Middle East ETF News Older than One Year
Currency futures drive 9% growth in DGCX April volume
Total April volume reached 107,641 contracts, a rise of 9% on last year
YTD volume rises 94% to 602,700 contracts on the back of higher currency and gold futures trading
May 5, 2010--The Dubai Gold & Commodities Exchange today announced that 107,641 contracts were recorded in April, a 9% increase on the same period last year and valued at US $6.12 billion.
The sustained growth in currency futures led trading activity in April with 67,542 contracts recorded, a year-on-year increase of 168%, reflecting the increased interest in forex trading in the region.
April 2010 volume in Euro/Dollar futures rose by 71% to 23,656 contracts, while Sterling/Dollar futures were 229% higher at 23,285 contracts. Indian Rupee/Dollar and Yen/Dollar futures recorded increases of 170% and 2031%, with 10,285 and 10,316 contracts traded respectively. Volume for Gold and WTI crude oil futures, at 31,037 contracts and 6,570 contracts respectively, declined compared with the same period last year.
Speaking on the uptrend in trading, Eric Hasham, Chief Executive Officer, DGCX, said, "We are seeing increased interest in currency futures. In response to the increased demand and feedback from members, the Exchange has decided to widen its forex offering, which will enable participants to gain exposure to the world’s most traded currencies."
In the January-April period, the Exchange achieved an impressive volume growth of 94%, to reach a YTD volume of 602,700 contracts. Valued at US $35.7 billion, the year-to-date volume was largely driven by currency and gold futures. While YTD gold futures volume rose 51%, currencies saw considerable across-the-board growth, with Euro/Dollar and Sterling/Dollar futures up 46% and 393% respectively. The increases in Indian Rupee/Dollar and Yen/Dollar futures were 276% and 1789%. Overall, DGCX currency futures have recorded YTD volume of 429,302 contracts, an increase of 133% on last year. The Exchange is expanding its range of currency products, launching Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar on June 15, 2010. DGCX will be attending and speaking at the 6th Middle East Forex Expo in Beirut, Lebanon on May 20-21, 2010.
Source: Dubai Gold & Commodities Exchange
Kuwait central bank sells $433m of treasury bonds
May 4, 2010--The central bank of Kuwait has sold KD125m ($433m) of one-year treasury bonds with a coupon of 1.25%, Bloomberg has reported.
Investors submitted KD699m in bids for the bonds, which mature on May 4, 2011.
Source: AME Info
iShares provides DIFC financial professionals a more powerful investment tool through upgraded online portal
May 3, 2010--BlackRock, Inc. (NYSE: BLK) today announced that iShares, the global leader in Exchange Traded Funds (ETFs), has updated its website for DIFC financial professionals. As the primary source of information for financial professionals, the iShares website provides detailed fund information on over 340 iShares' products throughout Europe and the US, including access to the most relevant and updated iShares documents covering financial analysis, brochures and fact sheets. This announcement comes as the world's largest ETF provider celebrates its 10th anniversary while achieving $500 Billion Assets Under Management.
The most significant addition to the website is access to daily fund fact sheets, holdings and performance data. Additionally, a suite of flexible tools has been added that include performance charts, index return charts and a fund search capability. These three tools examine an iShares ETF relationship to its benchmark, research more than 150 worldwide indices and dynamically filter iShares ETFs by a wide range of criteria, including asset class and holding exposure.
"We're excited about being able to provide DIFC financial professionals the most up to date and relevant information for their ETF needs on a web-based platform. The market conditions of the past eighteen months or so has placed a greater demand from investors for transparency and through the latest upgrades we can now provide daily transparency on the underlying holdings of all of the iShares' funds. Additionally, we constantly strive to provide our clients with the tools they need to make the best informed investment decisions. The new iShares' website enables just that," Norah Ali Alyusuf, Vice President of BlackRock explained.
Through the user-friendly interface on the iShares regional website, the user can now create and modify watch lists and save their favorite iShares in their personal lists. An additional feature is the registration page, which allows a user to sign up and receive regular educational information and to stay up-to-date with the latest iShares news.
With updates on a regular basis and in-depth information on the world of ETFs, the iShares DIFC Professional website acts as the one-stop-shop for users and equips them with the fundamentals of ETFs and relevant information that will play a significant role on a regional and global level.
The upgrades made to the local site increase its online product coverage in EMEA which includes 10 countries and 6 languages. The website also offers the complete range of funds spanning Europe and the US.
Source: BlackRock
'FFA Fixed Income Mena' listed on Luxembourg Stock Exchange
May 2, 2010--The FFA Private Bank Group has just announced the listing on the Luxembourg Stock Exchange, of one of the first funds investing in obligations from the Mena region, 'the FFA Fixed Income Mena Fund'.
In an exclusive interview with the publication 'Luxembourg for Finance', Jean Riachi, Chairman & CEO of FFA Private Bank, said:
"There are currently few bond funds investing in the Mena region because of the lack of liquidity in the secondary market. The 'FFA Fixed Income Mena Fund' invests in a diversified portfolio of bonds and sukuks across the region."
Source: AME Info
Dubai Financial Market Q1 profit down by 8%
May 2, 2010--The Dubai Financial Market (DFM) has reported an 8.4% fall in first-quarter net profit, reporting Dhs53.6m net profit during the first quarter, which ended March 31, compared to Dhs58.5m in the same period last year.
"The revenue and profits of Q1 2010 are clear evidence that our market is more stable and in a better condition compared to a year ago," Executive Chairman Essa Kazim said in a statement. The DFM reported an increase of 5% in trading value to Dhs28.975bn during the first quarter of 2010 compared to Dhs27.603bn in the first quarter of 2009.
Source: AME Info
No merger plans for Dubai, Abu Dhabi bourse, says official
May 1, 2010--Officials of Dubai and Abu Dhabi stock exchange have denied knowledge of plans to combine the two UAE bourses, following a report by Reuters about an imminent merger, Bloomberg has reported.
"This is not true," Rashed Al Baloushi, deputy CEO at the Abu Dhabi Securities Exchange, said. "I can't confirm or deny that a merger may take place in the future because I'm not aware of any such plans."
Source: AME Info
Kuwait Energy announces seventh oil discovery in Egypt
May 2, 2010--Kuwait Energy Company, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced it has discovered oil in the East Ras Qattara (ERQ) field in the Egyptian Western Desert, which is operated by Sipetrol.
The discovery is the company's seventh in Egypt and the fourth in ERQ.
The Diaa -1 well encountered oil in February 2010 in the Upper and Lower Bahariya formations and in the Kharita formation at a depth of approximately 10,700-12,000 feet. The well produced up to 1,600 barrels of oil per day (bopd) in a short-term production test from the Kharita formation.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views -May 2, 2010
May 2, 2010--Commodities Overview
Gold prices may extend last week’s upward move this week, while oil and silver are appearing a bit top-heavy. Gold prices closed at $1,180 on Friday in New York. This is a critical level.
A move above this could trigger buy orders, sending gold back to December’s record. Gold is being bought as a financial hedge against the gathering sovereign debt storm in Europe. Oil and silver meanwhile have reached the high levels markets have viewed as possible near-term tops.
Currencies Overview
The dollar’s market bifurcation may continue this week. The dollar should be expected to show strength against major traded currencies, including the euro, pound, and yen. It should be expected to continue to weaken against the rupee, and currencies of both commodities exporting nations and emerging markets. The dollar will benefit from sovereign debt concerns roiling the European markets.
Source: Source: Dubai Gold And Commodities Exchange (DGCX)
ADX edges lower
April 29, 2010--The Abu Dhabi Securities Index nudged down 0.03% today to 2,777, with 13 stocks rising, nine falling, and nine unchanged. Gulf Cement was the day's big gainer, rising 9.57% to Dhs2.06. while constrution was the best performing sector, climbing 3.20%.
Taqa fell 5.74% to Dhs1.15.
Source: AME Info
Islamic Asset Management: New Investment Strategies Beyond the Downturn
April 29, 2010--Bahrain: The highly anticipated Ernst & Young Islamic Funds & Investments Report 2010 will be exclusively launched at the 6th Annual World Islamic Funds & Capital Markets Conference, which will be held on the 24th and 25th of May 2010 in the Kingdom of Bahrain.
The Report will offer meaningful insights into the leading-edge trends that are shaping the future of the Islamic investments landscape, given recent developments in the international financial markets. Last year's Report provided an in-depth analysis of the impact of the global economic crisis on the Islamic funds landscape, with key recommendations for industry leaders on surviving and adapting in a downturn. The Report concluded with insights into key investor segments, asset classes, and products as well as competition and business model shifts.
The Islamic Funds & Investments Report (IFIR 2010), now entering its 4th annual edition, will revisit these findings as well as offer new insights that will kick-start new business strategies in the Shari'ah-compliant investments industry as crisis begins to give way to recovery.
Source: Todays Zawya
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