Middle East ETF News Older than One Year
NASDAQ Dubai Equities Trading Volumes Reach Highest Level Since 2007
April 14, 2010--Equities trading volumes on NASDAQ Dubai rose to 1.09 billion in the first quarter of 2010, their highest quarterly level since 2007, before the start of the global economic crisis. The 2010 first quarter figure was 40 per cent higher than the fourth quarter of 2009 total of 776 million. It was also 5 per cent up on the first quarter of 2009 level of 1.04 billion.
Equities volumes in March 2010 reached 567 million, the highest monthly figure since 2007. The total was 76 per cent higher than the 322 million shares traded in February 2010, and 90 per cent up on the March 2009 figure of 298 million.
Citigroup was the most active member of the Exchange by equities volume in the first quarter of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the quarter, followed by Emirates NBD Capital and then Arqaam Capital.
Source: NASDAQ Dubai
DGCX launches Swiss Franc, Australian Dollar & Canadian Dollar Futures
New contracts will go live on June 15, 2010
Move increases DGCX’s currency product portfolio to seven contracts
April 14, 2010--The Dubai Gold & Commodities Exchange is expanding its suite of forex (FX) products by launching three new currency futures contracts – Swiss Franc/US Dollar (DCHF), Australian Dollar/US Dollar (DAUD) and Canadian Dollar/US Dollar (DCAD). The new contracts will go live on June 15, 2010 and will be cleared by the Dubai Commodities Clearing Corporation.
DGCX currently lists four currency futures contracts - Euro/US Dollar, GBP/US Dollar, Yen/US Dollar and Indian Rupee/US Dollar. The Exchange has witnessed 128% growth in currency futures volume year to date.
"The increase in DGCX currency futures volume coupled with growing demand from members, has encouraged us to offer the DCHF, DAUD and DCAD futures contracts. DGCX will be the only futures Exchange outside of the US and Europe to offer the six most liquid currency futures pairs. The new contracts will enhance the exchange’s currency portfolio and provide alternative economic indicators and trading opportunities for participants, for example the Australian Dollar is predominantly a commodity based currency, while trading in the Swiss Franc is mainly investment based," said Eric Hasham, CEO, DGCX.
Ahmed Bin Sulayem, Chairman, DGCX, added, "Under the regulatory guidance of the Securities and Commodities Authority (SCA), DGCX has contributed significantly towards the diversification of the region’s financial services offering by providing viable risk management and investment tools. The launch of the new currency futures contracts, which has been approved by both SCA and the UAE Central Bank, will ensure DGCX sustains its momentum in this market. The increase in currency futures volume on the Exchange year to date demonstrates that the UAE is turning into an important centre for regulated forex trading."
The new currency contracts will trade from 8:30am to 11:30pm Dubai Time (4:30am to 7:30pm GMT and 12:30am to 3:30pm Eastern Time). The contracts are sized at CHF 50,000, AUD 50,000 and CAD 50,000, with the contract price quoted in US dollars. The minimum price fluctuation will be US $0.0001 per contract, equivalent to a tick value of US $5 per contract. The first delivery month available for trading for all three contracts will be September 2010.
DGCX has recorded an Average Daily Volume of 5,835 currency futures contracts in 2010. Year to Date currency futures volume stands at 362,000 contracts, valued at US $24.4 billion, as at the end of March 2010.
Source: Dubai Gold & Commodities Exchange
BFX set for October launch
April 13, 2010--The Bahrain Financial Exchange (BFX), the Multi-Asset exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and shariah-compliant financial instruments, has confirmed it will launch in October of this year.
BFX Managing Director & Chief Executive Officer Mr. Arshad Khan said: “I am delighted to announce that the BFX will begin its operations in October of this year. Significant planning has gone into developing this date and reflects consultation with the market, regional market dynamics and internal testing and readiness”.
He Added: “We are in the final stages of internal testing and audit work and our business development teams have been engaging with the market to build up a solid base of membership across the MENA region for go live. Over the coming months we will be positioning our operations for a smooth introduction as well as working with members so that integration and testing is correctly project planned and seamless”.
The BFX has been working over the past one year to complete its entire exchange infrastructure, including the development of its products and services within both the Islamic and Conventional sectors, along with the implementation and testing of its state of the art technology. The BFX has its own clearing corporation, the BFX Clearing and Depository Corporation (BCDC) and an in-house International Training Institute, offering Learning and Development solutions for both individuals and corporates alike.
Source: The Bahrain Financial Exchange (BFX)
Islamic bond sales to rise 50% this year, says report
April 13, 2010--The research arm of Kuwait Finance House, KFH Research Ltd, has said that Islamic bond sales will grow 50% to $30bn in 2010, driven by low interest rates and spending by governments on infrastructure programs aimed at supporting growth, Bloomberg has reported.
Some $20bn of Islamic bonds announced last year are expected to be issued in 2010 and 'another $10bn or more could potentially enter the pipeline', KFH Research senior analyst Tursina Yaacob said.
Source: AME Info
Hopes rise for return of private equity deals
April 12, 2010--Last year, many regional private equity executives, though shocked at the scale of the financial crisis, were confidently forecasting a “vintage year” for investments in the Middle East.
Firms, after all, had plenty of “dry powder” to take advantage of the economic downturn and subsequent drop in asset valuations. Between 2006 and 2008, 85 funds concentrating on the Middle East and north Africa raised $18.2bn, according to Preqin, a data provider, and much of it had yet to be invested when the crisis struck.
Source: FT. com
Dubai Government forms finance team
April 12, 2010--The Dubai Government Media Office said a decision was issued by His Highness Sheikh Ahmed bin Saeed al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, to form the Dubai Government Finance Team.
The team will be responsible for developing a medium term financial plan (2011-2014) and will submit its recommendations to the Supreme Fiscal Committee. The newly formed team will fully operate under the supervision of the Dubai Department of Finance and will hold its meeting at the Department's premises.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views -April 11, 2010
April 12, 2010--Commodities Overview
Commodities prices may extend their recent strength into this week, although there are signs that profit-taking may limit any further moves. Gold, silver, and oil all are close to near-term levels at which investors may seek to take profits in some of their long positions. That said, a move to depreciate the dollar against the Chinese yuan could lend further upward support to a range of commodities prices, at least in the short term.
While a decline in the dollar against the yuan would not necessarily be bullish for commodities, there is enough hot money traded by funds and individual investors that would be expected to jump into commodities if the Chinese government makes a move to allow the yuan to rise. Such a development might have only temporary upward effects on commodities prices, however.
Source: Dubai Gold And Commodities Exchange (DGCX)
Egypt inflation falls in March
declined for a second month in March, giving the central bank more room to keep its benchmark interest rates at a three-year low, Bloomberg has reported. Urban inflation, the main rate the central bank monitors, slowed to 12.2% from 12.8% in February, the data showed.
Source: AME Info
OPEC daily basket price stood at $81.65 a barrel Thursday, 8 April 2010
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Source: OPEC
DFM: Three decimal Tick Size to be applied on securities with a market value below AED 1, as of April 8th 2010
This will allow investors to trade in these securities with fractions of one Fills.
Source: Dubai Financial Market (DFM)
April 10, 2010-According to data by Egypt's Central Agency for Public Mobilization and Statistics, the country's inflation rate had
April 9, 2010--The price of OPEC basket of twelve crudes stood at 81.65 dollars a barrel on Thursday, compared with $82.41 the previous day, according to OPEC Secretariat calculations. (View Archives).
April 2010-- Dubai Financial Market (DFM) would like to announce that it will apply the three decimal Tick Size system only on securities with a market value below AED 1, as of Thursday, April 8th 2010.
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