Dubai: Global oil inventories are "really high" and the current crude oil prices do not reflect the market fundamentals, UAE Energy Minister Mohammad Bin Dha'en Al Hameli said on arrival in Cairo, Egypt, to chair the 85th Ministerial Conference of the Organisation of Arab Petroleum Exporting Countries (Oapec) scheduled for Saturday.
"The prices should reflect the fundamentals. Currently they are not reflective... Stocks are really high, above the high five-year average," Al Hameli told reporters, according to WAM.
The members' commitment to the output quotas set by the Organisation Petroleum Exporting Countries (Opec) "is good", he added.
"The UAE's production is the same as the production quota set by Opec," the minister said.
Among items on the agenda of the Oapec conference are intra-Arab cooperation on oil and gas issues, the consequences of the global financial crisis on Arab economies and the oil industry and global developments in the oil industry.
Agenda
The Cairo meeting will also discuss the outcome of the ninth Arab Energy Conference, held in Doha, Qatar, between May 9 and 12, as well as the bloc's cooperation with regional and global groups on environment and climate change.
The oil ministers gathered in Cairo saw no need to supply the world with more crude as oil prices traded near a two-year high and some consumers said they fear a rally above $100 (Dh367) per barrel would spur inflation.
Saudi Arabia's Ali Al Naimi said he was still happy with an oil price of $70-$80 per barrel and there was no need for an extra Opec meeting before the next one scheduled for June.
Opec's stance is that oil demand remains fragile and speculators are to blame for the rally in prices.
Iraq's new oil minister Abdul Kareem Luaibi said the group may meet before June if market conditions changed, but then added that if a decision was taken to meet, it would not be "about price. It's about market conditions".
"Opec has limited its number of meetings to limit market disturbance," Luaibi said.
Friday 24 December 2010
Wednesday 24 November 2010
DUBAI FINANCIAL MARKET
The Dubai Financial Market (DFM) index fell more than one per cent yesterday as global markets took a bearish turn amid rising tensions between North Korea and South Korea and over concern Ireland's debt problems could spill over to other countries in the Eurozone.
The Market today fell ue to geopolitidcal tensions in the Korean peninsula, Ireland isssues and conern over the Saudi king's health." said a market analyst.
Analysts say the Dubai market needs a local catalyst to move higher. They say market participants are trying to ascertain how monetary policicy tightening in Chin, the resuce package for Ireland and the low inflation dynamic in the USsupporting the Fed's second phase of quantitative easing (QE2) will impact GCC equities. Analysts are expecting the market to be range-bound in the near term.
The DFM index fell 1.16 per cent to 1691.48. About 96.98 million shares workth about Dh. 155.43 million were traded.
The decline was manily due to the fall o f DP world, Emaar, Arabtec, Air Arabia, Hits Telecom and du. About Dh. 48.67 million were were traded, closing 1.86 per cent lower at Dh. 3.69
Of the 25 companies traded, only 3 rose, 221 fell and 1 was unchanged. The top gainer was Alsalamsudan, closing 4 per cent higher at Dh. 1.82. Hits Telecom was the the main loser, falling 4.13 per cent to close at 1.16.
The Market today fell ue to geopolitidcal tensions in the Korean peninsula, Ireland isssues and conern over the Saudi king's health." said a market analyst.
Analysts say the Dubai market needs a local catalyst to move higher. They say market participants are trying to ascertain how monetary policicy tightening in Chin, the resuce package for Ireland and the low inflation dynamic in the USsupporting the Fed's second phase of quantitative easing (QE2) will impact GCC equities. Analysts are expecting the market to be range-bound in the near term.
The DFM index fell 1.16 per cent to 1691.48. About 96.98 million shares workth about Dh. 155.43 million were traded.
The decline was manily due to the fall o f DP world, Emaar, Arabtec, Air Arabia, Hits Telecom and du. About Dh. 48.67 million were were traded, closing 1.86 per cent lower at Dh. 3.69
Of the 25 companies traded, only 3 rose, 221 fell and 1 was unchanged. The top gainer was Alsalamsudan, closing 4 per cent higher at Dh. 1.82. Hits Telecom was the the main loser, falling 4.13 per cent to close at 1.16.
Tuesday 23 November 2010
ABU DHABI SECURTIES MARKET
The Abu Dhabi Securities Exchange (ADX) general index rose0.42 per cent yesturdday on gains in banking, health cae, energy, real estate and consumer stocks.
The index closed at 2,753.94 with the volum of transactions rising compared to sunday.
The market today saw a rally in banking stocks as investors think some of the listed bank stocks are undervalued. The Market looks like forming a bottom, long-erm, an analyst said.
Around 46.04 million shares worth about Dh. 94.52 million were traded. Of the 33 companies traded, as many as 15 rose, 10 fell and 8 closed unchanged at dh. 2.33 with 10.69 million shares worth about Dh. 24.79 million traded.
Oman & Emirates inv. Holding was the top gainer, rising 10 persent to Dh.066. The loser was Invest Bank, which fell 9.50 per cent to Dh1.62 Aldar was the most traded in terms of value, while Dana gas was the most traded by volume.
The market is expected to be range-bound in the days ahead. Tthey say the overall outlok for the market in the near-term is positive on gthe back of high international oil prices and on the view that most of the market-listed companies will return to profitability this year.
The index closed at 2,753.94 with the volum of transactions rising compared to sunday.
The market today saw a rally in banking stocks as investors think some of the listed bank stocks are undervalued. The Market looks like forming a bottom, long-erm, an analyst said.
Around 46.04 million shares worth about Dh. 94.52 million were traded. Of the 33 companies traded, as many as 15 rose, 10 fell and 8 closed unchanged at dh. 2.33 with 10.69 million shares worth about Dh. 24.79 million traded.
Oman & Emirates inv. Holding was the top gainer, rising 10 persent to Dh.066. The loser was Invest Bank, which fell 9.50 per cent to Dh1.62 Aldar was the most traded in terms of value, while Dana gas was the most traded by volume.
The market is expected to be range-bound in the days ahead. Tthey say the overall outlok for the market in the near-term is positive on gthe back of high international oil prices and on the view that most of the market-listed companies will return to profitability this year.
DUBAI FINANCIAL MARKET
The Dubai Financial Market (DFM) index rose slightly yesterday as stability returned to global financial markets following Ireland's acceptance in principle of a bailout from the European Union and the International Monetary Fund.
"stability in global market is reassuring for the market, but it needs a local catalyst to move higher. The volume remained low as the market lacked news."an analyst said.
The DFM index closed 0.5 per cent higher at 1,711.27
About 44.24 milli on shares worth about Dh. 156.78 million were trade d. The rise was mainly due to an increase in the sha re prices of Emar, Arabtec, Hits Telecom, du, dfm and air arabia.
About 12.9 million shares of Emar, worth about Dh. 48.18 million were traded, closing 1.35 per cent higher at Dh. 3.76.
Of the 24 compan ies traded, 14 rose, 8 fell and 2 remained unchang ed. The top gainer was ARMX, closing 4.90 per cent higher at Dh 2.14. Dubai Investment was the e main loser, falling 2.7 per cent to close at Dh. 0.90.0
Analysts believe market participants are ascertaining how monetary policy tightening in China, the resuce package for Ireland and the Fed's monetary policy will impact Gulf equities. The expect the market to be range-bound in the near term.
"stability in global market is reassuring for the market, but it needs a local catalyst to move higher. The volume remained low as the market lacked news."an analyst said.
The DFM index closed 0.5 per cent higher at 1,711.27
About 44.24 milli on shares worth about Dh. 156.78 million were trade d. The rise was mainly due to an increase in the sha re prices of Emar, Arabtec, Hits Telecom, du, dfm and air arabia.
About 12.9 million shares of Emar, worth about Dh. 48.18 million were traded, closing 1.35 per cent higher at Dh. 3.76.
Of the 24 compan ies traded, 14 rose, 8 fell and 2 remained unchang ed. The top gainer was ARMX, closing 4.90 per cent higher at Dh 2.14. Dubai Investment was the e main loser, falling 2.7 per cent to close at Dh. 0.90.0
Analysts believe market participants are ascertaining how monetary policy tightening in China, the resuce package for Ireland and the Fed's monetary policy will impact Gulf equities. The expect the market to be range-bound in the near term.
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