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Dubai Gold And Commodities Exchange Weekly View-April 17, 2011
April 17, 2011--Economic Data Overview
The main US data releases for the week ahead include some indicators related to the labour market, while the Philadelphia Fed's survey of manufacturers will be one of the week's highlights. Fed policymakers will be mostly out of the public eye as the FOMC meeting approaches. The Philadelphia Fed's Business Outlook for April on Thursday should print at a lower level for the general activity index, but this could still be quite robust by historical standards. Initial jobless claims for the week ended April 16 on Thursday will be the survey comparison week to March. New claims are showing a choppy downward trend in recent weeks, while continuing claims and extended benefits also work lower. There are fewer layoffs being reported outside of government, although job adds are slow.
The BLS will release numbers on state and regional unemployment for March on Tuesday. These will provide some detail to the national employment report, but should not change the overall picture of the labour market.
Data on mass layoff activity for March will be released on Friday. Except for the government sector, large scale layoffs are both fewer in number and affecting fewer workers per event. The Conference Board's Leading Economic Index for March on Thursday should continue to exhibit a rising trend for activity. Consumer confidence and stock prices will be negatives, but other components should more than offset these.
No major central banks are scheduled to make routine monetary policy statements in the coming week. There is a brief flurry of Fed policymakers giving public comments on Monday in advance of the press blackout period that precedes an FOMC meeting. Comments from
Kuwait market ends week in the green
April 14, 2011--The KSE Market Index added 0.31% to close at 6,388.7
Al-Ahleia Holding Co. was the top gainer (up 7.14% at KD0.015). Dar Al-Thuraya Real Estate Co. plummeted 6.75% at KD0.069. Banks performed overall lower, but National Bank of Kuwait, known as NBK, bucked the sector trend and closed 1.69% higher at KD1.200.
Qatar Exchange dips 0.40%
April 14, 2011--The QE Index closed down 0.39% at 8,780.80 on Thursday. Shares of Qatar National Bank (QNB) added 0.27% to close at QR149.80.
Commercial of Qatar (off 1.38% at QR71.50) and Doha Bank (down 1.69% at QR52.30) after Credit Suisse cut ratings of both banks to 'neutral'.
Abu Dhabi bourse advances 0.73%
April 14, 2011--The ADX General Index closed 0.73% higher at 2,678.84 on Thursday.
Over the week, the ADX gained 3.11%. National Bank of Fujairah posted the largest advance (up 10% at Dhs3.52). Aldar Properties added 1.87%, finishing at Dhs1.65. Over the week, the ADX gained 3.11%.
Abu Dhabi bourse advances 0.73%
April 14, 2011--The ADX General Index closed 0.73% higher at 2,678.84 on Thursday.
Over the week, the ADX gained 3.11%. National Bank of Fujairah posted the largest advance (up 10% at Dhs3.52). Aldar Properties added 1.87%, finishing at Dhs1.65. Over the week, the ADX gained 3.11%.
Dubai market ends week on a high note
April 14, 201--The DFM General Index closed at 1,622.58 (up 1.38%) on Thursday, as real estate shares posted strong gains.
Emaar (up 1.20% at Dhs3.36), Union Properties (14.89% at Dhs0.378) and Deyaar (gaining 9.40% at Dhs0.291) lifted the market in particular. Twenty-two stocks gained, three lost and three ended flat. Some 222.62m shares valued at Dhs223.62m changed hands.
Abu Dhabi hoping to grow 7% a year until 2015
April 13, 2011--According to a bond prospectus, the emirate Abu Dhabi plans to reduce dependence on oil and diversify its economy in a bid to grow by an average of 7% a year until 2015 and 6% a year thereafter, Reuters has reported.
"The 2030 Economic Vision seeks to grow Abu Dhabi's GDP by an average of 7% per annum through 2015, and thereafter to stabilise growth at an average of 6% per annum for total growth in GDP of over 500% by 2030," a prospectus by Abu Dhabi's investment vehicle, Mubadala said. "The government also intends to foster non-oil GDP growth at a higher rate than that of the oil sector, with a goal of reaching equilibrium in oil and non-oil trade by 2028," the document said.
Tadawul market dips 0.32% on weak petrochemicals
April 12, 2011--The Saudi Stock Exchange's benchmark index Tasi closes at 6,590.65 points on Tuesday, off 0.32%. Shares of Petrochem dipped 6.04%, closing at SR22.50. Bellwether Sabic weakened 0.23%, finishing at SR107
Alinma Bank gained half a percent reaching SR10.05. During the first quarter 2011, Alinma Bank was the most traded company as some 1.3bn stocks changed hands, according to Global Investment House in Kuwait. Fifty-one stocks gained, 78 declined and 16 ended flat.
Industries Qatar decline despite higher quarterly profit
April 12, 2011--The Doha-based QE Index lost 0.71%, closing at 8,771.80 points. Shares of Industries Qatar dipped 0.69%, finishing at QR143.60. Earlier in the day,
Qatar Industries reported for the first quarter a net profit of QR2.1bn in comparison to QR1.2bnfor the corresponding period in 2010. Earnings per share (EPS) amounted to QR3.81 as of March 31 2011 versus QR2.21 of the same period in 2010.
Zain telecom dip 1.44%
April 12, 2011--The KSE Market Index closed flat at 6,364.6. Telecom giant Zain ended 1.44% lower at KD1.360. National Bank of Kuwait, known as NBK, closed 1.69% lower at KD1.160.
United Gulf Bank (UGB) was the top loser (off 7.14% at KD0.325). Kuwait Finance House, the world's second largest Islamic Bank in relation to assets, added 1.88%, reaching KD1.080.
