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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
Source: Dubai Gold & Commodities Exchange (DGCX)
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
Source: Dubai International Financial Centre (DIFC)
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.
Source: TASE
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.
Source: AME Info
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.
Source: AME Info
NASDAQ Dubai blue chips post significant losses
December 15, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1415.79 today, down 2.56%, from the previous close.
Dubai Ports (DP) World dived 3.92% to $9.80, while Damas, the international jewelry trader from Dubai, plummeted 6.67% to close at $0.14. Some 2.5m shares changed hands at the NASDAQ Dubai.
Source: AME Info
Qatar Exchange dips slightly ahead of National Day
December 15, 2011--The QE Index ended 0.20% lower at 8,752.87 points Thursday. Earlier in the day Qatar failed to obtain a re-classification to 'emerging market' from 'frontier market' by index developer MSCI.
A QE spokesman commented: "Although we would have been happy if the reclassification has been achieved, we remain confident that the Qatari Market will continue its drive towards success motivated by the strong economy of the State of Qatar and the favourable performance of the companies listed on the exchange”, the spokesman said. “This year, QE is expected to be the best performing market in the region and one of the best dividend paying markets globally”, he added. The country's largest lender Qatar National Bank (QNB) fell 0.93% to QR149.30. Next Sunday, December 18, the Qatar Exchange will remain closed as the Gulf state will mark its National Day.
Source: AME Info
Commercial Bank of Kuwait recovers further from year-low
December 15, 2011--The KSE market gauge fell 0.31% Thursday and lost 0.75% over the second trading week in December, amid declining oil prices. Kuwait's federal budget relies 95% on oil export revenues.
Shares of Commercial Bank of Kuwait or CBK bucked the trend and climbed 2.5% higher to reach KD0.810. CBK has touched a year-low at KD0.730 on October 27 and has since then recovered constantly.
Source: AME Info
Qatar bourse gains slightly as investors expect MSCI vote
December 14, 2011--The Qatar Exchange ended 0.06% higher at 8,769.47 points. Geneva-based index developer MSCI, a leading company in the exchange- and fund management services industry, will announce later today whether or not it will upgrade Qatar to the level of an 'emerging market' from 'frontier market',
a move that could increase foreign investments at the Doha bourse. Mannai Corporation fell one percent to QR101. Earlier in the day Mannai said an Extraordinary General Assembly Meetings held Tuesday approved the proposed purchase by the company of all the shares of Black Cat Engineering and Construction for total consideration not exceeding QR250m.
Source: AME Info
Traders hail Taqa bid for Dubai power plant
December 14, 2011--The Abu Dhabi equity benchmark index fell 0.25% to 2,442.82 points. Abu Dhabi National Energy, known as Taqa, advanced 0.83% to reach Dhs1.21. Taqa, together with a Japanese-Korean Consortium is the front-runner
for the Dubai's first privately financed power plant, the Hassyan independent power project, due to the firms' lowest bid submission, The National reported yesterday. ADX Heavyweights Aldar Properties and Dana Gas closed even. Bank of Sharjah posted the highest decline, ending down 5.45% at Dhs1.55. Trading volumes surged as some 94.4m shares were traded, valued at Dhs259.55m.
Source: AME Info
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