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Dubai Gold & Commodities Exchange Weekly Market Commentary - October 2, 2011
October 2, 2011--Economic Data Overview
If the calendar for the October 3 week is a bit light on the number of data releases and appearances by Fed officials, it has enough that could be heavy hitting for markets. The release of the employment data for September on Friday will be the focal point of the week. The release of the BLS's annual revisions for the establishment survey for March 2010-March 2011 will be incorporated into this report. The September data will also get back the 45,000 workers after the end of the strike at Verizon in August.
The ADP National Employment Report for September on Wednesday will be anticipated for a hint on the direction of private payrolls, but it has been somewhat uneven in the last few months. The presence of the Verizon strikers was not accounted for in the August data, and their return will probably not be reflected in the September number.
The Challenger report on layoff intentions in September at 7:30 ET on Wednesday will probably show the increased pace in job cuts announced, especially in the financial industry. Any sign of a pickup in layoff activity will be concerning in the current economic climate, but levels still remain modest by historical standards, and mostly confined to a few sectors - notably government.
The ISM indexes for manufacturing and non-manufacturing industries in September may be stronger than the regional data from Fed District Banks and some Purchasing Managers indexes. Areas along the East Coast were particularly hard-hit during Hurricane Irene and the earthquake on August 23. Both occurred late in the month and had an impact on activity into early September. The manufacturing index is set for release on Monday, and the non-manufacturing index will be released on Wednesday. Although we do not anticipate strong readings, both should still signal expansion.
Initial jobless claims for the week ended October 1 on Thursday should continue to show some improvement as impacts from severe weather fade, and a wave of layoff activity ebbs. Levels of claims remain elevated and are likely to remain near the 400,000-mark which seems to be the consistent with the current underlying trend.
The August report on construction spending on Monday probably will not add much to what is known about residential activity except for home renovation and repair. New information about spending for public works and non-residential building will round out the picture.
The data for new orders for factory goods in August on Tuesday should be
Islamic Funds and Investments Report
September 30, 2011--The 4th annual Ernst & Young Islamic Funds & Investment Report (IFIR 2010) released at the World Islamic Funds and Capital Markets Conference states that global Islamic fund assets stagnated at US$ 52.3 Bn in 2009, remaining at almost the same level as the US$ 51.4 Bn posted in 2008.
This trend is reflective of a distinct shift in investors’ preferences, and requires Islamic fund managers to adapt their strategies and operating models accordingly to meet the new levels of expectations.
Qatar Exchange declines as country's inflation hits 20-month high
September 29, 2011--The QE index dipped by 0.34%, ending at 8,393.92 points on Thursday.
Qatar's annual inflation for August has reached 2.1% year-on-year, its highest level since at least January 2010, Reuters has reported, citing data from from Qatar's statistics authority. Over the week, the QE Index lost 0.60%, year-to-date the QE declined 3.31%.
Kuwait bourse down as Citibank forecasts lower GDP growth for 2011
September 29, 2011--The KSE Market Index dipped 0.27% on Thursday, bringing the year-to-down performance down to minus 16.14%, despite moderate gains in the banking sector index.
In today's published Global Economic Outlook and Strategy, Citibank expects the Kuwaiti GDP to grow by 4.4% this year, down from 6.2% last year. For 2012, Citibank forecasts that the northern Gulf state's economy will grow slightly higher, by 4.7%.
National Bank of Fujairah soars as shareholders approve commodities trading division
September 29, 2011--The ADX General Index ended flat at 2,533.41, as did market bellwether Etisalat, ending even as the most liquid share at Dhs10.30. Shares of National Bank of Fujairah, known as NBF, surged 8.92% to reach Dhs4.15.
Earlier in the day, NBF announced that its shareholders approved at an Extraordinary General Meeting an amendment to the bank's article of association, allowing the bank "to deal in commodities in addition to precious metals in both physical and derivatives markets." Over the week, the ADX lost half a percent amid low trading turnover.
Dubai bourse loses again ground
September 29, 2011--Despite some signs of stabilising stock prices this week, the DFM General Index dropped by 0.47% on Thursday, closing at 1,431.71 points.
Although Emaar (up 0.73%) and Arabtec (gaining 1.50%) added value, the majority of traded shares lost, with banks weighing on the market in particular. Emirates NBD fell three percent, while Shuaa Capital dived 3.60% over uncertainty whether the German parliament in Berlin will extend the rescue shield EFSF for highly indebted Eurozone countries. After the DFM closed, news spread that the German Bundestag approved the government's proposal, paving the way to increase Germany's contribution to the EFSF to EUR211bn from EUR123bn. Over the last week of the third quarter, the DFM declined by 1.5%, mainly due to the ongoing uncertainty in the Eurozone crisis.
Qatar's inflation hits 20-month high
September 29, 2011--Qatar's annual inflation for August has reached 2.1% year-on-year, its highest level since at least January 2010, Reuters has reported, citing data from from Qatar's statistics authority.
Consumer prices rose to 0.2% month-on-month in August after a 0.3% decrease in July, the data showed. Average deflation in Qatar reached 2.4% in 2010, less than 4.9% in 2009, which was the first full-year deflation since 1993.
The Egyptian Exchange launchs EGX 20 Capped Index
September 29, 2011--The Egyptian Exchange (EGX) is launching a new price index, EGX20 Capped Index, by the beginning of the 4th quarter of the year 2011.
EGX20 Capped Index includes the 20 most active companies in the Egyptian market in terms of liquidity and activity. The weight of each company in that index is identified by the market capitalization weighted by free-floated shares.
As oil prices drop again, the Tadawul bourse dips a quarter percent
September 28, 2011--Saudi Arabia: The Tadawul All Share Index closed 0.26% lower at 6,112.37 points. Sabic ended 0.27% lower at SR92.50.
Investors booked again profits at many insurance shares, such as Weqaya Takaful (down 3.30% at SR29.30).
Cairo bourse down over 3.5% after election announcement
September 28, 2011--Egypt's stock exchange on Wednesday fell 2.9 percent, a day after the country's military rulers set the election timetable, prompting officials to suspend trading for half an hour.
The main EGX-30 index was down 2.99 percent, forcing the suspension of trading for 30 minutes, after which it reached 2.96 percent in the negative.
The drop came a day after the Supreme Council of the Armed Forces laid out the timetable for the first election since the ouster of President Hosni Mubarak in February by a popular uprising.
