Middle East ETF News Older than One Year
DGCX volumes cross two million mark in 2011
2 million mark milestone achieved for the first time in any year since inception, YTD volume valued at US $98.7 billion
76% increase on YTD volume compared to 2010
August 15, 2011--The Dubai Gold and Commodities Exchange (DGCX) today announced that its year-to-date (YTD) volumes surpassed the two million contracts mark on August 12, 2011, the first time since inception.
Close of trading on August 12, 2011, saw year-to-date volumes reach 2,005,566 contracts, valued at US $98.7 billion, a 76% increase from last year. Year-to-date average daily volumes also rose by 67% to touch 12,963 contracts this year.
DGCX currency contracts, in particular the Indian Rupee/Dollar contracts, were the key drivers of the Exchange’s volumes, with Indian Rupee year-to-date volume reaching 1,356,993 contracts a 1331% increase from last year. Precious metals also witnessed increased interest and participation, with YTD volume touching 328,856, up by 1%.
Source: DGCX
TASE Launches Options On Israel Government Bonds
August 15, 2011--The Tel Aviv Stock Exchange (TASE) continues to expand Israel’s derivatives market with the launch of options on non-linked shekel-denominated government bonds. The new options were designed by a joint team of TASE, the Ministry of Finance, and Prof. Dan Galai. Trading is scheduled to commence on 10 November 2011.
TASE is making preparations for the designation of market makers for these new derivative products, in order to provide liquidity of the market from its inception.
The new options augment the tools at the disposal of bond investors, broaden the spectrum of investment strategies in fixed income instruments, and enable investors to more effectively hedge their investments. The options will be launched on two series of government bonds: series 0120, maturing in January 2020 and series 0217, maturing in February 2017.
Source: TASE
Abu Dhabi market ADX remains stuck at 2,600
August 15, 2011--United Arab Emirates: The oil price-sensite ADX General Index closed even at 2,600.02 points, as the shares of Abu Dhabi National Energy Co., known as Taqa, did (flat at Dhs1.20).
Oil prices declined again on Monday, slipping below $85 per barrel on Monday. According to National Bank of Abu Dhabi's Oil Brief published earlier in the day, UAE oil supply touched a new year high in July, reaching 3.2m barrels per day. Shares of Green Crescent Insurance Co. fell 3.45% to Dhs0.56. Earlier in the day Green Crescent announced it has achieved a net loss of Dhs16.7m in the second quarter, compared to a net loss Dhs12.1m in the same period last year. Thirteen shares gained, 12 lost and seven ended flat. Some 47m stocks were traded, valued at Dhs73.95.
Source: AME Info
A sharp last-minute decline keeps Qatar Exchange in the red
August 15, 2011--The Doha-based QE Index closed insignificantly lower at 8,114.49, as banks and industry shares gained slightly, while insurers and service providers lost.
Doha Bank advanced by half a percent, finishing at QR55.50. Yesterday, Fitch Ratings affirmed Doha Bank's long-term issuer 'A' rating. "Doha Bank has shown robust earnings, despite a slowdown in the domestic credit environment, mainly due to lower interest rates, which have reduced funding costs," Fitch has said.
Source: AME Info
Abu Dhabi market ADX remains stuck at 2,600
August 15, 2011--The oil price-sensite ADX General Index closed even at 2,600.02 points, as the shares of Abu Dhabi National Energy Co., known as Taqa, did (flat at Dhs1.20). Oil prices declined again on Monday,
slipping below $85 per barrel on Monday. According to National Bank of Abu Dhabi's Oil Brief published earlier in the day, UAE oil supply touched a new year high in July, reaching 3.2m barrels per day. Shares of Green Crescent Insurance Co. fell 3.45% to Dhs0.56. Earlier in the day Green Crescent announced it has achieved a net loss of Dhs16.7m in the second quarter, compared to a net loss Dhs12.1m in the same period last year. Thirteen shares gained, 12 lost and seven ended flat. Some 47m stocks were traded, valued at Dhs73.95.
Source: AME Info
Shuaa shares surge on asset management success
August 15, 2011--The local Dubai bourse DFM failed to sustain the positive momentum from the beginning of the week, falling 0.56% to 1,470.39 points on Monday.
Shuaa Capital shares jumped 6.21% to reach Dhs0.94 after the investment bank announced its assets under management crossed the mark of Dhs1bn. Trading volumes decreased to one of the lowest levels in the year, as some 33m stocks were traded, valued at Dhs51.1m. Seven shares gained, 12 lost and three ended flat.
Source: AME Info
Yemen's economy loses $8bn due to protests
August 15, 2011--Yemen's Minister of Trade and Industry Hisham Sharaf has said that the country's economy lost up to $8bn during this year until the end of July because of protests that have swept across the Arab state,
Al Hayat newspaper has reported. Sharaf has told the London-based newspaper that tourism revenue may plunge to less than $50m in 2011 from $1.1bn last year.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-August 14, 2011
August 14, 2011--Economic Data Overview
The August 15 US data week will present fresh data for inflation, housing, manufacturing, and some broader measures of economic activity. It will be an opportunity to assess conditions as the third quarter 2011 got started, and if the hoped for pickup in activity in the second half of the year is in the works.
Tuesday, Wednesday, and Thursday will see the release of the July Import Price Index, Producer Price Index, and Consumer Price Index, respectively. Although each index reports on different aspects of prices, all should reflect the moderation in food and energy costs that were present in July. Some of the higher prices associated with supply chain disruptions after the earthquake in Japan should continue to ease, especially in prices for passenger cars. On the whole, we anticipate the data to fall in line with the Fed's expectation for headline inflation to "settle."
Data for the factory sector will include the two earliest of the District Bank surveys for manufacturing. The New York Fed's Empire State Survey for August will be released on Monday, and the Philadelphia Fed's Business Outlook will be on Thursday. Both indexes registered some improvement in July after slipping in June. Any further strengthening of an upward trend would be a relief after a few months of concerns about deterioration in this sector.
The July report on industrial production and capacity utilization on Tuesday should show some pickup in output. The utilities sector could provide a boost during a period of unusually hot weather in much of the country. Mining activity should also continue to rise. Manufacturing -- particularly for motor vehicles -- should be responding to some modest consumer demand.
The Conference Board's Leading Economic Index for July on Thursday should show another month of expansion, but it may be in part attributable to an unusual surge in M2 that took place in the latter part of the month. Other positive contributions should be from interest rates, jobless claims, and stock prices. Negative contributions are expected from consumer confidence and vendor performance.
Treasury International Capital System (TICS) numbers for June on Monday should reflect
Source: DGCX
Are Middle Eastern Current Account Imbalances Excessive?-IMF Working paper
August 11, 2011-- Summary: Employing a dynamic panel regression, this study estimates the medium-term current account position for three subgroups of emerging market and developing countries with shared economic characteristics. The fundamental determinants of the macroeconomic balance approach to current account determination (arising from the IMF’s Consultative Group on Exchange Rate (CGER)) are augmented by determinants relevant to Middle Eastern economies’ current account positions.
The study also assesses the deviation of the actual medium-term current account position of three Middle Eastern subgroups of countries (emerging markets; low-income and fragile economies; and net oil exporters) from their medium-term current account norms. Key findings are that: augmentation of the fundamental determinants yields plausible Middle Eastern current account norms; and in comparison with the medium-term current account norm, the actual and projected current account imbalances of each of the three subgroups are typically not excessive.
view the Are Middle Eastern Current Account Imbalances Excessive?-IMF Working paper
Source: IMF
Dana Gas shares decline despite a whopping Q2 profit jump
August 11, 2011--United Arab Emirates: The Abu Dhabi-based ADX market fell 0.52% to 2,588.64 points. Shares of Sharjah-based Dana Gas, the most liquid securities traded, ended 1.82%
lower at Dhs0.55. Earlier in the Day, Dana Gas announced it has achieved a net profit in the second quarter of Dhs124m, a 274% increase over Q2 2010. During the second week of August, the ADX dived three percent in value. [AMEInfo.com]
Source: AME Info
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