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Union Properties dives, Shuaa Capital gains at Dubai market
December 20, 2011--The DFM General Index shed another one per cent Tuesday, closing at 1,360.80 points. Arabtex Construction, a top performer in the second half of the year,
plummeted five per cent to close at Dhs1.65. Real estate giant Emaar (up 0.39% at Dhs2.57) and Shuaa Capital (2.38% higher at Dhs0.56) failed to lift the market. Despite an increase in trading turnover in recent months, DFM shares remained under pressure, cclosing off 1.26% at Dhs0.864. Some 114m stocks were traded, valued at Dhs168.6m.
Abu Dhabi bourse falls to 20-month low
December 20, 2011--The sell-off continued at the Abu Dhabi stock exchange ADX Tuesday, as its market gauge fell for the eighth day straight,
closing down 0.84% to 2,373.11 points. Aldar Properties dived 2.30% to Dhs0.84. Abu Dhabi National Energy or Taqa added 0.83%, reaching Dhs1.20. The next resistance line for Taqa-shares lies at Dhs1.30. Trading volumes surged to 128.77m stocks, valued at Dhs205.5m, one of the highest turnover figures which occured during the second half of the year.
Jazeera Airways shares show no let-up in rising
December 20, 2011--The Kuwait bourse KSE gained 0.17%, closing at 5,822.8 points. Budget carrier Jazeera Airways soared 3.37% to reach KD0.460.
Jazeera (Arabic meaning the island) under its CEO Stefan Pichler, has managed to create significant shareholder value in 2011, despite the rough market environment. Jazeera also benefited from the grounding of its local rival Wataniya Airways back in March this year. Year-to-date, Jazeera shares rose more than threefold.
Qatar Exchange approaches 8,800 points amid rising turnover
December 20, 2011--The QE Index added 0.41%, closing at 8,780.45 points. Vodafone Qatar, the country's second telecom provider, slipped 0.27% to QR7.48. Earlier in the day,
Vodafone Qatar announced its intention to disclose the 3rd quarter financial statements for the period ending December 31, 2011 on Thursday, January 19, 2012.
The Bahrain Financial Exchange trading turnover shows steady growth
December 20, 2011-The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region,
is pleased to announce steady growth in its trading turnover and the successful completion of four weeks of trading on its conventional platform.
Dubai Gold & Commodities Exchange Weekly Market Commentary
Economic Data Overview
The week ahead leads up to the Christmas holiday and the bond market will close early on Friday, December 23, and will remain closed on Monday, December 26.
The proximity to the holiday means that the second-tier data releases will get scant attention, and markets will concentrate on the few big reports for the week namely durable goods and the Q3 GDP data, while broader markets will also focus on housing starts, existing home sales and other housing data. Some of the data will be released slightly sooner than usual to allow for holiday schedules.
The calendar of public appearances by Federal Reserve and government officials will remain quite sparse until after the New Year's observance.
The data on new orders for durable goods in November is set for release on Friday. The transportation component is widely anticipated to provide a big boost to the overall number. New orders for Boeing aircraft were exceptionally strong at the Dubai Airshow in that month, and demand for new motor vehicles indicates that orders to replenish inventories could be solid.
The report on the third estimate of third quarter GDP for 2011 is on Thursday. Markets will quickly digest the last look at July-September period. At this point the fourth quarter is already well-advanced. With the hope of a more robust finish to the year, the older data simply is not as interesting.
Personal income and spending numbers for November will be released on Friday. Gains to wages and salaries will be modest, at best, while expenditures are likely to reflect a burst of holiday spending. Durable goods spending is likely to be substantial along with the improved pace of sales of motor vehicles.
The final Reuters/University of Michigan Consumer Sentiment Index for December will be...read more
DIFC Posts Four Consultation Papers for Public Comment Including a Proposed Legislative Framework for Non-Profit Organisations
December 15, 2011--The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, today announced the release of four consultation papers for public comment relating to:
Consultation Paper No. 3 - Amendments to the Data Protection Law, DIFC Law No. 1 of 2007 and the Data Protection Regulations
Consultation Paper No. 4 - Amendments to the Employment Law, DIFC Law No. 4 of 2005
Consultation Paper No. 5 - Draft law on Non-Profit Incorporated Organisations Law and Regulations
Consultation Paper No. 6 - Amendments to the Real Property Law, DIFC Law No. 4 of 2007
2 new companies join the TA-25 index:
December 15, 2011--Celebrating their recent accession to the TA-25 index, representatives of Mellanox Technologies and HOT opened TASE trading this morning.
HOT – A media company which operates cable television, telephony and high-speed internet services in Israel, and controlling shareholder in cellular phone company, "Mirs".
Mellanox - A technology company which develops and markets advanced end-to-end connectivity solutions for servers and storage systems.
Disappointment over MSCI verdict prevails at Dubai market
December 15, 2011--The DFM General Index fell 1.27% to 1,367.49 points, after globa index provider MSCI decided to delay it decision whether or not to upgrade the UAE to 'emerging market' by another six months.
Bellwether Emaar Properties dived 4.33% to Dhs2.65. After recovering throughout the week, Shuaa Capital was forced back by 4.30% to Dhs0.557. Over the week, the DFM General Index closed unchanged. Trading volumes more than doubled, as 124.5m shares were traded, valued at Dhs171.4m.
Abu Dhabi bourse's heavyweights plummet on MSCI decision
December 15, 2011--The ADX General Index fell 1.21% to 2,413.24 points. Earlier in the day, index developer MSCI (Morgan Stanley, Capital International) decided for the third time to postpone a verdict whether or not the UAE shall be classified as an 'emerging market', up from the level of a 'frontier market'.
The verdict is delayed for another six months. Consequently, blue chips like Aldar Properties (off 4.17% at Dhs0.92) or Abu Dhabi National Energy Company or Taqa (down 0.83% at Dhs1.20) posted losses. Finance House bucked the trend and gained 7.38% to reach Dhs3.49. MSCI said it sees a positive development in the framework at UAE exchanges, but said institutional investors raised concerns over the protection of assets under the "delivery versus payment"-regulation.
