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Dubai Gold & Commodities Exchange Weekly Market Commentary - October 16, 2011
October 16, 2011--Economic Data Overview
With the employment and retail sales numbers for September out of the way, market attention in the October 17 week will turn to data on inflation, housing, and manufacturing.
The Fed's Beige Book on Wednesday will provide an overview of economic conditions across the 12 Fed Districts for approximately the six weeks of late August through early October. This is not firm data, but it does tend to reflect the direction of economic activity in the hard numbers. This report will be used by the FOMC to help set the direction of monetary policy and influence the tone of the Committee's collective economic forecast. The prior issue of the Beige Book was more downbeat than the previous report, but it was also a time of greater uncertainty for businesses. While a complete turnaround is unlikely, the outlook should be improved.
The September inflation numbers will include some declines in food and energy prices. In particular, gasoline prices have fallen, and will be reflected in lower transportation costs. Some other recent sources of higher prices -- like motor vehicles, tobacco, and precious metals will also have eased. The Producer Price Index will be reported on Tuesday, and the Consumer Price Index is set for Wednesday.
The first looks at manufacturing activity in October will be reported on Monday with the New York Fed's Empire State Survey and the Philadelphia Fed's Business Outlook on Thursday. Both these indexes took a big hit in early August when the contentious debate about raising the statutory debt limit and the consequent downgrade in the S&P rating for US sovereign debt took place. Matters were not improved by the devastation in the Northeast from Hurricane Irene late in August that kept activity low into early September. While neither index may be ready to register a positive reading, there should be some evidence of improvement.
Industrial production and capacity utilization in September on Monday may offer a better numbers for output at manufacturers, and in mining and utilities as a slowing related to flooding in late August gives way to a bit of a rebound in the next month.
Initial jobless claims for the week ended October 15 on Thursday will include the survey comparison week to September. The level of claims appears to have settled around the 400,000-mark, which would represent a sizeable decline from the 428,000 in the September 17 week. The Treasury International Capital System (TICS) data for August at 9:00 ET on Tuesday will cover the period in which the S&P downgrade of the US debt rating occurred, as well as when euro zone sovereign debt problems intensified.
The Conference Board's Leading Economic Index for September on Thursday will probably lose some momentum after four months of positive readings. Small positive contributions from the workweek, claims, and the money supply will have to overcome sluggish spending on plant and equipment, weak confidence, and a plunge in the stock market.
There are no routine monetary policy announcements from major central banks
Source: Dubai Gold & Commodities Exchange (DGCX)
Lebanese banks maintain growth rates
October 13, 2011--According to a report by Bank Audi Lebanon Weekly Monitor, the Lebanese banking sector continued to achieve relatively good growth in assets and customer deposits in the first eight months of this year despite the political situation and regional turmoil, The Daily Star has reported.
Domestic banking activity grew by 7.1% since the beginning of the year to reach $138.1bn at the end of August 2011. Customer deposits accounted for more than 80% of total banks' balance sheets, a 5.4% growth in the December 2010 to August 2011 period, the report said.
Source: AME Info
Dubai bourse ends Thursday trading flat
October 13, 2011--The DFM General Index ended up 0.06% at 1,384.58. Shares of the DFM briefly touched par a value at Dhs1.00 but eventually closed even at Dhs1.02.
Construction and maintenance specialist Drake and Scull International was the most liquid share and gained 1.22%, closing at Dhs0.83. After losing over five percent in the wake of the Dubai Bank takeover, Emirates NBD recovered 1.12% to reach Dh3.62. Some 37m shares were traded, valued at Dhs33.67m. Over the week, the DFM lost 0.71%.
Source: AME Info
Five Abu Dhabi blue chips end flat
October 13, 2011--The ADX General Index dipped 0.36% to 2,477.80 points.
Aldar Properties, Sorouh Real Estate, Etisalat, Dana Gas and First Gulf Bank closed unchanged. Abu Dhabi Commercial Bank fell 1.76% to Dhs2.79. Some 28m shares were traded, valued at Dhs40.16m.
Source: AME Info
Industries Qatar shares gain on 9-month profit surge
October 13, 2011--The QE Index lost a quarter percent to close at 8,396.53. Bank shares in particular weighed on the benchmark.
Year-to-date, the bourse fell three percent, so far the "best" performance among all Mena markets. Shares of Industries Qatar closed 0.88% higher at QR126.10. Earlier in the day, the QE heavyweight, disclosed a net profit of QR6.2bn for the nine months period ended September 30, 2011 in comparison to a net profit of QR4.1bn for the corresponding period last year. The Company’s Earnings per Share (EPS) amounted to QR11.35 for the period ended September 30, 2011 versus QR7.38 for the corresponding period in 2010.
Source: AME Info
Kuwait market ends a good week slightly higher
October 13, 2011--The KSE Market Index added 0.34% to reach 5,867.5 points.
Over the week the benchmark gained 0.71%, mainly through advances in the financial sector. Year-to-date, the KSE has lost 15.64%.
Source: AME Info
DP World stabilises above $11 on record high trading volumes
October 13, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1451.46 today,
0.27% lower from the previous close. Dubai Ports (DP) World finished flat at $11.25. Trading volumes surged to a multi-month high as some 15.08m DPW-shares changed hands. Depa declined 1.11% to $0.445.
Source: AME Info
DFM shares rise on HSBC comments
October 12, 2011--The Dubai Financial Market (DFM) declined 0.30% to 1,383.72 points, as Emirates NBD dived 4.28% to Dhs3.58. Emaar Properties and Aramex finished flat. Arabtec surged 1.54%, endinga at Dhs1.32. DFM shares gained one percent to reach Dhs1.02.
Earlier in the day, The National reported that UK lender HSBC has said trade volumes in the Middle East and North Africa (Mena) are expected to grow by nearly 85% by 2025. Trading volumes declined Wednesday by 30%, as some 62m shares were traded, valued at Dhs47.2m.
Source: Middle East Online
Dana Gas ends flat, named 'MENA's fastest growing company'
October 12, 2011--The ADX General Index declined 0.30% to 2,486.86 points. Sorouh Real Estate was the most liquid share, closing down three percent to Dhs0.98. Sharja-based Dana Gas closed even at Dhs0.52.
Earlier in the day, Dana Gas said in a statement it was named "the Fastest-Growing Company of the Year in the Middle East and North Africa at the 8th International Business Awards. The International Business Awards, also known as The Stevie Awards, is the world's premier business awards competition which last year attracted nominations from more than 40 nations." Some 43m shares were traded, valued at Dhs49.6m.
Source: AME Info
Kuwait Stock Exchange declines slightly
October 12, 2011--The KSE Market Index ended 0.20% lower at 5,847.5 points. International Financial Advisors was the most liquid share, closing at KD0.0425 (off 5.8%). Kuwait Investment Co. posted the highest gain, up nine percent at KD0.120.
The country's largest lender National Bank of Kuwait or NBK added 1.8% to reach KD1.200. Earlier in the day, NBK reported NBK said that its net profit for the thir quarter was of KD78.9m, insignificantly lower compared to the corresponding period last year.
Source: AME Info
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