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Dubai Gold & Commodities Exchange Weekly Market Commentary - November 13, 2011
November 13, 2011--Economic Data Overview
The coming week again focuses on international events to the detriment of U.S. fixed income fundamentals, although there are Fed buys, official appearances and inflation and industrial data during the period.
Key economic data include October retail sales (expected to rise, showing a good start to Q4), PPI and CPI price data (expected to moderate), while manufacturing data that should show growth.
Focus remains on Europe, as in addition to events in Greece, market participants are watching if Italy's 10-year yield can remain below 7% and when Italy's elections will be called, and are looking to see how far France can be dragged into the turmoil as its bond yields rise.
There are a number of regional Fed speakers, but key Board members are absent from the calendar.
Focus early in the euro zone week will once again be on wider political developments in the periphery. The new Greek government formed under Loukas Papademos looked like being given a short honeymoon period by the markets - if Friday's relative stabilisation in the markets is anything to go by. The same applies to the government which is expected to be formed around former European Commissioner Mario Monti.
Worry for euro zone leaders is that attention now starts to shift to France. This had already been in the air Thursday, with a move by Moody's or Standard & Poor's expected any day now to move the country off stable outlook and into Review or Ratings Watch mode.
That said, it is also an important data week next week for the zone, with flash Q3 GDP due for EMU as well as France and Germany on Tuesday. Analysts seem to be expecting a kind of technical bounce back for the core from the impact of the Japan tsunami on supply chains at the start of the year. But recent PMIs have pointed to underlying weakness in the EZ economies and ECB President Mario Draghi's comment at his first press conference that the zone is already maybe in a mild recession is echoing in markets' minds. A flat Q4 is expected and hence a further easing of policy further out by the ECB is also expected.
ECB officials have full speaking agendas next week, with Bundesbank President Jens Weidmann due to speak during the week and ECB President Mario Draghi slated for a keynote address on Friday next week. Chief Economist Juergen Stark is also due to speak on Tuesday. Now that Italian Board Member Lorenzo Bini Smaghi has announced his departure, we should start to hear some names of likely contenders emerge from France, given that this major euro zone country does not have a member of the ECB board at present.
In the past week, ..read more
Source: Dubai Gold & Commodities Exchange (DGCX)
Undecided Qatari investors leave local bourse flat
November 10, 2011--The QE Index in Doha saved the year-to-date gain of 0.25% it has achieved yesterday but did not advance further on Thursday, despite gains among the top banks.
Qatar National Bank (up half a per cent at QR149.00), Qatar Islamic Bank (gaining a quarter per cent at QR81.70) and Commercial Bank of Qatar (0.36% higher at QR83.50) failed to lift the market sentiment due to low trading volumes. Bellwether share Insustries Qatar dipped 0.15% to QR135.80).
Source: AME Info
National Bank of Abu Dhabi bucks fickle market sentiment
November 10, 2011--The ADX General Index dipped 0.22% to 2,477.84 points. The sheikhdom's largest lender National Bank of Abu Dhabi (NBAD) posted the largest advance, closing 0.95% higher at Dhs0.95.
Pharmaceutical producer Julphar followed with a plus of 0.93%. Losses occured mostly in the real estate sector, with Aldar Properties declining 0.95% to Dhs1.04.
Source: AME Info
Dubai market DFM hit by Italy woes
November 10, 2011--Despite a rebound at Asian in European markets, the DFM General Index (off 0.53% at 1,382.72) suffered from continuing uncertainty and low trading volumes in the wake of Eid holidays.
Emaar Properties lost 1.48%, closing at Dhs2.92. Investment bank Shuaa Capital bucked the downtrend and surged 2.78% to reach Dhs0.74. Some 35.6m shares were traded, valued at Dhs46.6m.
Source: AME Info
Ominvest reveals plans to invest in energy sector
November 10, 2011--Oman International Development and Investment Co (Ominvest) has unveiled plans to invest a total of $30m in the energy sector to diversify its investments,
Muscat Daily has reported. The move is aimed at improving returns on investments since the earnings of large investment houses have been affected due to negative returns on their capital market investments this year, the firm said.
Source: AME Info
New Trading Mechanism Starting on Nilex next Sunday
November 10, 2011--Nilex market will start operating, effective Sunday November 13th, on a continuous trading basis, similar to the main market. The trading session shall commence at 10.30 am and will end at 11.30 am. Price limits will be allowed to fluctuate 5% up and down during the trading session.
The closing price, during and at the end of the session, will be calculated according to the volume weighted average price, provided a minimum value trading of EGP 20,000 per day, or its equivalent in other foreign currency, is concluded
Source: EGID
Aldar Properties stabilises above one Dirham per share
November 09, 2011--The Abu Dhabi bourse ADX added 0.04% to finish at 2,483.29 points. Leasing specialist Waha Capital gained the most, closing 5.45% higher at Dhs0.58. Aldar Properties was the most liquid shares and added 1.94% to reach Dhs1.05.
At the end of last week, Aldar reported a Dhs144m net profit for the third quarter. Aldar's nine-month profit reached 460.4m, compared to a net loss of 1.52bn during the same period in 2010.
Source: AME Info
Dubai stocks edge slightly higher
November 09, 2011--The Dubai Financial Market (DFM) added 0.42% Wednesday, closing at 1,390.07 points amid improved sentiment during the Eid holidays. Dubai's tourism agency DTCM announced an 11% increase in hotel occupancy to 6.64 million guests during the first nine months in 2011. Also, according to consumer research firm Nielsen, the UAE is among the top 10 countries in relation to consumer condfidence.
Only a few shares were traded on the first trading day after Eid holidays. Emaar advanced 2.27% to reach Dhs2.70. Around 33.2m shares were traded, valued at Dhs43.5m.
Source: AME Info
Bahrain Bourse regains some ground
November 09, 2011--The Bahrain All Share Index closed 0.36% higher at 1,159.25 points. Esterad Investment Company soared 7.27% to close at BD0.118.
Bahrain Telecommunications, known as Batelco, finished even at BD0.394. Shares of Aluminium Bahrain gained 2.88%, reaching BD0.535. Year-to-date, the Bahrain Bourse has lost 19 per cent, however, the Manama-based exchange rebounded has been stabilising since mid-October.
Source: AME Info
Bahrain Bourse regains some ground
November 09, 2011--The Bahrain All Share Index closed 0.36% higher at 1,159.25 points. Esterad Investment Company soared 7.27% to close at BD0.118. Bahrain Telecommunications, known as Batelco, finished even at BD0.394.
Shares of Aluminium Bahrain gained 2.88%, reaching BD0.535. Year-to-date, the Bahrain Bourse has lost 19 per cent, however, the Manama-based exchange rebounded has been stabilising since mid-October.
Source: AME Info
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