
Qatari takeover plans lift Damas shares to $0.40
January 11, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.43% higher at 1370.33. Damas Jewellery soared 14.29% to hit $0.40. Earlier in the day Mannai Corp. from Qatar confirmed media reports it considers a cash offer for Damas for $0.45 per share as the founding brother Abdullah plan to sell part of their stake in Damas.
The offer done by Mannai, whose shares are listed at the Qatar Exchange, would have a value of Dhs1.65bn. Global maritime port operator DP World gained 3.23% to reach $10.22. Dubai Gold Securities advanced 1.28%, ending at $162.25. Around 1.46m shares changed hands at the NASDAQ Dubai.
Source: AME Info
Qatar market rebounds by one per cent, Mannai Corp. ends flat
January 11, 2012--The Qatar Exchange (QE) Index added 0.95% to reach 8,710.89 points. Qatar National Bank reovered from yesterday's price slump (minus five per cent) and surged 1.72% Wednesday, closing at QR147.50.
Shares of multi-product and services company Mannai Corp. closed unchanged at QR101. Earlier in the day, Mannai confirmed media reports it considers to buy a majority share in Dubai-based jewelry trader Damas for Dhs1.65bn.
Source: AME Info
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