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Taqa shares struggle with Dhs1.50 resistance
April 5, 2011--In Abu Dhabi, the ADX General Index closed at 2,590.14, down 0.43% from the previous close.
The industry sector index (off 3.96%) was the main losing segment. Abu Dhabi National energy Co., known as Taqa, declined by 1.32% and finished at Dhs1.50. The stock performed well in March, but has been struggling with the barrier at Dhs1.50 since December 2010. Twelve shares gained, 14 lost and four ended even.
Profit bookings drag Dubai market down
April 5, 2011--The DFM General Index closed 0.71% lower on Tuesday at 1,537.68. With oil prices (brent curde) surging to two-and-and-a-half-year high at $120 per barrel amid the ongoing civil unrest in the MENA-region, investors prefer to cash in profits.
Emaar Properties ended down 0.94% at Dhs3.17, while Arabtec dived 2.35%, closing at Dhs1.66. Cooling specialist Tabreed gained 1.75% to reach Dhs1.16. With 90.66m shares worth Dhs117.85m stocks changing hands, trading volumes remained low. Eight stocks gained, 12 declined and three finished even.
The Palestine Exchange alone in green amongst Arab Exchanges at the end of the first quarter 2011
April 5, 2011--The Palestine Exchange’s index “The Al-Quds Index” led all Arab markets’ indices as at 31 March 2011 where it closed up by 1.65% compared to the close of 2010. This makes the Palestine Exchange the only exchange in green amongst all Arab stock markets as at the end of the first quarter 2011.
Ahmad Aweidah, CEO of the Palestine Exchange (PEX) called upon local and international investors to grab this opportunity and invest in listed stocks on PEX. Aweidah noted that most listed companies are seeing growth in their profits and dividend distributions, he also referred to the 16.31% growth in PEX market cap during this quarter.
Aweidah announced that PEX will be launching in the coming weeks a local promotional campaign to promote investment in listed stocks. He added: “the campaign will address local retail investors informing them of the benefits of investment in stocks where return on investment has ranged between 5-7% over the last five years while investors get less than 1% on cash deposits in banks”. Aweidah indicated that many listed stocks on PEX are very attractive in valuation; 21 out of 42 listed equities are trading at prices which are lower than their book value.
Tadawul bourse weakens by 0.16%
April 4, 2011--The Saudi stock market closed slightly lower at 6,605.92. Petrochemical giant SABIC bucked the trend once again by closing 0.47% higher at SR107.00.
Saudi Public Transport Co. lost 6.25%, finishing at SR7.50. Sanad Insurance & Reinsurance Cooperative Company was the top gainer, closing 9.88% to reach SR18.35. Fifty-three shares gained, 75 lost value and 17 closed flat.
Banks lift Kuwait Stock Exchange higher
April 4, 2011--The KSE Market or Price Index added 0.48% to reach 6,301.1.
Shares of Burgan Bank soared 4.3%, closing at KD0.485. Mashaer Holding Co. posted the largest price increase (up 9.8% at KD0.112). Injazzat Real Estate Development Co. (down 5.55% at KD0.085) ended as a top loser.
Egypt central bank sets no target for pound
April 4, 2011--Egypt's deputy Central Bank governor, Hisham Ramez has said the bank has no target for the Egyptian pound and the level of the currency would depend on supply and demand,
Mena news agency has reported. "The central bank's strategy is clear. Our goal is not the price, but leaving it to supply and demand," Ramez said. The central bank would "intervene firmly" if speculators target the pound, he said.
Qatar Exchange closes unchanged
April 4, 2011--The QE index dipped insignificantly and closed at 8,460.63 on Monday.
All sector indices except the banking segment lost. Shares of Al Khaleej Takaful Insurance & Reinsurance surged 5.49%, closing at QR45.15. Earlier in the day the Qatar Exchange announced that Al Khaleej Takaful Insurance & Reinsurance will modify the company name to Al Khaleej Takaful Group as of tomorrow, Tuesday March 5 2011, pursuant to the resolution of the company's Extraordinary General Assembly Meeting held on February 22. The company's trading symbol AKHI will remain unchanged.
Abu Dhabi market loses 0.28%
April 4, 2011--As in Dubai, shares listed at the Abu Dhabi bourse ADX (down 0.28% at 2,601.35). Shares of Ras al-Khaima (RAK) Properties lost 2.56%, closing at Dhs.38.
Earlier in the day the developer published of his Ordinary Annual General Assembly from March 24th, saying that at the Mina al-Arab project only one hotel will be build instead of the planned 10 "for the time being." Shares of Dana Gas closed flat (at Dhs0.64). Six shares closed flat, seven advanced and 16 lost value. Some 85.62m stocks worth Dhs129.38m changed hands.
Dubai bourse declines 0.37%
April 4, 2011--The DFM General Index closed 0.37% lower at 1,548.67. Weak performing real estate and investment sector indices weighed on the market in particular.
Arabtec Construction was the most liquid share (off 1.16% at Dhs1.70). Insurer ARIG ended as a top gainer (up 6.38% at Dhs2.50). Nine shares gained, 12 lost and two closed unchanged amid low trading volumes.
Dubai Gold And Commodities Exchange Weekly View-April 3, 2011
April 4, 2011--Economic Data Overview
The economic data calendar is quite sparse in the April 4 week, with no reports expected to have a significant market impact. However, a busy schedule of central bank announcements will give markets plenty to think about, including the FOMC meeting minutes from March 15.
The most important release of the week is likely to be the ISM Non-Manufacturing Index for March on Tuesday. The indexes for the manufacturing sector have been fairly strong of late. Should the data suggest that services are moving in the same direction, it will help the case for a more upbeat outlook for a sustainable economic recovery. However, plunges in consumer confidence and jumps in input costs like gasoline may restrain the activity in the services sector.
Four central banks make routine monetary policy announcements during the week. The Reserve Bank of Australia will issue its statement on Tuesday and will probably keep the cash rate at 4.75% unless there have been further negative impacts from the Queensland floods, or in the global economy which could result in deterioration in the domestic economy. In its February 1 announcement, rates were still considered "appropriate" in the outlook at the time. Expectations for rate hikes at the Bank of England and the ECB have been on the rise along with commodities costs. The BOE Monetary Policy Committee meets on Wednesday and Thursday. Recent votes have shown a shift in balance away from holding rates and asset purchases steady to increasing the rate and reducing assets bought, although most focus is on the May meeting. The ECB has signalled "strong vigilance" in regard to price increases. This has widely been interpreted as an indication that the ECB will raise rates and the Governing Council could act after the meeting on Thursday to reduce perceived risks to medium-term price stability. The Bank of Japan Policy Board meets on Wednesday and Thursday. Further steps to provide liquidity may be undertaken as the country struggles to recover from the earthquake and tsunami on March 11 and as the crisis at the nuclear power plants drags on. The Federal Reserve will release the minutes of the March 15, 2010 FOMC meeting on Tuesday. Although there was no hint of dissent in the 10-0 vote at the meeting, subsequent remarks by some District Bank Presidents suggest more.
