Middle East ETF News Older than One Year
Dubai Mercantile Exchange hits new records in open interest and physical delivery
March 4, 2010--The Dubai Mercantile Exchange (DME) announced today that a new record total open interest of 19,867 was achieved in its flagship DME Oman Crude Oil Futures Contract (DME Oman) in February 2010. The DME also achieved a new record for physical delivery of 13.4 million barrels for delivery in April 2010, surpassing the previous high of 11.6 million barrels set in September 2009.
Open interest in DME Oman has been increasing steadily, the latest figure exceeding the previous open interest record in July 2009. The rise in open interest is a leading indicator of the market's continuing confidence in DME Oman as a transparent and effective mechanism for pricing Middle East sour crude oil.
DME Oman is the largest physically delivered crude oil futures contract in the world with an average of nine million barrels per month delivered through the Exchange in 2009. Since its launch in June 2007, more than 235 million barrels of Oman crude have been delivered through the DME.
Source: The Dubai Mercantile Exchange (DME)
DGCX volume up 146% in February
Total volume reached 179,278 contracts, valued at US $10.7 billion in February, an increase of 146% on last year
Average daily volume was 9,436 contracts in February, 23% up on January and 159% up on last year
March 4, 2010--Volume on the Dubai Gold & Commodities Exchange gathered strong momentum in February, increasing 146% year-on-year to reach 179,278 contracts, valued at US $10.7 billion.
Average daily volume also increased in February, to 9,436 contracts, a rise of 23% on January and up 159% on the same period last year.
Volume in February was driven by an across-the-board increase for currencies, precious metals and crude oil derivatives. Within the currency segment, which rose 132% year-on-year, Euro/Dollar and Sterling/Dollar futures traded 79,976 and 28,253 contracts respectively. Trading in Yen/Dollar and Indian Rupee/Dollar futures was also higher compared with last year, at 18,850 and 7,796 contracts. During February, Gold futures volume was 37,363 contracts, a year on year increase of 175%.
"The volume growth in February demonstrates sustained momentum and interest in DGCX commodity and currency futures markets. The currency segment was particularly strong in February due to increased volatility in the Euro/Dollar,"said Eric Hasham, Chief Executive Officer, DGCX.
Interest in trading and hedging price risk is best reflected by volume on the Exchange, which has seen consistent growth since the middle of last year. Participants on DGCX not only gain exposure to the key global economic indicators but also benefit from reduced counterparty risk by transacting on a regulated and secure trading platform and clearing house," he added. Year to date volume is up 200% and stands at 333,025 contracts as at end February, led primarily by growth in gold and currency futures trading.
Source: Dubai Gold & Commodities Exchange (DGCX)
ADX slips down 0.14%
March 4, 2010--The Abu Dhabi Securities Exchange (ADX) fell by 0.14% to 2,726.83, with only eight stocks rising, 10 falling and seven remaining unchanged.
RAK Cement Co was the day's biggest loser, going down by 10% to Dhs0.99, while RAK Ceramic Co was the day's biggest gainer, moving up 4.12% to Dhs1.77.
Source: AME Info
DFM closes up by 0.74%
March 4, 2010--The Dubai Financial Market (DFM) closed up by 0.74% to 1,584.81, with 14 stocks rising, four falling and nine remaining unchanged.
Hits Telecom was the day's biggest riser, moving up by 5.73% to Dhs1.66. Al Salam Sudan was the day's biggest loser, going down by 2.18% to Dhs2.69.
Source: AME Info
Tadawul gains 0.53%
March 3, 2010--Saudi Arabia's Tadawul All Share Index gained 0.53% today to close on 6,478, with 66 stocks rising and 46 falling. The Cement sector had the biggest rise, up 1.63%, followed by Retail, which gained 1.33%.
Market heavyweight Alinma Bank was unchanged at SR12.70, while the day's big mover was Allied Cooperative Insurance Group, which gained 4.55% to SR50.50.
Source: AME Info
Dubai Financial Market Posts Net Profit Of AED 346.6 Million In 2009
BOD Proposes 5% Cash Dividend, Equivalent To AED 397.3 Million
March 3, 2010--Dubai Financial Market (PJSC), today announced its results for the financial year ending 31st December 2009. The Company recorded a net profit of AED 346.6 million for the year 2009, compared to AED 605 million in 2008.
Total revenues reached to AED 502.9 million at the end of 2009, compared to AED 1.01 billion in 2008. The total revenue comprised of AED 405.9 million operational revenues and AED 97 million of investment revenues and others. The earning per share stood at AED 0.04 compared to AED 0.08 at the end of 2008.
During its meeting on Tuesday March 2nd 2010, the company’s Board of Directors reviewed and approved the annual results, which will be ratified during the annual general meeting of the company that will be announced later after coordinating with Emirates Securities & Commodities Authority. The Board of Directors also proposed a cash dividend to shareholders of 5%, equivalent to AED 397.3 million.
Essa Kazim, Executive Chairman, Dubai Financial Market said: “As trading commissions contribute the majority of our revenue, we have seen a decrease in revenues and net profits in 2009 due to the continued implications of the global financial crisis. Nevertheless, DFM was one of the least affected exchanges in relation to trading value decrease in 2009 compared to other regional exchanges. The decline of 43% in trading value led to a relatively similar drop in operating revenue and net profits. Consequently, the company is engaged in deploying a series of plans aimed at reinforcing other revenue streams to limit dependence on trading commissions as much as possible. We are confident that these plans will enable us to achieve the best balance of revenue streams in the coming few years.”
“Since going public in 2007, DFM showed its undisputed commitment to provide shareholders with the best returns. To demonstrate this commitment, the Board of Directors proposed a cash dividend for the third consecutive year despite the lower trading activity and allocation of some of our liquidity to acquire NASDAQ Dubai. Undoubtedly, this reaffirms our commitment to shareholders, our confidence in the future of the company, the viability of DFM’s business model and ability to diversify revenues to achieve solid results”.
Source: Dubai Financial Markets
Saudi Arabia to hike oil prices to US in April
March 3, 2010--Saudi Aramco has raised official selling prices for all crude grades, except heavy, for customers in the USA for April and lowered prices on all grades to Europe and most for Asia, Bloomberg has reported.
The company increased the formula price of its Arab Light crude to the US the most, raising it by 15 cents a barrel, or 20%, to a 60 cent discount off the benchmark Argus Sour Crude Index, the company said in a statement. It boosted the premium for Extra Light crude to 95 cents above the benchmark, also a 15 cent change.
Source: AME Info
Dubai Financial Market '09 profit falls 43%
March 3, 2010--Dubai Financial Market, the only Arab stock market to sell shares to the public, has announced that its full-year profit dropped 43% as the global financial crisis slowed its trading volume, Bloomberg has reported
Net income fell to Dhs346.6m ($94.4m), or 0.04 dirhams a share, from Dhs605m, or 0.08 dirhams a share, a year earlier, DFM said.
Source: AME Info
ISDA Announces Further Industry Commitments to Increase Robustness of OTC Derivatives Markets
March 3, 2010--The International Swaps and Derivatives Association, Inc. (ISDA) today jointly submitted a letter with market participants and industry associations to global supervisors. The letter is the sixth in a series that publicly details how the industry will work to further strengthen the robustness of the OTC derivatives market infrastructure, improve transparency and build a more resilient risk management framework.
“ISDA and the industry recognize the need for further enhancements to the infrastructure and framework of the OTC derivative markets,” said Eraj Shirvani, Chairman of ISDA and Managing Director, Head of Fixed Income EMEA, Credit Suisse. “The commitments that the industry is making today build upon solid foundations already laid and further underscore our focus on transforming and strengthening OTC derivatives markets. They reflect the strong partnership of the major dealers, significant buy-side institutions and global supervisors, with a goal of reducing systemic risk by improving market transparency, standardization and risk management practices.”
Source: ISDA
SHUAA Capital releases KSA Vision 2010
March 2, 2010--SHUAA Capital, the leading financial services institution in the GCC, has today published its Saudi Vision 2010. The vision provides an overview of Saudi Arabia’s market outlook for 2010 with a special focus on the petrochemical, banking and telecom sectors as well as stock briefs for more than 30 Saudi listed companies. In addition, the report also reviews the Kingdom’s markets throughout 2009.
The SHUAA Saudi Vision 2010 offers an indispensable reference guide on how to navigate the dynamic market environment of Saudi Arabia for local, regional and international investors. Saudi Arabia has weathered the storm of the financial crisis well, thanks to timely and appropriate fiscal and monetary policies that have helped to support growth and the stability of the financial system. Real GDP growth is estimated at 0.2% in 2009 and we expect growth to accelerate to 3.2% this year. The key drivers behind our macro view are a sustained global recovery and the associated higher oil prices, continued expansionary fiscal policy and the resumption of local bank lending, easing financing constraints on the private sector. We forecast nominal GDP will reach SAR1.5 trillion this year.
As we anticipated in our Vision 2009 report, the Saudi market had a positive year in 2009 as the petrochemical sector led the gainers. The Tadawul All-Share Index recorded a net gain of 27.5% in 2009, falling slightly short of our estimate, in our Vision 2009 report, of 30%. Overall, and after recording a dismal 56% drop in 2008, the Saudi market managed to outperform all other GCC markets, which recorded a composite growth of 15.3% in 2009, as per the SHUAA Capital GCC Index.
On corporate earnings SHUAA Capital’s Research department anticipates 26% earnings growth in 2010. Boosted by significantly expanding earnings in the petrochemical sector, which was the main culprit behind the lower aggregate growth in 2009. Coming from a low base, it forecasts an increase of around 90% in the sector’s aggregate earnings.
Similarly, the report expects the banking sector to record a growth of circa 31% as banks’ top line will benefit from the resumption of lending, and their bottom line will be further supported by the reduction in specific provision levels compared with the peaks of 2009. Furthermore, reaching a settlement in the Saad/AHAB case in favour of local banks would be a major catalyst for the sector specifically, while significantly restoring confidence in the Saudi market as a whole.
Looking at what lies ahead for the Saudi Arabian market and its corporate the Vision 2010 explains: “We anticipate a circa 20% increase in the Saudi index in 2010, corresponding to a Tadawul All-Share Index benchmark target in the proximity of 7,400, on the back of strong commodities prices, expansionary fiscal policy, recovering private sector growth, and a steadily improving local credit environment. We expect 2010 earnings to grow by around 26%, after having witnessed a 21% decline in 2009. The strong headline earnings growth across the board would be one of the key drivers of market performance for the year.
Source: SHUAA Capital
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