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DFM chief says UAE markets should consolidate
March 30, 2010--The head of the Dubai Financial Market said today that he believes the stock exchanges in the UAE should consolidate, Reuters reported. 'It is in the interest of everybody to consolidate.
There have been discussions at the top level, meaning the owners of the exchanges,' executive chairman Essa Kazim was quoted as saying by the news service. Kazim also said DFM's planned takeover of Nasdaq Dubai will be completed within two weeks.
Egyptian equity market downgraded by HC
March 30, 2010--The Egyptian equity market has been downgraded to 'neutral' from 'overweight' by HC Research due to macro headwinds and an expected asset allocation shift by investors to dollar-denominated assets and strong global governments, Reuters has reported.
'The domestic economy has yet to see return of key external growth drivers, which, combined with inflationary pressures and government imbalances, will hold the equity market back,' the brokerage said.
DGCX Indian Rupee/Dollar futures achieve new record
* Volume reaches 1,074 contracts on March 26, valued at US $ 47.37 million
March 29, 2010--Trade in the Indian Rupee/Dollar futures surged to a new daily high on the Dubai Gold & Commodities Exchange last Friday, March 26, 2010. 1,074 contracts valued at US $47.37 million were recorded on the exchange - the highest value and volume achieved since the contract was launched in 2007.
The new high surpassed the earlier record of 957 contracts achieved on May 19, 2009, valued at US $40.04 million. DGCX offers the only Indian Rupee futures contract outside of India and the contract is cash settled against the US Dollar reference rate published by the Reserve Bank of India in Mumbai. The DGCX contract is available for trading from 8.30am to 11.30pm (Dubai time), extending eight hours beyond the closing time of the domestic futures markets.
"The increased activity in DGCX Indian Rupee futures supports the trend of stronger international interest in the currency," said Eric Hasham, Chief Executive Officer, DGCX. "Improved liquidity, tighter on-screen prices and the large contract size have encouraged participants, especially ‘hedgers’, to trade the DGCX Indian Rupee contract. We have also received feedback from clients who want to move business to the exchange from the OTC market in order to better manage their counterparty risk by both trading and clearing in a well regulated environment", he said.
In addition to Indian Rupee/Dollar futures, DGCX offers currency contracts in Euro/Dollar, Sterling/Dollar and Yen/Dollar futures.
Total volume on DGCX gathered momentum in February, increasing 146% year-on-year to reach 179,278 contracts, valued at US $10.7 billion. Trading in the DGCX Indian Rupee/Dollar futures contract was also higher in February compared with last year at 7,796 contracts.
Dubai Gold And Commodities Exchange Weekly Views-March 28, 2010
March 30, 2010--Commodities Overview
Precious metals have become a volatile battleground between shorter term investors exiting from long positions in response to a stronger dollar and improving economic conditions in many parts of the world on the one hand, and longer term investors who remain interested in these metals due to the fact that major trade, current account, savings, debt, and currency market imbalances remain unaddressed by governments.
Liquidations by the shorter term investors have pushed prices lower, while the longer term investors have been heavy buyers in response to the lower prices. Precious metals may rise from last week’s low levels this week, perhaps into the ranges seen in the second week of March. Slightly longer term, gold and silver prices could fall back to make new short-term lows in the first half of April. Petroleum prices may follow a similar price pattern, albeit for different reasons.
Currencies Overview
The U.S. dollar had a good ride last week. The longer term impetus for the dollar to strengthen against other major traded currencies is more clearly defined. This week, however, there could be some short-term profit-taking, as investors and trading banks assess whether the dollar has moved too strongly too fast. Also, financial market opinions toward Europe and the euro could back off from some of the bleaker views that were so prevalent last week. In this environment, the dollar could fall this week. It is not likely to fall sharply, and any decline may be limited to a week or two.
Saudi Arabia to spend $170bn on energy projects
March 29, 2010--Saudi Arabia plans to spend $170bn over the next five years on energy and oil refining projects, $90bn of which is to come directly from Saudi Aramco, while current and future capital investment will add the remaining $80bn of joint refining and marketing projects to the total.
These investments are in line with the Kingdom's plans to increase production capacity as well as refining and marketing, in addition to directing an increased proportion of these investments to gas projects.
Dubai Holding weighing options for debt management, says report
March 29, 2010--Dubai Holding is considering options that could include a restructuring to address as much as $20bn in debts, the Financial Times reported, citing a person close to the matter.
Talks between creditors and advisers have picked up in recent weeks and the company is considering appointing a financial adviser to explore the rescheduling of loans over the next few months, the paper said.
DFM slips 0.41%
March 24, 2010--The Dubai Financial Market fell 0.41% today to 1,769, with eight stocks rising and 15 falling
Emaar Properties, the day's most heavily traded stock by value and by volume, slipped 0.80% to Dhs3.74. Global Investment House had the biggest gain, rising 7.76% to Dhs1.25.
Tadawul edges higher
March 24, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.27% to 6,756, with 54 stocks rising and 58 falling.
Market heavyweight Alinma Bank dropped 0.39% to SR12.90, while fellow market leader Kingdom Holding slipped 0.52% to SR9.50.
Saudi Cement had the day's biggest loss, falling 4.30% to SR72.25.
Dubai offers $9.5bn to back Dubai World, Nakheel restructuring
March 25, 2010--Dubai World and Nakheel are set to announce proposals for the restructuring of their liabilities today.
A Statement from HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said that the government of Dubai would support these initiatives with up to $9.5bn.
DFM rise fuelled by Emaar
March 25, 2010--The Dubai Financial Market (DFM) rose by 4.31% to 1,845.21, with 22 stocks rising, three falling and three holding steady.
Emaar was the day's most active stock by value and by volume and was also the day's biggest gainer, moving up by 8.82% to Dhs4.07.
