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Global Investment House recovers further
October 17, 2011--The KSE Market Index closed unchanged at 5,898.4 points. Kuwait's largest investment bank Global Investment House surged 3.65% to reach KD0.0425, approaching a key resistance level at KD0.048.
Kuwait Syrian Holding was the top loser, closing down 7.9% at KD0.029.
United Arab Bank achieves higher Q3 profit, share ends flat
October 17, 2011--The Abu Dhabi bourse ADX closed down 0.71% at 2,453.97 points. Pharmaceutical drug manufacturer Julphar gained the most, closing 2.33% higher at Dhs2.20. Market bellwether Etisalat dipped below Dhs10.00, hitting a one-year low at Dhs9.99 (off 1.48%). Shares of United Arab Bank were not traded. Earlier in the day,
UAB reported for the third quarter a profit of Dhs91.75m, compared to Dhs75.5m in the corresponding period in 2010. Some 46.9m shares were traded, valued at Dhs82.m.
Dubai bourse declines by 0.61% as blue chips lose further ground
October 17, 2011--The DFM General Index closed at 1,366.22 points Monday, as Shuua Capital (down 3.08% at Dhs0.756) weighed due to ongoing uncertainty over the Euro debt crisis, while DMF shares rebounded by 0.92% to reach Dhs0.99.
Emaar Properties fell 1.20% to Dhs2.47. According to the DIFC Economic Weekly, quoting Saudi Arabia's NCB, Dubai will witness an excess supply of 15,000 units on the housing market end of year. Some 56.32m shares were traded, valued at Dhs66.7m.
Dubai Gold & Commodities Exchange Weekly Market Commentary - October 16, 2011
October 16, 2011--Economic Data Overview
With the employment and retail sales numbers for September out of the way, market attention in the October 17 week will turn to data on inflation, housing, and manufacturing.
The Fed's Beige Book on Wednesday will provide an overview of economic conditions across the 12 Fed Districts for approximately the six weeks of late August through early October. This is not firm data, but it does tend to reflect the direction of economic activity in the hard numbers. This report will be used by the FOMC to help set the direction of monetary policy and influence the tone of the Committee's collective economic forecast. The prior issue of the Beige Book was more downbeat than the previous report, but it was also a time of greater uncertainty for businesses. While a complete turnaround is unlikely, the outlook should be improved.
The September inflation numbers will include some declines in food and energy prices. In particular, gasoline prices have fallen, and will be reflected in lower transportation costs. Some other recent sources of higher prices -- like motor vehicles, tobacco, and precious metals will also have eased. The Producer Price Index will be reported on Tuesday, and the Consumer Price Index is set for Wednesday.
The first looks at manufacturing activity in October will be reported on Monday with the New York Fed's Empire State Survey and the Philadelphia Fed's Business Outlook on Thursday. Both these indexes took a big hit in early August when the contentious debate about raising the statutory debt limit and the consequent downgrade in the S&P rating for US sovereign debt took place. Matters were not improved by the devastation in the Northeast from Hurricane Irene late in August that kept activity low into early September. While neither index may be ready to register a positive reading, there should be some evidence of improvement.
Industrial production and capacity utilization in September on Monday may offer a better numbers for output at manufacturers, and in mining and utilities as a slowing related to flooding in late August gives way to a bit of a rebound in the next month.
Initial jobless claims for the week ended October 15 on Thursday will include the survey comparison week to September. The level of claims appears to have settled around the 400,000-mark, which would represent a sizeable decline from the 428,000 in the September 17 week. The Treasury International Capital System (TICS) data for August at 9:00 ET on Tuesday will cover the period in which the S&P downgrade of the US debt rating occurred, as well as when euro zone sovereign debt problems intensified.
The Conference Board's Leading Economic Index for September on Thursday will probably lose some momentum after four months of positive readings. Small positive contributions from the workweek, claims, and the money supply will have to overcome sluggish spending on plant and equipment, weak confidence, and a plunge in the stock market.
There are no routine monetary policy announcements from major central banks
Lebanese banks maintain growth rates
October 13, 2011--According to a report by Bank Audi Lebanon Weekly Monitor, the Lebanese banking sector continued to achieve relatively good growth in assets and customer deposits in the first eight months of this year despite the political situation and regional turmoil, The Daily Star has reported.
Domestic banking activity grew by 7.1% since the beginning of the year to reach $138.1bn at the end of August 2011. Customer deposits accounted for more than 80% of total banks' balance sheets, a 5.4% growth in the December 2010 to August 2011 period, the report said.
Dubai bourse ends Thursday trading flat
October 13, 2011--The DFM General Index ended up 0.06% at 1,384.58. Shares of the DFM briefly touched par a value at Dhs1.00 but eventually closed even at Dhs1.02.
Construction and maintenance specialist Drake and Scull International was the most liquid share and gained 1.22%, closing at Dhs0.83. After losing over five percent in the wake of the Dubai Bank takeover, Emirates NBD recovered 1.12% to reach Dh3.62. Some 37m shares were traded, valued at Dhs33.67m. Over the week, the DFM lost 0.71%.
Five Abu Dhabi blue chips end flat
October 13, 2011--The ADX General Index dipped 0.36% to 2,477.80 points.
Aldar Properties, Sorouh Real Estate, Etisalat, Dana Gas and First Gulf Bank closed unchanged. Abu Dhabi Commercial Bank fell 1.76% to Dhs2.79. Some 28m shares were traded, valued at Dhs40.16m.
Industries Qatar shares gain on 9-month profit surge
October 13, 2011--The QE Index lost a quarter percent to close at 8,396.53. Bank shares in particular weighed on the benchmark.
Year-to-date, the bourse fell three percent, so far the "best" performance among all Mena markets. Shares of Industries Qatar closed 0.88% higher at QR126.10. Earlier in the day, the QE heavyweight, disclosed a net profit of QR6.2bn for the nine months period ended September 30, 2011 in comparison to a net profit of QR4.1bn for the corresponding period last year. The Company’s Earnings per Share (EPS) amounted to QR11.35 for the period ended September 30, 2011 versus QR7.38 for the corresponding period in 2010.
Kuwait market ends a good week slightly higher
October 13, 2011--The KSE Market Index added 0.34% to reach 5,867.5 points.
Over the week the benchmark gained 0.71%, mainly through advances in the financial sector. Year-to-date, the KSE has lost 15.64%.
DP World stabilises above $11 on record high trading volumes
October 13, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1451.46 today,
0.27% lower from the previous close. Dubai Ports (DP) World finished flat at $11.25. Trading volumes surged to a multi-month high as some 15.08m DPW-shares changed hands. Depa declined 1.11% to $0.445.
