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Government stimulus drives markets to record levels

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2 years ago

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The government stimulus pushed local markets to historic levels during last week’s trade.

The Dubai Financial Market made record gains after its market capitalization reached nearly 25 billion dirhams, driven by a number of government decisions, including the market addition of 10 government and semi-government companies and the establishment of valuable funds. Two billion dirhams as a market maker, and the Abu Dhabi market soared with the launch of a derivative market finance.

The Dubai Market Index rose 8.6% for the week, the biggest weekly high since January 2016 or almost 6 years ago, ending at 3,107.67 points, the highest weekly high since March 2018, and the fourth consecutive gain. Week with growth in banking, real estate, investment and insurance stocks. Transport, Communications and Services.

The Abu Dhabi market rose 1.81% to close at 8014.89 points, the highest in its history, driven by gains in banking, real estate, telecommunications, insurance and energy stocks with market gains of 4.4 billion dirhams.

The shares attracted strong cash flow during the week, with 8.5 billion dirhams distributed in the Abu Dhabi market and 5.5 billion dirhams in the Dubai market, and 6.1 billion shares traded in Dubai, including 4.05 billion dirhams. 2.05 billion shares in Abu Dhabi. By executing 98.5 thousand transactions.

Upcoming listings

Rat Diab, vice-president of investment research and strategies at KAMCO Invest, told Al-Bayani that the UAE markets last week, especially the Dubai market, saw better performance after a series of government decisions that included 10 government and semi-government lists. Government agencies that will strongly and double the market value of the Dubai market.

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In addition to launching funds worth up to 2 billion dirhams as a market maker and another fund of 1 billion dirhams to encourage technology companies to list. These results will integrate Dubai’s position in the business and financial world, stimulate growth and further improvement.

He said the results contributed to levels not exceeding three and a half years as the Dubai index crossed 3,000 points.

In addition, the Abu Dhabi Index continued to record new historic levels and closed above the 8,000-point barrier, while this momentum is expected to continue in the coming months, which coincides with the increase in profits of listed companies and banks for the first nine months. This year, in addition to the rise in oil prices compared to the same period last year.

Dubai Market

The rise in the Dubai market was supported by 2.36% growth in the banking sector, with the Dubai Dubai Islamic growing by 4.3%, the Emirates NBD by 0.7% and the GFH by 30.17%, while the real estate sector grew by 17.2%. Emaar Properties grew by 18.95% and Emaar for Development by 6.41%, Emaar Malls by 16.5%, Union Properties by 36.88%, Deyaar by 19.5% and Damac by 12%.

The “Dubai financial market” grew by 55.88 per cent, “Dubai Investments” by 15.88 per cent and “Shua Capital” by 10.6 per cent. «Gulf Navigation» 14%.

“Emaar Properties” topped the list with 1.3 billion dirhams, followed by “DAMAC” 1.17 billion dirhams, then “Dubai Islamic” 444 million dirhams, followed by “Dubai Financial Market” 411.4 million dirhams, and shares. 55.9%, followed by “Union” real estate “36.8%, followed by” GFH “30.2%, while” Al-Firdous Holdings “was down 17.52%, followed by” Emirates Refreshments “5.36%, followed by” Dubai Commercial “1.22%.

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Foreign investors sought to buy the Dubai market with a net investment of 486.7 million dirhams, while Arab and Gulf investors and citizens sought to cash in on a net investment of 486.7 million dirhams, with 70.23 million dirhams distributed to the Arabs. 323.34 million dirhams for Gulf nationals and 93.16 million dirhams for citizens.

Abu Dhabi Market

“First Abu Dhabi” grew by 3.03% and “Abu Dhabi Islami” by 0.68%, while the banking sector supported the rise of the capital market by 2.13%, while the “Abu Dhabi Commercial” fell by 1.45%. The real estate sector “Al Dhar” rose 6.93% and “Ras Al Khaimah Real Estate” rose 6.7%, up 3.01%. The telecommunications sector grew by 4.32% after “Etisalat” increased by 4.38% and “Yahsat” by 2.55%.

The energy sector grew by 2.04% after “ADNOC Drilling” was up 0.67% and “Dana Gas” was up 5.83%, while “TAQA” was down 1.61% and “ADNOC Distribution” was stable. The investment sector fell 0.66% after a 3.61% decline in Abu Dhabi, while Ezrak rose 13%, Waha Capital 1.16% and International Holdings 0.27%.

Aldar Properties topped the list with 1.65 billion dirhams, followed by “First Abu Dhabi” with 1.6 billion dirhams, then “International Holding” with 1.5 billion dirhams, and “Esraq” with the biggest increase of 13% per week. Al Quwain Investments was down 8.14%, followed by Al-Dhar at 6.93%, Al-Qudra Holdings at 16.27%, followed by Palm Sports at 14.7% and ASG at 13.7%.

Foreign and Arab investors sought to buy in the Abu Dhabi market, with a net investment of 243.57 million dirhams, 233 million dirhams distributed to foreigners and 10.5 million dirhams to Arabs.

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Last week, companies sought to buy with a net investment of 444.6 million dirhams, of which 392.8 million dirhams were purchased in Dubai and 51.8 million dirhams in Abu Dhabi, while private investors sought to cash in on a net investment of 444.6 million dirhams. 392.8 million dirhams in Dubai and 51.8 million dirhams in Abu Dhabi.

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Economy

Calls to freeze oil and gas investments threaten global growth

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28 mins ago

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October 3, 2023

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Calls to freeze oil and gas investments threaten global growth

The Bank of Japan is trying to contain the bond crisis despite upward pressure

The yield on 10-year Japanese government bonds fell slightly from the 10-year on Tuesday after a strong bid and the Bank of Japan pledged to buy bonds in the next session.

However, global yields are still rising, and the 10-year swap rate has hit a record high, indicating strong upward pressure on Japanese government bond yields.

The yield on 10-year Japanese government bonds fell a basis point to 0.760 percent — its highest level since September 2013 — in the session, after reaching 0.780 percent.

“The Bank of Japan is trying to contain high yields with emergency bond purchases, but there are still upward pressures,” said Takeshi Ishida, strategist at Resona Holdings. He added: “The issue now is when the Bank of Japan will adjust its policy, not whether or not it will.”

The 10-year interest rate swap rose to 0.9875 percent on Tuesday. The Bank of Japan said on Monday it would hold an unscheduled bond purchase on Wednesday and another on Friday after yields hit multi-year highs.

The order in the government bond auction was 3.93 times lower than the 4.02 times it was sold in last month’s auction. But the gap between the low and the average narrowed to 0.02 yen from 0.10 yen previously, indicating strong demand.

Keisuke Tsuruta, fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities, said the decision was supported by the Bank of Japan’s bond purchases. He added: “Although the Bank of Japan has widened the trading range for 10-year bond yields to give the market more flexibility, yield levels and auction results are determined by what the bank does.”

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Bids for the 10-year bond saw weak demand in the previous two months as investors were wary of buying bonds amid growing speculation that the Bank of Japan would adjust its ultra-low interest rate policy.

On the other hand, Japanese Finance Minister Shunichi Suzuki said on Tuesday that any decision on currency market intervention would depend on volatility and not a specific level of the yen, with investors bracing for a possible move if the yen crosses the 150 yen level. against the dollar.

Suzuki said authorities were closely monitoring the currency market and were ready to respond, reiterating his warning against speculative activity as the yen nears the 150-yen level against the dollar in a year.

“Currency levels won’t be a deciding factor” on intervention, Suzuki said, “it’s volatility that matters.”

The foreign exchange market showed little reaction to Suzuki’s comments, although traders were watching to see what action Japanese authorities will take as the year approaches levels that prompted intervention a year ago. Speaking at a press conference, Suzuki added that “authorities are closely monitoring market movements… It is important that currencies move stably to reflect economic fundamentals.” “We will be fully prepared to respond.”

A weaker yen pushes up prices by raising import costs, while other factors, including the war in Ukraine and production cuts by oil-producing nations, are also weighing on cost-driven inflation, Suzuki said.

As for newly issued 10-year government bonds, which yielded 0.8 percent, the highest level in a decade, Suzuki said long-term interest rates are determined by the market, reflecting various factors.

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In general, higher long-term interest rates lead to higher borrowing costs, so officials are closely monitoring the impact of movements in long-term interest rates and how they may affect households and businesses, Suzuki said.

In a separate matter, the heads of finance authorities in South Korea and Japan agreed on Tuesday to resume periodic “spacecraft meetings” as part of their efforts to boost financial cooperation between the two countries, South Korean officials said.

South Korea’s Yonhap news agency made the announcement in a joint statement after a meeting in Tokyo on Tuesday by Kim Joo-hyun, head of the Financial Services Commission in Seoul, and Teruhisa Kurita, commissioner of the Financial Services Agency in Tokyo.

The two groups will resume their regular meeting in Seoul on December 19-20 for the first time since 2016. During a meeting of the Korean and Japanese delegations on Tuesday, Kim and Kurita also agreed to exchange their experiences and ideas. Financial services of general importance, such as climate change and digitization.

Kim and Kurita discussed potential areas for deepening cooperation between the two groups to safeguard Korean-Japanese financial stability and strengthen the two countries’ financial markets.

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Economy

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

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17 hours ago

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October 3, 2023

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OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Oil prices rose 30 percent in the third quarter as supply shortages persisted

ABU DHABI, TOKYO – Reuters: A lack of investment is putting energy security at risk, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Qais confirmed yesterday at the ADIPEC oil conference in Abu Dhabi. OPEC’s secretary-general added: “We call for continued investment in the oil and gas sector, and we believe calls to freeze investment will be counterproductive,” Reuters reported.
Al-Qais confirmed that OPEC is optimistic about oil demand.
In the middle of last month, the chief OPEC official warned against abandoning fossil fuels in his first response to the International Energy Agency’s latest reports.
OPEC Secretary General Haitham al-Qais said that abandoning fossil fuels would “lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”
Major international oil major BP said countries around the world should invest in oil and gas production to avoid a sharp rise in their prices, while accelerating the energy transition to tackle greenhouse gas emissions.
(ADIPEC 2023) is considered to be the largest event in the world’s energy and oil industry and is supported by the Ministry of Energy and Infrastructure in the United Arab Emirates and a group of partners. It is a platform for exchange of ideas and global debate. Challenges affecting energy markets and their effects on prices, including political challenges and international conflicts and their impact on energy supplies, provide a roadmap and future solutions to support and develop a sustainable, secure and low-cost energy system.
In turn, oil prices rose on Monday, recovering some of their losses from last Friday, as investors focused on global supply shortages and expectations of a last-minute deal to avoid a US government shutdown, which restored their appetite for risk. By 09:49 GMT, Brent crude futures for December delivery were up 54 cents, or 0.59%, at $92.74 a barrel, after falling 90 cents in last Friday’s session. Brent crude oil for November delivery was down seven cents at $95.31 a barrel when the contract closed last Friday.
West Texas Intermediate crude futures were up 49 cents, or 0.54%, at $91.28 a barrel, after falling 92 cents.
Both crudes rose nearly 30% in the third quarter, supported by expectations that oil supply shortfalls will widen in the fourth quarter after OPEC+ extended voluntary production cuts until the end of the year.

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Economy

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

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1 day ago

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October 2, 2023

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Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Monday, October 2, 2023 – 5:57 p.m

ABU DHABI, 2nd October, 2020 (WAM) – “Katem”, a subsidiary of EDGE Group and a leader in developing innovative and ultra-secure communication solutions, is participating in the Oman Defense, Security and Fire Exhibition 2023. Showcase an advanced portfolio of ultra-secure devices and network encryption solutions.

The international exhibition, to be held in Muscat on October 9 and 10, is an important forum for the critical communications sector in the Gulf Cooperation Council countries and the Middle East region in general.

During the event, the company will showcase its next-generation secure smartphone, which aims to offer advanced security features and capabilities to meet mission-critical needs.

Katam’s participation in the exhibition is a strategic move aimed at reaffirming its commitment to mission-critical sectors including emergency response, public safety and critical infrastructure protection. The company’s booth will showcase a range of ultra-secure devices, including KATIM X2, an ultra-secure 5G smartphone for government leaders, senior executives, emergency responders, individuals and teams handling sensitive information. and the KATIM R01, a rugged smartphone for critical communications in harsh field conditions.

KATIM will showcase its latest network encryption software, the KATIM Gateway 9011, which provides advanced post-quantum encryption for sensitive communications and data transmission to address increasing data interference during data transmission. Exhibitors can visit Katam at booth F10 to meet the company’s team and learn more about secure communications solutions for mission-critical operations.

Mustafa Badr al-Din / Ahmad al-Nu’imi

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