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Dubai Gold And Commodities Exchange Weekly Views-November 7, 2010
November 7, 2010-- Economic Data Overview
After the barrage of events and data announcements this week, the November 8-12 week has little economic data of more than passing interest. The presence of Veterans Day on Thursday shortens the working week as stock and bond markets will be closed on Thursday and there will be an early close for the bond market on Wednesday.
The G20 leadership will meet in Seoul, South Korea on November 11 and 12. However, these top level summits are generally of less interest to markets than the sessions of the finance ministers and central bankers.
Quite possibly the most interesting data of the week is not on official calendars. The Fed's Senior Loan Officer Opinion Survey for October should be released on Monday at 14:00 ET. In the last few reports credit conditions had begun to return to pre-recession readings and this edition should continue the trend. There was a hint in the FOMC statement of November 3 that bank lending has ceased to contract.
Source: Dubai Gold And Commodities Exchange
Nasdaq Dubai up 30% in October
Outsourcing of trading to DFM boosts deals
November 4, 2010--The value of equities traded on Nasdaq Dubai increased by 30 per cent to $155 million in October 2010, from $119m in October 2009.
The increase comes after Nasdaq Dubai's outsourcing of its trading, settlement, clearing and custody functions for equities to Dubai Financial Market (DFM) in July 2010, as part of a strategy to increase trading of its equities by individual investors and merge them in one liquidity pool with institutional investors.
DP World, Nasdaq Dubai's largest listed company, was in the top five traded companies of all DFM and Nasdaq Dubai stocks by value on 71 per cent of trading days in October 2010. It was the most highly traded on 14 per cent of days.
Source: Emirates 24/7
Qatar Exchange extends year-to-date gains
November 4, 2010--The QE Index in Doha added 1.33% Thursday, closing at 7,903.32 points. Over the week the Doha-based bourse added 1.25%. Year-to-date, the QE Index surged 13.61%, the highest gain among all GCC markets.
After a successful road-show in London, the QE management plans to do more investor gathering in Europe, the Far East and the US, Gulf Times reported.
Source: AME Info
National Bank of Kuwait shares weigh on Kuwait market
November 4, 2010--The KSE Market Index, the benchmark composite at the local stock market based in Kuwait City, added 0.09% to close at 7,124.7 points.
The country's largest lender by assets National Bank of Kuwait (NBK) plummeted 4.28% to finish at KD1.340 as investors booked profits after a month-long surge in NBK shares. Zain Telecom shares, on the other hand, extend their rally and jumped 2.85% to close at KD1.440.
Source: AME Info
Abu Dhabi bourse dips 0.40% in lacklustre trading session
November 4, 2010--Dragged down by losses in the real estate sector, the ADX General Index ended 0.40% lower at 2,750.70. Contrary to Dubai, where real estate share overall ended slighly positively, the real estate bellwether Aldar Properties plummeted 4.17% to finish at Dhs2.38.
Abu Dhabi National Energy Corp., also known as Taqa, added 0.71%, closing at Dhs1.41. Taqa announced today that it will release its financial results for the third quarter on November 10. Over the first week of November, the ADX General Index lost 2.35%.
Source: AME Info
Dubai bourse ends tricky week up 0.15%
November 4, 2010--Over the week, the DFM General Index lost 2.22%, closing Thursday at 1,737.72 points. Real estate bellwether Emaar (up 0.27% at Dhs3.74) recovered slightly, while Deyaar Development (down 1.76% at Dhs0.334) could not follow the last minute index upswing.
Bank Emirates NBD added 1.25% to end at Dhs3.25. The largest Arab bank by assets surged 32% over the least three months.
Source: AME Info
Saudi says $70-$90 price range is comfortable
November 4, 2010--Saudi oil minister Ali al-Naimi has said oil at between $70 and $90 a barrel is comfortable for consumers, Reuters has reported. "Consumers are looking for oil prices around $70, but hopefully less than $90," al-Naimi said in comments following a speech in Singapore.
"If I can be audacious, I would say producers, consumers and companies are all happy with this price."
Source: AME Info
Abu Dhabi set for $10bn spend on oil output
November 4, 2010-Ali Rashid al Jarwan, CEO of Abu Dhabi Marine Operating Co (ADMA-OPCO) has unveiled plans by the company to spend at least $10bn on developing two offshore fields to boost the firm's crude output by 60% by 2017, Reuters has reported.
ADMA-OPCO is developing two offshore oil fields, Umm al Lulu and Nasr, with the first phase expected to add 50,000 bpd in capacity.
Source: AME Info
Dubai Mercantile Exchange Sets New Records for Average Daily Volumes and Physical Delivery
November 3, 2010--The Dubai Mercantile Exchange (DME) today announced its third quarter trading update, headlined by record average daily volumes and open interest levels.
he average daily volume during the quarter was 2,777 contracts, up from 1,522 contracts during the same period in 2009. This significant year-on-year increase of 82% is further demonstration of the increased confidence in the DME Oman contract as the most transparent price discovery and risk management tool for the East of Suez crude oil markets.
Source: Dubai Mercantile Exchange (DME)
ADX Seeks more ETFs Institutional Investors
Relying on UCITS Regulations Offers more Investor Confidence,” Elie Ghanem
November 3, 2010--Abu Dhabi Securities Exchange (ADX) is focusing at this stage to attract more institutional investors to its Exchange Traded Funds’ (ETF) trading platform, according to Elie Ghanem, Director of the exchange’s Market and Product Development (MPD).
Mr. Ghanem made the remarks during the Abu Dhabi City Day Conference taking place in the capital today to discuss the challenges and opportunities for the emirate’s financial sector.
“The platform that ADX provides for ETFs relies on the UCITS regulations, which have been thoroughly tested and provide for excellent solutions for exposure and risk issues. Meanwhile ADX rules and regulations require the appointment of an independent fund administration and index calculation agents; all offering more investor confidence,” commented ADX’s Director of MPD.
ADX was able to launch the ETFs trading platform in March 2010, to become the leading exchange in the region by introducing the platform for this new investment vehicle, and with the infrastructure in place, the challenge now is to increase institutional participation and retail investment.
“For retail investors, ADX will continue carrying out an awareness program to highlight the benefits of ETFs for the low cost associated with their trading, risk diversification and transparency,” Mr. Ghanem explained.
Ghanem emphasized that the ETFs platform represents an essential ingredient for ADX’s initiative concerning the increase of the free float, supporting the exchange’s efforts for delivering the objectives set by the Abu Dhabi Economic Vision 2030 to meet the projections of the emirate’s Policy Agenda.
“It is important for positioning ADX to facilitate market access to international dealers, market makers and authorized participants. In preparation to receive foreign investments when the UAE is classified as an emerging market, ADX will be strengthening the ETF market that would be attractive for tactical and beta allocation,” he added.
Other challenges cited include the absence of a comprehensive domestic regulatory framework for ETFs, whereas the market activity is not tightly regulated and the short selling is not legalized according the Ghanem.
"Up to the day when the regulations for Collective Investment Scheme are in place including provisions for fund administrators and liquidity providers, ADX will continue to accept listing UCITS compliant ETFs,” he revealed.
“What ADX seeks, is to provide investors with a platform that supports risk diversification products whereby ETFs would provide exposure to a particular market at a low cost and this is illustrated by the high correlation between the currently listed EFT and the UAE index, recording an increase of 17.8% in price during the third quarter of 2010, reflecting the appeal of this new investment vehicle,” Ghanem concluded.
Source: Abu Dhabi Securities Exchange (ADX)
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