Weekly Market Update for Sunday January 22nd 2012
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Transcript of Weekly Market Update for Sunday January 22nd 2012
8/3/2019 Weekly Market Update for Sunday January 22nd 2012
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WeeklyMarketUpdate
22 January 2012
GCC Indices
GCC Indices
The GCC region finished the week mixed after three indices increased and
four declined. The DSM lost 2.73% due to across-the-board selling, while
the MSM 30 dropped 1.91% as all three sectors ended lower. The TASI fell
1.67% depressed by the Cement and Banks & Financial Services sectors,
while the ADX closed down 1.00% impacted by Investment & Financial
Services and Services sector selling. Winners included the KSE which rose
0.90% following strong performances by the Real Estate and Banking
sectors, and the BSE which gained 0.79% on positive Investment and
Commercial Bank sector sentiment. The DFM ended the week up 0.02%.
World Indices The NASDAQ, Dow Jones, and S&P 500 increased 2.80%, 2.40%, and
2.04%, respectively, as better-than-expected economic data and company
earnings boosted confidence in US growth. The Hang Seng and Nikkei
jumped 4.72% and 3.13%, respectively, in response to lower US initial
jobless claims and European borrowing costs. Similarly, the Sensex added
3.62% as concerns over global economic growth eased and several Indian
companies posted earnings ahead of estimates. The FTSE finished the
week 1.63% higher led by a rally in lenders, after Spain and France sold
bonds at lower yields, and following results from financials including Bank
of America Corp. and Morgan Stanley which exceeded estimates.
Asset Management | [email protected] 1
Global Commodities and CurrenciesCommodit Latest 1W YTDICE Brent USD/bbl 109.90 (0.45% 2.33%
Nymex WTI 98.46 (0.24% (0.37%
OPEC Bas. 111.59 (1.19% 4.53%
Nat. Gas 2.34 (12.25 (21.61
Gold 100 oz USD/t 1,663.7 2.04% 6.25%
Platinum USD/t oz 1,530.3 2.93% 9.33%
Copper USD/MT 8,350.5 5.09% 13.27%
Zinc USD/MT 2,011.5 3.42% 11.87%
Aluminium 2,181.0 1.09% 10.37%
Su ar USD/lb 24.89 4.40% 6.82%Soybean USD/bu 1,187.0 2.33% (0.95%
Corn USD/bu 611.40 2.00% (5.41%
Wheat USD/bu 610.40 1.36% (6.47%
Rice USD/cwt 14.54 1.04% (0.48%
EUR 1.2941 2.01% (0.27%
GBP 1.5536 1.53% (0.00%
PY 76.99 0.12% 0.01%
Index Sna shot World IndicesIndex Latest 1W YTDS&P 500 1,315.38 2.04% 4.59%
Dow Jones 12,720.4 2.40% 4.12%
Nasda 2,786.70 2.80% 6.97%
Hang Seng 20,110.3 4.72% 9.09%
Nikkei 225 8,766.36 3.13% 3.68%
FTSE 100 5,728.55 1.63% 2.80%
Sensex 30 16,739.0 3.62% 8.31%
Interest Rates
Int. Rates Lates 1W YTD
1M US Libor (%) 0.28 (0.01) (0.02)3M US Libor (%) 0.56 (0.01) (0.02)
6M US Libor (%) 0.79 - (0.02)
1M Eibor (%) 0.98 0.01 0.01
3M Eibor (%) 1.53 0.01 0.01
6M Eibor (%) 1.71 - -
2-yr US Treasury 0.26 0.02 0.01
10- r US Treasur 2.05 0.16 0.16
Sources: Bloomberg, LME, US treasury, CME Group, OPEC, Live charts, UAE Central Bank, Erate, and XE
ndex Snapshot (Regionalices)
1W chg (19 Jan. 2011)
-3% -2% -1% 0% 1%
DSM
MSM 30
BSE
KSE
ADSM
DFM
TASI
S&P Pan Arab
DCB Funds
und Curr. NAV*
DCB MSCI UAEndex Fund
AED 3.400
DCB Arabianarkets Fund
USD 5.006
NAV as on 17th Jan, 2012
DCB Arabian Index Fund
The Fund’s investmentbjective is to provide
nvestors with the investmenteturns which correspondosely to the total return of
he S&P Pan Arab Large/Midap Composite Index before
ees and expenses.
ontactsIlias Kakos
hone: +971 2 697 3475mail: [email protected]
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WeeklyMarketUpdate
22 January 2012
International News
Economic ReleasesThe US reported a much bigger than
expected decline in initial jobless claims in the
week ended January 14th, with claims falling to
352,000 from the previous week's revised figure
of 402,000, Labor Department figures showed.
New US housing starts fell further than
anticipated in December to a seasonally
adjusted annual rate of 657,000, 4.1% below
their November level, according to data released
by the Commerce Department.
US industrial production rose slightly less
than forecast in December, increasing 0.4%
compared with a 0.5% rise projected by
economists, according to a report issued by the
Federal Reserve.
UK retail sales volumes including auto fuel
rose 0.6% m-o-m in December following a
revised 0.5% decrease in November, figurespublished by the Office for National Statistics
showed.
The Greek current account deficit fell 7.3%
in November, to EUR 2.30bn from EUR 2.48bn a
year earlier, according to data released by the
central bank.
Italian industrial new orders declined 0.7%
in November compared to the corresponding
period in 2010, figures published by statisticaloffice Istat data showed.
France's leading economic index decreased
for the fourth time in five months in November
to 112.5 from 112.7 in October, Conference
Board survey data revealed.
German producer price inflation in 2011
accelerated to a post-1982 high of 5.7%
compared with 2010, figures released by the
Federal Statistical Office showed.
Hong Kong's jobless rate fell to 3.3%
between October and December, the Census and
Statistics Department announced.
Taiwanese export orders decreased 0.72%
y-o-y in December, according to figures released
by the Ministry of Economic Affairs.
India's annual food inflation rate for the
week ended January 7 remained close to zero for
the third consecutive week, increasing only
0.42% following sharp falls in prices of onions,
vegetables, potatoes and wheat.
China posted a fiscal deficit of CNY 519bn in
2011, equal to 1.1% of GDP, said reports citing
Finance Ministry data.
The Mauritian merchandise trade deficit
decreased to MUR 7.82bn in November from
MUR 8.0bn in October, figures released by the
Central Statistical Office showed.
Corporate Actions
Talanx AG acquired Poland’s Towarzystwo
Ubezpieczen Reasekuracji Warta SA from KBC
Group NV for EUR 770mn, beating off various
rivals to expand in Eastern Europe’s largest
insurance market.
The Italian government announced plans to
force Eni SpA to sell its EUR 5.9bn stake in
natural gas distribution network Snam Rete Gas
SpA to increase competition.
Geo Political News
Republican presidential candidate Mitt
Romney accused US President Barack Obama of
practicing "crony capitalism" and taking thecountry down a very dangerous path.
Asset Management | [email protected] 2
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WeeklyMarketUpdate
22 January 2012
Iran's foreign minister warned Arab
neighbours not to put themselves in a dangerous
position by aligning themselves too closely with
the US in the escalating dispute over Tehran's
nuclear activity.
Asset Management | [email protected] 3
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WeeklyMarketUpdate
22 January 2012
UNITED ARAB EMIRATES
DFM edges up 0.02%
The DFM began the week negatively declining
0.98% on Sunday, and 1.01% on Monday.
However, the index recovered over the next two
trading days adding 0.70% and 1.59%
respectively, before drifting off 0.26% on
Thursday to end the week up 0.02% at 1,327.75.
Of nine traded sectors, five decreased, two
increased and two closed unchanged. The
Banking and Transportation sectors added
1.41% and 1.19%, respectively. Total market
turnover was 453.59 million shares, worth AED
461.27mn with Gulf Finance House most traded,
accounting for 73.19 million shares. Out of 30
stocks traded, 16 advanced, 13 declined, and 1
ended unchanged.
ADX drops 1.00%
The ADX also started the week lower, declining
0.69% on Sunday. The market lost further
ground on both Monday and Tuesday, falling
0.83% and 1.36%, respectively, before buyers
returned sending the index up 1.73% and 0.18%
on Wednesday and Thursday to finish the week
off 1.00% at 2,336.98. Sectors appeared bearish
with six closing lower and three higher. The
Investment & Financial Services and Services
sectors fell sharply, ending off 6.25% and 1.66%,
respectively. Total market turnover was 398.68
million shares, worth AED 397.15mn with Dana
Gas most traded accounting for 142.44 million
shares. Out of 38 stocks traded, 10 increased, 21
decreased, and 7 closed unchanged.
1,300
1,305
1,310
1,315
1,320
1,325
1,330
1,335
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2,280
2,300
2,320
2,340
2,360
2,380
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Al Salam Bank - Sudan 1.69 5.63% Company
Gulf Pharmaceutical Industries. 2.30 4.07%
Top Losers (DFM)
Company Latest 1W ChgSHUAA Capital 0.47 (11.32%)
Dubai Financial Market PJSC 0.71 (6.18%)
TAKAFUL HOUSE 0.53 (3.67%)
Takaful Emarat 0.53 (3.13%)
TAMWEEL 0.55 (2.65%)
Waha Capital PJSC 0.45 (6.25%)
Corporate Announcements
Union Properties announced an AED 3.8bn debt deal with major shareholder Emirates NBD.
Economic and Political News
UAE inflation averaged 0.9% in 2011, unchanged compared with the previous year, well below
analysts’ forecasts, data showed.
Asset Management | [email protected] 4
rces: Exchange websites (DFM and ADX) and Reuters
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WeeklyMarketUpdate
22 January 2012
Asset Management | [email protected] 5
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WeeklyMarketUpdate
22 January 2012
Sources
All information in this report has been obtained from the following sources except were indicatedotherwise:
1. Bloomberg
2. Wall Street Journal
3. Rttnews
4. Reuters
5. Gulfbase
6. Zawya
7. Indian Express
Disclosures This document is for information and illustrative purposes only; it is in no way a recommendation, or
an offer or solicitation to buy or sell any investment products, but only factual information being
provided. ADCB will not be held liable for any information provided in this document which is stated to
have been obtained from third party sources, this information may be based on assumptions or
market conditions and may change without notice.
The information in this report was prepared by employees of ADCB and is current as of the date of
the report. The information contained herein has been obtained from sources that ADCB believes to
be reliable, but ADCB does not guarantee its accuracy, adequacy, completeness, reliability, or
timeliness, and will not be held liable for any investment decisions made based on this information.Moreover, ADCB is not responsible for any errors or omissions or for the results obtained from the use
of such information. All information and estimates included in this report are subject to change
without notice. This report is intended for qualified customers of ADCB.
Past performance does not guarantee future results. Investment products are not bank deposits and
are not guaranteed by ADCB. They are subject to investment risks, including possible loss of principal
amount invested. Please refer to ADCB Terms and Conditions for Investment Services.
You may not redistribute this report without explicit permission from ADCB.
Asset Management | [email protected] 6