Middle East ETF News Older than One Year
DGCX Indian Rupee/Dollar futures achieve new record
* Volume reaches 1,074 contracts on March 26, valued at US $ 47.37 million
March 29, 2010--Trade in the Indian Rupee/Dollar futures surged to a new daily high on the Dubai Gold & Commodities Exchange last Friday, March 26, 2010. 1,074 contracts valued at US $47.37 million were recorded on the exchange - the highest value and volume achieved since the contract was launched in 2007.
The new high surpassed the earlier record of 957 contracts achieved on May 19, 2009, valued at US $40.04 million. DGCX offers the only Indian Rupee futures contract outside of India and the contract is cash settled against the US Dollar reference rate published by the Reserve Bank of India in Mumbai. The DGCX contract is available for trading from 8.30am to 11.30pm (Dubai time), extending eight hours beyond the closing time of the domestic futures markets.
"The increased activity in DGCX Indian Rupee futures supports the trend of stronger international interest in the currency," said Eric Hasham, Chief Executive Officer, DGCX. "Improved liquidity, tighter on-screen prices and the large contract size have encouraged participants, especially ‘hedgers’, to trade the DGCX Indian Rupee contract. We have also received feedback from clients who want to move business to the exchange from the OTC market in order to better manage their counterparty risk by both trading and clearing in a well regulated environment", he said.
In addition to Indian Rupee/Dollar futures, DGCX offers currency contracts in Euro/Dollar, Sterling/Dollar and Yen/Dollar futures. Total volume on DGCX gathered momentum in February, increasing 146% year-on-year to reach 179,278 contracts, valued at US $10.7 billion. Trading in the DGCX Indian Rupee/Dollar futures contract was also higher in February compared with last year at 7,796 contracts.
Source: DGCX
Dubai Gold And Commodities Exchange Weekly Views-March 28, 2010
March 30, 2010--Commodities Overview
Precious metals have become a volatile battleground between shorter term investors exiting from long positions in response to a stronger dollar and improving economic conditions in many parts of the world on the one hand, and longer term investors who remain interested in these metals due to the fact that major trade, current account, savings, debt, and currency market imbalances remain unaddressed by governments.
Liquidations by the shorter term investors have pushed prices lower, while the longer term investors have been heavy buyers in response to the lower prices. Precious metals may rise from last week’s low levels this week, perhaps into the ranges seen in the second week of March. Slightly longer term, gold and silver prices could fall back to make new short-term lows in the first half of April. Petroleum prices may follow a similar price pattern, albeit for different reasons.
Currencies Overview
The U.S. dollar had a good ride last week. The longer term impetus for the dollar to strengthen against other major traded currencies is more clearly defined. This week, however, there could be some short-term profit-taking, as investors and trading banks assess whether the dollar has moved too strongly too fast. Also, financial market opinions toward Europe and the euro could back off from some of the bleaker views that were so prevalent last week. In this environment, the dollar could fall this week. It is not likely to fall sharply, and any decline may be limited to a week or two.
Source: Dubai Gold And Commodities Exchange (DGCX):
Saudi Arabia to spend $170bn on energy projects
March 29, 2010--Saudi Arabia plans to spend $170bn over the next five years on energy and oil refining projects, $90bn of which is to come directly from Saudi Aramco, while current and future capital investment will add the remaining $80bn of joint refining and marketing projects to the total.
These investments are in line with the Kingdom's plans to increase production capacity as well as refining and marketing, in addition to directing an increased proportion of these investments to gas projects.
Source: AME Info
Dubai Holding weighing options for debt management, says report
March 29, 2010--Dubai Holding is considering options that could include a restructuring to address as much as $20bn in debts, the Financial Times reported, citing a person close to the matter.
Talks between creditors and advisers have picked up in recent weeks and the company is considering appointing a financial adviser to explore the rescheduling of loans over the next few months, the paper said.
Source: AME Info
DFM slips 0.41%
March 24, 2010--The Dubai Financial Market fell 0.41% today to 1,769, with eight stocks rising and 15 falling
Emaar Properties, the day's most heavily traded stock by value and by volume, slipped 0.80% to Dhs3.74. Global Investment House had the biggest gain, rising 7.76% to Dhs1.25.
Source: AME Info
Tadawul edges higher
March 24, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.27% to 6,756, with 54 stocks rising and 58 falling.
Market heavyweight Alinma Bank dropped 0.39% to SR12.90, while fellow market leader Kingdom Holding slipped 0.52% to SR9.50.
Saudi Cement had the day's biggest loss, falling 4.30% to SR72.25.
Source: AME Info
Dubai offers $9.5bn to back Dubai World, Nakheel restructuring
March 25, 2010--Dubai World and Nakheel are set to announce proposals for the restructuring of their liabilities today.
A Statement from HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said that the government of Dubai would support these initiatives with up to $9.5bn.
Source: AME Info
DFM rise fuelled by Emaar
March 25, 2010--The Dubai Financial Market (DFM) rose by 4.31% to 1,845.21, with 22 stocks rising, three falling and three holding steady.
Emaar was the day's most active stock by value and by volume and was also the day's biggest gainer, moving up by 8.82% to Dhs4.07.
Source: AME Info
ADX climbs as ETF Market launched
March 25, 2010--The Abu Dhabi Securities Exchange (ADX) rose 1.12% to 2,903.92, with 22 stocks rising, five falling and four holding steady.
RAKBank was the day's biggest gainer, moving up by 6.94% to Dhs3.85.The ADX today launched its ETF Market.
Source: AME Info
Private equity will catalyze infrastructure growth in Middle East and Africa
March 25, 2010--More than $21.7 trillion will be spent on infrastructure in emerging markets between 2008 and 2018, and private equity players will play an increasingly important role in building the ports, energy distribution systems, transport networks and similar projects that will connect developing economies with each other and with global markets.
"Infrastructure investing has traditionally been seen as a low-return, long-horizon investment best left to the public sector," said Marwan Elaraby, Managing Director of leading Middle East and Africa private equity firm Citadel Capital, in a speech at Projects 2010.
Source: AME Info
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