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Dubai Gold And Commodities Exchange Weekly View-February 13, 2011
February 13, 2011-- Economic Data Overview
The economic data calendar is densely packed Tuesday-Thursday next week and the most closely-watched will likely be retail sales and the Consumer Price Index. The release of the FOMC meeting minutes from January 25-26 will also get a close read to see if there was more dissention among the Committee than was apparent in the unanimous vote and to get a look at the Fed's updated economic forecast.
Elsewhere, The Bank of Japan governors meet to consider monetary policy on Monday and Tuesday, while the G20 finance ministers will meet in Paris on Friday and Saturday. The agenda there will likely include further discussion of global trade imbalances, rising food prices, and foreign exchange.
Retail sales data is due on Tuesday. Same-store sales comparisons for fiscal January suggest that consumers retreated less than usual in 2011, but the series of winter storms that affected much of the US at one point or another left the weekly measures of retail activity on the soft side. Increases in gasoline prices will provide some boost to the numbers, as will strong sales of motor vehicles.
There are back-to-back-to-back numbers on inflation - Import and Export Price Indexes for January, CPI, PPI from Tuesday through Thursday. All will move of essentially the same cause – higher commodities prices in foods and energy. However, the extent of the impacts will vary according to the measure.
Elsewhere, the New York Fed releases its Empire State Survey for February on Tuesday, and the Philadelphia Fed publishes its February Business Outlook on Thursday. The January report on industrial production and capacity utilization could well be restrained by the severe weather in much of the US that forced closures in many businesses.
Import and Export Price Indexes for January are due on Tuesday and should reflect changes in commodities prices. On the import side, a relatively flat reading of petroleum should keep increases moderate, but there will be
Source: Dubai Gold & Commodities Exchange
Retail investors increase share of Nasdaq Dubai equities trading to 13%
February 10, 2011--Retail investors increased their share of equities trading on Nasdaq Dubai to 13% of total traded value in January 2011. Institutional investors accounted for 87%
The retail share rose from 2% in August 2010, which was the first full month of trading after Nasdaq Dubai started routing all its equities trades through the trading platform of Dubai Financial Market (DFM) in mid-July. In the second week of January 2011, the retail share of trading rose as high as 26%.
Source: AME Info
Foreign investors keeping close eye on Saudi stock exchange situation
February 10, 2011--Although officials in Saudi deny any changes are imminent, there is growing talk of the region's biggest stock exchange being opened up to direct investment from foreigners. But what would this mean for Saudi, and why are policymakers taking so long to make the transition?
Although officials have since denied its existence, a document seen by newswire Reuters in January this year apparently showed that at a December 2010 meeting, Saudi stock exchange officials asked representatives from regional banks and brokerages to check capabilities for handling foreign accounts. "We might see the markets opening up in the first half of 2011 or probably in the second quarter," a source familiar with discussions told the newswire. "It's not a question of if it will happen, but when it will happen."
Source: AME Info
Dubai market remains fickle
February 10, 2011--The 2010 results of Bank Emirates NBD dominated the tape at Dubai market on Thursday. The DFM General Index finished the second February with a small loss of 0.28%, closing at 1,598.40 points. Shares of Emirates NBD finished 0.31% lower at Dhs3.20.
Earlier in the day, ENBD announced it has registered a net profit in 2010 of Dhs2.3bn, down 30% from the previous year. Market bellwether Emaar Properties declined by 1.22%, finishing at Dhs3.25. Traded volumes also declined by almost a quarter as some 67.84m shares worth Dhs89.46m changed hands. Ten stocks gained, 11 declined and three remained flat. Compared to the closing from last Thursday, the DFM gained over the week 1.09%.
Source: AME Info
Qatar bourse gains 0.36%
February 10, 2011--The QE Index closed the week at 8,949 points as banks and insurers recovered further.
Doha Bank surged 2.30% to close at QR62.40. Shares of Al-Khalij Bank Commercial Bank dipped 0.84% to finish at Qr20.10. Al-Khaliji is in final merger talks with International Bank of Qatar, known as IBQ. IBQ announced today for the year 2010 a net profit of QR458m, an increase of 34% compared to 2009.
Source: AME Info
Kuwait Stock Exchange weakens 0.29%
February 10, 2011--Kuwait's local stock market shows no signs of a sustainable stabilisation as the KSE Market index lost 3.11% since the start of 2010, the largest year-to-date decline among all GCC markets.
On Thursday, the KSE market finished at 6,738.9 (off 0.29%). Argan International Real Estate was the main gainer, surging by over ten percent to close at KD0.202. Investors booked profits at Islamic bank Kuwait Finance House or KFH (down 1.62% at KD1.200). KFH was a top performer in Kuwait during the second half of 2010.
Source: AME Info
Demand for exchange-traded funds grows:
February 10, 2011--Demand for exchange-traded funds (ETFs) globally has surged and although still modest there are 16 ETFs with assets worth $400m that are invested in Mena region equities which includes Qatar.
These equities are either listed in London or New York essentially and as part of their underlying components hold Qatari equities. These equities are in the GCC ex-Saudi Arabia index. However, so far ETFs are not traded in the Qatar ExchangeQatar Exchange.
"The global ETF industry grew on all major dimensions during 2010 and we expect this to continue in 2011," says Robert Broadwell (pictured), Vice-President of iShares, the world's leading ETF provider.
Source: Zawya
Qatar market weakens a quarter percent
February 9, 2011--The QE Index lost 0.26%, closing at 8,917.29 points. Shares of Qatar National Cement Co. dipped half a percent and finished at QR119.50.
. Earlier in the day Qatar National Cement Co. has disclosed a net profit of QR467m in 2010 compared to QR417m in 2009. Al Khalij Commercial Bank jumped 2.74% to reach QR20.27.
Source: AME Info
Kuwait Stock Exchange stabilises
February 9, 2011--The KSE Market or Price Index closed 0.09% higher at 6,758.8 points.
Insurance firms in particular recovered some territory lost in the vague of the Egypt crisis. Kuwait Insurance Co. jumped six percent to reach KD0.435. National Bank of Kuwait, known as NBK, dipped 1.4% to close at KD1.400.
Source: AME Info
Abu Dhabi adds 0.19%, Aldar and Taqa shares trade in opposite ways
February 9, 2011--In Abu Dhabi, the ADX General Index gained 0.19% to reach 2,709.13. Abu Dhabi National Energy Co., known as Taqa, gained 2.86% to reach Dhs1.45 while Aldar Properties lost 3.21% to close at Dhs1.82.
Both blue chip firms reported 2010 results earlier in the day. Aldar Properties announced a loss of Dhs1,357.7 million (before impairments and fair value losses). "The loss for the year, after recognizing the impairment and fair value losses, was Dhs12,658.4m compared to a 2009 profit of Dhs837.4m." Taqa reported an unaudited profit for 2010 of Dhs937m compared to Dhs182m in 2009.
Source: AME Info
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