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Dubai Gold And Commodities Exchange Weekly Views March 14, 2010
March 16, 2010--Commodities Overview
Commodity prices may see a mixed bag this week. Gold and silver have some upward momentum, and could move higher after some rocky price experiences last week. Petroleum prices meanwhile may well decline over the coming week, as fundamentals take some of the recent pressures off of prices.
Overall investors remain committed to commodities. In the past few weeks there have been several news stories involving respected and prominent investors adding to their gold assets. The flow of funds into gold and other commodities markets from investors meanwhile continues. With prices showing support some of the shorter term speculative traders that were selling gold, silver, petroleum, and other commodities short over the past three months may be repositioning themselves to take advantage of higher prices:
Currencies Overview
Currency markets may reflect more of a rugby field than a football game this week. The dollar may move lower against the euro and rupee, while showing strength against the pound and yen. Markets are focusing on the diverse range of economic and political conditions in individual markets. While many investors and bank trading desks like simple, clean stories against which they can trade, sometimes the details of how individual countries’ economic and financial markets are performing demand attention. This could be more forcefully demonstrated in the market this week, as individual currencies may trade based on key developments within their countries.
DFM: Achieves impressive leap in E-Trading during 2009
Electronic trade constitutes two thirds of the Exchange’s activity with 67.4% of buy trades and 70.7% of sell trades
March 15, 2010-- Dubai Financial Market (DFM) announced today that its online trade service (E-Trading) registered an impressive growth in 2009, as it continues to gain momentum amongst investors and brokers. E-trading accounted for over two thirds of trading activity in 2009 compared to almost half of the exchange’s trading in 2008, according to DFM statistics.
E-Trading buy trades accounted for 67.4% of the total buy value in 2009 compared to 49.8% in 2008, while electronic sell trades accounted for 70.7% of the total value in 2009 compared to 53.2% In 2008. The total value of electronic buy trades reached AED 117.06 billion in 2009, while sell trades value reached AED 122.6 Billion. DFM’s total trading value stood at AED 173.5 Billion in 2009.
The top five active brokerage firms utilizing E-Trading in 2009 include: Direct Broker for Financial Services (AED 17.2 Billion), EFG-HERMES Brokerage (AED 14.9 Billion), MASHREQ Securities (AED 12.9 Billion), Abu Dhabi Financial Services (AED 11.9 Billion) and Islamic Financial Services (AED 11.4 Billion).
NASDAQ Dubai Monthly Trading Report: February 2010 - Equities Trading Volumes Rise 61%
March 14, 2010--Equities trading volumes on Nasdaq Dubai rose by 61% in February 2010 to 322 million, compared to 200 million in January 2010. Volumes in February 2009 were 566 million. Citi was the most active Member of the exchange by equities volume in February 2010, followed by HSBC and then Deutsche Bank.
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of Nasdaq Dubai is Borse Dubai with a two-thirds stake. Nasdaq OMX Group owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
Dubai Financial Market (DFM) agreed in December 2009 to acquire all the shares of NASDAQ Dubai, subject to regulatory approval.
Dubai unlikely to need more central bank aid, says Al-Suwaidi
March 15, 2010--Dubai isn't likely to need more central bank aid, the UAE' Central Bank Governor Sultan bin Nasser al-Suwaidi told Bloomberg today in an interview. '
'They haven't discussed this issue with us and I don't think it will be necessary,' al-Suwaidi was quoted as saying in response to a question on whether Dubai will need further federal support.
OPEC Report March 2010
March 12, 2010--Oil Market Highlights
The OPEC Reference Basket fell by $3.02/b or 4% to reach to $72.99/b in February. The
decline was mainly attributed to growing concern about the economic recovery triggered by sovereign debt issues in the Euro-zone, particularly in Greece.
However, market sentiment
changed recently amid more positive economic data and rising equities, which provide support for crude prices as well. Following these developments, the OPEC Reference Basket rose to
$77.86/b on 8 March before settling down to $77.38/b on 9 March.
The forecast for the world economy remains unchanged at 3.4% growth for 2010 following a contraction of 0.9% in 2009. Minor revisions were carried out for some economies. In the OECD, the US has been revised down slightly to 2.4% and Japan adjusted higher to 1.3%. In the developing countries, China was revised up to 9.3%. The global economy continues to be mostly supported by the governmental-led stimulus. Concerns remain regarding the level of public debt in almost all OECD regions, record-high unemployment levels across the globe and the ability of China to avoid an overheating
World oil demand is expected to grow by 0.9 mb/d in 2010, following a contraction of 1.4 mb/d in the previous year. This represents an upward revision of 0.1 mb/d from the previous assessment. Oil demand has been highly dependent upon the pace of the global economic recovery. OECD demand is still expected to remain at negative growth around 0.15 mb/d, while non-OECD demand is projected to grow by 1.0 mb/d, driven by China and the Middle East region.
Tadawul climbs 0.55%
March 11, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.55% to 6,565, with 71 stocks rising and 41 falling.
All sectors ended higher save Insurance, Real Estate Development, and Transport. Alinma Bank, the day's most active stock by value and by volume, climbed 0.78% to SR12.85, while fellow market leader Kingdom Holding gained 2.06% to SR9.75. [
Saudi inflation rises
March 11, 2010--Official statistics indicate that Saudi Arabia's annual inflation rate rose to its highest level since June, up from 4.1% in January to 4.6% in February, on rising food costs, Reuters has reported.
Month-on-month, the inflation rate in the world's largest oil exporter, as measured by the cost of living index, stood at 0.5% in February, up from 0.2% in January. The kingdom's index of cost of living rose to 126.1 points in February from 120.6 points a year earlier, the data showed.
DFM delays new tick system
March 10, 2010--The Dubai Financial Market has delayed the rollut of its new tick system for shares.
'The introduction of three decimal tick size system on securities with a market value below 1 dirham, which was due on March 11 will be postponed until further notice, in response to brokers' request,' the bourse said in a statement today.
The DFM said brokerage firms had asked for more time to complete their preparations in coordination with vendors.
Enhancing Financial Inclusiveness: CGAP, Deutsche Bank, Grameen-Jameel And Islamic Development Bank Partner To Launch ’Islamic Microfinance Challenge 2010’
March 9, 2010--CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank have joined forces to challenge the Islamic microfinance industry to develop new ideas for business models in the Islamic Microfinance Challenge 2010: Innovating Sustainable, Scalable, and Market-Driven Models.
Islamic microfinance has gained some traction over the past few years, with a swift rise in the number of institutions offering microfinance products in compliance with Islamic principles. But the fundamental challenge for the Islamic microfinance industry remains meeting client demand with affordable, authentic, profitable, and market-driven products.
“The competition will identify innovative product and business ideas that fulfill both Islamic and good business criteria, and thus have the potential to become self-sufficient and profitable,” said Alexander Schuetz, Managing Director and Chief Operating Officer for the Middle East and North Africa region of Deutsche Bank. The winner will be awarded with US $100,000 in grant funds to launch a pilot program of their proposed business, which the competition organizers will then showcase to garner further support for the program’s growth and development.
While conventional microfinance institutions (MFIs) have made significant inroads in creating a more inclusive financial system for the poor, many Muslims do not accept conventional microfinance products, on account of their dissonance with Islamic law (Shariah). Islamic finance principles prohibit interest-based contracts, and emphasize risk-sharing and asset-backed transactions.
Saudi Arabia's construction sector achieves 3.9% real growth in 2009
March 9, 2010--Real growth in the construction sector of Saudi Arabia reached 3.9% in 2009 with real estate growing by 1.8% according to a report from the Ministry of Finance.
Sustained government expenditure and continued private sector investments drive new real estate and construction projects across the country.
