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UAE Market Buzz - 14 July

Majed Salah
By Majed Salah
7 years ago


Islam, Islamic banking, Sukuk


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  1. Gold dipped on Tuesday to trade near a 3-1 /2 week low hit in the previous session, pressured by expectations that the U.S Federal Reserve will raise interest rates sooner rather than late x QUOTE FOR THE DAY : July 14, 2016 "There are some things you learn best in calm, and some in storm." Willa Cather UAE ADGM and Shanghai Free Trade Zone Authority signed a MoU to foster collaboration & facilitate Business developments. UAE’s components manufacturer Strata wins 2 contracts to supply to Airbus with a combined value of more than $1 bln. Abu Dhabi monitoring and control centre announced the launch of a Falcon Eye system throughout the city of Abu Dhabi. ENOC Global Marine expands its international presence through a shipping arrangement with Dubai Trading Agency (DTA). Dubai based Emirates Group’s air service subsidiary DNATA has accorded to buy the majority interest in UK’s Air dispatch SIB'S DISTRIBUTED (for June) PROFIT RATES Watany Investment a/c. 0.16071% Savings Investment a/c. 0.64286% UNRESTRICTED INVESTMENT DEPOSITS (AED) 1month 1.1250% 3months 6 months 9 months 1 year 1.76786% 1.92857% 2.08929% 2.25% CUSTOMER WAKALA DEPOSIT RATES 1 month 1.25% 6 months 2.00% 3 months 1.75% 1 year 2.25% DFM General Index : Last Two Months 3550 15-Jul-16 EIBOR VALUE 1 month 0.73500 0.48135 2 months - 0.56325 3 months 1.10857 0.68010 6 months 1.36171 0.98010 1 year 1.66329 1.29340 STOCKS - DFM CLOSE % CHG Emaar Properties 6.60 6.69 1.36 HIGH: 3483.94 Arabtec 1.50 1.50 0.00 16.80 16.80 0.00 1.360 1.360 0.00 Amlak Finance 1.44 1.44 0.00 Dubai Islamic Bank Gulf Finance House 5.38 5.56 3.35 0.862 0.881 2.20 Damac 2.370 2.420 2.11 CLOSE: 3483.94 3350 DP World ($) Air Arabia DFM Union Properties 3150 ADX Index : STOCKS - ADX SIB OPEN: 4544.15 HIGH: 4593.88 Aldar Properties LOW: 4529.08 Etisalat CLOSE: 4574.13 4450 4300 Last Two Months 1.34 1.36 1.49 0.759 0.761 0.26 OPEN CLOSE 1.59 1.56 -1.89 % CHG 2.70 2.74 1.48 19.00 19.70 3.68 Methaq Takaful 0.80 0.82 2.50 ADIB 3.85 3.96 2.86 Dana Gas 0.57 0.58 1.75 ADCB 6.16 6.02 -2.27 First Gulf Bank 4150 OPEN OPEN: 3437.51 LOW: 3437.51 4600 LIBOR VALUE 12.50 12.35 -1.20 Waha Capital 2.00 2.02 1.00 Union Cement 1.20 1.20 0.00 1,174.44 +7.72 LATEST STOCK MARKET INDICATORS : Dow Jones: 18,372.12 +24.45 FTSE: Nasdaq: 5,005.73 -17.09 S&P 500: 2,152.43 21,324.04 Hang Seng: Bahrain: 6,670.40 -10.29 Nikkei: 16,357.24 +125.81 +0.29 DFMGI: 3,483.94 +46.43 Kuwait: 5,386.10 +8.35 +1.67 ADX: 4,574.13 +31.39 Saudi: 6,691.23 +65.45 Qatar: 10,319.74 +178.95
  2. Islamic Banking Noor bank ’s USD 500m Tier 1 sukuk was listed on Nasdaq Dubai, marking the 1st Tier 1 sukuk listed this year from UAE. Maisarah Islamic Banking services wins the “Islamic bank of the Year –Oman “ award for 2016 by The Banker Magazine. CI Ratings announced that it has affirmed the Financial strength ratings of Boubyan bank at ‘BBB’ with a Stable Outlook. GCC Omantel reported a 19.9% rise in Q2 net profit at OMR 32 mln ($83.1 mln) against OMR 26.7mln for same period last year. Qatar Electricity & Water Co. reported a 13.4% rise in Q2 profits to QAR 443.56 mln from QAR 391 mln for the Q2 of 2015. Commodities Gold hovered near its lows with global equities rallying on easing political uncertainty as Britain looks set to get a new PM. Crude fell as investors locked in gains, partly on forecasts from U.S. govt and OPEC that demand would increase next year. Forex GBP rebounded with anointing of interior minister Theresa May as British PM helping investors regain some risk appetite. CAD strengthened, helped by higher oil prices and improved global risk sentiment as the political tensions eased in Britain. FOREX RATES Prev. High Prev. Low AED Prev. High Prev. Low AED EUR 1.1111 1.1119 1.1041 4.0811 JPY 104.670 104.8800 103.8900 0.0351 GBP 1.3200 1.3336 1.3130 4.8484 CAD 1.294 1.3082 1.2936 2.8391 AUD 0.7624 0.7638 0.7576 2.8003 INR 66.750 67.2150 66.9200 0.0550 CHF 0.9831 0.9899 0.9817 3.7361 PKR 104.400 104.8000 104.6000 0.0352 MAJOR CHARTS EUR/USD price movements : 1.15 Gold price movements : OPEN: 1.1059 HIGH: 1.1119 LOW: 1.1041 CLOSE: 1.1088 OPEN: 1332.00 HIGH: 1345.20 LOW: 1327.30 CLOSE: 1342.45 1365 1340 1315 1.13 1290 1265 1.11 1240 1215 1.09 Last Two Months INTERNATIONAL MURABAHA RATES COMMODITIES 1 month 3 months 6 months 1 year USD 0.5000 0.7000 0.9500 1.2250 AED 0.1050 0.1700 0.3050 0.5500 USD SWAP RATES USD Last Two Months 1190 2 years 3 years 5 years 10 years 0.8170 0.8820 1.0150 1.3160 Gold LAST PRICE NET CHANGE 1,337.55 $ / ounce +0.40 Silver 20.33 $ / ounce +0.01 Dubai Crude 42.44 $ / barrel -0.94 Brent Crude 46.79 $ / barrel +0.53 WTI Crude 45.34 $ / barrel +0.59 FORTHCOMING ECONOMIC INDICATORS (FORECASTS) 14-07-16 - AUD - Unemployment Rate (JUN) 15-07-16 - GBP - Construction Output SA (MoM) (MAY) 14-07-16 - GBP - Bank of England Rate Decision (JUL 14) 15-07-16 - EUR - Euro-Zone Consumer Price Index (YoY) (JUN F) 14-07-16 - USD - Continuing Claims (JUL 2) 15-07-16 - USD - Consumer Price Index (YoY) (JUN) TERM OF THE DAY Affiliate' An affiliate is a type of inter-company relationship in which one of the companies owns less than a majority of the other company's stock. Affiliation can also describe a type of inter-company relationship in which at least two different companies are subsidiaries of a larger company. DISCLAIMER - This document is issued by Sharjah Islamic Bank (SIB), Sharjah, solely for the purpose of information to its staff's and customers. All efforts have been taken to ensure, facts and figures presented herein are as accurate and error free as possible. The data are subject to change without notice. The information contained within this document is not intended to buy or sell. The information contained within this document are obtained from sources that we believe are reliable, however, there is no guarantee on the part of their accuracy, nor should SIB be held responsible for any action taken on the above information. Please contact your respective branches or Treasury Dealing Room. Tel: 06 599 9171. Fax : 06 599 9181. E-mail : treasury&investmentdealingroom@sib.ae