UAE Market Update - 24 August

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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 : August 24, 2017 "Think little goals and expect little achievements. Think big goals and win big success." David Joseph Schwartz UAE UAE banks assets rose 4.6% to AED 2.6327 trillion in July 2017 from AED 2.5158 trillion in July 2016: UAE Central Bank. DP World reported H1-17 net profit at USD 606 million compared to USD 608 million in the corresponding period last year. Emirates REIT signed acquisition of European Business Centre in Dubai Investments Park for a price of AED 130 million. Integrated Capital has transferred 96mln of its shares in Eshraq Properties from ADX to the firm’s account at Ajman Bank. UAE's air cargo to achieve growth of 4.8% until 2021, referring to 2012-2016 compound annual growth rate of 8.6%: DCCI. SIB'S DISTRIBUTED (for July) 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 : 25-Aug-17 EIBOR VALUE 1 month 1.30800 1.23611 2 months - 1.26389 3 months 1.53667 1.31722 6 months 1.75883 1.45611 1 year 2.12817 1.72733 STOCKS - DFM Emaar Properties OPEN: 3611.52 OPEN LIBOR VALUE CLOSE % CHG 8.32 8.42 1.20 Arabtec 3.300 3.280 -0.61 DP World ($) Air Arabia 21.54 22.00 2.14 1.110 1.120 0.00 3510 Amlak Finance 1.100 1.120 0.00 3445 Dubai Islamic Bank Gulf Finance House 6.01 6.03 0.33 1.860 1.820 -2.15 Damac 3.920 3.940 0.51 3705 3640 HIGH: 3628.74 LOW: 3611.52 CLOSE: 3624.85 3575 3380 3315 Last Two Months 3250 DFM Union Properties ADX Index : STOCKS - ADX SIB 4675 OPEN: 4474.39 4610 Aldar Properties HIGH: 4487.80 Last Two Months OPEN CLOSE 1.35 1.35 0.00 % CHG 2.34 0.86 0.28 Methaq Takaful 0.89 0.88 -1.12 ADIB 3.63 3.63 0.00 Dana Gas 0.64 0.63 -1.56 ADCB 7.35 7.35 0.00 FAB 4350 1.37 17.95 CLOSE: 4487.41 4415 -0.86 2.32 Etisalat 4480 1.15 0.889 17.90 LOW: 4465.05 4545 1.16 0.877 10.50 10.55 0.48 Waha Capital 1.79 1.77 -1.12 Union Cement 1.30 1.30 0.00 LATEST STOCK MARKET INDICATORS : Dow Jones: 21,812.09 -87.80 FTSE: Nasdaq: 6,278.41 -19.07 Nikkei: S&P 500: 2,444.04 -8.47 Hang Seng: 27,572.68 +171.01 +0.91 Bahrain: 1,305.25 -2.40 19,381.24 -53.74 Qatar: 9,053.60 -11.74 DFMGI: 3,624.85 +13.63 Kuwait: 6,922.48 -9.53 ADX: 4,487.41 +13.34 Saudi: 7,263.75 +10.23 7,382.65
2. Islamic Banking Integrated Capital raised stake in GFH Financial to reach 9 .02% of group's total shares, equivalent to capital of $332.19m. Fawaz Abdulaziz Alhokair & Co signed Murabahah financing deal of SAR1.25b with Al Rajhi; to rebalance its debt exposure. RAM Ratings’s report global Sukuk issuance recorded a rise of 43% from US$37.3b in H1, 2016 to US$53.6b in H1, 2017. GCC Medgulf approved to reduce capital to SAR 400m via cancelling 60m shares, appointing Saudi Fransi to manage the cut. Bank Nizwa reported net profit of OMR1.3 million in H1 of 2017 in comparison with a net loss of OMR727,126 a year ago. Commodities Gold has nudged lower early Thursday as investors began to focus on a major central bankers conference in Jackson Hole. Oil steady, holding gains from last session after another fall in U.S. inventories which is seen as a sign of a tighter market. Forex USD pared losses suffered after U.S. President threatened a govt shut down & terminate N.American Free Trade Agreement. CAD nudges higher, supported in part by firmer oil prices, as cautious investors positioned ahead of central bankers' meet. FOREX RATES Prev. High Prev. Low AED Prev. High Prev. Low AED EUR 1.1806 1.1823 1.1738 4.3363 JPY 109.120 109.5400 108.9000 0.03366 GBP 1.2790 1.2833 1.2777 4.6978 CAD 1.2544 1.2597 1.2537 2.9281 AUD 0.7902 0.7917 0.7879 2.9024 INR 64.040 64.1425 64.0400 0.05735 CHF 0.9656 0.9696 0.9640 3.8039 PKR 105.360 105.2500 105.2400 0.03486 MAJOR CHARTS EUR/USD price movements : Gold price movements : 1.20 Last Two Months Last Two Months 1290 1.18 1.16 1260 1.14 OPEN: 1.1760 HIGH: 1.1823 LOW: 1.1738 CLOSE: 1.1805 1.12 OPEN: 1284.62 HIGH: 1291.09 LOW: 1282.15 CLOSE: 1289.68 1200 1.10 INTERNATIONAL MURABAHA RATES COMMODITIES 1 month 3 months 6 months 1 year USD 1.2750 1.6000 1.5150 2.2500 AED 1.3780 1.6067 1.8288 2.1982 USD SWAP RATES USD 1230 2 years 3 years 5 years 10 years 1.5613 1.6395 1.7950 2.0990 Gold LAST PRICE NET CHANGE 1,289.25 $ / ounce +3.15 Silver 17.09 $ / ounce +0.03 Dubai Crude 50.44 $ / barrel +0.25 Brent Crude 52.58 $ / barrel +0.01 WTI Crude 48.37 $ / barrel -0.04 FORTHCOMING ECONOMIC INDICATORS (FORECASTS) 24-08-17 - GBP - Gross Domestic Product (YoY) (2Q P) . 25-08-17 - USD - Durable Goods Orders (JUL P). 24-08-17 - USD - Initial Jobless Claims (AUG 19). 25-08-17 - EUR - ECB President Draghi speaks in Jackson Hole. 24-08-17 - JPY - National Consumer Price Index (YoY) (JUL). 25-08-17 - EUR - German IFO - Business Climate (AUG). Assumption Clause A provision in a mortgage contract that allows the seller of a home to pass responsibility to the buyer of the home for the existing mortgage. In other words, the new homeowner assumes the existing mortgage. There are typically many conditions and a fee required in an assumption clause. 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