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Tuesday, 31 December 2013

UAE indices end year on a strong note |

UAE indices end year on a strong note |

"Financial and investment shares lifted the Dubai index further on Tuesday to end the year on a strong note.
The DFM index closed 1.14 per cent higher at 3369.81 points. The index ended 2012 at 1622.53 points.
The index was the second-best performer globally after Caracas Stock Exchange’s IBVC index.
According to Bloomberg website, the index gained 117.24 per cent for the year while the IBVC index gained close to 503 per cent.
About 1.24 billion shares worth Dh1.66 billion were traded.
“The index has a possibility of crossing 4,000 points next year as continuation of correction from the crisis of 2008,” said Mohammad Ali Yasin, managing director at NBAD Securities."

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flydubai to operate select summer flights from DWC |

flydubai to operate select summer flights from DWC |

"Flydubai will briefly shift part of its operations to Al Maktoum International at Dubai World Central (DWC) between May 1 and July 20, 2014 because of the runway closure at Dubai International, a flydubai spokesperson told Gulf News.
Scheduled maintenance work will force the closure of one runway at Dubai International during the summer reducing capacity by 28 per cent over the 80-day period. “We will be operating select flights from DWC during the runway closure period. After that all flights will resume at Dubai International as normal,” the flydubai spokesperson said.
A previously leaked letter revealed that Dubai Airports asked Emirates and flydubai to cut their combined services by 22 per cent during the runway closure."

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Times of Oman | News :: Oman bourse ends with gains on last trading day of 2013

Times of Oman | News :: Oman bourse ends with gains on last trading day of 2013:

"MSM 30 index ended the last trading session of this year with gains and closed at 6834.56 points, up by 0.27 per cent. The index registered an annual return of 18.64 per cent for the year 2013. MSM Shariah Index closed at 1099.68 points, up by 0.27 per cent.

Gulf Investment Services was the most active in terms of volume while OIFC was the most active in terms of turnover. Al Omaniya Financial Services was the top gainer and closed up by 2.56 per cent while Oman Fibre Optic was the top loser and closed down by 5.00 per cent.

A total number of 1,794 trades were executed in Tuesday's trading session generating turnover of OMR11.00 million with over 34.87 million shares traded. Out of 60 traded stocks, 26 advanced, 17 declined and 17 were unchanged. GCC and Arab investors were net buyers for OMR1.10 million followed by foreign investors for OMR149,000 while Omani investors were net sellers for OMR1.25 million worth of shares. "

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Most-Accurate Oil Forecasters See Second Year of Losses - Bloomberg

Most-Accurate Oil Forecasters See Second Year of Losses - Bloomberg:

"Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as U.S. output expands and threats to Middle East and North African supply ease, the most-accurate forecasters said.

Prices will average $105 a barrel in 2014, from $108.71 in 2013, according to the median of estimates from the seven analysts who most accurately predicted this year’s level in a survey last December. Brent averaged $111.68 in 2012.

Global supply is expanding as the U.S. pumps oil trapped in shale-rock formations, driving domestic output to the highest in a quarter century and curbing demand for the crude priced off Brent. Iran, Iraq and Libya will also produce more in 2014, the forecasters said. While a second annual drop for Brent would be the first consecutive retreat since 1998, prices are still about 39 percent higher than the average over the past decade."

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Qatar launches QR 3.2 billion IPO subscription for Mesaieed Petrochem | Doha News

Qatar launches QR 3.2 billion IPO subscription for Mesaieed Petrochem | Doha News:

"State-owned Qatar Petroleum has launched the Initial Public Offering subscription period to sell 25 percent of its subsidiary Mesaieed Petrochemical Holding Company.

It is the country’s first IPO in four years, and is being billed as a way for the government to both share some of Qatar’s oil and gas wealth directly with its citizens, as well as foster a culture of personal saving.

On the company’s website, Mesaieed Petrochemical states:"

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Putin Tells Ukraine Leader He Expects Progress in Ties - Bloomberg #EuroMaidan

Putin Tells Ukraine Leader He Expects Progress in Ties - Bloomberg:

"Russian President Vladimir Putin told his Ukrainian counterpart, Viktor Yanukovych, that he’s counting on further strengthening ties.

In a New Year’s greeting, Putin thanked Yanukovych for “comradely, businesslike” relations that allowed the two former Soviet neighbors to develop a partnership benefiting “brotherly peoples.”

The coming year should provide an opportunity to achieve “new results,” expanding mutually beneficial cooperation in key areas, Putin said, according to a statement posted on the Kremlin website today.

Russia agreed earlier this month to buy $15 billion in Ukrainian Eurobonds and cut the price it charges for gas by 30 percent after Ukraine pulled out of an association agreement with the European Union.

The decision to halt talks with the EU sparked the largest street protests since 2004 in the capital Kiev and other cities, with activists demanding the departure of Yanukovych and his cabinet. Ukraine sought a bailout to stay afloat while struggling with the third recession since 2008."

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Ten global market calls for 2014 | David McWilliams

Ten global market calls for 2014 | David McWilliams:

"Today, as there will be lots of commentary on Ireland, let’s go large, gain altitude and look at the broad global economic canvas, to see what is likely to happen in 2014. Making forecasts is risky business, but so too is life – and as return is the opposite of risk, you will hardly get one without the other. So let’s take a plunge and outline my top ten global financial/economic forecasts for the year.

1 The background noise in 2014 will be one where the US – and maybe Britain – tries to reverse the monetary easing of the past five years.
While this may point to higher interest rates in Britain and the US, it will certainly mark the end of the free liquidity which drove prices of everything from Francis Bacon paintings, expensive footballers to upscale apartments in Knightsbridge through the roof. We know that liquidity squeezes are to trophy assets what open goals are to Francisco Torres; they don’t like each other."

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Margin calls for UAE stocks, window-dressing in Kuwait - Markets -

Margin calls for UAE stocks, window-dressing in Kuwait - Markets -

"On the last trading session of the year for regional markets, margin calls in UAE could trigger some selling, but 'window dressing' in Kuwait may lift the bourse in late trading.
Dubai's measure has outperformed all regional peers in 2013 and is among the world's top performing equity markets with gains of 105.4 percent.
A recent buying spree, especially in small-caps in Dubai and Abu Dhabi has been on margin, or leveraged trading by retail investors, traders say. Brokerage firms asking for individuals to reduce leverage to zero, or margin calls, for the year-end could result in many closing positions.
Profit-taking would usually be a good incentive for investors to sell after a strong positive year, but a bullish outlook for 2014 and the dividend season just a few weeks away, is keeping many bets on the table, which could minimize selling pressure."

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Creating bubbles that can be managed better |

Creating bubbles that can be managed better |

"I already miss the real estate offers of the past. Back then when no one asked for one-cheque payments.
Some landlords were OK with as many as six cheques, while others would offer you a one-month free stay. Back then no one asked your name, where you come from, where you work, what your job title is, and how long you have been working there. Honestly, they only had to ask for a six-month bank statement for this to turn into a credit card application.
I am not against any of these practices when demand starts picking up, but why does it always have to be an extreme? And what’s worse than all of this is that the Expo 2020 is seven years away.
Speculation that is based on actuals is good as it is one way for a price incline, but a sudden unexplainable surge in prices without clear justification is the fastest way towards a real estate collapse."

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Burj Khalifa property prices reach for the sky once again | The National

Burj Khalifa property prices reach for the sky once again | The National:

Even before it was built, the Burj Khalifa served as a barometer of the health of Dubai’s fast-changing
property market.

Launched as a project in July 2006 as a flashy marker of Dubai’s ambitions to become a leading global city, prices grew almost as quickly as the building work. By the second quarter of 2008, prices had swelled 44 per cent from the earlier quarter.

Then the onset of the property downturn sent prices sinking from a peak of Dh9,000 per square foot in August 2008 to Dh2,500 by February 2009.

But as the fourth anniversary of the building’s completion approaches on January 4, prices have perked up again, mirroring gains in the wider market."

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Dubai International Airport set to beat 2013 passenger target | The National

Dubai International Airport set to beat 2013 passenger target | The National:

"Dubai International Airport will exceed its passengers forecast of 65.4 million for 2013, boosted by high growth in November, data by Dubai Airports showed.

Traffic in November reached 5.3 million, up 9.5 per cent, compared to 4.8m a year ago, Dubai Airports said in its monthly data report.

A total of 60.3m passengers visited the airport until November, compared to 52.3m a year earlier, marking an increase of 15.3 per cent, the report showed."

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Futures Gain as Valuations Trump Blasts: Russia Overnight - Bloomberg

Futures Gain as Valuations Trump Blasts: Russia Overnight - Bloomberg:

"Russian stock futures gained and contracts on the nation’s biggest company, OAO Gazprom, rose as the cheapest valuations among emerging-market equities outweighed concerns bomb blasts in the country’s south will hurt economic growth.

RTS stock index futures expiring in March increased 0.1 percent in U.S. hours to 144,590 after the 30-stock Micex Index (INDEXCF) added 0.6 percent to 1,504.08 in Moscow yesterday. Gazprom futures increased 0.8 percent. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in New York slipped 0.2 percent to 101.49 yesterday as OAO Mechel rallied 5.3 percent.

Suicide bombers at a train station and on a trolleybus killed more than 30 people over 24 hours in the southern city of Volgograd, raising the security threat less than six weeks before Russia hosts the Winter Olympics. Stocks on the benchmark Micex Index trade at the cheapest valuations among 21 emerging-market economies monitored by Bloomberg, with the average multiple at 4.7 times forward earnings, less than half the 11.8 level for the MSCI Emerging Markets Index."

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Turkey Biggest Loser in World Stocks as Crisis Persists - Bloomberg

Turkey Biggest Loser in World Stocks as Crisis Persists - Bloomberg:

"The mounting power struggle between Turkish Prime Minister Recep Tayyip Erdogan and the judiciary is turning the country’s stock market into the world’s worst performer and driving the currency to unprecedented lows.

The Borsa Istanbul 100 Index (XU100) has slumped 15 percent in dollar terms this month, the most among more than 90 benchmark gauges tracked by Bloomberg. The measure extended this year’s slide to 27 percent, as a corruption probe embroiled Erdogan’s cabinet and led to three ministerial resignations. Turkey’s lira has sunk 4.9 percent in December, second only to Argentina’s peso among emerging-market currencies, and traded at a record low of 2.1764 per dollar last week.

The crisis threatens to undo the economic gains Erdogan made in orchestrating a decade of almost uninterrupted growth that earned Turkey its first investment-grade credit ratings since the early 1990s. The investigation, which Erdogan labeled a coup attempt, is deepening the conflict between the government and followers of U.S.-based Islamic cleric Fethullah Gulen, who are influential in the judiciary and police force."

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Hedge Fund Crude Wagers Climb to Highest Since September: Energy - Bloomberg

Hedge Fund Crude Wagers Climb to Highest Since September: Energy - Bloomberg:

"Hedge funds increased bullish bets on crude oil to the highest in three months as stockpiles dropped and the U.S. economy expanded more than forecast.

Money managers raised net-long positions, or wagers on rising prices for West Texas Intermediate crude, by 4.4 percent in the week ended Dec. 24, U.S. Commodity Futures Trading Commission data show. It was the fourth consecutive increase, the longest streak since July.

WTI topped $100 a barrel for the first time in two months on Dec. 27, propelled by falling inventories in the U.S., the world’s biggest oil-consuming country. The Federal Reserve cited prospects for improved growth for a reduction in its bond-buying program, and a government report showing that the domestic economy accelerated in the third quarter at a faster rate than previously estimated bolstered expectations for strengthening fuel demand."

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