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Abu Dhabi market dips 0.07%
October 10, 2011--The ADX General Index closed off 0.07% at 2,498.00 points. In a more than lacklustre trading session, shares of Etisalat, Dana Gas, National Bank of Abu Dhabi and First Gulf Bank closed even.
Aldar Properties fell 1.79% to Dhs1.10. Gulf Medical Projects Co. posted the largest advance, ending 9.71% higher at Dhs1.92. Only 27.7m shares were traded, valued at Dhs40.7m.
Recession fears drag Dubai exchange lower
October 10, 2011--The DFM General ended off 0.62% at 1,389.57 points. Earlier in the day, UK Prime Minister David Cameron expressed doubts whether the Euro Zone is able to solve the best crisis in Greece, Italy, Spain,
Portugal and Ireland. Also, the Global View investment outlook for the fourth quarter of 2011 published by Swiss Private Bank Sarasin sees the global economy on the brink of recession. At the DFM, Emaar lost 1.54%, closing at Dhs2.55. DFM shares dived 1.92% to close at Dh1.02. Some 80.5m shares were traded, valued at Dhs59.3m.
Dubai Gold & Commodities Exchange Weekly Market Commentary - October 9, 2011
October 9, 2011--Economic Data Overview
The October 10 week is shortened in the US by the Federal holiday on Monday in observance of Columbus Day.
Earnings season for the third quarter 2011 begins with release of numbers from Alcoa on Tuesday. The pace of reports is still slow, but will gather steam in the October 17 week.
While the US data calendar is reasonably busy, only the numbers for retail and food sales for September on Friday are likely to have a big impact. This data could be on the soft side except for motor vehicle sales which were solid for the month. Consumers were generally quite cautious in their spending in September, but there is the possibility that decent sales activity at department stores and discounters could provide a little upward momentum. Otherwise, gasoline prices declined and that will reduce the dollar amount of sales for service stations. Elsewhere consumers stuck to necessities, although a good bargain could tempt some buying.
The two earliest of the monthly measures of consumer confidence will help gauge if attitudes were less pessimistic as October started. The IBD/TIPP Economic Optimism Index for October on Tuesday, and the preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday both come on the heels of a slight improvement as September ended. Current readings are consistent with a gloomy outlook, but any brightening would be welcome at this point.
The Import and Export Price Indexes for September on Friday should reflect slight increases in petroleum prices for the month, and a modest decline in agricultural product prices. Upward pressure from prices for imports of motor vehicles should abate further as supplies of finished cars and parts become more plentiful.
Data on international trade for August on Thursday will help round out the available information for net exports for the preliminary third quarter GDP report at 8:30 ET on Thursday, October 27. Imports typically start to rise at this time of year to meet expected demand for the holiday shopping season, but retailers are signalling that they have modest expectations for the upcoming months. Inventory building will probably be quite restrained.
The numbers for business inventories for August on Friday should show that inventories were
Saudi Arabia cuts output in September
October 09, 2011--Saudi Arabia: Saudi oil minister Ali al-Naimi has said the kingdom has cut oil production to 9.39 million barrels per day (bpd) in September
from around 9.8 million bpd in August, Reuters has reported. "Demand is always fluctuating but our position is that we will supply whatever our customers ask for," Naimi told reporters in Dhahran, adding that the global oil market is balanced.
Kuwait budget surplus widens to $29.2bn
October 08, 2011--Kuwait: According to figures by Kuwait's finance ministry, the Gulf country's budget surplus rose to KD8.1bn ($29.2bn) in the first five months of its 2011/12 fiscal year, on higher-than-expected oil revenue and lower spending, Reuters has reported.
Revenue of the world's sixth-largest oil exporter stood at KD11.9bn in April-August, while spending came at KD3.7bn, below a projected KD8.1bn, the data showed.
NASDAQ Dubai Monthly Trading Report: September 2010 Equities traded value rises 31% in first nine months of 2010
October 7, 2011--The value of equities traded on NASDAQ Dubai increased by 31% in the first nine months of 2010 compared to the same period in 2009, from USD722 million to USD948 million.
Volume fell by 13% from 2.32 billion shares to 2.02 billion. For both value and volume, this was the strongest performance by any UAE stock exchange over the nine-month period, measured by percentage change.
NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to Dubai Financial Market on July 11, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
Qatar's Dlala Holding gains as 9-month profit doubles
October 06, 2011--The Qatar Exchange Index gained one percent, closing at 8,242.45 as shares in Doha advances across all sectors. Shares of investment and brokerage company Dlala Holding added 0.42% to close at QR14.31. Earlier in the day, Dlala revealed a net profit of QR16.
1m for the nine months period ended September 30, 2011 in comparison to a net profit of QR8.2m for the corresponding period last year. The company’s Earnings per Share (EPS) amounted to QR0.807 for the period ended September 30, 2011 versus QR0.41 for the corresponding period in 2010.
Aldar Properties shares gain, CFO resigns
October 06, 2011--The ADX General Index closed a quarter percent higher at 2,494. 46 points. ADX heavyweight Etisalat dipped half a percent to Dhs10.25. Real estate bellwether Aldar Properties surged 0.91% to reach Dhs1.10.
Earlier in the day Aldar said in a statement that its CFO Shafqat Ali Malik resigned to pursue other opportunities. A new CFO has yet to be appointed. Aldar has posted a $3.4bn loss in 2010. During the first half 2011, Aldar generated a net profit of Dhs316.4m ($86.3m).
DP World jumps 4.82% amid global stock market rebound
October 06, 2011, 7:18:07 AM
Shares of global maritime port operator DP World closed 4.82% higher at $10.65, as some 1.8m DPW stocks changed hands.
DP World has announced during the week that their new development in the United Kingdom, London Gateway will become operational in the fourth quarter of 2013. Dubai Gold Securities added 1.34% to reach $163.00 as the yellow metal recovered above $1,650.00 per ounce.
Arabtec soars on $204m India project
October 06, 2011--In the wake of a general stock market recovery in East Asia and in Europe, the DFM General Index closed 0.75% higher at 1,395.43 points Thursday. District cooling specialist Tabreed gained the most, ending up 7.45% at Dhs0.635. Shares of Arabtec Construction soared 2.35% to reach Dhs1.33.
Earlier in the day, Arabtec announced that it has received a letter of intent from its Indian joint venture partner Rehaja Developers to build three mixed use projects in New Delhi and Gurgaon with a value of Dhs750m or $204m. The city of Gurgaon is located in the southwest of the capital and, as a business and service hub, has attracted numerous international firms and banks in recent years. The aforementioned projects are scheduled to be completed within 5 years. Aramex fell 0.56% to Dhs0.479. Some 40m shares changed hands and were valued at Dhs41.8m.
