Middle East ETF News Older than One Year
World Federation Of Exchanges (WFE) Upgrades The Palestine Exchange (PEX) Status To “Affiliate”
June 27, 2011--World Federation of Exchanges (WFE) Board of Directors announced recently that it has approved upgrading the Palestine Exchange (PEX) status to “Affiliate”. This announcement has come to recognize the progress PEX made in its business development over the last few years.
“This step will encourage PEX to deepen its local significance in the capital formation process and the development of the region” said Mr. Thomas Krantz, Secretary General of the WFE.
Dr. Rami Al-Hamdallah, Chairman of PEX Board of Directors welcomed this significant recognition by the WFE. “This demonstrates PEX commitment to global best practice and international market standards as far as legislative, regulatory and technical infrastructure are concerned.” Al-Hamdallah stated. “It also came as a result of PEX commitment to practices of good cooperate governance, transparency, disclosure and investor protection standards”. Al-Hamdallah concluded.
Source: FEAS
Tel Aviv Stock Exchange Approves Products On New Indices
June 27, 2011--Starting on July 3, 2011, TASE will allow the issuance of Exchange Traded Products on the following share price indices:
TA BlueTech-50, which comprises the 50 technology companies with the largest market cap drawn from the IT, electronics, biomed, technology investment and cleantech industries;
TA Technology, a composite index which currently includes 47 shares of companies from the electronics, IT, cleantech and technology investments companies;
Biomed – currently comprised of 31 companies operating in the ‘biomed’ industries;
TA Oil and Gas - currently includes the equities of 15 companies and limited partnerships engaged in the exploration and production of oil and gas;
TA Communications –currently comprised of 12 communications and media companies;
More than 400 Exchange Traded Notes (ETNs) are traded on TASE, of which 100 are ETNs on local share price indices and 145 on foreign share price indices. The Public Holdings of those equity ETNs was US $10 billion in May of this year. Average daily turnover accounts for approximately 20% of the total trading volume of TASE-traded shares.
Source: WFE
Tadawul market gains slightly, new index for Sukuk and bonds launched
June 27, 2011--The Saudi Tadawul market opened Saturday trading in the red but gained positive momentum and eventully ended 0.11% higher at 6,456.88 points.
Saudi Industrial Services, know as Sisco (not to be mixed up with Cisco Systems), was the top gainer (up 7.53% at SR15.00). Market bellwether Sabic lost half a percent at SR100.75. Earlier in the day, the Saudi Stock Exchange announced the calculation of the Sukuk and bonds market index that includes all Sukuk and bonds listed on the market. The start of the new index named TSBI with base value of 1,000 will is fixed as of June 21st 2011 as a base date.
Source: AME Info
Qatari banks drag QE Index higher
June 27, 2011--The QE Index added half a percent on Monday, closing at 8,249.62 points.
After Fitch Rating said that the financial sector in Qatar would remain stable, bank shares recovered losses from the recent weeks. Qatar National Bank soared 1.98%, ending at QR139.20. Qatar Islamic Bank added a quarter percent, finishing at QR78.20. Al Ahli Bank, on the other hand, dived 3.80% to QR65.90.
Source: AME Info
Abu Dhabi blue chips send index lower
June 27, 2011--The ADX General Index ended half a percent lower at 2,704.47 as energy, real estate and bank stocks posted losses. Arkan Building Materials lost the most, finishing off 8.27% at Dhs1.22.
Abu Dhabi National Energy Co. dipped 1.63% to Dhs1.21. Aldar Properties lost 1.57% and closed at Dhs1.24. Earlier in the day, Aldar announced thatits real estate project Al Bandar Marina, a new Marina at the heart of the Al Bandar residential community in Abu Dhabi, has been awarded the Gulf region's first Blue Flag certification, a volunteer eco-label administered by the Foundation for Environmental Education (FEE) for marinas and beaches around the world that works towards sustainable development.
Source: AME Info
Last-minute swing lifts Dubai market into the green
June 27, 2011--The DFM General Index finished up 0.29% at 1,522.97 points, thanks to block buying during the last minutes of trading. The DFM shares recovered some of the heavy losses from last week by closing 1.72% higher at Dhs1.18.
Dubai Islamic Bank, known as DIB ended flat at Dhs2.05. Earlier in the day, DIB unveiled Prudential Shariah Opportunities - Asia Pacific Equity Fund. The Fund is offered by Prudential Asset Management Limited, based at DIFC. The Fund will seek to invest in Sharia-compliant companies in the APAC region, excluding Japan. Benchmarked against the Dow Jones Islamic Market Asia Pacific ex-Japan Index, participation in the Fund allows investors to gain exposure across a range of growth countries and industries through a single platform. Eight stocks gained, 15 declined and three closed even. Around 83.17m shares changed hands, valued at Dhs111.84m.
Source: AME Info
Qatar inflation in May increases to 1.7%
June 27, 2011--According to data by Qatar's Statistics Authority, inflation in the Gulf country has climbed to 1.7% on an annual basis in May, matching its level from March, Reuters has reported.
Consumer prices were 0.2% higher month-on-month in May after a 0.1% rise in April, helped by increases in food and transport costs, the data showed. Average deflation in Qatar reached 2.4% in 2010, less than 4.9% in 2009, which was the first full-year deflation since 1993.
Source: AME Info
Tehran Stock Exchange To Launch Options Market
June 26, 2011--Ali Sangenian, TSE's deputy announced introducing equities options contracts as the most important implementing plan at the Exchange, which will be occurred until the end of summer 2011.
Ali Sangenian, TSE's deputy announced introducing equities options contracts as the most important implementing plan at the Exchange, which will be occurred until the end of summer 2011.
He also noted that arrangements are under process for launching new futures contracts based on TSE's 30 blue-chip portfolio.
Besides, TSE's authority reported about the Exchange's proposal to the Iranian Securities and Exchange Organization (SEO) for establishing currency futures and gold ETFs markets. The proposal is being inspected by the regulators before ratification.
Source: Tehran Stock Exchange
DGCX Indian Rupee Contract Records Highest Ever Daily Volume
Daily Indian Rupee volume of 15,509 contracts on June 23, 2011, valued at US $ 688.52 million, is highest since launch of the contract
Total open interest of 13,033 achieved on June 23rd, 2011, the highest ever daily total open interest on the Exchange since inception
June 26, 2011--The Dubai Gold & Commodities Exchange announced that trading in the Indian Rupee/Dollar futures contract reached an all time daily high of 15,509 contracts, valued at US $ 688.52 million, on June 23, 2011. The contract also set an open interest record of 7,811 contracts on the same day.
The new record for the Indian Rupee contract surpasses the previous 12,499 contracts worth US $ 551.55 million achieved on February 22nd, 2011. The new open interest record for the contract exceeds the previous high of 7,578 set on June 13th, 2011.
DGCX reached its highest ever daily total open interest of 13,033 on the day, beating the previous record of 12,294 set on June 22nd, 2011. DGCX also achieved its second highest daily volumes with a total of 18,510 contracts, valued at US $868.32 million on June 23rd, 2011 .
Source: DGCX
Dubai Gold & Commodities Exchange Weekly Market Commentary - June 26, 2011
June 26, 2011-Economic Data Overview
The June 27 week will see the end of the second quarter 2011. Data much of the last month of the quarter will be released in the coming weeks. While there may be some upside surprises, on balance the second quarter will probably be most notable for slower activity in housing and softness in the labor market, while prices showed signs of holding at more elevated levels.
The week leads up to the three-day holiday weekend for Independence Day the following Monday. There is no early close to the bond market on Friday. However, offices will likely empty out as soon as the morning's data is out of the way. There is a fair amount of data on the economic calendar next week, but little that will seem urgent, especially since the next release of payroll data is not until Friday, July 8 and very little of this data will feed into expectations for that report. The payroll survey week fell relatively late in June on the 18th, which means the employment numbers will not be out until the second Friday of July on the 8th.
Probably the highlight of the week will be the ISM Manufacturing Index for June on Friday. The general tone of the reports released so far this month from various Fed District Banks and regional purchasing managers’ indexes indicate that the factory sector continues to feel the impacts of supply chain disruptions and severe weather. The national index probably will be of a piece with the regional data. The question is..
Source: DGCX
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