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Dubai Gold And Commodities Exchange Weekly Views July 18th, 2010
July 18, 2010--Commodities Overview
Gold, silver, and petroleum prices were caught up in a broad sell off of assets last Friday, from stocks to dollars to commodities. There were various theories and rumors as to why prices fell, but most of them did not stand up to scrutiny. One rumor related to heavy liquidation by a long gold investor, but the market did not seem to reflect such trades. Given that the selling occurred across a wide spectrum of markets, it is unlikely that it was primarily driven by fundamentals in gold, oil, or any other single asset market.
Such conditions may have contributed to the urge to sell, but the selling, which started in Asia Friday morning, was too broad based to reflect such events. The primary factor behind the sell off appears to have been stale-bull liquidation, as investors sought to take profits in various markets that either had risen in recent weeks, or had risen and then had stalled out. Additionally, financial market participants are concerned about the potential unintended side effects of the U.S. financial regulatory reform bill passed by Congress on 15 July.
Currencies Overview
The dollar took a drubbing against many currencies last week. The majority of the dollar’s weakness may be in the market now, however, and the dollar could see some recovery in the coming week. The dollar’s recent weakness has reflected many varying economic trends. First, there are signs that the U.S. economy is slowing. This was expected, but some indicators are that the second-half slowdown will be greater than had been anticipated. This has taken some investor interest away from the dollar and dollar-denominated investments. At the same time economic conditions in Europe, the United Kingdom, and Japan are showing signs of greater strength than had been expected. Economic conditions are still weak and vulnerable in these countries and regions, but they are better than the markets had been giving them credit for in May and all of June.
Iraq to offer full crude volumes for August
July 15, 2010--Iraq is to supply crude to the majority of Asian term buyers at full contracted volumes for August, compared with an average 10% to 15% cut for July, Reuters has reported, citing oil traders.
The cuts for July had been as deep as 50%, though some received full allocations, traders said. "Ports conditions seem to be better now and loading is faster than before," one source was quoted as saying.
Kuwait Stock Exchange remains in up-and-down mood
July 15, 2010--The KSE Market Index ended 0.43% lower at 6,512.70 points as only the industrial index added value. Salbookh Trading posted the largest advance, closing 8.62% higher at KD0.063.
First Takaful Insurance Company plummeted 19.69% lower at KD0.106. Over the week the KSE Market or Price Index added some 16 points in a series of lackluster trading sessions
Doha bourse fails to sustain above 7,000 points
July 15, 2010--Negative input from oversea markets dragged the Qatar Exchange (QE). The QE Index closed 0.78% lower at 6,963.53 points. Investors booked profits in the financial segment in particular.
The country's largest financial institution Qatar National Bank (QNB) ended 0.43% lower at QR137. Fitch ratings services affirmed the 'A+' rating of QNB with outlook 'stable'. Trading volumes dropped insignificantly as 3.77m stocks changed hands (compared to 3.91m shares on Wednesday).
Abu Dhabi market declines slightly
July 15, 2010--Abu Dhabi's ADX General Index dipped slightly, closing at 2,523.78 points. Shares of real estate bellwether Aldar Properties ended 0.74% lower at Dhs2.67. Abu Dhabi Commercial Bank (ADCB) ended among the top gainers. ADCB shares added 1.79% and closed at Dhs1.70.
The sheikhdom's largest financial institution National Bank of Abu Dhabi (NBAD), on the other hand, closed unchanged at Dhs11.00. A total of five shares closed even, 10 advanced and nine lost value.
Tadawul bourse: resilient financials, sluggish petrochemicals
July 14, 2010--Riyadh's Tasi composite ended 0.67% lower at 6,174.74 points. While a number of banks bucked the downtrend, such as Samba (up 1.32% at SR57.50), investors booked profits at petrochemical leader Sabic (down SR2 at SR88.00) or Yanbu National Petrochemical Company (7.36% lower atSR39.00).
Al-Ahlia Insurance Company topped the charts and finished 4.82% higher at SR59.75. But just twenty shares added value, despite bullish inputs from overseas, and 106 lost value while 16 ended flat.
Qatar Exchange recaptures 7,000-points level
July 14, 2010--The Doha-based QE Index ended at 7,018.48 points (up 0.85%) as trading volumes nearly doubled to some 3.9m stocks changing hands. Insurance firms in particular outperformed the market. Islamic insurance topped the charts by gaining 6.67%, closing at QR45.20.
Qatar Insurance (4% higher at QR69.00) and Doha Insurance (up 3% at QR28.00) joined the top 10 stocks. But General Insurance dipped against the sector trend by posting the biggest loss among all shares, ending 2.66% lower at QR51.20. The QE Index posted the highest gain in the GCC on Wednesday
Bahrain bourse stabilizes
July 14, 2010--As trading interest nears meltdown in Manama, the BSE index added 0.05% and closed at 1,389.58 points.
Most shares did not post a price change, and only Inovest added value. The share gained 6.25%, closing at $0.51. No stock lost value at the BSE.
ETFs are sure bet for Qatar, Gulf bourses’
July 12, 2010--
ETFs will boost liquidity and attract international investors to the region, according to Blackrock vice president Robert Blackwell
Exchange traded funds (ETFs) are sure bet for Qatar as well as other Gulf bourses to increase the liquidity and to enhance global visibility for their listed entities, according to a UK-based asset management firm Blackrock.
“If more ETFs are in the region, there should be more liquidity. International investors will have more access to the region,” Blackrock vice president Robert Blackwell told Gulf Times in an interview.
ETFs are mostly (but not exclusively) index-based open-ended funds that can be bought and sold as quickly and easily as ordinary shares on a stock exchange. They provide investors with the opportunity to access markets that were previously closed to them. Asked whether the ETFs offered more global visibility to the listed companies, he said it would absolutely do so and “anything that increase the liquidity is a good thing.”
Highlighting greater demand for ETFs from the service providers in future, Blackwell said there was already one country-specific ETF in the UAE. In October 2009, National Bank of Abu Dhabi and Dow Jones Indexes announced that the bank had licensed the Dow Jones GCC Titans 50 Total Return Index with Saudi Local UAE Index (Dow Jones GCC Titans 50), the first index authorised by Tadawul to include Saudi Arabian stocks.
The Dow Jones GCC Titans 50 measures the performance of 50 leading component stocks traded in the Gulf region. “I think there is scope for ETFs in Qatar as international investors are interested in bringing money,” Broadwell said, adding any ETF should comprise broad market sectors.
Dubai market recaptures 1,500 points
July 12, 2010--Sunday marked the first day with stocks from the local bourse DFM and the international market Nasdaq Dubai being traded on the same platform, as both exchanges merge. Stimulated by a strong week debut at the Saudi bourse on Saturday, the DFM Index added 0.43% and closed at 1,506.27 points. Market bellwether Emaar extended its recovery, climbing 1.55% higher at Dhs3.27.
While DFM shares are traded in Dirham, stocks at the Nasdaq Dubai remain denominated in US-Dollar. Nasdaq Dubai-heavy weight Dubai Ports (DP) World added 1.63%, finishing at $0.437. The migration of Nasdaq Dubai's trading platform to the DFM is aimed to increase awareness and liquidity at the common Dubai market. The new Dubai exchange might soon merge with Abu Dhabi market ADX to form a national Emirates Financial Market, according to industry sources.
