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Dubai Gold & Commodities Exchange Weekly Market Commentary - June 26, 2011
June 26, 2011-Economic Data Overview
The June 27 week will see the end of the second quarter 2011. Data much of the last month of the quarter will be released in the coming weeks. While there may be some upside surprises, on balance the second quarter will probably be most notable for slower activity in housing and softness in the labor market, while prices showed signs of holding at more elevated levels.
The week leads up to the three-day holiday weekend for Independence Day the following Monday. There is no early close to the bond market on Friday. However, offices will likely empty out as soon as the morning's data is out of the way. There is a fair amount of data on the economic calendar next week, but little that will seem urgent, especially since the next release of payroll data is not until Friday, July 8 and very little of this data will feed into expectations for that report. The payroll survey week fell relatively late in June on the 18th, which means the employment numbers will not be out until the second Friday of July on the 8th.
Probably the highlight of the week will be the ISM Manufacturing Index for June on Friday. The general tone of the reports released so far this month from various Fed District Banks and regional purchasing managers’ indexes indicate that the factory sector continues to feel the impacts of supply chain disruptions and severe weather. The national index probably will be of a piece with the regional data. The question is..
Source: DGCX
FTSE NASDAQ Dubai UAE 20 Index loses for the sixth day straight
July 26, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1630.69 on Sunday, down 1.40%, from the previous close
Port operator DP World declined 1.22% to $12.15. Interior designer Depa Ltd. dipped 1.82% to $0.54. No other shares were traded.
Source: AME Info
Bahrain Telecommunications end four-day series of losses
June 23, 2011-The Bahrain Bourse in Manama showed on Thursday some form of a stabilisation.
The Bahrain All Share Index ended flat at 1,338.61 points. Shares of the country's largest telecom provider Batelco recovered some losses from the last four days by closing half a percent higher at BD0.446. United Gulf Investment Corporation dived 5.26% to BD0.108.
Dource: AME Info
The KSE Market Index ended down a quarter percent at 6,263.9 points as shares dipped slightly across all sectors.
June 23, 2011--The KSE Market Index ended down a quarter percent at 6,263.9 points as shares dipped slightly across all sectors.
After declining sharply during the last eight weeks, Commercial Bank of Kuwait surged 2.3% and finished at KD 0.870. Arkan Al-Kuwait Real Estate posted the largest decline and ended down 7.7% at KD0.060.
Source: AME Info
Qatar Telecom gains on Watanyia listing approval
June 23, 2011--The QE Index closed insignificantly lower at 8,214.35 points. Shares of telecom provider Qatar Telecom, also called Qtel, added 0.27%, closing at QR149.50. Earlier in the day,
Qtel announced that at the Annual General Meeting ("AGM") of its Kuwait listed subsidiary Wataniya Telecom (National Mobile Telecommunications Company K.S.C. or "Wataniya"), approval was granted to list Wataniya Telecom's shares on the Qatar Exchange or any other foreign market, should the listing be in the best interest of the Company.
Source: AME Info
Abu Dhabi market loses year-to-date profit
June 23, 2011--A decline of half a percent forced the ADX Market Index back to the red in relation to its year-to-date performance (off 0.08%). The ADX closed at 2,716.72 points, down 0.58%, on Thursday.
Telecom giant Etisalat extended its advance, gaining 0.45% to reach Dhs11.20. Aldar Properties was the most liquid share, diving 3.70% to Dhs1.29. Four stocks gained, 19 lost and three securities ended even. During the third week of June, the ADX shed 1.05%.
Source: AME Info
Dubai bourse dips, only three shares gains
June 23, 2011--The DFM General Index fell over one percent for the second day straight, closing 1.16% lower at 1,532.86 points. In the aftershock phase of MSCI's decision to postpone a possible upgrade of the UAE to "emerging market"-status from "frontier market", the DFM share fell by another 2.46%, finishing at Dhs1.19.
Logistics giant Aramex added half a percent to reach Dhs1.80. Twenty-one shares lost, three gained and five ended flat. Over the week, the DFM declined by 3.2%.
Source: AME Info
Tadawul bourse declines 0.20%
June 22, 2011--The Saudi Stock Exchange's lead index Tasi closed off 0.20% at 6,449.49 points. Bellwether Sabic ended down 0.74% at SR101.25. Saudi Arabian Mining Company, known as Maaden, fell 1.12% to SR26.50.
Earlier in the day, Maaden announced the approval of the Public Investment Funds Board of Directors for a $1bn loan to finance Maaden Bauxite and Alumina Company, which is owned 74.9% by Ma'aden and 25.1% by Alcoa.
Source: AME Info
Qatar Exchange finishes flat
June 22, 2011--As the UAE, Qatar has to wait six months more until index provider MSCI decides whether it will upgrade the gas-rich state to 'emerging market' from 'frontier market'. The QE Index closed unchanged at 8,217.42 points.
Commenting on the decision a spokesman for the QE said that: "Qatar Exchange views the decision as recognition of the positive steps taken by the Exchange and the regulators in Qatar to meet the requirements of the MSCI and satisfy the needs of the International institutional investors". "We will continue to work with the regulators and all stakeholders including the investors to improve the market infrastructure, and we will continue our efforts to develop the market. We would also like to emphasize that the progress made so far has received wide international recognition and appreciation", he added. "A future upgrade to emerging market status will confirm the progress on the market infrastructure front, but does not impact the underlying economic strength of Qatar. The economy of Qatar is strong and companies listed on the QE are performing very well and attracting local and foreign investors alike. QE was the best performing market in the region last year and second best dividend paying market globally", the QE spokesman elaborated.
Source: AME Info
Kuwait market closes unchanged
June 22, 2011--The KSE Market Index closed Wednesday trading at 6,278.7 points as the banking sector index dipped, while insurers gained slightly. Budget carrier Jazeera Airways fell 1.96% to KD0.204.
Earlier in the day, Jazeera Airways and Lufthansa Technik AG, the leading provider for maintenance, repair and overhaul (MRO)of airplanes, components and engines, announced they have extended their existing 10-year Total Engine Support TES contract signed in 2006 for an additional two years. The agreement comprises 13 CFM56-5B engines of the six Airbus A320 airplanes of Jazeera Airways' fleet.
Source: AME Info
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