Qatar Exchange adds 0.75%
June 10, 2010-Prices and turnover were slightly up in Dubai, with the QE Index ending 0.75% higher at 6,853.63 points. Industries Qatar posted the largest gain, up 5.02% at QR102.10.
Qatar Islamic Bank (QIB)added 0.28% and finished at QR70.70. QIB's London-based subsidiary, European Finance House (EFH)'s Liquidity Subfund received a rating of 'AAf' in fund credit quality and 'S1+' in fund volatility from the Standard and Poor Ratings Service. 19 shares advanced, 10 declined and 8 shares ended flat in Doha.
Dubai Market ends the week positively
June 10, 2010--With a plus of 0.10% and an advance decline ratio of 14 to 10 (three shares ended flat), the DFM Index closed the week at 1,514.23 points. District cooling specialist Tabreed rebounded 3.67% and finished at Dhs0.367. Tabreed is currently in talks with its creditor banks to restructure Dhs5.4bn in debt.
End of May, shareholders gave approval for Tabreed, whose stocks declined by 44.44% in the last six months, to raise up to Dhs4.2bn in bonds or Sukuk. Weak performing banks weighed in the DFM, with Dubai Islamic Bank posting one of the largest losses among them (down one percent at Dhs2.00).
Bahrain bourse remains at 6-month low
June 10, 2010--The Bahrain All Share Index closed 0.74% lower at 1,411.61 points.
Not a single sector indec managed to gain ground. Islamic bank Ithmaar advanced four per cent to $0.130, rebounding from a year-low which it touched on Wednesday.
FX futures manage volatility and provide exposure to commodity economies
June 9, 2010--FX futures, such as the Australian and Canadian Dollar serve as a good proxy for exposure to a range of commodities, given the strong correlation, said John Anderson, Acting Head, School of Finance & Banking, The British University, at a seminar organised by the Dubai Gold & Commodities Exchange (DGCX).
John Anderson was addressing members, institutions and private investors at the seminar, held as a prelude to the upcoming launch of DGCX’s new currency futures contracts. Speaking on ‘FX Futures Trading Techniques & Strategies’, Anderson said that an Australian Dollar futures product, allows participants to not only tap into trends in commodities, but as with other FX futures, also gain exposure to world economies and interest rates.
Citing examples, Anderson said the Australian Dollar and the Canadian Dollar often move closely with world commodity prices, given the strong focus on export of commodities by these economies.
The new DGCX currency contracts – Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar – will go live on June 15, 2010 marking a significant expansion of the exchange’s currency portfolio. DGCX currently offers Euro/US Dollar, Sterling/US Dollar, Yen/US Dollar and Indian Rupee/US Dollar futures contracts. Year to date currency volume on DGCX has increased by 132%.