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Taqa shares jump 6.43%
October 11, 2010--The Abu Dhabi market ADX added 0.65% to close at 2,721.68 as Abu Dhabi National Energy Co. surged 6.43%, ending at Dhs1.51
Investors booked small profits at Sorouh Real Estate (off 0.56% at Dhs1.77). Gulf Cement Co. posted the largest advance Monday, closing eight percent higher at Dhs1.75.
Qatar market up ahead of new listing
October 11, 2010--The QE index gained 0.79% to finish at 7,830.18. QE dealers are eagerly counting down to the long-awaited listing of the shares
of Mazaya Qatar Real Estate Development Q.S.C. on the Exchange which is now scheduled for the 17th October 2010.
Kuwait market loses slightly as bank shares dip
October 11, 2010--As most bank shares headed down Monday, the KSE Market or Price Index lost 0.06% to end at 7,008.70 points. Investors booked profits at National Bank of Kuwait (NBK, down 1.38% at KD1.420) and at Islamic bank Kuwait Finance House
(off 1.61% at KD1.220). Al-Ahli Bank of Kuwait bucked the trend, closing 1.69% higher at KD0.600.
Tadawul bourse weakens 0.82%
October 11, 2010--The Saudi Arabian Tadawul market took a break from recent advances and closed at 6,367.84. SABB Takaful (off 3.92% at SR18.40) posted the second largest loss. Insurance firms, conventional and Islamic likewise
belong to the worst performing stocks in KSA in 2010 after most of them surged in 2009. Sabic ended 1.36% lower at SR90.75, trading as the most liquid share.
Bahrain market gains slightly as banks end mixed
October 11, 2010--The Bahrain All Share Index added 0.04% to close at 1,460.19. Islamic bank Al Baraka surged 2.07% to close at $1.480.
At Islamic rival Ithmaar Bank (off 3.57% at $0.135) investors booked profits since the share recovered strongly since it touched its trough beginning of August.
DGCX Indian Rupee futures volume surpasses 5,000 contracts for the first time
Indian Rupee Futures volume reached 5,201 contracts, valued at US $234.08 million on October 8th, 2010 - the highest ever daily volume for DGCX Indian Rupee Futures
October 10. 2010--The Dubai Gold & Commodities Exchange (DGCX) today announced that trading in Indian Rupee/Dollar futures crossed the 5,000 contracts mark on Friday October 8th, 2010, reaching an all time daily high of 5,201 contracts, valued at US $ 234.08 million.
The new daily volume record surpassed the previous peak of 4,724 contracts, valued at US $212.16 million, set on October 7th, 2010. The daily high follows the DGCX Indian Rupee futures’ fourth straight monthly volume record of 69,917 contracts set in September 2010. Year-to-date volume for Indian Rupee futures reached 192,628 contracts at the end of September, a growth of 195% on last year.
“The outstanding run of DGCX Indian Rupee/Dollar futures YTD demonstrates the growing demand for trading the contract among our membership base. Apart from the fact that it provides an ideal financial tool to manage price risk in the Indian Rupee, the product’s performance has been driven by its improved liquidity, low cost trading and easy access to DGCX markets,” said Eric Hasham, Chief Executive Officer, DGCX.
Dubai Gold And Commodities Exchange Weekly Views-October 10, 2010
October 10, 2010--Commodities Overview
The upward trajectory in precious metals and base metals prices may extend through this week, after some initial consolidation. While prices are lofty, there seems to be momentum enough to sustain the upward movement a while longer. Gold futures rose to new records last week as the U.S. dollar’s slump boosted the appeal of precious metals as safe haven assets. Gold has climbed nearly 25% this year, reaching a record $1,366 on 7 October. Prices of silver and copper have meanwhile climbed roughly 40% and 13% this year, respectively. residual buying this week, but if temporary disruptions in demand are resolved, the production quotas made during the OPEC meeting later this week could weigh on prices.
Expectations for a weaker U.S. dollar combined with steady investor interest continue to fuel fresh demand in metals. Crude oil may see some
Currencies Overview
The U.S. dollar continues under severe pressure, as investors react to economic weakness and the expectations of further monetary stimulus programs on the immediate horizon. Investors moving out of dollar holdings into emerging market investments is accentuating the dollar’s weakness, while other governments feel confounded by a lack of ability to combat the overheating of their own currencies. Discussions at the weekend IMF and World Bank annual meetings are likely to focus on currency market disarray, but no major immediate resolutions or solutions are expected. This lack of official action itself will add to the pressures on the dollar. There has been a rising expectation that the Federal Reserve may soon increase funds available for its asset purchasing program or come up with a derivation of such facility. There also has been increased frustration among industrialized nations about how to address weak economic conditions.
IMF predicts strong recovery for Middle East economies
October 8, 2010--The International Monetary Fund has forecast that economic growth in the Middle East and North Africa region will reach 4.1% this year, more than twice the rate in 2009, and may expand to 5.1% in 2011 as oil prices continue to push higher.
The Washington-based agency said in its World Economic Outlook that the region has benefitted from the fact that crude oil prices have recovered from levels below $40 a barrel at the beginning of 2009 and are now above $80.
'The strength of the recent economic recovery in the Mena region is largely underpinned by the rebound in oil prices from their trough in 2009, which has boosted receipts for oil exporters in the region,' the report said.
At the same time, 'a sizable and rapid fiscal policy response, especially in oil-exporting economies, has played a substantial role in supporting the nonoil sector in these economies', the report noted. These expansionary policies have also had spillover effects on the region's oil importers—where fiscal expansion was more moderate.
Banks keep Qatar bourse advancing
October 7, 2010--Despite losses in the industry and services sector, the QE Index in Doha extended its gains slightly, closing 0.20% higher at 7,765.45. Qatar National Bank (QNB), the country's largest lender by assets, reached QR156.10 (up 1.69%).
Credit Suisse analyst Mohammed Hawa says in a today's released statement, that the Swiss bank maintains its outperform rating on QNB, and raises the 12 month target price to QR182. "We also upgrade our 2010E-2012E cumulative EPS estimates by 14%", Hawa writes. Qatar Telecom Q.S.C., known as Qtel (flat at QR173.60), announced today the successful pricing of $1.5bn senior unsecured notes issued by its wholly owned subsidiary.
Kuwait market knocks at 7,000 level
October 7, 2010--Finishing at 6,695 (up 0.58%), the KSE Market Index was mostly driven by gains in the banking and real estate sector.
According to Cityscape Global quoting Ventures Middle East, there is a total of $2.29bn worth of construction under way in the Gulf state, with a further $24bn in the pipeline. National Bank of Kuwait (NBK) added 1.42% to close at KD1.42%.
