Gold prices jump on weaker USD: The international gold price hit its highest level in six months yesterday on the back of a weaker greenback and wagers that the Federal Reserve has reached the end of its aggressive tightening cycle, according to the Financial Times. The spot price climbed 0.6% to USD 2,014 per ounce yesterday — around 3% below its all-time high, which some analysts expect to be surpassed before the end of the year.

This could put further upwards pressure on the local market, where gold prices have hit unprecedented highs this year due to the prolonged currency crisis and soaring inflation. The price of 24-carat gold has now climbed almost 70% this year to surpass EGP 3,200 per gram as Egyptians rush into non-EGP assets to hedge against the prospect of further currency weakness.

Beijing bourse is holding investors captive: The Beijing Stock Exchange has been rejecting filings by major shareholders — those with stakes of 5% or more — to sell stocks listed on the bourse to prevent a reversal of its recent rally, Reuters reported citing three people familiar with the matter. The market’s benchmark 50 Index rose 46% this month thanks to recent measures introduced by authorities to help drum up investor interest. Since its establishment in 2021, the stock has been suffering from lack of investor interest.

ALSO FROM CHINA- It was another solid month for industrial firms, which were in the green for the third month running in October, Reuters reported, citing data from the country’s bureau of statistics. Net income for the sector grew 2.7% y-o-y for the month, marking a significant slowdown from September and August’s figures.

WHISPERS-

ADX

9,515

-0.4% (YTD: -6.8%)

DFM

3,995

+0.1% (YTD: +19.7%)

Nasdaq Dubai UAE20

3,786.74

-0.8% (YTD: 5.6%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.11% o/n

5.55% 1 yr

TASI

11,129.10

+0.1% (YTD: +0.1%)

EGX30

25,906

+2.4% (YTD: +77.5%)

S&P 500

4,550

-0.2% (YTD: +18.5%)

FTSE 100

7,461

-0.4% (YTD: +0.1%)

Euro Stoxx 50

4,354

-0.4% (YTD: +14.8%)

Brent crude

USD 79.98

-0.7%

Natural gas (Nymex)

USD 2.80

-2.0%

Gold

USD 2,035.40

+0.6%

BTC

USD 37,008

-1.9% (YTD: +123.9%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 830.8 mn.

In the green: Emirates Driving Company (+12.7%), Al Khaleej Investment (+12.0%) and Chimera (+4.9%).

In the red: Hayah Ins. Company (-4.6%), Bildco (-3.2%) and Aram Group (-2.8%).

Meanwhile, the DFM inched up 0.1% . The index is up 19.7% YTD.

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