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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.
Source: Dubai Gold And Commodities Exchange (DGCX)
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%.
Source: AME Info
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.
Source: AME Info
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'.
Source: AME Info
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.
Source: AME Info
Dubai bourse adds 0.19%
September 1, 2010--Stocks at the Dubai Financial Market ended on a mixed note, as the DFM Index closed 0.19% higher at 1,486.52 points. Logistics provider Aramax, which currently a Middle Eastern wide aid program for flood victims in Pakistan, was the most liquid stock, gaining 1.16% at Dhs1.74.
Investment bank Shuaa Capital (off 2.17% at Dhs0.90) announced today that it had appointed Amer Halawi as Head of Research. Twelve stocks gained value, 11 lost and five shares closed unchanged.
Source: AME Info
Kuwait market ends 0.16% lower
September 1, 2010--Losses in the real estate and banking sector weighed on the KSE Market Index (off 0.16% at 6,677.9 points). Shares of Commercial Bank of Kuwait (CBK) closed 1.12% lower at KD0.880.
On August 10, Fitch Ratings has downgraded Commercial Bank of Kuwait's (CBK) Individual Rating to 'D' from 'C/D' and removed it from Rating Watch Negative. Bahrain's Ithmaar Bank gained 5.19%, finishing at KD0.0405
Source: AME Info
Banks push Qatar exchange higher
September 1, 2010--The QE Index climbed 0.34% higher at 7,250.61 points. Doha Bank added 1.93% (at QR47.50) as the financials were the driving force behind the bourse's advances.
Standard & Poor's Ratings Services believes that the Gulf banks it rates appear to be showing signs of improvement, after spending more than $20 billion on loan loss provisions and investment impairments since 2008.
Source: AME Info
Petrochems, energy shares lift Tadawul market
September 1, 2010--The Saudi Stock Exchange's benchmark composite Tadawul added 0.86%, closing at 6,158.99 points.
As oil prices stabilised above $72 per barrel in late trading in Riyadh, energy related stocks gained value, such as Sahara Petrochemical (gaining 0.54% at SR18.75. Retail and telecom firms performed weaker, e. g. Abdullah Al Othaim Markets Co. posted the largest loss (off 2.68% at SR72.50).
Source: AME info
DIFC announces strong growth in its core businesses in 2010
August 31, 2010--The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today updates the market on its successful performance in 2010 to date.
Highlights
The overall number of active registered companies operating from the DIFC has remained constant at 745, despite the downturn.
New companies registered from emerging markets such as China, Malaysia and Indian subcontinent.
Major international financial institutions are expanding their regional footprint using the DIFC platform.
Continued development of internationally recognised regulations with introduction of new changes to the DIFC's Collective Investment Funds.
Total available area, including third party developers, is 2,116,311 square feet of office space.
An annualized growth rate of 20% in terms of additional office space leased in DIFC.
Occupancy of the DIFC's Gate District (Gate Building, Gate Precinct and Gate Village) remains high at 92% of the leasable space.
Completion of DIFC's Business Strategy review in preparation for the next phase of the Centre's long term growth.
Cost of doing business to be reduced to encourage the growth of businesses based in the DIFC.
DIFC announces strong growth in its core businesses in 2010 - Arabic
Source: Dubai International Financial Centre (DIFC)
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