Dubai market penetrates the highest price levels since 2009
Said economic advisor firm Fajer Securities, Maha kanz, in its weekly report on domestic capital markets that the first breakthrough for the highest price levels since 2009 in Dubai Financial Market (EMAAR and Ajman Bank) exceeded leading share reconstruction in Monday’s session last week highs price Since 2009, when it reached 5.12 dirhams.
During the following sessions seemed to share a state of weakness did not enable it to complete the process of penetration clearly encourage more investors to enter the stock. Also recorded Ajman Bank session Tuesday and before the announcement of the results of annual top price level since 2009, when at 1.6 dirhams, but it looked stock weak after the announcement of the bank announced its financial results for the year 2012 and achieved growth in net profit increased by 380% to reach to 33.5 million dirhams, compared with 7 million dirhams over 2011. As the Abu Dhabi Each of Abu Dhabi Commercial Bank and brightening when real estate price levels are the highest during the past years
Bank shares jumped to 3.90 dirhams this week, which is the highest since the crisis. The Bank recorded a profit for last year worth 2.81 billion dirhams, down by 9.5% for fiscal year 2011 of $ 3.04 billion dirhams. But profits in 2011 income, including exceptional profit of 1,314 billion dirhams, with the exclusion of the Bank recording an increase in profits of 62% which is the highest growth of the banking sector.
The bank announced at the end of last month for obtaining FDA approval for the purchase of 10% of its shares, as announced this week assigned for several investment banks for issuing a new bond. The bank announced a cash distribution of 25 fils per share this year, which achieves a yield of dividend by 6.4%.
ESHRAQ did not announce the company after its results for the year 2012. The stock hit a 71 fils this week, surpassing the highest price level since included. This may explain case continues to climb Iqbal speculators share it because of expectations about the generous cash dividends for the company, the company introduced a dividend last year of $ 6 fils which achieved rent shareholders dividend is the highest in the two markets together, and by 25%.
Treasure said there are many stimuli that make us expect markets continue to rise and that was a quiet upwards, and those stimuli the latest report of the Organization of Petroleum Exporting Countries, which said that global oil demand will grow faster than the previous forecast in 2013. Oil prices continue to climb condition and up to the highest level in nine months above $ 119 a barrel, with the support of the expected strong growth of demand in China.
There is also continuity in the announcement of the mega real estate projects in Dubai, during this week announced the adoption of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Island project «Blooaters« one Meraas Holding projects at a total cost of 6 billion dirhams. This as well as the flow of financial disclosures for big companies that have not yet announced their profits and suggestions of their boards of distributions.
Bankers said on Friday that U.S. sanctions tight stifles trade gold for gas between Turkey and Iran and also prevent the Bank created the state-owned Turkish settlement payments other countries to Tehran for oil purchases.
U.S. officials sought to stop the Turkish gold exports – which are used as payment directly to Iran in exchange for imports of natural gas – so as not to be a financial lifeline to Tehran, which overshadowed Western sanctions for the global banking system because of its nuclear program.
Turkey – the largest buyer of natural gas from Iran – Tehran to pay the price of imports Turkish lira because sanctions prevent them from payment in dollars or euros.
The Iranians then use the lira, which were placed in bank accounts created to buy gold in Turkey and then transferred delegates alloy millions of dollars in suitcases to Dubai where it can be sold for hard currency or shipped to Iran.
The Bank of creation is also part of the settlement payments India for Iranian oil.
Bankers said that the sanctions imposed by the United States law last summer and has begun to implement the sixth of February, closing on sales of precious metals to Iran and prevent the creation of a settlement bank oil payments sent by other countries to Tehran.
The banker said a senior Turkish Reuters “can not create bank to accept payments other than payments Turkish purchases of oil and gas may not be for Iran to buy with this money except food and medicines and industrial products.”
“The gas swap gold is very difficult after the second round of sanctions. Iranians can withdraw money and buy what they want. They have to prove what they are buying … so definitely fall gold exports.”
He hinted Turkish Economy Minister Zafar Caglayan last week to the decline of this trade when he said that, despite the fact that Turkey will not bow to U.S. pressure to stop gold exports to Iran, but it is expected a decline in Iranian demand for the precious metal.
A Western diplomat said “You can say that the United States achieved their goal … If Turkey wants to continue to import energy from Iran, there is no way but to barter goods not covered by sanctions
Gold fell Friday to below $ 1,600, its lowest since Aug. 16 before recovering to close at 1609 dollars an ounce, the biggest decline for gold since 6 months.
The low turnout for the precious metal from investors, and the decline in demand from China during the Lunar New Year holidays, you may pay the price of metal for the drop by three percent this week.
Gold price came down 1.2 percent to $ 1615.40 an ounce by the time of 1334 GMT, while the price of gold fell U.S. futures for December delivery December 20.3 to $ 1615.20 an ounce.
The euro saw significant losses, while stocks fell in Asia with investors cautious after growth data painted in “euro zone” a bleak picture of the outlook ahead of the Group of Twenty meeting in Moscow.
Stabilized the price of silver in the spot market at $ 30.35 an ounce and platinum fell 1% to $ 1690.49 an ounce, and palladium fell 0.29% to $ 760.75 an ounce.
Japanese economy contracted in the last three months of 2012 is the third quarter of contraction in a row and gives the government the argument for the defense of strategic necessity “weak yen” for growth back on track.
Economy contracted by 0.4% in the quarter between October and December was worse than expected .. Many analysts had expected the economy out of the recession in the fourth quarter of 2012, as the Japanese yen fell against other major currencies boosted the country’s exports.
Although the government did not intervene directly to reduce the value of the yen, but that its policies have convinced many in the market that will pump more money has undermined the value of the Japanese currency .. These policies have led to the yen fell by 20% against the dollar since October has raised concerns about the currency war in order to enhance competitiveness could undermine Japanese growth
Paid a few selling for profit-taking most stock markets in the region fell on Thursday, with the failure of investors in creating a positive catalysts for the rise in prices, which seem to have reached its full extent.
The UAE market fell from their highest levels in years, but selling pressure was weak, which fueled hopes of further rise in the coming sessions.
Said Marwan Shurrab, vice-president and chief trader at Gulfmena “expectations the first quarter will be channeled in the market is expected to stimulate the distributions equity investors and help to climb in the short term.”
Other analysts said the recent rise of many market early in the year was sharply with the presence of many shares at fair value or higher and there is a need to new positive catalysts to justify further ascent.
And stepped Dubai and Abu Dhabi stock markets this year, as traders bet on improved corporate results. The results of the fourth quarter of last year generally positive, although profits Emaar Properties leading company in Dubai and Abu Dhabi’s Aldar Properties fell short of analysts’ expectations.
And contributed to new real estate development projects in maintaining positive morale in the UAE stock.
Dubai yesterday gave the starting signal for a new artificial island project at a cost of $ 1.6 billion with a resume to lavish construction projects despite the fullness of the emirate projects stalled after the boom years in the past decade.
Topped the large stocks in Dubai with declines fell Emirates NBD 3.4%, and Emaar Properties and one percent.
The Dubai index fell 0.5%, down from its highest level in 38 months, which struck on Wednesday. The index rose 1.9% this week. Some investors tend to sell before the weekend to reduce their exposure to risk.
The index fell for the Abu Dhabi 0.7%, also down from its highest level in 38 months.
The First Gulf Bank’s largest compressor on the index shedding 2.7%.
The Qatar Exchange index fell 0.4% away from its highest level in ten months hit in the previous session.
And Industries Qatar fell 2.5% and Commercial Bank of Qatar 0.7%.
In Egypt, and the stock market continued to decline and key index fell 0.3 percent to close at 5716 points, erasing gains so far in 2013 to 4.6 percent. The market is moving in a narrow range where the government is struggling to stabilize the economy and the face of the protests deployed on a large scale.
And the cursor moves in the range of 400 points since the ninth of January, which is unusual in the Egyptian market volatile.
Said Mohab religion dough head of technical analysis at Beltone Financial in Cairo: “Buyers are not strong enough to break the 5800 point level upwards and sellers failed to push prices down.
He added: “the market will move up and down in a narrow range in the short term unless there are incentives.”
The Egyptian Prime Minister Hisham Qandil said he expected to visit the International Monetary Fund (IMF) team to Egypt this month to discuss the loan agreement, which is long overdue and is seen as important to support the country’s economy.
Shares in Orascom Construction Industries 1.1 percent. The company said that its shareholders approved the takeover offer on its ordinary shares listed on the Egyptian Stock Exchange for liquid or money of the company’s shares are listed on the Amsterdam Stock Exchange.
Traders fear of a possible shortage in liquidity if the write-off Orascom Construction Industries leading from trading on the stock market after push Vdma the offer.
Shares in Commercial International Bank 0.3 percent and Egyptian Kuwaiti Holding shares 0.8 percent.
In other parts KSE index rose 0.2 percent supported by banks. Shares in National Bank of Kuwait and one percent, while Gulf Bank shares rose AUB and 1.2 and 1.1 percent respectively.
In the Sultanate of Oman’s index closed the Muscat Securities Market was up 0.3 percent.
The following closing stock market indices in the Middle East:
Dubai .. The index fell 0.5 percent to 1894 points.
Abu Dhabi .. The index fell 0.7 percent to 2935 points.
Qatar .. The index fell 0.4 percent to 8793 points.
Egypt .. The index fell 0.3 percent 5716 points.
Kuwait .. The index rose 0.2 percent to 6398 points.
Oman .. The index rose 0.3 percent to 5898 points.
Bahrain .. The index rose 0.7 percent to 1091 points.
World Gold falls to lowest level in 6 weeks by the decline of the euro
world price of gold fell to its lowest level in six weeks, with the continued decline in the euro and global equities.
The record price of gold in online transactions $ 1641.76 an ounce, down 0.04%, after that aired earlier in the transaction to $ 1637.49 its lowest level since the fourth of January.
DubaiGoldRate– Officials gold shops jewelry in gold markets of Dubai , said gold sales rose hovered rate between 20 and 30% this week, due to the demand of dealers to buy gifts on the occasion «Valentine’s Day», also declines in the prices of gold worth $ 3.5 dirhams per gram contributed to the brisk sales to residents and tourist groups.
Globally, a report showed «orientations gold demand for the fourth quarter of the year 2012», which was introduced by the Foundation «Reuters», that global demand for gold in the last quarter of the year 2012 achieved million 195 thousand and 900 tons, registering an increase of 4% over the same period of year 2011.
UAE Gold Prices yesterday, a decline ranged between 3.5 and 3.75 dirhams per gram of various calibres, compared to the end of last week, according to price signals declared until yesterday afternoon, in Dubai and Sharjah.
The price of a gram of gold 24-carat 197 dirhams, a decrease of 3.75 dirhams for the end of the previous week, while the price of a gram of gold 22 carats to 185.25 dirhams drop of 3.5 dirhams.
The price of a gram gold 21 carat 176.25 dirhams, a decrease of 3.5 dirhams, at a time of record of gram 18-carat 151 dirhams a decline of 3.5 dirhams.
The director of the company «Dhecan for jewelry and trade works», Jay Dhecan, that «outlets of the company witnessed a growth in sales during the current week rates stood 30%, compared to last week, because Iqbal dealers to buy jewelry of all kinds, gifts occasion (Valentine’s Day ), pointing to the «gold price declines differently since the beginning of the week, until yesterday ranged between 3.5 and 3.75 dirhams per gram of various calibres, prompting traders to buy gold gifts.
In turn, agreed official sales in the shop «Jewelry days», Jalish Sakr, with his Dhecan in that «Valentine’s Day» raise rates demand for sales, especially on gifts gold colored, or which forms the hearts, both for necklaces or rings » . He stressed that «sales rose at a rate of 20%, supported by a decline prices compared during last week.
He pointed out that «the most sales in outlets focused on the works of Ayari 18 and 21 carats, as most works that are formulated and Trsaaha in various forms, such as hearts, colored in red, or to innovative forms.
In the same vein, said Director replace «Lausanne Gold and Jewellery», Fadi Pedro, that «(Valentine’s Day), and lower prices, shares in the increased sales rates reached 25% during the past week, with increased demand from tourists and residents, especially from Arab nationalities and European. He pointed out that «although sales have seen a rebound, most of the sales were concentrated in small jewelry gifts, especially manufactured and studded with colored forms.
Gold globally
Globally, the volume of global demand for gold during the year 2012 to 236.4 billion dollars, its highest value ever, while the value of global gold demand in the fourth quarter of last year to 66.2 billion dollars, an increase of 6% on the an annual basis, its highest value at all compared to the previous recent sessions, according to a report by gold demand trends for the last quarter of year 2012, which was introduced by the Foundation «Thomson Reuters GFMS.
The report showed that global demand for gold in the last quarter of the year 2012 achieved million 195 thousand and 900 tons, registering an increase 4% for the same period in 2011, with record average price of gold in the last quarter of the year 2012 record levels, reaching 1721.8 dollars per ounce, registering an increase of 1% for the standard price rate in the third quarter of year 2011.
The average price for gold 1669 dollars per ounce during the year 2012, an increase of 6% compared to an average price in 2011, when he scored 1571.5 dollars per ounce.
India and China
The report pointed out that, while the demand for gold in India throughout 2012 decreased by 12% for the year 2011, but the market has seen a strong recovery in the last quarter, reaching a volume of demand 261.9 tons, an increase of 41% compared to the period same quarter last year.
The volume of demand for gold and the highest levels of investment over the past six sessions financial, as the volume of demand for gold jewelry by 35% from previous years, to reach 153.0 tonnes. The strong demand for the retail sector to higher purchase for investment purposes to 108.9 tons. The report also pointed out that the demand for gold in China has seen stable on an annual basis, influenced by the economic slowdown, adding that in the last quarter, the volume of demand for gold rose 1% from the third quarter to score 202.5 tons, the total volume of demand for gold jewelry 137 tons, registering an increase of 2% compared to the fourth quarter of year 2011. While the total size of the demand for investment 65.5 tons, registering an increase of 2% compared to 2011.
Central banks
A report «orientations gold demand for the fourth quarter of the year 2012» high rate of buying gold with central banks throughout the year 2012 by 17% compared 2011, registered record levels since 1964, with a total demand 534.6 tons . He added that the volume of central bank purchases record 145 tonnes in the fourth quarter, registered an increase of 29% compared to the same period in 2011, making central banks topping the main purchasing power of gold over eight consecutive financial cycles. The recorded investment in global ETFs remarkable increase of 51% for the year 2011, while the volume of demand for gold in the fourth quarter 16% to 88.1 tonnes, compared to the standard rates achieved in the third quarter of 2012.
Gold markets
The executive director of the investment in the World Gold Council, Marcus pod, that «China and India to Atzalan largest gold markets in the world, despite the economic challenges, in India is still demand for buying gold is strong, despite the measures imposed to reduce the demand, which underscores the the role of gold in Indian society », adding that« the financial system in India is still primitive, but gold plays an active role. He mentioned that despite the expected economic slowdown in China, the size of the investment demand rose by 24% in the last quarter of 2012, compared to the previous quarter, while its gold consumption stable at 137 tonnes. He stressed that «the central banks have seen a transition from being a power of sale of gold purchasing power in recent years, as a record size of the informal sector procurement in all parts of the world the highest levels over nearly half a century. He pointed out that «despite the turmoil economic climate during the current year, and regional challenges that have affected India and China, the size of annual demand for gold record in largest markets worldwide increase 30% from the rate over the past decade».
Gold recovered some ground on Thursday, as it began the losses suffered by the recently slaughtered desire to purchase by jewelers in Asia after the Lunar New Year holiday, but rising stocks may limit gains.
The eyes will be on the meeting of finance ministers and central bankers in the Group of Twenty in the weekend for clues to global growth and exchange-rate policies, which could determine the direction of gold and other precious metals.
Gold settled at $ 1643.30 an ounce by the time of 0708 GMT. The precious metal fell below $ 1,650 on Wednesday after data showed limited growth in disappointing U.S. retail sales and record the benchmark S & P 500 intraday highs since November 2007.
Said Ronald Leung, manager at Lee Tchounj Gold Dalers in Hong Kong, “there is some appetite for buying from jewelers .. from Hong Kong. Believe that you can say that buying a limited scale.”
And clung to both the dollar and the euro gains against the yen, while stocks rose before the Group of Twenty meeting. Could hurt the strength of the dollar demand for commodities denominated in U.S. currency.
And landed Gold U.S. April delivery $ 1.70 to 1643.40 dollars an ounce, and the other precious metals rose silver price 0.20% to 30.79 dollars an ounce, and increased platinum 0.31% to 1723.24 dollars an ounce and settled palladium unchanged at 765.25 dollars an ounce.
Stumbled upward trend in UAE stock exchanges
Stop the upward trend in the United Arab Emirates stock exchanges, with some investors to sell for a profit on concerns that the rally since the beginning of the year have increased stock prices too much.
The Dubai index fell 0.5 percent to close at 1888 points, the second decline since the record highest level in 38 months last Sunday.
He said a Dubai-based trader who asked not to be named, “people began to be concerned of the absence of any strong incentive for stock prices to rise. Values began to exceed the limit.”
And Emaar Properties down 1.2 percent to 4.9 dirhams, down for a second day after hitting its highest level in four years on Sunday.
Shares of Emirates NBD 2.1 percent and Air Arabia 0.9 percent. And the Dubai Financial Market only stock listed on the Gulf 0.8 percent.
Abu Dhabi’s index closed flat at 2924 points, the same level on Monday and the highest level since 35 months, but rose 11.1 percent since the beginning of 2013.
The initial recovery helped to real estate prices and the banks cut provisions in the fourth quarter of last year contributed to the UAE on the rise early in the year but concerns remain.
The trader added, “The most important thing possible to maintain income and this has not been confirmed yet.”
“The outlook for crude oil is weak and government spending in the Gulf Cooperation Council Alkhyahy is going up – it’s double jeopardy.”
The shares rose Abu Dhabi Commercial Bank, which are rarely dealings 14.8 percent.
Dubai Financial Market falls after abandoning Emaar level five dirhams
Exposure DFM to profit-taking for the second straight session yesterday, after the failure of Emaar Properties to maintain its level above the five dirhams.
The index of the market year by 0.48%, after losing 9.01 points to close at 1888 points, under pressure from the major property stocks in the market, which dropped from record highs recorded earlier this week.
The value of trades fell by 43.86% to reach AED 278.5 million compared to 496.1 million dirhams, and trading volumes fell by 22.75% to reach 289.7 million shares, compared with 375 million shares in the previous session.
The trades took place on the shares of 28 companies of which 11 shares rose, against a decline of 15 shares, settled arrows at the levels recorded in the previous session.
And Ajman Bank topped the list of advancers by 4.7% to 1.56 dirhams, followed by Hits Telecom rose 2.6% to AED 0.822 and Takaful House by 2.1% to AED 0.574, and Dubai Investment by 0.98% to 0.93 dirhams, and subscribe Holding rose 0.96% to 1.05 dirhams.
The Emirates NBD at the forefront of decliners by 2.1% to 3.72 dirhams, followed by Gulf Finance increased by 1.3% to AED 0.472, then Emaar by 1.2% to 4.94 dirhams and then share financing company rose 0.87 percent to 1.14 dirhams, and Air Arabia
