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Dubai Gold And Commodities Exchange Weekly Views January 31, 2010
January 31, 2010--Commodities Overview
Gold, silver, and petroleum prices all headed lower last week. An appreciating U.S. dollar helped push prices lower for many commodities. Investor interest in precious metals remains firm, but has eased from the levels seen in the second half of last year. Investment demand for silver is doing better than gold, however.
Concerns over financial markets and economic conditions continue although are not at the heights when economic growth was contracting sharply in many countries around the world. That said, a wave of economic and political ills could quickly shift investor sentiment. Recent attention has focused on weak economic conditions in some member countries of the eurozone.
Currencies Overview
The U.S. dollar index could continue to strengthen this week. There may be bouts of profit-taking and technically based selling, however, the overall trend is expected to be higher. Last week the U.S. dollar was firm, rising against most major currencies. Macroeconomic data released was positive for the United States, signaling a further stabilization and better prospects for the U.S. economy. The news that the U.S. fourth quarter gross domestic product figure expanded 5.7% provided a boost to the U.S. dollar at the end of last week.
Tadawul nudges lower
January 27, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) nudged down 0.06% today to 6,252, with 65 stocks falling and 44 rising. The day's most heavily traded stock,
Kingdom Holding, gained 3.40% to SR7.60. The biggest riser was Union Cooperative Assurance, which climbed 4.35% to SR31.20.
ADX climbs prior to weekend close
January 28, 2010--The Abu Dhabi Securities Exchange rose 1.01% to 2,628.17 on its last day of trading of the week, with 25 stocks rising, four falling and four holding steady
National Marine Dredging Co (NMDC) was the day's biggest gainer, going up by 9.34% to Dhs9.53.
DFM climbs 2.17%
January 28, 2010--The Dubai Financial Market (DFM) rose by 2.17% to 1,599.43 today, with 24 stocks rising, five falling and two remaining unchanged.
Hits Telecom was the day's biggest gainer, moving up 7% to Dhs2.14, while National Cement (NCC) had the biggest slide, falling 4.95% to Dhs3.07.
DGCX provides 24 hour trade reporting facility
New facility improves accessibility for all market participants by providing trade reporting for transactions undertaken 24 hours a day
Participants continue to benefit from regulated and cleared trading, outside of electronic trading hours
January 27, 2010--In a move that will enable market participants to trade and hedge risk beyond regular electronic trading hours, the Dubai Gold & Commodities Exchange (DGCX) is permitting members to report transactions negotiated after the close of trading at 11.30pm Dubai time, with effect from February 1st, 2010.
The facility, known as Post-Close-of-Trading (PCT) transactions, will allow members to execute and report a trade after the market has closed and before the market is open for trading on the next business day. It will be available for all contracts listed for trading on the Exchange, including futures, options and spread contracts.
Members participating in the PCT negotiate the terms and conditions bi-laterally, including the futures price and quantity. The request is subsequently submitted to the Exchange through the Clearing Member.
“The new facility is aimed at increasing accessibility for local and international participants, so that they can benefit from a regulated and centrally cleared marketplace for trades executed after electronic trading market hours. The step is designed to allow members to hedge against volatility in the OTC markets post close-of-trading on DGCX,” said Eric Hasham, Chief Executive Officer, DGCX.
Emphasising the commitment of DGCX to providing innovative solutions for investors in the region, Eric Hasham added, “The Post-Close-of-Trading facility is yet another step in adding value to participants in terms of risk management, convenience and flexibility”.
Mahmood Riaz, Managing Director, GTL Trading said, “GTL offers a robust trading platform and dealing desk to a growing base of international clients. We have received requests from many clients for the introduction of ‘Post Close of Trading' reporting and clearing on DGCX and this is therefore a welcome addition, helping us to better serve our clients across the region 24 hours a day.
Emirates NBD discontinues use of Standard and Poor's ratings
January 27, 2010--Emirates NBD (DFM: EmiratesNBD) announced that the company has elected to discontinue use of Standard & Poor's Investors Service for rating of its banking subsidiaries, Emirates Bank International PJSC (EBI) and National Bank of Dubai PJSC (NBD).
Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD PJSC.
UAE's growth forecast lowered by IMF
January 27, 2010--The International Monetary Fund has downgraded its forecast for the UAE's economic growth in 2010 to near zero in a new report that says the country will be weighed down by Dubai World's debt restructuring and the emirate's property sector.
However, while noting that Dubai's economy would continue to contract, the report said Abu Dhabi was expected to show growth.
S&P and Hawkamah combine for first Middle East/North Africa ESG index
January 26, 2010--The first ESG index of Middle Eastern and North African companies will be launched later this year. The index is being launched by Standard & Poor’s (S&P) alongside the Hawkamah Institute for Corporate Governance in Dubai, and Credit Rating and Information Services of India (Crisil), who are developing the ESG part of the index with financial support from the International Finance Corporation (IFC).
The index is expected to comprise about 50-75 stocks from a total universe of 400 companies in 11 countries, scored by ESG performance and screened for transparency and disclosure, and based on S&P and CRISIL proprietary methodology.
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Gulf economies poised for recovery in 2010, forecasts Emirates NBD
January 26, 2010--GCC economies are poised for gradual recovery in 2010, led by growth in the hydrocarbon sector and higher energy prices, according to Emirates NBD, the Middle East's largest bank by asset size.
Over the same period, the region's non-energy sector is likely to be boosted by strengthening external demand and higher energy prices, as per the bank's outlook. This forecast was provided by Gary Dugan, Chief Investment Officer of Private Banking, Emirates NBD, and Tim Fox, Chief Economist of Emirates NBD, ahead of the bank's regional investor roadshow, which begins today in Dubai.
Mature Debt Markets Can Bring Stable Access to Capital for MENA Governments and Corporates, Says DIFC Economic Note
January 25, 2010--The development of debt markets can enhance the ability of governments and corporates in the Middle East and North Africa (MENA) region to raise funds efficiently and cost-effectively for infrastructure and development needs, according to the latest Economic Note issued by the Dubai International Financial Centre’s (DIFC) Economics Unit.
Released today, the DIFC Economic Note 7 titled ‘Local Bond Markets as a Cornerstone of Development Strategy’ says that an active and liquid local currency debt market brings several benefits including stable access to capital; diversification of monetary policy instruments; improved resource allocation; creation of a yield curve for the pricing of financial assets and tailoring risk management tools; and increased choices for both retail and institutional investors.
Dr. Nasser Saidi, Chief Economist of the DIFC Authority said: “The development of local currency debt markets represents a vital investment in the economy, similar to any other public investment. Even in the absence of a pressing need among governments to borrow, the creation of a debt market is a key milestone on the road to the development of an advanced economy.”
Benefits of well-functioning debt markets The debt market provides an instrument for the banking system in the region to manage liquidity and risk in an effective manner; and allows central banks to control liquidity. Diversification of financing and investment options contributes to the stability of financial markets and to greater corporate and government transparency. Furthermore, the development of debt markets promotes market discipline, transparency and accountability because governments, companies, and projects financed through tradable bonds are subject to constant scrutiny by market participants.
view the Economic Note 7: Local Bond Markets as a Cornerstone of Development Strategy
