Middle East ETF News Older than One Year
Egypt plans to issue Islamic debt guidelines next year
October 12, 2010--Egypt's Financial Supervisory Authority has said the country plans to issue its first Islamic debt guidelines in 2011, to catch up with the GCC and Southeast Asia regions and help spur sales, Bloomberg has reported.
"The target of issuing these regulations is to help companies that want to issue sukuk," Ziad Bahaa El-Din, chairman of the authority said. "Right now, we don't have a framework to help anybody who wants to issue sukuk."
Source: AME Info
Bahrain exchange stays on the bullish track
October 12, 2010--Despite a regional and global stutter mode at markets on Tuesday, the BSE in Manama gained 0.84%, finishing at 1,472.51.
United Gulf Bank jumped 10% to close at BD0.462. No share lost value as 90% of listed stocks were not traded.
Source: AME Info
Gulf Finance House And Tunisian Government Launch North Africa’s First Offshore Financial Centre
October 11, 2010--Gulf Finance House (”GFH”), the Bahrain based Islamic investment bank, and the Tunisian government today launched North Africa’s first offshore financial centre as part of Tunis Financial Harbour, a US$3 billion mixed use waterfront development which will provide the physical infrastructure for the planned offshore financial centre.
At a reception for financial services institutions and policy specialists in Washington, DC, USA, held during the International Monetary Fund’s (”IMF”) Annual Meeting, GFH senior management and the Governor of the Tunisian Central Bank briefed attendees on the project as well as the development of Tunisia’s financial services regulatory environment. Tunis Financial Harbour will offer a bridge between the US$15 billion EU trade bloc, Tunisia’s own dynamic economy and rapidly developing North African and sub-Saharan economies.
Tunis Financial Harbour will further develop Tunisia’s vibrant economy, by offering world class commercial infrastructure and an array of modern waterfront living for financial services institutions seeking access to the opportunities Tunisia offers as a strategic gateway between Europe and Africa. The development is projected to have a permanent population of 110,000 residents across its 500 hectares and will create 16,000 jobs for the Tunisian economy.
Mr. Esam Janahi, Executive Chairman, Gulf Finance House, said, “Tunis Financial Harbour will be North Africa’s first off shore financial services centre. Tunisia’s strategic location means that it is the natural base for a financial services hub to cater for the growing demand for financial products and services created by the growth of not only the Tunisian economy but also African economies and international investment flows into the country. Tunis Financial Harbour will offer a world class centre for financial service institutions to base their operations whilst offering a range of modern, waterfront lifestyle options for employees and residents. Tunis Financial Harbour builds on our strategy of creating the economic infrastructure to support the development of economies and societies across the Middle East and we are proud to be partnering with the Tunisian government to support their national objectives.”
Mr. Taoufik Baccar, Governor of the Central Bank of Tunisia, added, “We have a clear strategy of establishing Tunis as a leading regional financial services centre. Our policies have created an ever more open and liberal market environment which has seen the growth of our economy. In parallel with the development of a world leading financial services regulatory environment, we are now working with GFH to create the region’s first off shore financial services centre that will offer a high quality location for businesses to locate to and for employees and residents to live.”
Source: Gulf Finance House
Equities traded at NASDAQ up 31% in first nine months of 2010
October 11, 2010--The value of equities traded on NASDAQ Dubai increased by 31% in the first nine months of 2010 compared to the same period in 2009, from US$722 million to US$948 million.
Volume fell by 13% from 2.32 billion shares to 2.02 billion. For both value and volume, this was the strongest performance by any UAE stock exchange over the nine-month period, measured by percentage change.
NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to Dubai Financial Market on July 11, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.
UAE brokers have increased their share of trading of NASDAQ Dubai equities since the outsourcing. In September, the most active broker by volume was Al Futtaim HC Securities, followed by Deutsche Bank and then EFG Hermes. Equities traded value on NASDAQ Dubai reached 90 million dollars in September 2010, down 33% from September 2009. Volume for the month reached 168 million shares, down 36%.
The FTSE NASDAQ Dubai UAE 20 index rose strongly in September 2010 to end the month at 1,768, up 14% from the end of August. Since the start of the year the index has lost 4.5%.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.
Source: Emirates News Agency
Taqa shares jump 6.43%
October 11, 2010--The Abu Dhabi market ADX added 0.65% to close at 2,721.68 as Abu Dhabi National Energy Co. surged 6.43%, ending at Dhs1.51
Investors booked small profits at Sorouh Real Estate (off 0.56% at Dhs1.77). Gulf Cement Co. posted the largest advance Monday, closing eight percent higher at Dhs1.75.
Source: AME Info
Qatar market up ahead of new listing
October 11, 2010--The QE index gained 0.79% to finish at 7,830.18. QE dealers are eagerly counting down to the long-awaited listing of the shares
of Mazaya Qatar Real Estate Development Q.S.C. on the Exchange which is now scheduled for the 17th October 2010.
Source: AME Info
Kuwait market loses slightly as bank shares dip
October 11, 2010--As most bank shares headed down Monday, the KSE Market or Price Index lost 0.06% to end at 7,008.70 points. Investors booked profits at National Bank of Kuwait (NBK, down 1.38% at KD1.420) and at Islamic bank Kuwait Finance House
(off 1.61% at KD1.220). Al-Ahli Bank of Kuwait bucked the trend, closing 1.69% higher at KD0.600.
Source: AME Info
Tadawul bourse weakens 0.82%
October 11, 2010--The Saudi Arabian Tadawul market took a break from recent advances and closed at 6,367.84. SABB Takaful (off 3.92% at SR18.40) posted the second largest loss. Insurance firms, conventional and Islamic likewise
belong to the worst performing stocks in KSA in 2010 after most of them surged in 2009. Sabic ended 1.36% lower at SR90.75, trading as the most liquid share.
Source: AME Info
Bahrain market gains slightly as banks end mixed
October 11, 2010--The Bahrain All Share Index added 0.04% to close at 1,460.19. Islamic bank Al Baraka surged 2.07% to close at $1.480.
At Islamic rival Ithmaar Bank (off 3.57% at $0.135) investors booked profits since the share recovered strongly since it touched its trough beginning of August.
Source: AME Info
DGCX Indian Rupee futures volume surpasses 5,000 contracts for the first time
Indian Rupee Futures volume reached 5,201 contracts, valued at US $234.08 million on October 8th, 2010 - the highest ever daily volume for DGCX Indian Rupee Futures
October 10. 2010--The Dubai Gold & Commodities Exchange (DGCX) today announced that trading in Indian Rupee/Dollar futures crossed the 5,000 contracts mark on Friday October 8th, 2010, reaching an all time daily high of 5,201 contracts, valued at US $ 234.08 million.
The new daily volume record surpassed the previous peak of 4,724 contracts, valued at US $212.16 million, set on October 7th, 2010. The daily high follows the DGCX Indian Rupee futures’ fourth straight monthly volume record of 69,917 contracts set in September 2010. Year-to-date volume for Indian Rupee futures reached 192,628 contracts at the end of September, a growth of 195% on last year.
“The outstanding run of DGCX Indian Rupee/Dollar futures YTD demonstrates the growing demand for trading the contract among our membership base. Apart from the fact that it provides an ideal financial tool to manage price risk in the Indian Rupee, the product’s performance has been driven by its improved liquidity, low cost trading and easy access to DGCX markets,” said Eric Hasham, Chief Executive Officer, DGCX.
Source: Dubai Gold & Commodities Exchange (DGCX)
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