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Dubai Gold And Commodities Exchange Weekly Views-June 13, 2010
June 13, 2010--Commodities Overview
Gold continues to signal that investors are concerned about European sovereign debt issues, and the potential that these problems could derail global economic recovery. There is concern that the recovery could be halted and that the world could return to recessionary conditions due to the credit constraints and lack of investor confidence brought on by the European governments’ debt and deficit issues.
The European situation has driven home to investors that the euro does not have the international stature of the U.S. dollar, and that no real alternative currency yet exists. Thus, investors are held captive by the dollar. As much as the U.S. Treasury may have lost stature in recent years around the world, it still is seen as more credible than the European network of central banks and finance ministries. Thus, investors are turning to gold and silver, as a hedge against currencies in general. Investors, including institutional managers, will continue to add gold to their portfolios
Currencies Overview
Currency market volatility may lighten this week after several weeks of heightened activity. The euro continued its strong declines early last week, but by the middle of the week had recovered as investor sentiment improved over euro zone sovereign debt problems. Recovering equity values in developed economies bolstered investor confidence, providing a boost to developing economy equity markets. Last week better than expected data for China, Japan, and India provided additional positive investor sentiment, but was weighed down by weaker than anticipated economic figures for the United Kingdom and the United States. Monetary policy officials in developed economies meanwhile tried to convey confidence in financial markets, and economic developments and prospects. Currency market volatility may be reduced this week, but could quickly surge on shifting investor sentiment. The euro is likely to face continued selling pressure, while safe have currencies remain supported by ongoing concerns over financial markets, economic conditions, and political stresses. Euro zone sovereign debt and deficit problems should be expected to remain in the spotlight in the near to medium term.
Source: Dubai Gold And Commodities Exchange (DGCX)
Too soon to relax at Kuwait market
June 10, 2010-The Kuwait stock market KSE failed to extend its modest gain from yesterday and ended 0.44% lower at 6,639.8 points (price index).
The insurance sector index (up 0.12%) was the only segment which rose while weak industrials (off 0.78%) underperformed the main index. International Financial Advisors (IFA) advanced 3.27%, closing at KD0.063.
Source: AME Info
Qatar Exchange adds 0.75%
June 10, 2010-Prices and turnover were slightly up in Dubai, with the QE Index ending 0.75% higher at 6,853.63 points. Industries Qatar posted the largest gain, up 5.02% at QR102.10.
Qatar Islamic Bank (QIB)added 0.28% and finished at QR70.70. QIB's London-based subsidiary, European Finance House (EFH)'s Liquidity Subfund received a rating of 'AAf' in fund credit quality and 'S1+' in fund volatility from the Standard and Poor Ratings Service. 19 shares advanced, 10 declined and 8 shares ended flat in Doha.
Source: AME Info
Dubai Market ends the week positively
June 10, 2010--With a plus of 0.10% and an advance decline ratio of 14 to 10 (three shares ended flat), the DFM Index closed the week at 1,514.23 points. District cooling specialist Tabreed rebounded 3.67% and finished at Dhs0.367. Tabreed is currently in talks with its creditor banks to restructure Dhs5.4bn in debt.
End of May, shareholders gave approval for Tabreed, whose stocks declined by 44.44% in the last six months, to raise up to Dhs4.2bn in bonds or Sukuk. Weak performing banks weighed in the DFM, with Dubai Islamic Bank posting one of the largest losses among them (down one percent at Dhs2.00).
Source: AME Info
Bahrain bourse remains at 6-month low
June 10, 2010--The Bahrain All Share Index closed 0.74% lower at 1,411.61 points.
Not a single sector indec managed to gain ground. Islamic bank Ithmaar advanced four per cent to $0.130, rebounding from a year-low which it touched on Wednesday.
Sourcfe: AME Info
FX futures manage volatility and provide exposure to commodity economies
June 9, 2010--FX futures, such as the Australian and Canadian Dollar serve as a good proxy for exposure to a range of commodities, given the strong correlation, said John Anderson, Acting Head, School of Finance & Banking, The British University, at a seminar organised by the Dubai Gold & Commodities Exchange (DGCX).
John Anderson was addressing members, institutions and private investors at the seminar, held as a prelude to the upcoming launch of DGCX’s new currency futures contracts. Speaking on ‘FX Futures Trading Techniques & Strategies’, Anderson said that an Australian Dollar futures product, allows participants to not only tap into trends in commodities, but as with other FX futures, also gain exposure to world economies and interest rates.
Citing examples, Anderson said the Australian Dollar and the Canadian Dollar often move closely with world commodity prices, given the strong focus on export of commodities by these economies.
The new DGCX currency contracts – Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar – will go live on June 15, 2010 marking a significant expansion of the exchange’s currency portfolio. DGCX currently offers Euro/US Dollar, Sterling/US Dollar, Yen/US Dollar and Indian Rupee/US Dollar futures contracts. Year to date currency volume on DGCX has increased by 132%.
Source: Dubai Gold & Commodities Exchange (DGCX)
IMF increases Lebanon growth forecast to 8%
"Lebanon is reaping the benefits of improved domestic stability and prudent policies," IMF mission chief, Andreas Bauer told a press conference. "The economy is still very strong and the momentum is carrying on."
Source: AME Info
Saudi stock market surges 1.85%
Al-Ahlia Insurance rebounded nine percent and ended at SR50.52 points after hit a new-year low on Tuesday. Market bellwether Sabic added 2.5% (closing at SR88.50). Sabic is well on the way to recover after the petrochemical giant topped out on May 4 at SR106.75. All Tasi sector indices gained ground, with 31 stocks (mostly financials) losing and 94 shares adding value.
Source: AME Info
Damas shares plummet 6.94% at Nasdaq Dubai
On March 21 2010, the Dubai Financial Services Authority (DFSA), the regulatory body of the Nasdaq Dubai and the DIFC, banned the Abdullah Brothers from the board of any DIFC company for 10 years and imposed a penalty of Dhs2.57m on the firm after they were found to have withdrawn Damas funds for their own personal use without disclosing it to the board. Also traded at the Nasdaq Dubai were DP World (off 2.27% at $0.43) and interior designer Depa (unchanged at $0.74).
Source: AME Info
ADX Resumes the ETFs Awareness Campaign
"What distinguishes the ETFs trading platform at ADX is the high degree of transparency, thanks to the listing requirements that stipulate listing only the UCITS compliant ETFs, and such application of European standards in Abu Dhabi supports our efforts to attract more foreign and institutional investors to our capital markets,” commented Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations. “Targeting brokers at this phase of the awareness campaign achieves several goals, such as ensuring the delivery to investors; whereas all investors need to go through a broker for investing at ADX, in addition to training brokers as regards to ETFs trading mechanisms and the players involved,” he added.
The presentation was delivered by Saeed Khouri, Head of Communications, Marketing and Research at ADX, Raed Abu Nahleh Head of Business Development at NBAD’s Asset Management Group, and Talal Touqan, the Asset Management Specialist at Thomson Reuters, Gulf.
The presentation included a thorough coverage of all the aspects related to ETFs trading including ADX’s platform, trading mechanisms and other technical issues exposing the many benefits for investing in ETFs such as risk mitigation and diversification and cost rationalizing through illustrating NBAD’s OneShare Dow Jones UAE 25 ETF.
Source: Abu Dhabi Securities Exchange (ADX)
June 9, 2010-The economic growth forecast for Lebanon has been raised by the International Monetary Fund (IMF) to at least 8% from a previous estimate of 6%, Reuters has reported.
June 8, 2010--In line with the recovery at Western stock markets the Saudi Arabian Tadawul All Share Index (Tasi) advanced 1.85% and closed at 6,110.98 points, well above the psychological important resistance level at 6,000.00 points. Higher oil prices, advancing nearly 3% until the close of trading in Riyadh to almost $74 per barrel, supported the bull's run.
June 8, 2010--The Nasdaq Dubai saw some 622,496 stocks changing hands on Tuesday. Dubai-based jewelry giant Damas International Ltd. fell by almost seven percent to $0.161 after the firm announced today that the Company has appointed the Abdullah brothers (Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah) as senior advisors to the company.
Dow Jones UAE 25 Index Enables Investors to Track UAE’s Economic Growth
“Training brokers on ETFs ensures delivery to investors,” Rashed Al Baloushi
June 7, 2010--Abu Dhabi Securities Exchange (ADX) today resumed its ongoing Exchange Traded Funds (ETFs) awareness campaign through hosting a presentation for the registered brokers at its headquarters in Abu Dhabi in coordination with the National Bank of Abu Dhabi (NBAD) and Thomson Reuters.
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