Middle East ETF News Older than One Year
DGCX reports strong start to 2010, with volume up 300% in January
Total volume in January rose 300% year-on-year to 153,747 contracts
Currency and gold futures led the volume growth in January, with 104,614 and 42,289 contracts traded respectively
February 3, 2010--Setting the tone for 2010, the Dubai Gold & Commodities Exchange (DGCX) today announced that total volume rose 300% year-on-year to reach 153,747 contracts in January.
Valued at US $9,187 million, trading in January was led by stronger participation in currency and gold futures, which recorded volumes of 104,614 and 42,289 contracts respectively. Euro/Dollar, GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures recorded volumes of 51,103; 31,072; 7,181 and 15,258 in January.
On January 29, the Exchange recorded its second highest daily volume for currencies with 9,892 contracts, valued at US$ 674 million. This was close to the record of 10,669 contracts achieved in August 2009.
The performance in the first month of 2010 is testimony to the stronger demand and participation that we are witnessing for both commodity and currency derivatives,"said Eric Hasham, Chief Executive Officer, DGCX.
Volatility in commodities and currencies has continued into 2010, which is encouraging participants to tap into the hedging benefits offered by DGCX futures contracts. The year has started positively for the exchange and as the economic recovery continues, DGCX will consolidate its growth and position as the region's leading derivatives exchange.
Total currency volume was 104,614 contracts in January, up by 463% on last year. Gold futures volume was 42,289 contracts, up 142% on last year. WTI crude oil and silver futures were also up on last year, with volumes of 4,294 and 2,550 contracts.
Source: Dubai Gold & Commodities Exchange (DGCX)
Abu Dhabi to miss economic growth target
February 2, 2010--Mohamed Omar Abdulla, undersecretary at Abu Dhabi's department of economic development, said the emirate will not reach its growth target of an annual 6% to 7% over the next 20 years, Bloomberg has reported.
'We have to make downward adjustments in terms of the growth,' Abdulla told the news service. 'The average growth will be 6% to 7% according to the vision; this will not be the case.' The Abu Dhabi Economic Vision 2030 set growth targets of 7% through 2015 and 6% thereafter.
Source: AME Info
Kuwait expects 40% profit from Black Rock investment
February 1, 2010--Kuwait Investment Authority invested about $750m in US asset manager BlackRock last year, KIA's managing director told Al Arabiya TV.
'Last May we invested in raising BlackRock's capital, I think $750m...and I think until now we made 40% of profit," Bader al-Saad said. Saad also said that he still expected KIA to make a profit on its $2bn investment in Bank of America, despite a current loss of between 30-40% on the investment.
Source: AME Info
Bahrain sovereign wealth fund to diversify
February 1, 2010--Mumtalakat, Bahrain's sovereign wealth fund, plans to diversify away from private equity projects and into stocks and bonds, Reuters has reported.
Talal Al Zain told the news service that Mumtalakat expects to receive a credit rating this year, which would allow it to tap capital markets for funding, including Islamic bonds. 'We want to diversify. We will be looking at investments across markets. Our immediate focus will be to diversify investments, channel funds more towards liquidity, that is fixed income, equity markets,' he said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views January 31, 2010
January 31, 2010--Commodities Overview
Gold, silver, and petroleum prices all headed lower last week. An appreciating U.S. dollar helped push prices lower for many commodities. Investor interest in precious metals remains firm, but has eased from the levels seen in the second half of last year. Investment demand for silver is doing better than gold, however.
Concerns over financial markets and economic conditions continue although are not at the heights when economic growth was contracting sharply in many countries around the world. That said, a wave of economic and political ills could quickly shift investor sentiment. Recent attention has focused on weak economic conditions in some member countries of the eurozone.
Currencies Overview
The U.S. dollar index could continue to strengthen this week. There may be bouts of profit-taking and technically based selling, however, the overall trend is expected to be higher. Last week the U.S. dollar was firm, rising against most major currencies. Macroeconomic data released was positive for the United States, signaling a further stabilization and better prospects for the U.S. economy. The news that the U.S. fourth quarter gross domestic product figure expanded 5.7% provided a boost to the U.S. dollar at the end of last week.
Source: Dubai Gold And Commodities Exchange (DGCX)
Tadawul nudges lower
January 27, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) nudged down 0.06% today to 6,252, with 65 stocks falling and 44 rising. The day's most heavily traded stock,
Kingdom Holding, gained 3.40% to SR7.60. The biggest riser was Union Cooperative Assurance, which climbed 4.35% to SR31.20.
Source: Arab News Online
ADX climbs prior to weekend close
January 28, 2010--The Abu Dhabi Securities Exchange rose 1.01% to 2,628.17 on its last day of trading of the week, with 25 stocks rising, four falling and four holding steady
National Marine Dredging Co (NMDC) was the day's biggest gainer, going up by 9.34% to Dhs9.53.
Source: AME Info
DFM climbs 2.17%
January 28, 2010--The Dubai Financial Market (DFM) rose by 2.17% to 1,599.43 today, with 24 stocks rising, five falling and two remaining unchanged.
Hits Telecom was the day's biggest gainer, moving up 7% to Dhs2.14, while National Cement (NCC) had the biggest slide, falling 4.95% to Dhs3.07.
Source: AME Info
DGCX provides 24 hour trade reporting facility
New facility improves accessibility for all market participants by providing trade reporting for transactions undertaken 24 hours a day
Participants continue to benefit from regulated and cleared trading, outside of electronic trading hours
January 27, 2010--In a move that will enable market participants to trade and hedge risk beyond regular electronic trading hours, the Dubai Gold & Commodities Exchange (DGCX) is permitting members to report transactions negotiated after the close of trading at 11.30pm Dubai time, with effect from February 1st, 2010.
The facility, known as Post-Close-of-Trading (PCT) transactions, will allow members to execute and report a trade after the market has closed and before the market is open for trading on the next business day. It will be available for all contracts listed for trading on the Exchange, including futures, options and spread contracts.
Members participating in the PCT negotiate the terms and conditions bi-laterally, including the futures price and quantity. The request is subsequently submitted to the Exchange through the Clearing Member.
“The new facility is aimed at increasing accessibility for local and international participants, so that they can benefit from a regulated and centrally cleared marketplace for trades executed after electronic trading market hours. The step is designed to allow members to hedge against volatility in the OTC markets post close-of-trading on DGCX,” said Eric Hasham, Chief Executive Officer, DGCX.
Emphasising the commitment of DGCX to providing innovative solutions for investors in the region, Eric Hasham added, “The Post-Close-of-Trading facility is yet another step in adding value to participants in terms of risk management, convenience and flexibility”.
Mahmood Riaz, Managing Director, GTL Trading said, “GTL offers a robust trading platform and dealing desk to a growing base of international clients. We have received requests from many clients for the introduction of ‘Post Close of Trading' reporting and clearing on DGCX and this is therefore a welcome addition, helping us to better serve our clients across the region 24 hours a day.
Source: Dubai Gold & Commodities Exchange (DGCX)
Emirates NBD discontinues use of Standard and Poor's ratings
January 27, 2010--Emirates NBD (DFM: EmiratesNBD) announced that the company has elected to discontinue use of Standard & Poor's Investors Service for rating of its banking subsidiaries, Emirates Bank International PJSC (EBI) and National Bank of Dubai PJSC (NBD).
Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD PJSC.
Source: AME Info
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