Qatar Exchange gains 0.76%
January 24, 2011--The Doha-based QE Index added 0.76% to reach 8,999.79 points.
All sector indices landed in the green and a number of banks which suffered losses on profit booking last week, recovered. The country's largest lender Qatar National Bank, known as QNB, gained 0.15%, closing at QR200.10. Qatar Fuel finished 1.20% higher at QR253.00.
Source: AME Info
Tadawul market advances steadily
January 24, 2011--The Tadawul market's main index TASI closed 0.46% higher at 6,722.79 points. SABIC added 0.70%, reaching SR108.00. All sector indices gained, except the Agriculture and Food segment. Ash-Sharqiyah Development Company,
which gained over 28% during the last 12 months, dipped on profit booking, fell by 5.39% to close at SR42.10.
Source: AME Info
Israel: Selected Issues IMF Country Report
Janaury 24, 2011--I. Why was Isreal so little affected by the Great GREAT Recession?1
A. Economic Structure
1. In the decade to 2007, Israel had secured strong stable growth-averaging 3.8 percent, with inflation in the 1-3 percent range, public debt falling below 80 percent of GDP, budget deficits
declining into the 1-3 percent range, external current account surpluses, and the shekel freely floating and competitive (Figure 1). The economy was open and flexible-reflected in exports of some 40 percent of GDP, significantly oriented towards advanced economies. Property markets were
stable, capped by earlier supply overhangs.
Financial—and especially banking—supervisory structures were, by global pre-crisis standards, highly activist and effective.
B. The Nature of the Global Shock
2. The seizure of global financial markets led to sharp falls in global spending on consumption (especially of durable goods) and investment goods, and to inventory decumulation. It also led to steep declines in global commodity prices and surges in capital flows seeking “safe havens.” On all counts, Israel was well positioned to withstand the shocks: strong supervision shielded its banks; durable and investment goods are minor components of its output; as an energy importer, its terms of trade strengthened by 13 percent in H1 2009. And the worst of the global shock was relatively brief. For all these reasons, Israel became—somewhat atypically—a safe-haven for investors, notably for residents.
Source: IMF
Dubai Gold And Commodities Exchange Weekly View-January 23, 2011
January 23, 2011-- Economic Data Overview
The January 24 week has a variety of economic data on the calendar, but it is probably the first estimate of GDP for Q4 2010 that will get the most attention. Fed policymakers hold a two-day meeting to update their forecasts and help Chairman Ben Bernanke prepare for his upcoming semi-annual monetary policy testimony.
Fourth quarter earnings season also continues with a packed calendar and many of the reports are in the transportation and energy sector, as well as for pharmaceuticals and other large manufacturing companies.
The governors of the Bank of Japan will meet on Monday and Tuesday. The Bank has an easing bias, although no action is expected at this session.
The FOMC meets on Tuesday and Wednesday, the first meeting of the Committee in 2011 and the one at which the next rotation of FOMC voters will take place. The Committee is expected to maintain the current policy of Large Scale Asset Purchases by a majority vote.
New orders for durable goods for December on Thursday should reflect a rise in orders for civilian aircraft and increased demand for motor vehicles, as well as more broad-based gains from other components as the factory sector picked up some steam. The Richmond Fed's Manufacturing Survey comes on Tuesday and the New York and Philadelphia reports have already suggested that...
Source: Dubai Gold And Commodities Exchange
Dubai inflation slows in 2010
January 20, 2011--According to data from the Dubai Statistics Centre, inflation in the emirate slowed to 0.6% last year from 4% in 2009, as ongoing weakness in the property sector weighed on consumer price growth in the emirate,
Reuters has reported. Housing costs, which have the largest 44% weight in the basket, fell 1.3% in 2010, after a 2.4% rise in the previous year, while food costs, that have been pushing inflation up across the Gulf last year, saw only a 1.9% increase.
Source: AME Info
Dubai market finishes volatile week in the red
January 20, 2011--The DFM General Index dipped 0.60% to finish at 1,609.22 points. Negative input from the US, where Goldman Sachs reported a 52% decrease in profits Wednesday, weighed on the global sentiment.
The DFM shares declined 0.68% to close at Dhs1.46. Bellwether Emaar Properties weakened 1.16% to close at Dhs3.40. Over the third week of January the DFMGI declined 0.30%. Some 45.36m shares worth Dhs74.3m changed hands on Thursday amid six stocks gaining, 15 declining and four remaining flat.
Source: AME Info
Sharjah Islamic Bank shares gain on 2010 profit increase
January 20, 2011--In Abu Dhabi, the local exchange ADX saw its General Index rebounding by 0.28% after week of almost non-stop losses, closing at 2,683.66 points. Shares of Sharjah Islamic Bank (SIB)added 1.08% to close at Dhs0.93.
Earlier in the day, SIB reported a 2010 full year net profit of Dhs266.4m, an increase of 2.4% compared to the previous year. SIB's earnings per share stood even at Dhs0.11. Investors continued selling shares of property developers Aldar (off 1.47% at Dhs2.00) and Sorouh (down 0.66% at Dhs1.55). Seven shares advanced, seven closed unchanged and 13 lost value. Over the week, the ADXGI declined by 1.97%.
Source: AME Info
Kuwait bourse declines 0.28%
January 20, 2011--The KSE Market or Price Index closed slightly lower at 6,896.2 on Thursday, as only the banking sector index (up 0.67%) gained.
National Ranges Company, known as Mayadeen, posted the largest advanced, up 10.5% to reach KD0.021. Insurance and investment companies on the other hand overall dragged the index down further, which lost 0.57% over the week.
Source: AME Info
Qatar Exchange loses 0.17%
January 20, 2011--The Doha-based QE Index dipped 0.17% to finish at 9,065.59 points. Only the banking and insurance sector index added value. Shares of Aamal Company, a mixed industrial group operating in trading, manufacturing, property management and services, gained 0.45% to reach QR22.10.
Earlier in the day, Aamal announced in a statement to the Qatar Exchange that it has signed an Memorandum of Understanding with a Swedish company, to evaluate the feasibility of creating a Qatari Joint Venture to manufacture and sell extruded aluminum profiles. The name of the partner firm was not revealed, as the MoU has to be approved by both entities' shareholders.
Source: AME Info
NASDAQ Dubai posts losses
January 20 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1777.07 down 0.79%. DP World closed 0.75% lower at $0.658. Jewelry trader Damas International dipped 2.40%, finishing at $0.122. Interior designer DEPA Ltd. plummeted 2.67%, ending at $0.73.
Earlier in the day, Saudi real estate developer Dar Al Arkan, which as a $1bn sukuk listed at the NASDAQ Dubai (dating back to July 2007 and due in 2012), announced net income for the full year 2010 of SR1.45bn, down 31.4% from SR2.12bn in 2009.
Source: AME Info