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Dubai Gold And Commodities Exchange Weekly Views-May 9, 2010
May 9, 2010-Commodities Overview
Commodities prices should be expected to remain very volatile this week. Financial market stability remains tenuous in Europe. The meeting early next week involving European government officials and the International Monetary Fund could serve as a focal point for investor nervousness. Instead of seeing the meeting as a sign that government financial officials are moving to quell sovereign debt problems, the meeting may generate more investor concerns that the debt issues facing Europe (as well as the United States and Japan) are seemingly intractable.
It will take a highly skilled diplomat to convince financial markets that government finance ministers have a credible solution to the debt and deficit problems they are facing. In light of this, gold and silver prices may move even higher this week. Petroleum prices may not move much lower, having already been hammered hard. Crude oil may recover slightly, but remain low compared to recent price levels. Regardless of these directional calls, all commodities prices should be expected to continue to trade in very volatile fashions.
Currencies Overview
Global currency markets will remain volatile this week. The dollar should be expected to gain against the euro and pound, as investors remain concerned about sovereign debt and deficit issues in Europe. Some of the concerns related to Greece have spread through other European countries, even lapping on the pound’s shores. These conditions should be expected to keep investors interested in the dollar as a safe haven. The yen also may benefit from this trend, to some smaller extent. The rupee could recover from last week’s weakness as investors focus on emerging economies as being more attractive than Europe. The problem is that the demand for government bonds from emerging economies has depressed yields on these bonds, reducing their attractiveness to investors.
Source: Dubai Gold And Commodities Exchange (DGCX)
Dubai International Financial Centre’s GDP Grows 47.1% To Reach US$2.8 Billion In 2008-DIFC Sub-Economy Accounts for 3.4 per cent of Dubai GDP
May 10, 2010--The Dubai International Financial Centre (DIFC) recorded a strong economic performance in 2008, with its nominal Gross Domestic Product (GDP) rising to US$ 2.8 billion, a 47.1 percent increase from its GDP in 2007, according to the latest Economic Note issued by DIFC’s Economics Unit.
The growth reflects the substantial expansion of banking, financial and related activities in DIFC in 2008 and the large influx of new companies that were attracted by the region’s growth prospects, which continue to be strong despite the global financial crisis. Calculated according to the ‘value-added’ of the DIFC sub-economy, the GDP of US$ 2.8 billion accounts for 3.4 per cent of Dubai’s GDP of AED 302 billion (US$ 82 billion).
The figures published in DIFC’s ninth Economic Note are based on the results of the second Survey of Economic Activity in DIFC conducted by the DIFC Economics Unit for the year 2008. Data for the survey were obtained from questionnaires answered by 404 of the 715 companies that were registered in the financial district in 2008. The sample covers about 57% of the total number of registered companies including the largest companies in DIFC by volume of activity. Companies that did not respond were the smallest and the newest, or those that were registered, but were not operational in 2008.
HE Ahmed Humaid Al Tayer, Governor of DIFC said: “DIFC’s achievements represent the success of the UAE’s dynamic economic diversification programmes that have been guided by the vision of HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE; and HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The 2008 GDP figures validate the significant impact that DIFC is having on the development of both Dubai and the UAE.”
view the Economic Note 9: DIFC 2008 Economic Activity Survey Results & Contribution to Dubai's GDP
Source: Dubai International Financial Centre (DIFC)
Foreign investors purchase Dhs475.3m worth of shares on DFM during the last week, and sold Dhs496.9m
May 6, 2010--United Arab Emirates: Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (2 - 6 May)
reached Dhs475.3m comprising 40.5% of the total value of stocks traded during the period.
Source: AME Info
ADX rises 0.45%
MAy 6, 2010--The Abu Dhabi Securities Exchange gained 0.45% to day to 2,791, led by the Energy sector, which gained 1.40%.
Market heavyweights Aldar and Dana Gas both ended the day unchanged. Overall, 17 stocks ended lower while six closed higher.
Source: AME Info
DFM slips 0.11%
May 6, 2010--The Dubai Financial Market fell 0.11% today to 1,733, with five stocks rising and 18 falling. Market heavyweight Emaar dropped 1.03% to Dhs3.85.
Du was the day's biggest gainer, rising 3.59% to Dhs2.60. Gulf Finance House had the largest decline, falling 3.61% to Dhs0.720.
Source: AME Info
Egypt's annual domestic consumption of plastic worth nearly $2bn
May 5, 2010--Worldwide production of plastic grew by more than 500% over the last 30 years. Current annual global production is estimated at over 80 million tonnes and is expected to increase by 3% a year.
The global and regional significance of these trends will be showcased during Plastex 2010, the 12th international African-Arabian exhibition for plastic industries running from May 13 to 16, 2010 at the Cairo International Fair Ground in Egypt.
Source: AME Infp
Bahrain Financial Exchange launches its membership campaign
May 4, 2010--The Bahrain Financial Exchange (BFX), the Multi-Asset exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and Shariah-compliant financial instruments, today unveiled its plans for its membership activity to concentrate liquidity across the Mena region via its multi asset product portfolio.
The Greenfield International exchange owned by Financial Technologies Group of India, a leading global player in creating next-generation financial exchanges and ecosystem ventures, will be going live this year in October 2010.
Source: AME Info
Currency futures drive 9% growth in DGCX April volume
Total April volume reached 107,641 contracts, a rise of 9% on last year
YTD volume rises 94% to 602,700 contracts on the back of higher currency and gold futures trading
May 5, 2010--The Dubai Gold & Commodities Exchange today announced that 107,641 contracts were recorded in April, a 9% increase on the same period last year and valued at US $6.12 billion.
The sustained growth in currency futures led trading activity in April with 67,542 contracts recorded, a year-on-year increase of 168%, reflecting the increased interest in forex trading in the region.
April 2010 volume in Euro/Dollar futures rose by 71% to 23,656 contracts, while Sterling/Dollar futures were 229% higher at 23,285 contracts. Indian Rupee/Dollar and Yen/Dollar futures recorded increases of 170% and 2031%, with 10,285 and 10,316 contracts traded respectively. Volume for Gold and WTI crude oil futures, at 31,037 contracts and 6,570 contracts respectively, declined compared with the same period last year.
Speaking on the uptrend in trading, Eric Hasham, Chief Executive Officer, DGCX, said, "We are seeing increased interest in currency futures. In response to the increased demand and feedback from members, the Exchange has decided to widen its forex offering, which will enable participants to gain exposure to the world’s most traded currencies."
In the January-April period, the Exchange achieved an impressive volume growth of 94%, to reach a YTD volume of 602,700 contracts. Valued at US $35.7 billion, the year-to-date volume was largely driven by currency and gold futures. While YTD gold futures volume rose 51%, currencies saw considerable across-the-board growth, with Euro/Dollar and Sterling/Dollar futures up 46% and 393% respectively. The increases in Indian Rupee/Dollar and Yen/Dollar futures were 276% and 1789%. Overall, DGCX currency futures have recorded YTD volume of 429,302 contracts, an increase of 133% on last year. The Exchange is expanding its range of currency products, launching Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar on June 15, 2010. DGCX will be attending and speaking at the 6th Middle East Forex Expo in Beirut, Lebanon on May 20-21, 2010.
Source: Dubai Gold & Commodities Exchange
Kuwait central bank sells $433m of treasury bonds
May 4, 2010--The central bank of Kuwait has sold KD125m ($433m) of one-year treasury bonds with a coupon of 1.25%, Bloomberg has reported.
Investors submitted KD699m in bids for the bonds, which mature on May 4, 2011.
Source: AME Info
iShares provides DIFC financial professionals a more powerful investment tool through upgraded online portal
May 3, 2010--BlackRock, Inc. (NYSE: BLK) today announced that iShares, the global leader in Exchange Traded Funds (ETFs), has updated its website for DIFC financial professionals. As the primary source of information for financial professionals, the iShares website provides detailed fund information on over 340 iShares' products throughout Europe and the US, including access to the most relevant and updated iShares documents covering financial analysis, brochures and fact sheets. This announcement comes as the world's largest ETF provider celebrates its 10th anniversary while achieving $500 Billion Assets Under Management.
The most significant addition to the website is access to daily fund fact sheets, holdings and performance data. Additionally, a suite of flexible tools has been added that include performance charts, index return charts and a fund search capability. These three tools examine an iShares ETF relationship to its benchmark, research more than 150 worldwide indices and dynamically filter iShares ETFs by a wide range of criteria, including asset class and holding exposure.
"We're excited about being able to provide DIFC financial professionals the most up to date and relevant information for their ETF needs on a web-based platform. The market conditions of the past eighteen months or so has placed a greater demand from investors for transparency and through the latest upgrades we can now provide daily transparency on the underlying holdings of all of the iShares' funds. Additionally, we constantly strive to provide our clients with the tools they need to make the best informed investment decisions. The new iShares' website enables just that," Norah Ali Alyusuf, Vice President of BlackRock explained.
Through the user-friendly interface on the iShares regional website, the user can now create and modify watch lists and save their favorite iShares in their personal lists. An additional feature is the registration page, which allows a user to sign up and receive regular educational information and to stay up-to-date with the latest iShares news.
With updates on a regular basis and in-depth information on the world of ETFs, the iShares DIFC Professional website acts as the one-stop-shop for users and equips them with the fundamentals of ETFs and relevant information that will play a significant role on a regional and global level.
The upgrades made to the local site increase its online product coverage in EMEA which includes 10 countries and 6 languages. The website also offers the complete range of funds spanning Europe and the US.
Source: BlackRock
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