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Dubai Gold And Commodities Exchange Weekly View January 9, 2011
January 9, 2011-Economic Data Overview
The January 10 week follows up the employment report with a series of economic data releases that will help firm up perceptions of conditions in the fourth quarter 2010. The highlight is likely to be the retail sales report, but the data on inflation will be nearly as closely watched.The release of the Fed's Beige Book will also shape expectations for the upcoming FOMC meeting on January 25-26.
Earnings season for the fourth quarter 2010 gets off to its unofficial start with the report from Alcoa on Monday. The first week's reports are fairly sparse, especially for big names, but will include Intel on Thursday and JPMorgan Chase on Friday.
The most anxiously awaited of the week's data will have to wait until Friday when both the retail sales and CPI reports are released at the same time. The weekly measures of retail activity and the monthly same-store sales comparisons for fiscal December both point to a possible strong report for retail and food sales in December.
The Consumer Price Index for December should reflect higher food and energy prices, but at the core will continue to show few areas of upward pressure.
The CPI is preceded by the December Producer Price Index on Thursday, and the Import Price Index for December on Wednesday. Both are also expected to show that inflation remained quite tame at year-end, and see some upward pressure from commodities prices.
men to sell sukuk to finance growth
January 6, 2011--Yemen plans to sell $500m of local currency Islamic bonds to fund the country's budget deficit and spur the Shariah-compliant finance industry, Bloomber has reported.
The central bank may offer sukuk in the domestic market from the first quarter, Deputy Finance Minister Jalal Yaqoub told the news service.
Arabtec shares recover
January 6, 2011--The local Dubai exchange finished the first week of the New Year and new decade positively. The DFM General Index added. Shares of Arabtec recovered 2.02% to reach Dhs2.02, after the UAE's largest construction firm suffered a setback on news that its CEO Riad Kamal was banned from trading by the market regulator ESCA for six months.
CEO Kamal called the issue "trivial, according to media reports, and declared to cooperate with ESCA to find a solution. Three stocks lost, 22 gained and one ended flat. Islamic bank Ajmanbank declined 0.21% to finish at Dhs0.815. Its rival Noor Islamic Bank (NIB, not listed), which has also just passed three years of operations, today opened today the new headquarter for its Islamic insurance arm Noor Takaful in Dubai at the Sheikh Zayed Road near the Noor Islamic Bank-Metro station. Grop CEO Hussain AlQemzi told AMEinfo.com that he is positive for the Islamic finance in 2011 in general and that he is optimistic NIB will break even in 2011. The Group CEO again denied that there were any plans to merge with Islamic bank Dubai Bank. Traded volumes declined 15% as 66.58m shares worth Dhs106.88m (off 20%). During the first week of January the DFMGI gained 2.34%.
Abu Dhabi blue chips gain, index dips
January 6, 2011--The ADX General Index dipped 0.16% to end at 2,752.33 points, despite gains among real estate and energy heavyweights. Shares of Dana gas surged 1.30% to reach Dhs0.78. Aldar Properties gained 2.59%, closing at Dhs2.43, while Sorouh Real Estate posted a profit of 1.83%, ending at Dhs1.67.
Etisalat, however, declined 0.94% to finish at Dhs10.70 and as trading volumes remained low the telecom giant weighed on the index. Some 72.29m worth Dhs134.99m changed hands. Over the week the ADXGI added 1.19%.
Banks weigh on Kuwait exchange
January 6, 2011--The Kuwait market KSE did not cheer after the country's Prime Minister Shaikh Nasser Al Mohammad Al Sabah survived a parliamentary no-cooperation motion on late Wednesday. The KSE Market or Price Index weakened
Thursday by 0.34%, ending at 6,975.6 points. Islamic bank Kuwait Finance House (KFH) lost 3.22% on profit booking, closing at KD1.200. Gulf Bank of Kuwait, which doubled in value in 2010, dipped 1.72%, finishing at KD0.570.
Qatar market cracks 9,000 points-level
January 6, 2011--A gain of 0.28% at the Doha-based Qatar Exchange (QE) was enough to rise above 9,000 points, as the lead index closed at 9.019.26.
Real estate developer United Development Company added 0.72% to reach QR28.00. Doha Insurance finished 1.32% higher to close at QR30.70.
Indian Rupee Volume Hits All-Time Daily High on January 5th
January 6, 2011--Trading activity on DGCX Indian Rupee / Dollar futures is growing rapidly, with daily volume touching 12,000 contracts for the first time on January 5th, 2010. 11,968 contracts traded and notional value of USD 525.21 million. This was the second record daily volume in a row.
The Indian Rupee futures contract continues to attract more interest daily, as market participants become aware of its unique offering as the only Indian Rupee futures contract available for trading and hedging outside of India. Furthermore, the contract is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading.
Nasdaq Dubai equities traded value rises 22% in 2010
January 5, 2011--The value of equities traded on Nasdaq Dubai increased by 22% to $1.31bn in 2010, up from $1.07bn in 2009. The increase was achieved during a challenging year for regional exchanges. Nasdaq Dubai was the best performing stock exchange in the UAE during the year, measured by percentage change of traded value from 2009.
Regional brokers gained market share of traded value on Nasdaq Dubai from international brokers in 2010. The regional brokers share more than doubled to 43%, up from 20% in 2009.
Tadawul bourse dips slightly
January 5, 2011--The Tadawul market dipped 0.05% to close at 6,696.55 on Wednesday, as investors lacked catalysts. A third of the 145 traded securities finished the day unchanged.
Al-Baha Investment & Development Co. ended as the main losing share, weakening 2.70% to end at SR12.60. Arab National Bank surged 4.76%, reaching SR39.60. During the first week of 2011, the TASI index gained 1.15%.
DGCX 2010 Annual Volumes Increase 28% to Record 1.925 Million Contracts
2010 is the Exchange’s best year in terms of annual volumes and value
Currency futures increased by 109%; with Indian Rupee futures growing by 625% on 2009
January 5, 2011--Annual volumes for 2010 on DGCX registered a 28% growth on 2009, reflecting a surge in the popularity of DGCX's cleared and regulated derivatives both as an asset class and a hedging tool. The Exchange ended 2010, its best-ever year, with a total annual volume of 1.925 million contracts. The value of the Exchange’s annual volume reached $104.18 billion, a 32% increase on last year.
Total currency volumes reached 1,287,409 contracts, a 109% increase from last year. Annual volumes of Euro, Pound and Yen futures rose 54%, 12% and 43% from 2009 to reach 473,771, 205,548 and 82,922 contracts. 2010 volumes for Gold and WTI reached 490,175 and 115,777 contracts respectively. Australian Dollar, Canadian Dollar and Swiss Franc, currency pairs launched by DGCX in 2010, achieved annual volumes of 14,064, 15,735 and 14,644 contracts in 2010.
Indian Rupee futures were the Exchange’s biggest success story in 2010 accounting for 480,725 contracts over the year, a growth of 625% from 2009. The Indian Rupee enjoyed an outstanding run in 2010 setting five consecutive monthly records between June and October. In December, it recorded its highest monthly volumes of 98,105 contracts. It also set its highest ever daily volume of 8,275 contracts on Nov 12.
For December 2010, volumes on DGCX reached 164,893 contracts. Currencies reached 119,566 contracts, while Gold registered 36,701, Silver 3,598 and WTI futures 5,028 contracts. Currency volumes in December grew by 34% year-on-year.
