Middle East ETF News Older than One Year
DGCX Sets New Monthly Volume Record of Over Half a Million Contracts in August
September 6, 2011-Exchange trades 548,566 contracts valued at $ 27.83 billion, a rise of 393% from 2010
Currency futures trade all-time monthly high of 511,279 contracts, up 561% from last year
DGCX achieves several volume records in August
The Dubai Gold and Commodities Exchange (DGCX) saw a significant rise in trading activity in the month of August, with the Exchange breaking volume records in four products, in addition to setting all-time monthly and daily average volume records.
Source: The Dubai Gold and Commodities Exchange (DGCX)
European market woes pull Tadawul bourse lower
September 5, 2011--The Riyadh-based benchmark index Tasi fell one percent, closing at 6,090.54 points, as only 21 out of 145 traded stock gained. Fresh fears over a new financial crisis, expressed by Germany's Deutsche Bank CEO Joe
Ackermann on Monday, weighed on all GCC exchanges. Market leader Sabic dipped 1.32% to SR93.25. Saudi Arabia Refineries Co., known as SARCO, gained the most with a plus of 9.84%.
Source: AME Info
.Kuwaiti insurer saves market index from declining
September 5, 2011--Losses in the banking sector index were offset by gains in the real estate and insurance segment in Kuwait, where the KSE Market Index added 0.15% to reach 5,852.8 points.
While National Bank of Kuwait ended flat, Al Ahli Bank of Kuwait dived three percent, closing at KD0.640. Shares of Kuwait Insurance Co. surged 3.6%. National Bank of Abu Dhabi commented on the Kuwaiti banking sector today:
Source: AME Info
While trading volumes surge in Dubai, stock prices mostly retreat
September 5, 2011--The DFM General Index dipped for the second day straight, closing 0.33% lower at 1,478.84 points. Emaar declined 0.35% to Dhs2.83,
Arabtec lost 0.73% to finish at Dhs1.36. The DFM itself ended even at Dhs1.14. The DFM's resilience is also based on rising trading volumes after Eid, as o Monday some 85.5m stocks were traded, valued at Dhs78.6m.
Source: AME Info
Abu Dhabi market hardly reacts to global indexes slump
August 5, 2011--The sell-out in the Western banking sector on Monday, did not weigh on the ADX General Index (off 0.37% at 2,603.06 points) that much. Abu Dhabi-based Finance House was even the top gainer (up nine percent at Dhs3.60), and Sharjah Islamic Bank closed unchanged at Dhs0.90. The services sector index was the only segment which added value.
Dana Gas declined the most (down 1.75% at Dhs0.57). "Market sentiment is negative as reflected in the decline in global equity markets due to growing Eurozone debt and banking sector concerns," says Dr. Giyas Gokkent, the Chief Economist at National Bank of Abu Dhabi (NABD). He adds: "In a sign of how times have changed, an official from the Russian Central Bank announced that the domestic banking system would withstand a Eurozone debt shock scenario according to stress tests."
Source: AME Info
UAE Tops Arabs In Foreign Equity Investment
September 4, 2011--The UAE has emerged as the most attractive Arab destination for foreign investors in its equities, attracting more than $22 billion in 2009, nearly 30 per cent of the total foreign equity investment in the Arab region.
Official figures showed foreign investment in the UAE’s equity market, including stocks, bonds and IPOs totalled around $22.7 billion at the end of 2009, higher than its level of $21.2bn at the end of 2008.Qatar was the second largest Arab target for foreign capital, followed by Bahrain, Saudi Arabia, Egypt, Tunisia and Lebanon, showed the figures by the Kuwait-based Inter-Arab Investment Guarantee Corporation (IAIGC).
“The UAE maintained its position as the largest destination for foreign equity investment from both Arab and non-Arab investors,” said IAIGC, a key Arab League establishment.
Source: Emitates 24/7
Dubai Gold & Commodities Exchange Weekly Market Commentary-September 4, 2011
September 4, 2011-- Economic Data Overview
The September 5 week is shortened by the Labor Day observance on Monday, but there will still be plenty of room for a sparse data release schedule mainly populated by second-tier indicators.
Still, the calendar is not without its high points, notably the release of the Fed's Beige Book in advance of the next FOMC meeting on September 20-21.
There is also a cluster of central bank monetary policy announcements to help set the tone for the upcoming meeting of G7 meetings on Friday and Saturday. The G7 finance ministers and central bankers will meet in Marseille, France.
The G7 has backed away from issuing formal communiqués after this sort of ministerial meeting in order to give more prominence to the sessions of the G20 in the wake of the financial crisis. However, it may elect to make a statement that addresses some of the concerns of financial and foreign exchange markets in light of recent volatility and imbalances.
Prior to the meeting of the G7, there will be routine monetary policy announcements from a number of major central banks. The Reserve Bank of Australia will release its statement in the overnight hours of Monday-Tuesday. The Bank of Canada will make a routine announcement on Wednesday. The Bank of Japan governors hold a two-day session on Wednesday and Thursday. The Bank of England Monetary Policy Committee meets with its decision announced on Thursday. The ECB Governors will also meet on Thursday.
The Fed's Board of Governors should meet on Tuesday at around midday to consider discount rate policy. The Board typically meets for this purpose about two weeks in advance of an FOMC meeting, and again on the Monday before the meeting.
Source: Dubai Gold & Commodities Exchange (DGCX)
Arab Bourses Lose Over $34bn In Ramadan
August 31, 2011--Most of the losses in Saudi Arabia, while Morocco and Tunis only gainers
A global financial storm and ongoing political turmoil in the Middle East continued to stifle Arab stock markets, depressing them by more than $34 billion during the fasting month of Ramadan, according to official data.
The decline in August brought the total loss year to date to more than $74 billion, a fraction of the total loss in the aftermath of the 2008 global fiscal crisis, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF).
Saudi Arabia's Tadawul, by far the largest and most speculative regional stock exchange, emerged as the main victim of the turmoil as it dipped by nearly $20 billion during Ramadan, which ended on Monday.
Source: Todays Zaman
Kuwait bourse remains in a stutter mode
August 29, 2011--While most GCC market surge, the KSE does only small steps ahead.
The KSE Market Index added 0.07% to reach 5,769.8 points. In line with the dull trading, National Bank of Kuwait (NBK) finished Monday even at KD1.060 while its rival Kuwait Finance House (KFH) dipped 1.12% to close at KD0.880.
Source: AME Info
Qatar Exchange shaves 8,300 points
August 29, 2011--The QE Index easily knocked out the 8,300-level by adding 0.75% to close at 8,351.77.
Banks in particular helped the Doha-based bourse to gain further ground. Bellwether Qatar National Bank advanced 0.78%, ending at QR141.60. Only a handful of stock retreated, such as Al Khaleej Takaful (down 1.27% at QR42.90).
Source: AME Info
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