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Lackluster Abu Dhabi market adds 0.28%
September 27, 2010--The ADX General Index finished trading at 2,664.20 as 11 shares closed flat. Abu Dhabi National Energy Co. (Taqa) extended its share price rally by gaining 0.77% to close at Dhs1.32, a new high in 2010. Global Investment House in Kuwait says that "as oil prices continue to rise in 2010 and into 2011, we expect Abu Dhabi's contribution to UAE GDP to jump back to previous levels".
In 2008 Abu Dhabi contributed 56% to the UAE's GDP. Oil prices added 1.38% during the last month, trading currently above $75. Banks performed weaker at the ADX on Monday. Shares of National Bank of Ras al-Khaima (RAK) lost 3.41% to finish at Dhs4.25. Yesterday, Capital Intelligence has affirmed Rakbank's foreign currency ratings at 'A-' long-term and 'A2' short-term. The financial strength rating is maintained at 'BBB+', reflecting the bank's good management and sound financials, particularly in the areas of profitability and capital adequacy, CI said.
Dubai Gold And Commodities Exchange Weekly Views-September 26, 2010
September 26, 2010--Commodities Overview
Gold prices continued to rise last week, setting record highs for the third consecutive week. Silver prices followed a similar upward trend, receiving support from its financial and industrial traits. WTI crude oil meanwhile was weighed down by supply concerns dissipating and expectations of soft demand in the weeks ahead.
A weakening U.S. dollar did provide support for crude prices, however. Over the past two weeks the dollar’s decline has not only helped support crude oil prices, but also has been supportive of most commodities. Soft commodities, precious and base metals prices have risen over the past few weeks. Energy prices meanwhile have begun to trend higher. Expectations of additional stimulus measures from the Federal Reserve should economic conditions fare worse than currently anticipated in the coming months were reaffirmed last week. An increased supply of dollars into financial markets will likely help push the dollar lower and support dollar denominated commodities prices. Investors may seek to increase their exposure to commodities in the coming weeks, as most have been doing since the early part of this month. Prices have been rising for most commodities as long positions are being built and short positions are being covered.
Currencies Overview
Currency exchange rates are undergoing a rebalancing act, following a period of pause in late August and early September. While each country is dealing with its own financial and economic problems there are major differences in what is being addressed. In developed economies the concern is over weak economic conditions and an uncompetitive exchange rate. In developing economies the worry is over high inflation due to strong economic growth, creating overpriced assets by way of large sums of foreign capital inflows, and currency exchange rate volatility, as foreign capital quickly flows out when market conditions change. As each country addresses its domestic dilemmas, it does so in an environment where other nations are doing the same, causing increased shifts in investor sentiment toward these currencies.
Taqa surge offsets real estate losses at Abu Dhabi bourse
September 23, 2010--After a weak opening, the Abu Dhabi market ADX gained steadily throughout the day and eventually ended 0.31% higher at 2,639.33 points. Abu Dhabi National Energy Co. or Taqa gained 1.59% (to close at Dhs1.28), while real estate development giants lost such as Aldar (off 0.4% at Dhs2.53) and Sorouh Real Estate (down 1.12% at Dhs1.76).
Shares of Islamic insurer Methaq Takaful finished 0.76% to close at Dhs1.30. Methaq announced today that it plans to open new branches in the UAE. Methaq currently operates with three branches in the Western region in Al-Mirfa, in Abu Dhabi and in Dubai.
Islamic bank shares gain at Qatar Exchange
September 23, 2010--The QE Index in Doha ended the week with a modest gain of 0.32%, reaching 7,661.67 points. Shares of Qatar Islamic Bank and International Islamic Bank both gained 0.86% in value, closing at QR81.40 and QR46.40, respectively.
Shares of Barwa Real Estate added 1.59% and reached a key resistance level at QR32.00. 21 stocks gained, 11 lost value and seven ended even.
Dubai market up 0.94% in rollercoaster trading
September 23, 2010--Shares of real estate developer Union Properties (up 5.82% at Dhs0.418) posted the largest advanced Thursday, as the DFM benchmark index closed 0.94% higher at 1,689.45 points.
Over the third, the DFM added 2.5%. Bank Emirates NBD surged 2.81% to finish at Dhs2.93. Emirates NBD Chairman Ahmed Humaid Al Tayer told Ameinfo.com Wednesday that local UAE banks were prepared for the higher capital quotas under 'Basel III'. The Nasdaq Dubai posted losses, as its heavyweight DP World ended 0.97% lower at $0.511. Traded value declined 42% to Dhs177.64m as 116m stocks changed hands.
Bahrain bourse reaches 15-week high
September 23, 2010--As most GCC markets today, the Bahrain Stock Exchange (BSE) gained modestly (up 0.36%), but by closing at 1,445.75 points the Manama-located bourse reached the highest stand since May 30.
Shares of United Gulf Bank continued its step-by-step recovery, ending 1.46% higher at BD0.416.
Equities traded value rises 20 per cent in first full month since outsourcing to DFM.
September 23, 2010--It was the first full month of trading since the exchange outsourced its operations to Dubai Financial Market (DFM DFM Design for Manufacturing (newsletter)
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DFM Diesel Fuel Marine ) on July 11, 2010.
The August value reached 78.7 million dollars, up from 65.5 million in August 2009. The proportion traded by individual investors, as opposed to institutions, also increased. Volume for the month fell by nine per cent to 158.6 million shares, from 175.2 million in the same 2009 period.
NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to DFM on 11 July, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
UAE brokers have increased their share of trading of NASDAQ Dubai equities since the outsourcing. In August, the most active broker by volume was Al Futtaim HC Securities, followed by Deutsche Bank and then EFG Hermes.
In the first eight months of 2010, traded value of NASDAQ Dubai equities rose to 858 million dollars from 587 million in the same period of 2009, an increase of 46 per cent. Volume fell to 1.9 billion in the same period from 2.1 billion, a decrease of 14 per cent.
The FTSE NASDAQ Dubai UAE 20 index ended August 2010 at 1,550, down 3.5 per cent from the end of July 2010 and 16 per cent lower than at the start of the year.
The index tracks 20 stocks listed on the DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.
Kuwait has too many Islamic banks, says CB governor
September 22, 2010--The governor of Kuwait's central bank, Sheikh Salem Abdul-Aziz al-Sabah, has said that with five registered Kuwaiti Islamic lenders and Saudi Arabia's Al-Rajhi Bank, the country is saturated with Islamic banks, Reuters has reported.
"I believe that with this the Kuwaiti market has reached saturation point for Islamic banks at this stage," the governor was quoted as saying by a local newspaper.
Qatar market dips insignificantly
September 22, 2010--The Qatar Exchange (QE) lost 1.56 points and finished at 7,636.67 points due to lacklustre trading in Doha. Trading volumes declined 14.89% to some 7.04m shares changing hands.
The majority of shares (14) closed flat, while 13 stock gained value and 12 went down. Qatar Fuel outperformed the QE index by closing 0.55% higher at QR183.00.
Kuwaiti shares rebound slightly
September 22, 2010--Thanks to slightly recovering oil prices, the Kuwait Stock Exchange (KSE) added 0.36% to close at 6,845.3 points. Shares of Islamic bank Boubyan touched a new year year as it added 1.61% to close at KD0.620. Boubyan Bank is the largest shareholder at Bank of London and Middle East (BLME), one of five Sharia banks in the UK. Kuwait's central bank governor,
Sheikh Salem Abdul-Aziz al-Sabah, has said that with five registered Kuwaiti Islamic lenders and Saudi Arabia's Al-Rajhi Bank, the country is saturated with Islamic banks, Reuters has reported. "I believe that with this the Kuwaiti market has reached saturation point for Islamic banks at this stage," the governor was quoted as saying by a local newspaper.
