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Abu Dhabi market loses insignificantly
September 20, 2010--The ADX General Index closed at 2,632.27 points (down 0.03%) as 31% of traded shares ended flat. National Bank of Umm al-Qaiwain (gaining nine percent at Dhs2.40) posted the largest gain. Abu Dhabi Commercial Bank (ADCB) declined 2.26% to close at Dhs2.11 as investors took profits after a four week long rally
Abu Dhabi Islamic Bank (ADIB) ended 1.53% lower at Dhs2.58. ADIB has said yesterday it will provide Dhs367m or $100m Istisna'a and forward Ijara facility to National Petroleum Construction Company (NPCC) to fund the construction of a new SEP 450 self elevating accommodation and crane barge.
Dubai Gold And Commodities Exchange Weekly Views-September 19, 2010
Setember 19, 2010--Commodities Overview
Gold prices set record highs last week while silver prices rose to levels only seen in 1980, topping levels they reached in March 2008. The recent precious metals rally now paves the way for gold prices to rise toward $1,300 and silver to $22. These are near term price targets, with further price strength expected in the next three to six months.
While there is the possibility that gold and silver may fall back on profit-taking, such a decline would be expected to be limited and short-lived. Investment demand for gold and silver as safe haven assets has remained firm in the midst of vulnerable financial markets, weak economic conditions, and an increasingly stressed political environment. Investment interest in industrial commodities also has been firm, with base metals prices rising to multi-month highs.
Currencies Overview
Currency unrest and volatility increased last week, as markets began to take their guidance from various fundamentally based influential factors. Investors came back in force, following several weeks of relatively calm currency activity. Early last week there was increased talk about the Federal Reserve possibly increasing funds available for its asset purchasing program. An increase in the Fed’s balance sheet from the current $2.3 trillion could weigh on the dollar. The euro and the pound rose on speculation of an increase in monetary stimulus measures from the Fed, but also were supported by United States government officials’ proposed fiscal easing legislation. Concerns over weak economic conditions in the United States remain a focal point. If economic activity worsens it should not be surprising to see both fiscal and monetary stimulus measures materialize.
ADCB shares gain despite S&P rating cut
September 16, 2010--The Abu Dhabi market ADX ended 0.21% higher at 2,606.61 points. Shares of Abu Dhabi Commercial Bank (ADCB), the third largest UAE bank by assets, gained 2.94% to finish at Dhs2.15.
Standard and Poor's downgraded ADCB on Wednesday its long- and short-term counterparty credit ratings on ADCB to 'A-/A-2' from 'A/A-1' due the bank's "large proportion of construction and real estate (CRE) loans, its exposure to Dubai World (DW)", among other factors. Industry leader National Bank of Abu Dhabi (NBAD) lost 1.26% to close at Dhs11.80.
Stock prices, turnover surge at Dubai bourse
September 16, 2010--The local bourse DFM finished the week positively as its General Index closed 1.22% higher at 1,647.03 points with 21 shares gaining value. Three stocks ended unchanged and three lost value.
Emaar Properties gained 1.61% to finish at Dhs3.79. News that index provider FTSE will add the UAE to its Global Equity Index Series as a secondary emerging market by tomorrow might have supported the market, but EFG Hermes research has said it does not expect significant effects due to FTSE's move. Nasdaq Dubai-listed shares of DP World climbed 1.30% to close at $0.547. Traded value surged at the DFM by 70% to Dhs316.67m as 162.71m shares (up 67%) changed hands.
Kuwait exchange ends the week slightly higher
September 16, 2010-The KSE Market Index closed at 6,838.7 points (up 0.18%). Kuwait Investment Company (gaining 7.57% higher at KD0.142) posted the highest advance.
Real estate shares performed overall lower, as National Real Estate Company plummeted 4.21% to close at KD0.182.
Bank shares weigh on Bahrain bourse
September 16, 2010--Bahrain: The Bahrain Stock Exchange (BSE) dipped by 0.13% to close at 1,443.20 points. Islamic banks Ithmaar (off 3.57 at $0.135) and Bank Al Baraka (down 2.68% at $1.45) dragged the index lower in particular.
Only Ahli United Bank (up 1.39% at $0.73) gained value.
OPEC Monthly Oil Report-September 2010
September 16, 2010--Oil Market Highlights
The OPEC Reference Basket moved within a range of $70-79/b in August to average $74.15/b,
representing an increase of $1.64 or 2.3% over the previous month. The Basket started the month just under $79/b before falling to below $70/b on 24 August as market sentiment deteriorated on disappointing macroeconomic data across the OECD. The Nymex WTI front month contract moved in line with equities to average $76.67/b in August, up 28¢ from the previous month. Over the same period, ICE Brent reached $77.12/b, representing a gain of $1.76/b or 2% and a premium of 45¢
over WTI. On 8 September, the OPEC Basket stood at $74.04/b.
World economic growth in 2010 remains unchanged since the previous report at 3.9%, while 2011 has been revised down slightly to 3.6%. The imbalance in global growth has intensified with a
deceleration becoming apparent in most of the OECD, while developing countries continue to expand. Growth in the US and Japan have been revised down due to the diminishing impact of stimulus packages. US growth stands at 2.6% in 2010 and 2.3% in 2011, while Japan is expected to grow by 2.5% and 1.3% respectively. The Euro-zone gained surprising momentum in 2Q10 and is
forecast to grow at 1.2% in 2010 and 1.0% in 2011. Supported by domestic demand, India is expected to expand at 8.2% in 2010 and 7.7% in 2011. China seems to be successfully cooling
down the economy with the forecast for 2010 unchanged at 9.5%, while 2011 has been lowered slightly to 8.6%.
World oil demand growth in 2010 remains broadly unchanged at 1.0 mb/d. Global oil demand was higher than expected in the first half of the year, supported by stimulus packages in key consuming countries. With these winding down, demand in the second half is expected to move lower. In 2011, world oil demand growth is expected to continue at the current level of 1.0 mb/d, unchanged from the last assessment. Non-OECD countries will remain the key contributors to demand growth, led by China, India, the Middle East and Latin America.
Tadawul investors book profits across the board
September 15, 2010--The Saudi Arabian stock market Tadawul ended Wednesday down 0.3% at 6,354.18 points. Only telecoms and industrial investment sector index added value.
Market bellwether Sabic closed 1.12% lower at SR88.50. Banque Saudi Fransi gained 3.38% to close at SR49.00. U. S. investment bank Goldman Sachs has started its coverage of six Saudi lenders including Banque Saudi Fransi, Samba Financial Group, Saudi British Bank and Arab National Bank with 'buy' ratings, Thomson Reuters has reported.
Taqa shares surge on expanding North Sea operations
September 15, 2010--The Abu Dhabi bourse ADX ended Wednesday at 2,601.10 points, up 0.30%. Shares of the Abu Dhabi National Energy Co. (Taqa) surged 3.31% to close at Dhs3.31. The firm said earlier the day, that announced its subsidiary Taqa Bratani Limited (Taqa Bratani) has signed a sale and purchase agreement (SPA) relating to Total's entire equity stake of 81% in production licences for two blocks in the Otter Field Development Area.
Average daily production year to date from the Otter Field is approximately 8,000 barrels of oil per day. Aldar Properties was the most liquid stock, dipping 0.83% to finish at Dhs2.36.
Dubai market rebounds by 0.44%
September 15, 2010--After the rally was halted Tuesday, the DFM General Index rebounded Wednesday, ending 0.44% higher at 1,627.15 points. Logistics firm Aramex (up 4.57% at Dhs1.83) landed at the top of the charts.
Port operator Dubai World, which is listed at the DFM and the Nasdaq Dubai trading platforms, extended its advances by adding 0.93% to close at $0.54. Banks performed overall weaker, as Emirates NBD, the Middle East's largest bank by assets, dipped 1.45 to finish at Dhs2.72. Investment bank Shuaa Capital outperformed the sector index by ending 1.85% higher at Dhs0.99 as 97.14m shares changed hands in total at the DMF.
