Middle East ETF News Older than One Year
DGCX September volumes increase 63% year on year
Total volumes for September 2010 reach 156,740 contracts, a 63% increase on last year
DGCX Indian Rupee futures set fourth consecutive monthly record
Year to date volume stands at 1.36 million contracts, a 37% increase on last year
October 5, 2010--Volumes on the Dubai Gold & Commodities Exchange (DGCX) recorded a 63% year-on-year increase, with 156,740 contracts traded, valued at US $7.85 billion in September. With trading activity on the Exchange acquiring greater momentum following the end of Ramadan and the holiday season, September volumes also rose 41% on last month.
DGCX currency futures continued to be the mainstay of growth accounting for approximately 70% of total monthly volumes. Currency futures volumes grew 304% on the same period last year to reach 112,839 contracts in September 2010.
Source: Dubai Gold & Commodities Exchange (DGCX)
Iraq raises proven oil reserves figure by 25 pct
October 4, 2010--Iraq raised its proven oil reserves figure by a quarter on Monday in a bid to match the clout of leading producer Saudi Arabia and strengthen its case for OPEC to grant it a higher output quota.
New estimates at the giant West Qurna and Zubair fields helped push the total figure to 143 billion barrels, but some analysts said they were skeptical about the massive revision and were not expecting OPEC to deal with the Iraqi quota until Baghdad manages to raise production and exports.
Source: Todays Zaman
Saudi Stock Exchange (Tadawul) – Statistical Report – 1st Nine Months 2010
October 4, 2010--At the end of the 1st nine months 2010 TADAWUL All Share Index (TASI) closed at a level of 6,392.39 points, gained 70.35 points (1.11%) over the close of the same period of the previous year .
On an YTD basis TASI registered a positive return of 4.42% (270.63 points). Highest close level for the index during the period was 6,929.40 on 26/04/2010.
Total equity market capitalization at the end of the 1st nine months 2010 reached SR 1,261.74 billion (US$ 336.46 billion), increasing by 2.54% over the end of the 1st nine months of the previous year.
The total value of shares traded for the 1st nine months 2010 reached SR 588.69 billion (US$ 156.98 billion), decreasing by 42.27% over the same period of the previous year.
The total number of shares traded* reached 25.85 billion shares for the 1st nine months 2010 compared to 47.16 billion shares traded during the 1st nine months of the previous year, decreasing by 45.18%.
The total number of transactions executed during the 1st nine months 2010 reached 15.65 million compared to 30.24 million trades during the 1st nine months of the previous year, decreasing by 48.24%.
* Adjusted to all corporate actions during the period.
Source: Tadawul
Qatar Exchange sees industry shares tumbling
October 4, 2010--The QE Index ended 0.10% lower at 7,712.61 as investors started profit booking in the industry segment.
Shares of Industries Qatar dipped 0.64% to finish at QR108.40. Commercial Bank of Qatar (CBQ) outperformed, climbing 1.52% higher to close at QR87.10. The QE Index gained 10.87% in 2010 so far, topping all other GCC exchanges.
Source: AME Info
Tadawul market lacks of impulses
October 4, 2010--The Saudi Stock Exchange's benchmark index Tasi ended 0.39% lower to close at 6,395.49. Bellwether Sabic lost 1.37% to finish at SR89.75. Sabic and partner firm Saudi Arabian Mining , also known as Ma'aden, plan to produce around one million tonnes of phosphates next year at a joint venture plant in Ras Al Zour, the Saudi Gazette has reported.
Shares of Ma'aden added 1.60%, ending at SR22.25. Real estate developer Dar Al Arkan dipped 1.49% to close at SR9.90. According to a survey done by Jones Lang LaSalle, developers expect a 12% in the real estate market in KSA for 2010, the highest yield expectation in the GCC and an increase of 1.21% over the previous year.
Source: AME Info
Abu Dhabi bourse follows weak GCC trend
October 4, 2010--Selling pressure increased on real estate shares Monday, pulling the ADX General Index down by 0.39%, closing at 2,664.23 points.
The construction sector index, on the other hand, gained slightly. ADX heavyweights Aldar Properties (off 2.40% at Dhs2.43) and Dana Gas (down 1.19% to finish at Dhs0.83) weighed on the market in particular.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-October 3, 2010
October 3, 2010--Commodities Overview
Precious and base metals prices spiked sharply higher last week. While gold prices tested record highs on a consecutive basis since 28 September, silver and other industrials metal prices rose to historic levels. Technical pressures such as the roll in open interest in the New York gold contract as well as continued weakness in the US dollar are helping drive prices of the metal higher.
Specifically, there has been an enormous amount of open interest in the active October Comex gold and Nymex futures contracts, which needed to be rolled over into forward contract months. Once heavy buying from traders looking to hedge against firmer prices winds down, gold prices could come off sharply before moving higher.
Currencies Overview
Source: AME Info
Bahrain market surges to six-month high
October 4, 2010-The BSE benchmark index in Manama added 0.47% to close at 1,455.90, the highest index level since May 30. Bahrain Commercial Facilities jumped 6.52% to finish at BD0.49.
Other gains were posted in banking segment. Khaliji Commercial Bank, one of the lowest performers in relation to their year-to-date development, gained 1.35% to finish at BD0.075.
Source: AME Info
Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects-IMF Working paper
October 4, 2010--According to a dynamic panel estimated over 1995–2008 on around 80 banks in the GCC
region, the NPL ratio worsens as economic growth becomes lower and interest rates and risk
aversion increase. Our model implies that the cumulative effect of macroeconomic shocks
over a three year horizon is indeed large.
Firm-specific factors related to risk-taking and efficiency are also related to future NPLs. The paper finally investigates the feedback effect of increasing NPLs on growth using a VAR model. According to the panel VAR, there could be a strong, albeit short-lived feedback effect from losses in banks’ balance sheets on economic activity, with a semi-elasticity of around 0.4.
Source: IMF
Dubai index down, traded volumes up
September 30, 2010--The Dubai Financial Market failed to stabilise above 1,700 and closed 1.10% lower at 1,683.69. Emaar was the liquid share, declining 1.84% to close at Dhs3.73. Emaar announced today that it has upsized a 7.5%-convertible note to $450m from $375m due to "strong investor demand.
The note will be issued by Emaar's wholly-owned Pyrus Ltd. and listed at Luxembourg's Euro MTF market. Traded value surged 50% to Dhs330.97m, as 147.24m stocks changed hands. The DFM General Index lost 6 points during last week but surged 13.26% during September.
Source: AME Info
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