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Dubai Gold And Commodities Exchange Weekly Views February 28, 2010
February 27, 2010--Commodities Overview
Commodities prices were volatile last week. There continues to be strong investor interest in commodities, but the investors are not fully committed to the view that prices will rise sharply. As a result, each round of buying has been met by profit-taking as soon as prices reach short-term technical resistant levels and stall out. On the flip side of the market, investors appear reluctant to be short precious metals, energies, and other commodities for any length of time.
There appears to be very little short interest from institutional investors at recent prices. Also, there continues to be interest in buying into dips as soon as they appear to stall out. This has kept many commodities in trading ranges, albeit some of the trading ranges are rather wide. This pattern may continue for the next few weeks, as investors continue to equivocate about the overall direction of the global economy and thus the likely direction of commodities prices. At present the most likely outcome seems to be that at some point investors will commit to a view that the global economic recovery is underway.
Currencies Overview
The U.S. dollar is expected to continue on its recent path again this week. There clearly is an upward bias toward the dollar, at least against the euro and other major traded currencies. Investors are not rushing blindly into the greenback, however. Instead, they clearly remain very nervous about prospects for U.S. budget and trade deficits. Testimony by Federal Reserve Board Chairman Benjamin Bernanke before Congress last week helped fortify invest tor views that the U.S. economy is heading in the right direction and that monetary authorities have the capacity to manage the aftermath of their 2008 and 2009 monetary largesse.
Source: Dubai Gold And Commodities Exchange (DGCX)
ADX slips 0.65%
February 25, 2010--The Abu Dhabi Securities Index fell 0.65% to close on 2,701. All sectors ended lower save construction, which edged up 0.26%.
Finance House was the day's big gainer, rising 10% to Dhs7.15. Overall, six stocks ended higher and 19 finished lower.
Source: AME Info
DFM gains 0.78%
February 25, 2010--The Dubai Financial Market gained 0.78% to close on 1,581, with 15 stocks rising and five falling.
Market heavyweight Emaar gained 1.05% to Dhs2.88, while Arab Insurance Group had the day's biggest gain, rising 7.32% to Dhs2.20.
Source: AME Info
Tadawul edges lower
February 25, 2010--Saudi Arabia's Tadawul All Share Index slipped 0.10% today to close on 6,465. Market heavyweight Alinma Bank gained 1.19% to SR12.75, while fellow market leader Kingdom Holding dipped 1.74% to SR11.30.
Saudi British Bank has the day's biggest loss, falling 4.76% to SR49.90, while Banqu Saudi Fransi had the biggest rise, gaining 1.91% to SR48.00. Overall, 41 stocks ended higher and 73 closed lower.
Source: AME Info
Foreign investors purchase Dhs379.2m worth of shares on DFM during the last week, sold Dhs344.5m
February 25, 2010--Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (21 - 25 Feb.) reached Dhs379.2m comprising 45.4% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs344.5m comprising 41.2% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs34.7m during the same period, as aggregate buy.
Source: AME Info
Qatar Exchange poised to transform into world-class centre
February 25, 2010--The Qatar Exchange (QE) has plans to introduce new products like Sukuks, bonds, Exchange-Traded Funds (ETFs), equity derivatives and investor education programme that will provide new trading opportunities for experienced as well as new investors here and in the region as a precursor to transforming Doha into a sophisticated financial centre at par with the world''s leading institutions.
The Chief Executive Officer of Qatar Exchange Andre Went told the Qatar News Agency (QNA) in an exclusive interview the country is poised to move to the next level by on the foundations of reforms, transparency, new partnerships and state-of-the art trading system that will transform QE, previously known as Doha Securities Market, into an attractive and accessible financial centre for local and global markets and investors.
The first step of QE towards these objectives was finding a partner with the knowledge and expertise that could help it transform from a successful national exchange into a leading regional and global market.
Source: MENAFM.com
Oman might use reserves to fund budget gap
February 25, 2010-- Ahmed Mekki, has said the country will finance its planned OR800m budget deficit for 2010 from its reserve funds if needed, Reuters has reported.
The non-OPEC oil producer raised spending by 12% in this year's budget on prospects of higher oil prices to finance a range of infrastructure projects. 'However, we expect the average oil prices to stay above what we forecast for this year's budget,' he was quoted as saying by the news service.
Source: AME Info
News Corp buys $70m stake in Rotana
February 24, 2010--Saudi-based media group Rotana will sell shares to Rupert Murdoch's News Corp for access to the US firm's movie making and new media expertise to help boost its position in Arab media ahead of an IPO, Reuters has reported.
Rotana will get $70m for 9.09% of its capital in new shares that will be issued for the long anticipated deal and News Corp will have 18 months after the completion of the deal to double its stake to 18.2% for another $70m, the news service said, citing Rotana Chairman Prince Alwaleed bin Talal.
Source: AME Info
Daman launches $54m fund
February 24, 2010--UAE-based Daman Investments has launched a $54.4m fund focused on investments in the GCC.
The Daman Fifth Fund will focus on blue-chip equities listed on GCC exchanges, debt products and commodities. Shehab Gargash, managing director of Daman Investments, said the fund is likely to focus on markets outside the UAE.
Source: AME Info
Qatar Exchange May Start Bond Trading By September
February 22, 2010--The Qatar Exchange, the Persian Gulf country’s equity market, may start bond trading before September as part of a program to broaden the business it handles, said Chief Executive Officer Andre Went.
“We are looking to where we are internally with the exchange and where we are in progress readiness,” Went told reporters at the Beltone Financial MENA conference in Doha today. “It looks good.” read more
Source: Bloomberg
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