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UAE central bank says dollar peg 'steady and consistent'
July 30, 2011--The UAE central bank has said the country's policy of pegging the dirham to the US dollar is "steady and consistent" even as US lawmakers remained deadlocked over the country's debt limit, Bloomberg has reported.
Saturday, "No fear on the US dollar, although it is exposed to price fluctuations as it happens with all the major currencies," the apex bank said. "Despite the fact that the central bank foreign reserves are mostly denominated in US dollars, they are invested mostly in non-US assets."
DGCX Sets New Daily Volume Record on July 27
July 28, 2011-Exchange Trades 21,980 contracts on July 27, valued at US $ 1.033 billion
Daily Indian Rupee recorded the highest ever volume of 19,596 contracts on July 27, valued at US $886.4 million
Total open interest of 23,489 achieved on July 27, 2011 is the highest ever since inception
Trading on the Dubai Gold and Commodities Exchange (DGCX) surged to a new daily volume high of 21,980 contracts, valued at US $1.033 billion on Wednesday, July 27, 2011. The new record surpasses the previous best of 20,112 contracts set on July 21, 2011.
While, trading activity on DGCX's Indian Rupee/US Dollar futures continues to grow rapidly, with a new daily volume record of 19,596 contracts achieved on July 27, 2011, with a value of US $886.4 million. The previous record was on June 23, 2011 with 15,509 contracts.
DGCX also reached its highest ever daily total open interest of 23,489 on the same day.
Qatar's top banks help equity market to stabilise
July 28, 2011--The Doha-based QE Index finished flat at 8,377.00 points. Qatar National Bank added 0.78% to reach QR141.90. The country's second lender Commercial Bank of Qatar gained 1.93%, ending at QR74.00.
Doha Insurance surged 4.38% to reach QR29.80. Weak performing industry shares, however, weighed on the index. Industries Qatar declined 1.22%, finishing at QR138.20. Regarding the Holy month of Ramadan, the QE management announced today that "Trading hours will remain unchanged from 09:30 to 13:15 with a pre-opening session starting at 09:00 and ending at 09:30. Settlement and Delivery-versus-Payment service times will be unchanged as well."
Kuwait market falls for the second day straight
July 28, 2011--There was no let-up in selling pressure at the KSE, whose Market Index dipped 0.48% to 6,036 points. Shares of Dar Al-Thuraya Real Estate posted the largest advance, closing 8.6% higher at KD0.063. Munshaat Real Estate,
on the other hand, lost the most (down 9.25% at KD0.0245). Year-to-date, the KSE plummeted 13.22%, the highest loss among GCC equity indices.
Dana Gas shares soar on takeover rumors
July 28, 2011--The Abu Dhabi bourse ADX fell by half a percent and closed at 2,627.99 points on Thursday. Dana Gas, based in the Emirate of Sharjah, gained the most (up five percent at Dhs0.61)
amid media rumors that "Vallares, the investment vehicle backed by Nat Rothschild and ex-BP boss Tony Hayward, is exploring a bid for Dana Gas," The National reports. Gulf Pharmaceutical Industries, known as Julphar (the old name of the Emirate of Ras al-Khaima) ended flat at Dhs2.11. Earlier in the day, Julphar reported a profit for the second quarter of Dhs102.4m, a 17.9% year-on-year increase.
Dubai market defends 1,500 points-level
July 28, 2011--The DFM General Index ended 0.09% lower at 1,506.13 points. While bank Emirates NBD exted to rally (up 2.14% at Dhs4.29),
shares of Emaar Properties declined further, closing 1.40% lower at Dhs2.82). Emaar were also the most liquid stocks. Around 64.47m shares were traded, valued at Dhs77.47m.
Kuwait inflation reaches 15.4%
July 28, 2011--According to data from Kuwait's Central Statistics office, the country's annual inflation has slowed to a ten-month low of 5% in
June helped by a fall in food prices, Reuters has reported. Inflation in the world's fourth-largest oil exporter has been hovering above 5% since the beginning of this year, well below double-digit levels seen in 2008.
Saudi investors book profits ahead of Ramadan
July 27, 2011-The Tadawul All Share Index, known as Tasi, declined half a percent lower to close at 6,445.17 points.
Sabic declined for the third day straight, finishing 1.25% lower at SR104.25. Insurance firms supported the index somewhat such as AXA Cooperative (up 4.55% at SR57.50) and Sagr Insurance (1.45% higher at SR20.95).
DP World gains slightly on possible U. S. listing plans
July 27, 2011--The FTSE NASDAQ Dubai UAE 20 index declined 0.42% to 1,614.39 points as around 2.14m shares changed hands.
Dubai Gold Securities (up 0.55% at $160.83) gained the most, while DP surged 0.33% to $12.24 amid low trading volumes. DP World CEO Mohammad Sharaf announced yesterday that the global port operator might eye a listing at U. S. equity markets, Gulf News reported. DP World dual-listed its shares at London's LSE on June 1st, which had no positive share price impact as yet. Interior designer Depa Ltd. and jewelry trader Damas ended both flat at $0.51 and $0.11, respectively.
Easy come, easy go at Kuwait market
July 27, 2011--After an encouraging start of the week, the KSE Market Index dipped 0.40% to
6,065 points. Shares of real estate firm Dar Al Thuraya gained the most (up 7.4% at KD0.058). Housing Finance Co. posted the largest declined (down 14.28% at KD0.030).
