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Dubai Gold And Commodities Exchange Weekly Views March 21, 2010
March 21, 2010--Commodities Overview
Commodities prices may do some base building this week, with a bias toward higher prices. Gold, silver, and petroleum all appear set to move somewhat higher in the weeks and months ahead.
Before they do that, however, prices may consolidate a while longer around recent levels. Gold and silver continue to benefit from investor interest in these metals as alternative assets. The on-going financial strife in Europe is helping to keep investors interested in precious metals. Additionally, the gold and silver markets have tightened somewhat in recent weeks. Many market participants, from bullion banks’ proprietary trading desks to smaller trading companies and institutional investors, have focused on this tightening, and are more willing to hold long positions in expectation of higher prices in the near term.
Currencies Overview
mong the major trading currencies, the dollar may show continued strength this week. Against the rupee and emerging market currencies, the dollar may face more headwinds. Investors are viewing the U.S. economy more favorably compared to economic trends in Europe, the United Kingdom, and Japan. As investors either re-deploy assets into the U.S. equity and commercial real estate market, or prepare to do so, the demand for dollars at the expense of euros, pounds, yen, and Swiss francs may keep the dollar strong against these currencies. The dollar may not fare so well against the rupee, Canadian dollar, rand, and other currencies, however.
DFm up 0.49%
March 18, 2010--The Dubai Financial Market (DFM) rose by 0.49% to 1,726.43, with 18 stocks rising, seven falling and four holding steady.
Emaar was the most active stock by value and by volume, rising by 1.10% to Dhs3.67.
Tadawul gains 0.92%
March 18, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.92% to 6,674, with 63 stocks rising and 44 falling. Alinma Bank, the day's most active stock by value and by volume, rose 0.78% to SR13.00, while fellow market leader Kingdom Holding gained 1.05% to SR9.60.
Saudi Investment Bank had the day's biggest rise, climbing 2.96% to SR19.10.
ADX slips 0.62%
March 18, 2010--The Abu Dhabi Securities Exchange (ADX) fell by 0.62% to 2,831.62, with seven stocks rising, four remaining unchanged and 26 falling.
Abu Dhabi National Hotels was the day's biggest riser, moving up by 4.42% to Dhs4.49. Abu Dhabi National Co. for B and M was the day's biggest faller, going down by 9.48% to Dhs2.10.
China now largest oil and gas investor in Iraq
March 18, 2010--China has become the biggest single investor in Iraq's oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported.
China has become the biggest single investor in Iraq's oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported.
Dubai World may offer full repayment with interest, says report
March 17, 2010-Dubai World, which is attempting to renegotiate some $26bn in debt, will offer banks full repayment over a seven-year period with interest likely linked to LIBOR, Al Arabiya reported on Wednesday.
The broadcaster quoted 'informed banking sources' in the report posted on its website
Egypt plans Eurobond issue
March 17, 2010--Egypt has mandated HSBC and Morgan Stanley for a planned Eurobond issue of $1bn to $1.5bn within weeks, Reuters has reported. Finance Minister Youssef Boutros-Ghali told the news service earlier this month that the country was looking at maturities of up to 20 to 30 years.
The bond would be Egypt's first such issue since 2007.
Saudi Arabia approves first ETF open for foreigners
March 16, 2010-- Saudi Arabia has approved the Gulf Arab state's first exchange-traded fund, which will be accessible to foreigners as part of efforts to open up the biggest Arab bourse.
Saudi financial firm Falcom Financial Services won approval to list the "Falcom Saudi Equity ETF" on the bourse, the capital market authority said in a statement on Tuesday.
The world's top oil exporter has been trying to encourage more foreign money to its bourse, having recently allowed indirect foreign ownership via so-called swap agreements.
More global 'uncertainty' in 2010, says Abu Dhabi SWF
March 16, 2010--The world's largest sovereign wealth fund, the Abu Dhabi Investment Authority, has said that the global economy still faces 'considerable uncertainty,' Reuters has reported. The sustainability of a global economic recovery is uncertain, as governments are considering rollbacks of stimulus measures, the fund said.
Economic recovery may be slower in developed markets, with higher interest rates and taxes hampering growth, Sheikh Ahmed bin Zayed al-Nahayan, ADIA's managing director, wrote in a letter published in the first annual review aimed at enhancing transparency.
Dubai World may offer new debt at reduced rates
March 16, 2010--Dubai World may offer new debt to creditors in a plan to restructure $26bn in debt, The National has reported, citing bankers familiar with the matter.
None of the proposed new debt involves an immediate 'haircut', where creditors receive less money than they're owed, the Abu Dhabi-based newspaper said. Under the proposals, Dubai World would offer different repayment terms and interest rates to creditors, it said.
