Middle East ETF News Older than One Year
Dubai market ends lower
June 3, 2010--The Dubai Financial Market (DFM) started bullish on Thursday. It eventually lost momentum and closed 0.52% lower at 1,541.80 points. Market bellwether Emaar Properties fell by 0.62% and ended at Dhs3.20.
According to the Credit Suisse "Mena Real Estate Outlook" which was published today, real estate prices in Dubai's residential segment declined to the level of 2006 and could fall by 15-20% further in 2010. The Swiss bank also revised its price target for Emaar shares down by Dhs0.6 to Dhs5.19, but still says the shares would "outperform". Turnover was up at the DFM by 19% compared to Wednesday. During the first week of June the DFM Index lost 3.08%.
Source: AME Info
Kuwait market edges 0.36% higher
June 3, 2010--Investors in the northern Gulf state joined the slight regional upswing on Thursday and lifted the Kuwait Stock Exchange (KSE) Market Index by 0.36% to 6,733.50 points. Bank stocks in particular helped the market in regaining some territory, as the KSE lost 1.13% during the first trading week in June.
The financial industry's bellwether National Bank of Kuwait (NBK) added 1.69%, closing at KD1.20. Banks performed stronger after China's largest bank ICBC said it looks at acquisitions in Kuwait and Saudi Arabia, Thomson-Reuters reported.
Source: AME Info
Bahrain exchange advances slightly
June 3, 2010-- For the first time this week, the Bahrain Stock Exchange (BSE) ended in the green and closed 0.09% higher at 1,416.90 points. Islamic investment bank Gulf Finance House (GFH) advanced 3.85% and finished at BD0.135
The bank announced last Sunday that it will sell a 50 per cent stake in the Bahrain Financial Harbour to Emar Bahrain in order to pay back partly a $300m loan. The stake was estimated at $175m.
Source: AME Info
Iraq forecasts $70-$80 oil price
June 3, 2010--Iraq has said it expects international oil prices to fluctuate between $70 and $80 per barrel, Reuters has reported. "The price is not decreasing very much. Our expectation is that the oil price will not decrease to less than $65 to $70," deputy oil minister, Abdul Kareem Luaibi told reporters at a conference in Baghdad.
"According to our expectation, the price will fluctuate between $70 and $80," he said. "Although we consider it unfair, it is acceptable at the current time."
Source: AME Info
DGCX trades 139,565 futures contracts in May 2010
June 2, 2010: Volume on Dubai Gold & Commodities Exchange (DGCX) recorded a 30% month-on-month increase in May, but a year-on-year decline of 12%, with 139,565 contracts traded, valued at US$ 7.64 billion. Of the total volume, 79,889 contracts were traded in DGCX currency futures, an increase of 128% on last year.
May volumes grew in comparison to the previous month. Gold, Silver and WTI crude oil futures traded 43,525, 5,446 and 10,705 contracts, a rise of 40%, 119% and 63% respectively. Euro/Dollar and Sterling/Dollar also witnessed month-on-month increases of 68% and 7% respectively, with 39,787 and 24,903 contracts traded. The slight decline in May compared with the same period last year was due to lower volumes in gold and WTI crude oil futures.
Eric Hasham, Chief Executive Officer, DGCX, said, "The higher volume in May compared with the previous month demonstrates the momentum that we have achieved to date this year in attracting more trading activity and participants to the exchange. It is evidence of sustained interest in DGCX as a platform for hedging and investment. This has been especially evident during recent volatility in the commodity and currency markets. As part of our efforts to expand our product offering and meet client’s requirements, DGCX is set to launch three new currency contracts this month."
DGCX will launch the Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar on June 15, 2010. The Exchange recorded growth of 58% in year-to-date volume at 742,265 contracts, driven by a YTD rise of 132% in currency futures trading.
Source: Dubai Gold & Commodities Exchange (DGCX)
Jordan money supply increases
June 2, 2010--Jordan's money supply rose 8% year-on-year at the end of April, and increased 0.9% from March, Reuters has reported. The broadest measure of money supply, M2 rose to JD20.474bn ($28.8bn) at the end of April from JD18.947bn in the same period last year. Money supply growth almost halved to 9% in 2009 and supply stood at JD20.013bn at the end of December as banking lending shrank due to the global downturn.
Growth in money supply, an indicator of future inflation, has decelerated rapidly since peaking at a record 17.3% in 2008 when a sharp rise in oil and commodity prices spurred high inflation, the data showed.
Source: AME Info
Dubai Mercantile Exchange Celebrates Third Anniversary
June 1, 2010--The Dubai Mercantile Exchange Limited (DME) marked its third anniversary today with the announcement that average daily trading of its flagship DME Oman Crude Oil Futures Contract (DME Oman) has increased by 130% since 2008, averaging 2,955 lots since the start of 2010, equivalent to around 3 million barrels of oil traded daily.
Marking the announcement, Chairman of the DME, Ahmad Sharaf said:
"Over the course of the past year, the DME has enjoyed sustained liquidity growth driven by the robust link to supply and demand fundamentals. We have experienced record levels of physical delivery and ever growing acceptance from producers and consumers of the fair value and transparency that DME Oman brings to the market. We take this opportunity to thank our shareholders and stakeholders for their support and look forward to continued growth in 2010".
DME Oman continues to demonstrate a strong link to the underlying Oman crude physical market and is the largest physically delivered crude oil futures contract in the world. The total number of DME Oman contracts traded since the Exchange launched in 2007 has exceeded 1,374,000 - equivalent to more than 1.3 billion barrels of oil.
Source: The Dubai Mercantile Exchange Limited (DME)
Dubai Gold And Commodities Exchange Weekly Views-May 30, 2010
May 30, 2010--Commodities Overview
Commodities prices received a boost late last week amid a respite in investor concerns over financial markets and economic conditions. Euro zone sovereign debt problems remain, but the level of investor anxiety seen in previous weeks eased a bit. Relatively low commodities prices compared to previous weeks also attracted investor buying along with increased purchases from industrial users.
It should not be expected that commodities prices rise in a linear fashion going forward, however. Just as investor sentiment turned less pessimistic last week, helping to reverse rapidly declining equity values around the world, it could just as easily reverse course. Governments seem to be addressing problematic issues in a quick fashion, but longer term structural problems remain. Europe’s governmental financial troubles have been the focus over the past couple of months, and are likely to keep investor sentiment on edge. Economic conditions meanwhile are likely to remain shaky, but be positive overall. Gold and silver should benefit, especially in the near-term, as investors will be reluctant to substantially reduce their safe haven assets in the current environment.
Currencies Overview
Currency markets may begin to consolidate on a temporary basis in broad ranges this week. A resurgence in financial market volatility and investor fears, however, could quickly be sparked, pushing investors back toward safe haven currencies. Confidence in the euro remains lackluster, but the level of investor selling of the currency has eased. While the euro zone may be inclined to have a weaker currency so as to be more competitive in the global market place, it does not necessarily want to see the euro being devalued at such a rapid, strong pace. Investor sentiment toward the euro is likely to remain weak and the currency should be expected to face further selling pressure, but the decline could be extended over the next several months as opposed to what has been seen in May. As of 28 May the euro had fallen 7.7% month-to-date against the U.S. dollar, a much stronger decline than in previous months. A great deal of focus remains on European sovereign debt problems and on the steps that are being taken to address the financial ills that several euro zone member nations face.
Source:Dubai Gold And Commodities Exchange (DGCX)
Kuwait approves public shareholding firms
May 27, 2010--Kuwaiti legislators have approved plans to set up public shareholding firms to build electrical power and water desalination plants, as part of a privatisation drive in the country, Reuters has reported.
According to the new law, a 26% stake will be offered in an auction for each company formed. The government will own a 24% stake, and the remaining 50% will be offered to Kuwaiti investors.
Source: AME Info
Saudi investors look to bonds
May 27, 2010--Fahad al-Saif, director of investment banking at HSBC Saudi Arabia has said that investors in the kingdom are being drawn towards bonds due to volatile equity markets and low interest rates on deposits, Reuters has reported.
"Investors have only two asset classes - equities and deposits in banks. Equities are now volatile and interest rates are low, so they are increasingly turning to bonds, bringing debt allocation into their portfolios," he said.
Source: AME Info
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