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Dubai Gold & Commodities Exchange Weekly Market Commentary-August 21, 2011
August 21, 2011--Economic Data Overview
The third week of August is typically a sleepy one, and this year events and market volatility should have ebbed enough that the August 22 week will follow that tradition. .
Although there are some first-tier indicators on the economic data calendar, there is probably nothing that will distract from Fed Chairman Ben Bernanke's speech at the annual Jackson Hole forum sponsored by the Kansas City Fed
Bernanke's scheduled remarks on Friday are going to be highly anticipated by markets. Last year's speech signalled the Fed's intention to respond to the economic slowdown with further large scale asset purchases, which the FOMC subsequently announced in early November 2010. This year's remarks are unlikely to include a hint of similar program.
The second estimate of second quarter GDP will be released on Friday. It could be revised a bit higher, and that would certainly help lighten some of the gloom about economic conditions. However, the third quarter in nearly 2/3 gone, and attention will be focused on fresher data.
The advance report on durable goods orders for July on Wednesday should seesaw back to an increase. The 1.9% decline in June was attributable to some softness in civilian aircraft. Boeing has reported a rise in new orders for July, so an increase is probable. Also, there may be some upward revision to the June data as a few orders from late in the month make it on to the books.
The Richmond Fed's Manufacturing Survey for August joins the reports from the New York and Philadelphia Feds. Conditions in the manufacturing sector are feeling the pinch of heightened uncertainty about the outlook. The Kansas City Fed's survey of manufacturing will be released on Thursday.
Consumer confidence was battered in late July/early August by a series of discouraging reports about economic conditions, and by the contentious negotiations over increasing the statutory debt limit and cutting the government budget. The preliminary Reuters/University of Michigan Consumer Sentiment Index fell to 54.9, near the readings seen during the last recession. This number is likely to be
Source: Dubai Gold & Commodities Exchange (DGCX)
UAE's first gold bullion coin is announced
August 22, 2011--Down on the commodities trading floor Phil Blizzard joins Jeffrey Rhodes, Global Head of Precious Metals & CEO, INTL Commodities, Dubai to talk about the production of gold at this record breaking time
and look at the value of other precious metals like silver and platinum. They also talk about the impact of the UAE's first gold bullion 'Khalifa' coin becoming legal tender in the UAE and across the Middle East.
Source: AME Info
Saudi market plummets 2.58%
August 20, 2011--As a direct recation to yesterday's global market meltdown in, the Tadawul bourse fell by 156.97 points or 2.58% to 5,931.29 points. Market bellwether Sabic dived 3.63% to SR93.00. Declining oil prices also weigh on Riyadh.
The barrel oil (US Crude) fell by 16% during the last month. Only seven shares bucked Saturday's downtrend, among them AXA Cooperative Insurance (up 10% at SR60.50) and ACE Arabia Cooperative Insurance Co. (2.80% higher at SR33.00).
Source: AME Info
Qatar's Aamal shares surge on contract gain for subsidiary
August 18, 2011--The Qatar Exchange Index in Doha dipped 0.15%, closing at 8,190.74 points. Aamal Company, which was founded ten years ago, gained 1.74% and closed at QR17.00. Earlier in the day, Aamal announced that its subsidiary Doha Cables,
has been awarded a two year contract by Qatar General Electricity & Water Corporation to supply low voltage and medium voltage power cables. The contract is valued at QR1.8bn, according to the firm's statement on the QE website.
Source: AME Info
Another flat day at the Abu Dhabi Securites Exchange
August 18, 2011--The ADX General Index ended insignificantly lower at 2,583.55 points. Etisalat, Dana Gas, Sorouh Real Estate and RAK Properties finished the day unchanged.
Real estate bellwether Aladar Properties ended up 0.85% at Dhs1.18. Arkan Building Materials posted the largest increase, gaining 3.33% to reach Dhs1.24. Four stocks advanced, nine lost and 11 (!) finished flat.
Source: AME Info
Dubai exchange DFM ends the week even
August 18, 2011--As debt worries in the Euro Zone dominated the week, the DFM General Index added just four points during the last five trading days and finished at 1,468.34 on Thursday. Kuwait's investment bank Global Investment House soared 5.44% to reach Dhs0.31.
Two days ago, Global reported a loss for the second quarter of KD16.94m, down from KD20.13 in the same period last year. Emaar remained in a stutter mode, losing 0.35% at Dhs2.81. Around 49m shares were traded, valued at Dhs79.3m. Earlier in the day, Gulf News reported that Financial Brokerage will cease its operations due to the poor trading turnover at markets in Dubai and Abu Dhabi.
Source: AME Info
Interior designer Depa Ltd. recovers from price slump
August 18, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1532.10 today, down 0.16%, from the previous close. Shares of Dubai-based interior design company Depa Limited added 1.06% to close at $0.475.
Depa fell over nine percent between August 8 - 14. Port operator DP World dipped 0.88%, finishing at $11.30.
Source: AME Info
Jordan H1 budget deficit up 55%
August 18, 2011--The Jordanian Ministry of Finance has announced that the country's budget deficit increased 55% in the first six months of 2011 from a year earlier due to higher energy bills, Reuters has reported.
The latest preliminary figures have shown that the shortfall rose to JD259.9m ($366m) compared with JD167.2m in the same period of 2010. The authorities hope to keep the deficit to 5.5% of GDP despite higher social spending and a soaring oil bill after the disruption of Egyptian gas imports that support 80% of the country's electricity generation. This forced the kingdom to switch to much more expensive imported diesel to cover its electricity needs.
Source: AME Info
Saudi Tadawul market defies regional downtrend
August 17, 2011--The Saudi Stock Exchange added 0.57% to reach 6,088.25 points. Shares advanced across almost all sectors, as market bellwether Sabic recovered 1.85%, closing at SR95.60.
“The Euro zone is the new epicentre of the world's fears,” says Gary Dugan, Chief Investment Officer Private Banking at bank Emirates NBD in Dubai. "As the dust settles on problems in the United States (at least for the moment) investors have come to recognise the Euro zone as the weakest link in the global economy," he adds. Consequently, banks and financials ended almost flat, and shares of Saudi Hollandi Bank (off 3.25% at SR26.80) were among the top losers.
Source: AME Info
Bahrain Islamic Bank gains for the second day straight
August 17, 2011--Like the ADX in Abu Dhabi, the Bahrain Bourse ended even at 1,266.26 points. Shares of Bahrain Islamic Bank jumped two percent, closing at BD0.101.
BIB still benefits from its merger talks it started with its local rival Alsalam Bank.
Source: AME Info
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