Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Dubai Gold And Commodities Exchange Weekly Views-June 20, 2010
June 20, 2010--Most commodities prices rose last week amid improved investor sentiment over financial markets and economic conditions. Rising equity values around the world boosted investor confidence last week, supporting the view that the global economic recovery is likely to continue.
Investors also moved into commodities, although the buying was tempered. While most commodities prices were up last week, they were still off from the levels seen in March and April, when investors were just beginning to increase their attention on euro zone sovereign debt problems. Gold and silver prices, however, are up from the levels seen during those two months.
Equity markets have recovered and investor confidence has improved, but most investors continue to increase their holdings of safe haven assets. This cautiously optimist trend may continue in the near term and should benefit both gold and silver. Crude oil meanwhile is likely to remain exposed to swings in market sentiment although fundamentals are exerting increased influence on prices. Recent price gains for gold, silver, and oil will be vulnerable to profit-taking, although strong declines may not occur and prices are likely to hold at higher levels than seen two weeks ago.
Currencies Overview
The euro continued to recover last week after having fallen to lows not seen since 2006 in the previous week. While anxiety over euro zone sovereign debt and fiscal problems remain, sentiment over the region’s finances has improved. Government efforts to allay investor concerns are taking hold after several weeks of heightened levels of anxiety. Concern had been mounting over the region’s financial troubles adversely affecting economic activity elsewhere around the world. Rising skepticism over the emerging global economic recovery resulted in increased financial market volatility, declining equity values, and a move toward safe haven assets by investors worldwide.
Deloitte Middle East Second CFO Survey -A front row view of performance expectations
June 17, 2010--In this second survey, conducted in March 2010, results indicate that CFOs have favorable views toward government actions in supporting the economy, the banking environment beginning to stabilize, and the outlook for general business activity improving. When looking at their own balance sheets, however, CFOs do not seem to have achieved any significant deleveraging over the past six months so financial risks remain which should be monitored and tracked closely.
Key points from the survey
The majority of CFOs do not see the need for further government intervention or stimulus measures at this time, however they believe that governments in the region have the capacity to do more in the future should the need persist.
CFOs see the markets for external finance as having improved over the past six months particularly for bank borrowings and equity raising. However, most believe it is still not a good time to be accessing the markets for external finance.
An increasing number of CFOs expect their company’s operating cash flows to increase over the coming 12 months.
CFOs continue to view company balance sheets as being overleveraged though with little change for planned levels expected in their own company balance sheets over the coming 12 months.
There is an increase in optimism reported by CFOs relating to the financial prospects for their company over the coming 12 months with a consistent view from the last survey that growth in demand for the company’s products and services will accelerate in the second half of 2010.
view the Deloitte Middle East Second CFO Survey
Kuwait exchange gains 0.62%
June 17, 2010--Strong real estate share boosted the Kuwait Stock Exchange (KSE). The KSE Market Index finished 0.82% higher at 6,583.10 points, also due to rising oil prices.
Kuwait's state budget relies 90% on oil. Dar Al Thuraya Real Estate Company posted the largest advance, ending 8.2% higher at KD0.066. The banking sector turned weaker, with Commercial Bank of Kuwait (CBK) closing 5.43% lower at KD0.870.
Banks lift Bahrain bourse slightly
June 17, 2010--The Bahrain All Share Index finished a disastrous trading week at 1,393.30 points (up 0.18%). National Bank of Bahrain (NBB), the sixth largest bank in the Kingdom, topped the stock charts, closing 2.56% higher at BD0.60.
The country's number two Ahli United Bank gained 1.59% and finished at $0.60.
Saudi might enrich uranium for nuclear plants
June 17, 2010--A consultancy firm has said that Saudi Arabia could mine and enrich uranium to fuel power plants if it embarks on a civilian nuclear energy program, Reuters has reported. Finnish management consultancy Poyry, which is preparing a draft nuclear strategy for Saudi Arabia, said the kingdom wants to play a role in as many of the stages of generating nuclear power as possible.
"They want to be involved in as many aspects as possible and our study is to evaluate what part of it is possible at a reasonable economic cost," David Cox, president for energy at the UK branch of the firm said. "Enrichment could happen there and the same with mining uranium," Cox told the news service.
Iran reveals huge oil discovery
June 17, 2010--Iranian and Chinese oil firms have discovered 30 billion barrels of oil in place at a south-western oilfield that borders Iraq, Reuters has reported, citing the Jomhuri-ye Eslami newspaper.
Average recovery factors are between 20% and 50% of oil in place, enabling the Arvand-Kenar field to boost Iran's proven reserves by as much as 15 billion barrels, according to calculations by Reuters.
Qatar Exchange adds 0.68%
June 16, 2010--Investors in Doha continued to add positions in the real estate and banking sector. The QE Index, consisting of 20 constituents, ended 0.68% higher at 7,029.21 points. Qatar Islamic Bank advanced 2.35%, closing at QR73.30. QE heavyweight Qatar National Bank (QNB), however, failed to jump on the bandwagon and finished insignificantly lower at QR137.
Qatar Navigation closed at QR81.80 (up 0.61%) after the company said that it plans to set up a QR1bn Logistics City in Al Thumama near Doha's industrial area to meet the Gulf state's growing demand for logistics and warehousing requirements, the company's Projects Manager, Ahmed Al-Kowsi said, investment bank EFG Hermes reports, quoting The Gulf Times.
Energy, bank shares lift Abu Dhabi exchange
June 15, 2010-Abu Dhabi joined the general recovery mood in the GCC after strong gains at US exchanges yesterday (the Dow Jones Industrial Index surged 2.10% on Tuesday, closing at 10,404.77 points following signs of strengthening industrial production).
Advances in the energy and bank sectors helped the ADX General Index advancing 0.34% and closing at 2,519.17 points. After several days of posting heavy losses, Dana Gas rebounded 1.61% at Dhs0.63. A number of banks also lifted the UAE capital's market, such as Abu Dhabi Commercial Bank (ADCB) or First Gulf Bank (FGB), closing at Dhs1.52 (up 1.99%) and Dhs14.65(1.74% higher) respectively.
Riyadh market finishes the trading week positively
June 16, 2010--Saudi Arabia's Tadawul market, which remains closed during the Saudi weekend on Thursday and Friday, was mainly driven by construction and energy-related shares on Wednesday.
The main index TASI advanced 0.26%, closing at 6,346.44 points. Dar Al Arkan Real Estate Development Company added 0.73% and finished at SR13.80. Yanbu National Petrochemical Company posted the third largest advance, rising by 3.53% to SR41.10. The Saudi Stock Exchange gained 3.85% during week.
Egypt cancels plans to give free shares to citizens
June 16, 2010--The Egyptian Investment Minister has said the government has cancelled plans to partially privatise some public sector firms through distributing free shares to citizens, Reuters has reported.
"No shares shall be distributed among people under the proposed 'citizen ownership' programme, neither through free bonds nor through any other forms," Minister Mahmoud Mohieldin said in a statement. The proposal included giving all Egyptians over the age of 21, about 41 million people, free coupons for shares in public firms slated for privatisation.
