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Dubai Gold And Commodities Exchange Weekly Views -November 22, 2009 DFM falls slightly Qatar bond issue given AA rating UAE: Basel II system in place UAE money supply growth slowing New Qatar income tax 'for corporations only' Exchange-traded notes to come under supervision similarly to mutual funds In addition, the amendment paves the way for launching exchange-traded funds in Israel, to compete with mutual funds that track indexes. ETFs currently do not exist on the Israeli market. Statistics Center- Abu Dhabi (SCAD) issued this week its first detailed report on consumer prices index (CPI) and the rate of inflation in the Emirate of Abu Dhabi. According to the report, the rate of inflation in the Emirate has dropped to only 1.17
In this report, the index base year has been shifted to 2007, on the basis of the data obtained from the household income and expenditure survey that was carried out in Emirate of Abu Dhabi during 2007 / 2008. The updating of the base year included updating of the weights of the index basket and assigning of 2007 prices as the base prices for the new index.
The report computed the inflation rate on the basis of the percentage rate of change in the overall index, which rose from 114.05 during the first nine months of 2008 to 115.38 over the same period in 2009. The percent change in the index represents the rate of inflation for the first nine months of this year.
Qatar to issue dollar-denominated bonds Central Bank of Bahrain Sukuk Al-Ijara oversubscribed
The expected return on the issue, which begins on 19 November 2009 and matures on 20 May 2010, is 1.00%.
The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.
This is issue No.51 (BH000A0T90Y8) of the short-term Sukuk Al-Ijara series.
November 22, 2009--Commodities Overview
Commodities prices have continued to show strength which has surprised many market participants. Gold has moved to new rd levels, in part due to investor uncertainty about currency market trends, and in part due to concerns that the emerging al economic recovery could falter and send the world into a new recession.
In this environment, investors continued to view gold favourably, as a safe haven, portfolio diversifier, and hedge against all forms of economic and financial uncertainties.Silver has also risen sharply, but has not matched
gold’s move. This most likely reflects the fact that gold is universally
seen as a financial hedge, while silver has a more select following. Other commodities meanwhile have risen as investors see them
as likely to rise further as economic recovery becomes more
definitive.
The U.S. dollar has been moving sideways over the past few weeks. It has bounced off of recent lows against the euro and other
currencies, as well as on an indexed basis, unable to continue its
decline since the second quarter. It has also bounced off of recent
highs, unable to forcefully signal a definitive shift in trends toward
a higher dollar against these currencies. This trend may continue
this week, as the market seeks direction. Direction could come
during December. At some point over the next few weeks, the
dollar may break into a higher range, signaling a period of relative
strength against the euro and other major currencies. Seemingly
ironically, the trigger may well be a significant official revaluation
of the Chinese yuan against the dollar, perhaps on the order of
10% - 12%.
November 19, 2009--The Dubai Financial Market (DFM) fell 0.81% to 2,129.75. Only four stocks; DIB (2.55%, to Dhs2.82), Alsalamsudan (2.48%, Dhs2.48), EmiratesNBD (1.54%, Dhs4.62)
and Masq (0.55%, Dhs91.00) rose, while 19 fell and four held steady. [AMEInfo.com]
November 19, 2009--Standard & Poor's Ratings Services has assigned its 'AA-' senior unsecured debt rating to Qatar's (AA-/Stable/A-1+) $7bn global bond issue
'The ratings on Qatar are supported primarily by the country's solid fiscal and external balance sheets, its prosperous economy and strong growth prospects, and its prudent long-term policies,' the rating agency said.
November 19, 2009--The Central Bank of the UAE has said the Basel-II system has been implemented, asking for tougher capital adequacy levels for a sound banking industry, Khaleej Times has reported. Under the new system, lenders have been directed to maintain a minimum capital requirement of 11% at all times, which would be increased to 12% by June 30, 2010.
Furthermore, main banks in the country are expected to migrate to the Foundation Internal Ratings Based approach, in due course.
November 18, 2009--According to data by the UAE's central bank, the country's M3 money supply in October grew 10.9%, compared with 13.4% in September, Bloomberg has reported.
M2 money supply, which excludes government deposits, rose 11%, up from 7% in September. M1 money supply, a narrower measure, had contracted 0.2% in October, compared with shrinkage of 6% the month before.
November 18, 2009--A Qatari government official has said that the country's new income tax law would apply to revenues of corporations and not that of individuals,
Reuters has reported. The new tax will take effect as of January 1, 2010 - but there have been no specifics on the type of income to be taxed.
November 17, 2009--The Israel Securities Authority approved an amendment to the mutual funds law on Monday that will impose regulation on exchange-traded notes. ETNs are Israel's predominant version of index funds.
Under the new amendment, exchange-traded notes will be supervised and regulated much as mutual funds are.
November 17, 2009--Statistics Center- Abu Dhabi (SCAD) issued this week its first detailed report on consumer prices index (CPI) and the rate of inflation in the Emirate of Abu Dhabi. According to the report, the rate of inflation in the Emirate has dropped to only 1.17% during the first nine months of the current year, compared with the same period last year, as evident from the consumer price index.
Statistics Center - Abu Dhabi (SCAD) will be releasing its CPI report periodically, Considering that the report will constitute the only authorized source to monitor price developments and inflation in the Emirate of Abu Dhabi. The report follows a precise methodology for calculating all official indicators related to prices movements within the emirate and is based on a broader and more representative basket of goods and services, thus enabling a more accurate calculation of the index, and putting an end to the conflicting figures and estimates concerning the rate of inflation in the Emirate of Abu Dhabi.
November 17, 2009--Qatar plans to launch a sale of dollar-denominated bonds in overseas markets today, Bloomberg has report, citing a person familiar with the transaction. The proceeds will be used to provide 'contingency funding' for state-owned firms, pay for infrastructure projects, and invest in the international oil and gas industry.
Qatar may sell five-year bonds to yield about 1.9% points above US Treasuries, 10-year bonds to yield about 1.95% points more than US Treasuries and 30- year bonds to yield a spread of about 2.15% points, the person said, who declined to be identified because terms aren't set.
The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 200%.
Subscriptions worth BD10m were received for the BD5m issue, which carries a maturity of 182 days.