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DGCX Weekly Market Comentary -May 8, 2011
May 8, 2011--Economic Data Overview
In the week of May 9, the first wave of U.S. economic data for the start of Q2 is due, with retail sales numbers and some of the inflation indicators. There will also be an early take on consumer confidence for the month of May. The pace also remains brisk for the release of first quarter earnings reports.
Just as the April employment reports have set the tone for the labour market in the second quarter, the April numbers on retail sales on Thursday will influence the outlook for consumer spending. Better weather with the arrival of spring and the late timing of the Easter holiday may have helped move seasonal merchandise. Rising prices for gasoline will add to the upward momentum to the service station component.
Decent sales volume of motor vehicles combined with firmer prices should also contribute to higher sales at auto dealers. The inflation data will continue to feel the impact of higher oil prices, although increases in food costs appear to be moderating somewhat. The Import Price Index on Tuesday will get another push higher from petroleum costs, although less than in the March report. The PPI on Thursday is being released at the same time as the retail sales report. It will probably be overshadowed, but it is expected to show that some pipeline pressures from the intermediate and crude processing stages are passing through into finished goods. The CPI is due on Friday and will get the most attention of the three reports on inflation. Seasonal adjustment factors expect increases in gasoline prices to start as summer approaches, but it probably will not be on par with the actual rise experienced in April. Food price increases should be more moderate. At the core, there are signs of faster gains in medical care and motor vehicles, as well as in jewellery. The two earliest of the May measures of consumer ...
Source: DGCX
DGCX April Volumes Increase 111% Year-on-Year to Record 227,421 Contracts
May 8, 2011- DGCX Gold Futures rise 49% year-on-year to reach 46,295 contracts
Currency futures volumes increase 149% year-on-year to reach 168,132 contracts
Year-to-date volumes on the Exchange climb 51% to aggregate 910,913 contracts
April volumes on DGCX recorded a 111% year-on-year increase to reach 227,421 contracts valued at $11.4 billion. Year-to-date volumes on the Exchange climbed by 51% to aggregate 910,913 contracts while year-to-date average daily volumes also rose 51% to touch 10,975 contracts.
For more information: www.dgcx.ae
Source: DGCX
Estimating a Small Open-Economy Model for Egypt: Spillovers, Inflation Dynamics, and Implications for Monetary Policy -IMF Working Paper
May 6, 2011--Summary: This paper estimates a small open economy model for Egypt to analyze inflation, output dynamics and monetary policy during 2005-2010. The interest rate channel is found to be relatively weak in Egypt, complicating the use of interest rates as the immediate target of monetary policy.
However, the paper also finds a significant level of persistence in the policy rate, making monetary policy pro-cyclical. More active use of interest rate policy, measures to improve domestic debt markets and a gradual move towards inflation targeting can help support a successful disinflation strategy for Egypt.
Source: IMF
Aramex shares rise on first quarter results
May 5, 2011--The Dubai Financial Market (DFM) Index closed 0.68% lower at 1,607.29 points.
Logistics specialist Aramex gained 1.09% to reach Dhs1.86. Earlier in the day, Aramex reported a net rpofit for the first quarter attributable to equity holders of the parent of Dhs49.82m, up from Dhs47.5m in Q1 2010. Emaar shares dipped 1.54% to Dhs3.19. Some 82.59m stocks valued at Dhs123.45m changed hands.
Source: AME Info
Qatar bourse dips for the fifth day straight
May 5, 2011--The QE Index ended 0.48% lower at 8,452.38 points with all sector indexes landing in the red. Qatar National Bank declined one percent to QR139.00. Zad Holding Co. bucked the trend, gaining 5.08% to reach QR60.00.
Earlier in the day, the Qatar Exchange announced Qatar Exchange (QE) announced that the right issues' shares of Zad Holding Company have been credited to the shareholders' accounts at the rate of 30% of the company's capital. "The company's share capital is now QR130,810,680 distributed among 13,081,068 shares. In light of the above, shareholders can trade their shares beginning Sunday, May 08, 2011," the statement says.
Source: AME Info
Tamweel shares to resume trading on May 10
May 5, 2011--Tamweel PJSC, the UAE Islamic home finance provider, announced today that its shares will resume trading on the Dubai Financial Market (DFM) on May 10, 2011, subsequent to approval from the Securities and Commodities Authority (SCA).
For the first quarter of 2011, Tamweel reported a net profit of AED 27 million, compared to Dhs5m in the same period last year. In February, Tamweel reported an annual profit of AED 26 million for year 2010, bouncing back from an annual net loss of Dhs54m in 2009. Dubai Islamic Bank owns a 57.7% share in Tamweel, whose long-time CEO Wasim Saifi resigned on November 11 2010. He was succeeded by Acting CEO Varun Sood. The Islamic home financing company was hit hard by the real estate crash due to the global financial crisis. Commenting on the resumption of share trading, Abdulla Ali Al Hamli, Chairman of Tamweel, said: "The resumption of share trading is a very positive sign of Tamweel's long-term sustainable growth outlook. We would like to thank the Government of Dubai, under the guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, and our shareholders and other stakeholders for their patience and continued support of Tamweel. The company now looks forward with confidence to delivering value to its shareholders through its strong, proven business model."
Source: AME Info
Kuwait Exchange gains a quarter percent
May 5, 2011--Thanks to gains in the banking and insurance sector, the KSE finished 0.25% higher at 6,516.00 points.
Al Qurain Holding Co. posted the largest advance (up 7.81% at KD0.0345). Global Investment House stabilised at a 2.5-month-high at KD0.049 (1.03% higher).
Source: AME Info
GCC Bonds & Sukuk Market Survey - 2010 Highlights
May 4, 2011--The aggregate primary issuance of bonds and sukuk in the GCC totaled USD57.0 billion in 2010, a 27.6% decrease from its peak value in 2009.
The month of October witnessed the highest issuance frequency and value with 23 issuances raising a total of USD9.1 billion, representing 16.0% and 11.9% respectively of total 2010 issuances.
view the report-GCC Bonds & Sukuk Market Survey 2010 Highlights
Source: Markaz
Jordan passes draft law on sale of Islamic bonds
May 4, 2011-- Jordan's finance minister has said a draft law paving the way for the sale of Islamic bonds is to be sent to the parliament in June, Bloomberg has reported.
"Once it's ratified, we will then take a decision based on our needs as to if we will issue conventional bonds like we did last year or sukuk," Mohammad Abu Hammour said. The sale amount "won't be less than $500m, but if we see there is an appetite and market conditions are favourable we may go higher," he said.
Source: AME Info
Thin trading weighs on Dubai market
May 4, 2011--The DFM General Index dipped 0.71% amid low trading activity, closing at 1,618.23 points. shares of Islamic insurer Takaful Emarat posted the largest gain (up 3.76% at Dhs0.69).
A week ago, Takaful Emarat announced its new partnership with Reliance Asset Management (Malaysia) Sdn. Bhd. Market bellwether Emaar declined 0.61% to Dhs3.24. Seven stock gained, 19 lost and three ended flat. Some 58m shares valued at Dhs83.9m changed hands.
Source: AME Info
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