Middle East ETF News Older than One Year
DGCX volume hits all time high on March 1st
March 2, 2010--Exchange trades 19,255 contracts, valued at US $1.27 billion on March 1st - the highest daily volume and notional value since inception
Euro/Dollar futures record highest daily volume and notional value at 11,546 contracts and US $783 million
The Dubai Gold & Commodities Exchange (DGCX) today announced that it recorded its highest ever daily volume on March 1st, trading 19,255 contracts at a record notional value of US $1.27 billion affirming the sustained demand for its commodity and currency derivatives contracts.
Breaking all earlier records, daily volume on the Exchange exceeded the previous daily high of 14,066 contracts on 11th July 2008. The record trading activity was supported primarily by increased volume in currencies. Interest was most significant in the Euro/Dollar futures contract, which also achieved a record daily volume and notional value of 11,546 contracts and US $783 million.
The daily record on DGCX firmly endorses the success of our business strategy and the diversified product range of the exchange which meets the needs of our market participants, said Eric Hasham, Chief Executive Officer, DGCX.
The sustained growth and record daily volume is also testimony to the Exchanges efforts, in conjunction with its members and market makers, to strengthen liquidity by providing competitive spreads and prices, he added.
Eric Hasham said that DGCX had witnessed numerous records over the past year, which has reinforced its status as the leading derivatives exchange in the region.
Source: DGCX
Positive returns for funds in GCC in 2009
March 1, 2010--The latest Fund Market Insight Report from Lipper for the Gulf Co-operation Council (the GCC) countries reveals that all 69 Lipper equity categories posted positive annual performances for 2009, with the exception of the 39 funds invested in Kuwait which lost 18.13% on average during 2009, reflecting the weak performance of the Kuwait Stock Exchange.
Funds invested in emerging markets topped the annual ranking; Equity Russia returned 159%, Equity Indonesia rose 124%, and Equity Emerging Markets Latin America gained 104%. JPM Russia A Acc USD was the best performing fund registered for sale in the GCC over the year, returning more than 164%.
Source: AME Info
IIFM releases Sukuk Report on its newly redeveloped website
February 27, 2010--The International Islamic Financial Market (IIFM) today released its Sukuk Report (1st Edition) and the Sukuk Issuance Analysis 2001-2009 on its newly developed website. “Information and specific Islamic Capital and Money Market research is part of IIFM’s mandate and although IIFM has been providing Sukuk issuance analysis for some time, this report covers Sukuk history, trends, specific case studies and recent developments in the international Sukuk market which will be helpful to IIFM members and the industry at large,” said Mr. Ijlal Ahmed Alvi, Chief Executive Officer of IIFM.
He also said that IIFM plans to cover other topics such as restructuring and defaults, short-term Sukuk, floating vs fixed rate analysis and other case studies in the next edition.
The report is available on IIFM’s newly redeveloped website (www.iifm.net), which now has very easy access to documentation and other information modules. It is user friendly with easy to navigate tools. The technical layout has been developed by the IIFM team and Mr. Alvi congratulated them on their efforts. The enhancement work will continue for the next few months with the aim to have a comprehensive information portal for the industry.
Source: International Islamic Financial Market (IIFM)
Dubai's debt is $109bn, says IMF
March 1, 2010--Dubai and the companies it controls have as much as $109bn of debt, which is equal to 130% of its GDP, the National has reported, citing a new report the IMF.
The estimate is larger than previous consensus projections of roughly $85bn for the combined debts of Dubai.
Source: AME Info
New infrastructure to spur growth in logistics for GCC, says expert
February 28, 2010--More logistics infrastructure are expected to be created in the GCC that would pave the way for competitive logistics services, as regional governments, municipalities and private investors have placed logistics development on their agenda, said a logistics expert in the region.
According to Dr. Roland Zibell, Director of ADI Services FZE, although Dubai remains to be the only outstanding hub for trading and logistics in the GCC, more locations have the potential to develop into platforms with good logistics infrastructure and service offerings.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views February 28, 2010
February 27, 2010--Commodities Overview
Commodities prices were volatile last week. There continues to be strong investor interest in commodities, but the investors are not fully committed to the view that prices will rise sharply. As a result, each round of buying has been met by profit-taking as soon as prices reach short-term technical resistant levels and stall out. On the flip side of the market, investors appear reluctant to be short precious metals, energies, and other commodities for any length of time.
There appears to be very little short interest from institutional investors at recent prices. Also, there continues to be interest in buying into dips as soon as they appear to stall out. This has kept many commodities in trading ranges, albeit some of the trading ranges are rather wide. This pattern may continue for the next few weeks, as investors continue to equivocate about the overall direction of the global economy and thus the likely direction of commodities prices. At present the most likely outcome seems to be that at some point investors will commit to a view that the global economic recovery is underway.
Currencies Overview
The U.S. dollar is expected to continue on its recent path again this week. There clearly is an upward bias toward the dollar, at least against the euro and other major traded currencies. Investors are not rushing blindly into the greenback, however. Instead, they clearly remain very nervous about prospects for U.S. budget and trade deficits. Testimony by Federal Reserve Board Chairman Benjamin Bernanke before Congress last week helped fortify invest tor views that the U.S. economy is heading in the right direction and that monetary authorities have the capacity to manage the aftermath of their 2008 and 2009 monetary largesse.
Source: Dubai Gold And Commodities Exchange (DGCX)
ADX slips 0.65%
February 25, 2010--The Abu Dhabi Securities Index fell 0.65% to close on 2,701. All sectors ended lower save construction, which edged up 0.26%.
Finance House was the day's big gainer, rising 10% to Dhs7.15. Overall, six stocks ended higher and 19 finished lower.
Source: AME Info
DFM gains 0.78%
February 25, 2010--The Dubai Financial Market gained 0.78% to close on 1,581, with 15 stocks rising and five falling.
Market heavyweight Emaar gained 1.05% to Dhs2.88, while Arab Insurance Group had the day's biggest gain, rising 7.32% to Dhs2.20.
Source: AME Info
Tadawul edges lower
February 25, 2010--Saudi Arabia's Tadawul All Share Index slipped 0.10% today to close on 6,465. Market heavyweight Alinma Bank gained 1.19% to SR12.75, while fellow market leader Kingdom Holding dipped 1.74% to SR11.30.
Saudi British Bank has the day's biggest loss, falling 4.76% to SR49.90, while Banqu Saudi Fransi had the biggest rise, gaining 1.91% to SR48.00. Overall, 41 stocks ended higher and 73 closed lower.
Source: AME Info
Foreign investors purchase Dhs379.2m worth of shares on DFM during the last week, sold Dhs344.5m
February 25, 2010--Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (21 - 25 Feb.) reached Dhs379.2m comprising 45.4% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs344.5m comprising 41.2% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs34.7m during the same period, as aggregate buy.
Source: AME Info
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