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Dubai Gold And Commodities Exchange Weekly View-February 20, 2011
February 20, 2011--Economic Data Overview
US markets will be closed on Monday for the Presidents' Day observance, leaving a shortened four-day US workweek. There is a moderate amount of economic data and it is a busy week for Fed officials. The speech contents will be weighed in advance of the next FOMC meeting on March 15, but there will be no major central bank announcements next week.
Data on the housing market should be the most important to the majority of markets, but there is also a fair amount for the factory sector, labour market and on growth.
The Conference Board's Consumer Confidence Index for February on Tuesday will be the first release after the Conference Board announced the new survey on Monday, February 14. The Conference Board provided three months of data based on the Nielsen Company survey and revised the indexes up to 57.8 in November, 63.4 in December and 65.6 in January.
The final Reuters/University of Michigan Consumer Sentiment Index for February is set for Friday. The preliminary index reading was 75.1, up about 1 point from the 74.2 in January. Consumer confidence generally seems to be on an upswing, but the path is uneven.
New orders for durable goods in January at are due on Thursday and it could well be another soft month based on weak orders for civilian aircraft. However, there may be some holdover from December's aircraft orders that did not show up in that month's data that could make January look better. Also, orders for motor vehicles were likely stronger.
There are two more February surveys of manufacturing from Fed District Banks during the week. The Richmond Fed will report on Tuesday and the Kansas City Fed's numbers will be released on Thursday. So far the data from New York and Philadelphia were
OPEC Monthly Oil Report February 2011
February 18, 2011--Oil Market Highlights
The OPEC Reference Basket maintained its momentum in January, moving within a $90-95/b range, which resulted in a monthly average of $92.83/b, up $4.27 or 4.8% from the previous month.
This upward trend was attributed to bullish sentiment in the futures markets, which pushed both Nymex WTI and ICE Brent front months to 28-month highs. Improving macroeconomic sentiment, cold weather pushing demand higher, as well as growing investment in the paper market and recent
geo-political concerns, were the main contributors to the strong market.
Traded volumes of ICE Brent hit a record high in January and resulted in a large premium of Brent over WTI, as WTI futures remained affected by ample stocks in Cushing, Oklahoma. The OPEC Basket stood at $96.93/b on 9 February.
World economic growth remains unchanged at 4.5% for 2010 and 3.9% for 2011. OECD growth for 2011, now forecast at 2.3%, has improved due to the additional US stimulus which was introduced at the end of last year. The US is now expected to expand by 2.9% and the Euro-zone was raised to 1.4%. Growth for Developing Countries remained almost unchanged, with China growing at 9.7% and 8.8% and India at 8.0% and 8.5% in 2010 and 2011, respectively. Despite increased activity in the manufacturing sector, which has led to a broad-based improvement in global sentiment, significant challenges remain. The extraordinary sovereign debt levels and the high unemployment in the OECD, rising inflation rates, combined with the possibility of overheating in Developing Countries, constitute concerns that might influence the 2011 growth trend.
view the OPEC Monthly Oil Report February 2011
Qatar market declines further
February 17, 2011--The Qatar Exchange in Doha was besides Bahrain open for trading on Thursday, while other GCC markets closed on the occasion of the Prophet Mohammed's (PBUH) birthday
The QE Index closed 1.34% lower at 8,703.07 as insurers in particular lost out. General Insurance underperformed 1.56% to close at QR63.00. Real estate firm United Development Company, known as UDC and builder of the business- and lifestyle-island The Pearl Qatar, closed glat at QR27.30. UDC held its Ordinary and Extraordinary General Assembly Meetings held on Wednesday, and has resolved distribution of a 20% cash dividend. The EGM also approved UDC's plan to distribute 26.812.500 shares as bonus shares at the rate of two shares for each ten shares (%20 of the capital) and thus increase the capital of the Company QR1.608.750.000 and to issue convertible bonds not to exceed QR1.072.500.000 or equivalent in foreign currency in private subscription the conditions of which shall be determined by the Board of Directors which is authorized to take all required measures. Shares of Qatar Islamic Bank bucked the trend by gaining 0.12% to reach QR84.40.
Bahrain market defies regional downtrend
February 17, 2011--The Bahrain bourse gained 0.58% on Thursday and closed at 1,475.10.
On a year-to-date basis, the market has advanced 2.99%, the highest gain among all Arab stock markets. However, only Nationall Bank of Bahrain was heading upwards today, gaining 8.82% to reach BD0.74. According to Dubai-based Institute for Corporate Governance Hawkamah, 95% of Bahrain-listed shares are not traded on a daily basis.
Abu Dhabi bourse follows regional downtrend
February 16, 2011--The local stock market in Abu Dhabi, the ADX, saw its benchmark index declining by 1.18% to close at 2,683.97.
Shares of the emirate's third largest lender Abu Dhabi Commercial Bank (ADCB) finished 0.83% lower at Dhs2.38. National Bank of Ras al-Khaima, known as RAK Bank, added 0.85% to reach Dhs5.95. Aldar Properties weakened 2.78% to close at Dhs1.78. Guld Medical Projects Co. ended falt at Dhs1.77. Earlier in the day, GMPC disclosed a 2010 net profit of Dhs50.379m compared to a net profit of Dhs89.209m in 2009. Six shares gained, 21 declined and three closed even.
Industry shares weigh on Qatar Exchange
February 16, 2011--The QE Index dived 1.78% to close at 8,821.07. Shares of Industries Qatar plummeted 3.03%, finishing at QR144. The country's second lender Commercial Bank of Qatar, known as CBQ, closed 2.11% lower at QR88. Earlier in the day,
CBQ announced it has signed a Memorandum of Understanding (MoU) with Qatar Development Bank (QDB), "that will see the two banks work together on "Al Dhameen" a loan assurance program for Small and Medium Enterprises (SMEs), in Qatar." Qatar General Insurance was one of the top gainers, closing 5.09% higher at QR64.
Real estate firms lose at Kuwait bourse
February 16, 2011--The KSE Market or Price Index declined 1.38% to close at 6,559.5 points. Kuwait Real Estate Co. dived 5% to close at KD0.056. The real estate sector index was the main losing segment (down 2.29%).
The country's largest lender National Bank of Kuwait (NBK, down 1.42% at KD1.380) remained locked up in its trading range between KD1.400 and 1.360. A number of insurers bucked the trend such as Warba Insurance Co. which gained 6.25% to reach KD0.170.
Saudi Stock Exchange loses 1.8%
February 16, 2011--In line with the global downturn, the Tadawul All Share Index in Riyadh declined 1.8% to finish at 6,486.83 points.
Petrochemical bellwether SABIC dived 2.17% to close at SR101.25. Zain KSA bucked the trend by gaining 0.62% to reach SR81.10. Only six shares advanced on Wednesday, 137 lost and two ended unchanged.
Egyptian Exchange again delays reopening
February 16, 2011--The Egyptian Exchange has again postponed its reopening and says it will only open when the strike-hit banking system gets back to normal.
Dates mentioned include 20 or 22 Feb, and the bourse is likely to introduce rules to limit trading volatility. It closed on 27 Jan after a 16% fall in its EGX30 Index.
Fish producer Asmak jump 10% on return to profits
February 15, 2011--The local stock market of the sheikhdom Abu Dhabi saw its ADX benchmark index to close 0.18% higher at 2,715.91. Shares of Abu Dhabi Islamic Bank, known as ADIB, climbed 2.25% to reach Dhs3.13.
ADIB reported an impressive 1,211%-rise in net profits for 2010 of Dhs1.023bn. ADIB has been running a massive marketing campaign for the last half year in order to promote its Sharia'ah-compliant credit card, enabling customers to collect air miles for Abu Dhabi's national carrier Etihad Airways while paying with the card. Shares of International Fish Farming Co., known as Asmak (Arabic for fishes), jumped 10% higher to reach Dhs8.80. Asmak generated a net profit of Dhs72.41m for 2010 compared to a net loss of Dhs14.39m a year earlier. After touching a five-year low on Monday, Sorouh Real Estate fell further today, finishing down 1.52% at Dhs1.30. Eight stocks gained, 10 ended flat and nine closed even in Abu Dhabi.
