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Saudi market Tadawul joins GCC rally
September 6, 2010--The Tadawul's benchmark composite Tasi gained 0.59%, closing at a four-week high at 6,306.33 points. National Agriculture Marketing Co. (up 5.39% at SR21.50) topped the list of gaining shares, as corn and wheat prices rallied during the summer months.
Energy shares mostly underperformed while petrochemical giant Sabic added 0.29%, finishing at SR87.50. Eighty-three shares gained value, 33 lost while 19% of all 144 traded in Riyadh shares or 28 securities closed flat.
Abu Dhabi market adds 0.40%
September 6, 2010--The ADX General Index (up 0.40% at 2,517.39 points) saw shares of Union Cement Co. from Ras al-Khaima posting the largest gain (8.46% higher at Dhs1.41).
According to Kuwait-based Global Investment House, "most of the companies have shifted their focus away from risky real estate and property investment and their investment value has already been wiped off because of the previous tumults in the equity and real estate market." Abu Dhabi Islamic Bank (ADIB) added 1.57%, closing at Dhs2.58. ADIB reported today that it led the Islamic Tranche of the Dhs4.0bn ($1.1bn) Project Finance Facility for Emirates Steel Industries, the UAE's leading steel maker.
Bahrain Stock Exchange closes 0.56% higher
September 6, 2010--The Manama-located stock market BSE ended 0.56% higher at 1,422.72 points. United Gulf Bank (UGB) topped the charts by adding 9.94% at BD0.398.
Civil engineering firm Nass Corporation (off one percent at BD0.20) was the only losing share.
DGCX trades 111,348 contracts in August 2010, with Indian Rupee Futures achieving third straight record month
Total volumes for August reach 111,348 contracts
DGCX Indian Rupee futures contract continues momentum with third straight record month
Year-to-date volumes increase 34% year-on-year, with over 1.2 million contracts YTD
September 6, 2010--The Dubai Gold & Commodities Exchange (DGCX) transacted 111,348 contracts last month, valued at US $57.1 billion, with Indian Rupee futures achieving a third consecutive monthly volume record.
DGCX Indian Rupee futures recorded 43,547 contracts in August, valued at US $18.6 billion, almost twice the number of contracts in July, and a 769% increase on last year and an average daily volume of 1,979.
Meanwhile, although overall monthly volumes were down 27% in August due to the holiday season and Ramadan, year-to-date volumes have recorded a 34% year-on-year increase. Year-to-date, volumes now stand at just over 1.2 million contracts.
Of the total volume on DGCX in August, the currency futures segment accounted for 77,347 contracts and an average daily volume of 3,516 contracts. Gold, Silver and WTI crude oil futures were 24,756, 1,038 and 8,207 contracts respectively in August 2010.
Eric Hasham, Chief Executive Officer, DGCX, said, "The consecutive records in the Indian Rupee futures contract and the excellent overall growth of DGCX currency futures reflects the strength of the Exchange’s currency derivatives offering."
Qatar Exchange successfully launches new state-of-the art trading system
Introduction of NYSE Euronext’s Universal Trading Platform represents major milestone in plans to transform Qatar Exchange into world class financial center
Qatar Exchange now trading with same leading edge technology as strategic partner, NYSE Euronext
September 5, 2010- Qatar Exchange has reached a major mile-stone in its drive to develop in Doha a world class financial center by launching the Universal Trading Platform, with the system successfully going live at the start of trading today.
The introduction of the Universal Trading Platform means that the country’s cash equities exchange will operate with the same state-of-the-art technology as NYSE Euronext, the global trading group and strategic partner of the Qatar Exchange since June 2009.
The move represents a significant step forward in the development of Qatar Exchange, laying firm foundations to realize the State of Qatar’s strategic vision for the market to act as a global exchange, working in accordance with the best international practices and standards.
Qatar Exchange now has an important piece of the infrastructure to work towards expanding the capabilities of the market with new products such as bonds and other diversified exchange traded instruments.
The announcement caps a year of progress towards achieving the five year development of the Qatar Exchange project which has also seen the Central Bank of Qatar act as Settlement Bank; Government permission to allow Qatari banks to join the Exchange, and modification to the Qatar Exchange’s index.
Dubai Gold And Commodities Exchange Weekly Views-September 5, 2010
September 5, 2010--Commodities Overview
After recording significant gains last week commodities prices may consolidate at new elevated levels during this shortened trading week. On Monday 6 September markets in the United States will be closed in observation of Labor Day. Economic data from the United States can give mixed signals. Releases related to consumption continue to reveal sluggish demand. Meanwhile, data gauging output paints a more positive picture of the economy.
The economic recovery, thus far, largely lies with producers. A series of positive economic data reports related to output in the United States and China helped foster a 293 basis point run-up in the Dow Jones Industrial Average over the course of last week. The purchasing managers’ indices from both these countries revealed month-on-month expansion in manufacturing that surprised the market. With a thin economic reporting schedule this week, the upward momentum in commodities prices may lose steam.
Currencies Overview
Volatility for developed economy currencies has shown signs of easing lately, although developing economy currencies’ exchange rate volatility remains high. Part of the reduced movement in exchange rate fluctuations over the past few weeks may be seasonal in nature as investors in industrialized economies go on leave during the summer months in the Northern Hemisphere. Part of the reduced volatility also may be due to the reduced monetary policy actions taken compared to the last couple of years. Current accommodative monetary policy measures in most developed economies are likely to remain largely unchanged over the next several months, barring any major shock to financial markets, although developing economy monetary policy may see much more activity. This does not suggest that there will be a minimal increase in exchange rate fluctuations, but that for the moment industrialized economy currencies may not have as forceful influences as in prior months.
Insurers lift Kuwait market over 7,300 points
September 2, 2010--The KSE Market or Price Index finished 0.38% higher at 6,703.2 points due to strong gains in the insurance segment. Gulf Insurance Co. (up 8.16% at KD0.530) posted the largest advance.
Real estate and foof companies performed weaker. Over the week the KSE bourse added 0.86%.
Abu Dhabi stocks gain across the board
September 2, 2010--All sector stock indices in Abu Dhabi landed in the green (with two exceptions) as the ADX General Index closed 0.12% higher at 2,494.52 points. Real estate bellwether Aldar Properties added 0.44%, closing at Dhs2.27. Energy giant Taqa recovered slightly from yesterday's losses, closing 0.85% higher at Dhs1.18.
Taqa responded to reports dealing with its former CEO Peter Barker-Homek who sued Taqa for being allegedly sacked under the threat of imprisonment, saying that they do not expect any financial impact du to Barker-Homek's move.
Qatar Exchange gains two percent over the week
September 2, 2010--After the Tokyo bourse reached a 16-month high, gulf markets posted modest gains, as the QE Index in Doha ended 0.76% higher at 7,305.96 points. Positive market reports from Standard and Poor's and Credit Suisse have helped the QE Index to gain over two percent during the trading week of August/September.
Qatar National Bank (QNB) advanced 0.40% too QR143.60. QNB has paved ways to become a shareholder in Bank Kesawan in Indonesia. The rights issue to buy in Bank Kesewan is scheduled to close in the first quarter 2011. EFG Hermes rates QNB 'neutral'.
Saudi stops issuing tourist visas
September 1, 2010--Saudi Arabia has stopped issuing of visas to those who wish to visit the kingdom only for tourism, Gulf News has reported.
The Saudi Commission for Tourism and Antiquities (SCTA) declined to comment on the decision but chairman of the consultative committee for organisers of tourist trips Prince Abdullah Bin Saud said this issue would be discussed with the president of the SCTA after Eid to find solutions to the hurdles impeding investment in the field of tourism.
