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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: DGCX
Euro area inflation estimated at 2.6% Flash estimate - March 2011
March 31, 2011--Euro area1 annual inflation2 is expected to be 2.6% in March 2011 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 2.4% in February3.
Computation of flash estimates
Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available4 as well as early information about energy prices.
Source: Eurostat
“SEF Showcase: Current Technology & Market Direction”
Opening Statement of Commissioner Scott D. O’Malia
March 31, 2011--Introduction.
Good morning and thank you for coming to the SEF Showcase. I would like to thank staff for working so hard to put this meeting together. They did a terrific job. I would also like to thank Commissioner Michael Dunn for his participation.
The SEF Showcase was born out of a meeting with Chris Giancarlo of GFI in early February. He came in to show me how GFI’s platform functioned and how inter-dealer brokers viewed integrating their technology platforms with the new requirements under the Dodd-Frank Act. After seeing his demonstration, I was curious to see how other execution platforms function. It occurred to me that a single meeting bringing as many potential SEF platforms as possible to the Commission would be of great benefit to my office, to the rest of the Commission, and to market participants as well.
Source: AME Info
Saudi Stock Exchange gains slightly
March 31, 2011--The TASI benchmark in Riyadh opened fell shortly after the opening, but gained momentum during the last hour of trading and closed 0.67% higher at 6,562.85. SABIC, the petrochemical market leader, jumped 2.43% to reach a two-month highg at SR105.25.
Alujain Corp. plummeted 8.41%, closing at SR21.25. Yesterday, Alujan announced that that "in line with the normal industrial practice, its subsidiary National Petrochemical Industrial Co. Propylene & Polypropylene Complex in Yanbu Industrial City will be shut down for a period of 60 days starting May 1st, 2011 for a full turnaround procedure (major maintenance), as well as implementing the production and equipment enhancement." Sixty-two stock gained, 59 declined and 24 closed unchanged.
Source: AME Info
Dubai bourse closes the week positively
March 31, 2011--Apparently lifted by comments from HH Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman of Emirates Airline, of Dubai World and of the Dubai Supreme Fiscal Committee, that the Dubai economy might grow by 4% this year, the DFM General Index closed 0.85% higher at 1,556.04.
Shares of Dubai Islamic Bank (DIB), which holds its Annual General Meeting (AGM) later in the day, added 1.37% to reach Dhs2.22. In 2010, DIB achieved a full-year net profit of Dhs812.633m compared to Dhs1.21bn in the previous year. Emaar (up 2.87% at Dhs3.23) was the most liquid share. Commercial Bank of Dubai (down 7.69% at Dhs3) posted the largest decline. Some 168.76m stocks worth 254.78m securities changed hands.
Source: AME Info