Middle East ETF News Older than One Year
DGCX achieves record annual volumes in 2009
* Full year 2009 volumes reach 1.5 million contracts
* Strong year-on-year growth of 31.6%,
January 5, 2010--The Dubai Gold & Commodities Exchange (DGCX) reaffirmed the important role of derivatives in 2009 of managing risk during uncertain market conditions as the Exchange recorded 1.5 million contracts valued at US $79 billion at the end of 2009.
Surpassing the 2008 total volume of 1.142 million contracts, DGCX recorded an increase of 31.6% in 2009; the highest annual volume to be achieved since inception.
Currencies and crude oil were the key drivers for the rise in annual volume. While currencies recorded a 132% increase compared with last year, full year volume for crude oil futures rose by 140%.
Monthly volume on Dubai Gold & Commodities Exchange (DGCX) in December was 181,105, an increase of 529% on December 2008. December volume included 75,591 gold, 89,123 currency and 10,083 WTI futures contracts. Year-on-year volumes of currency, crude and gold futures grew by 524%, 509% and 489% respectively in December.
Commending the Exchange's robust performance in 2009 Ahmed Bin Sulayem, Chairman, DGCX, said, “DGCX's launch and progress was a timely occurrence for this region. The volatility in global markets and the tightening of credit rendered risk management, security and market transparency a priority among investors. The record annual volume on DGCX indicates that the Exchange is continuing in its growth path, offering the distinct advantages of regulated on-exchange trading and clearing. ”
Average daily volume reached 5,921 contracts in 2009, an increase of 30.6% compared with 2008. Since inception in November 2005, DGCX has seen trading of over 4.1 million contracts with a value in excess of US$ 185 billion.
Eric Hasham, CEO of DGCX said, “In four years, the Exchange's portfolio has grown quickly to include the key economic indicators of precious metals, energy and currencies on one trading and clearing platform. The increase in year on year volumes is an encouraging achievement and confirms that our offering meets the requirements of market participants. We are confident that there is significant potential to grow existing contracts and launch new products, to further capture market opportunities and liquidity in the Middle East and beyond.”
In 2009, DGCX focused on improving liquidity, tightening prices and educating participants to better understand the trading and price risk management benefits of derivatives. The exchange witnessed a strong response from new and existing participants during workshops held throughout the year.
On February 27th 2009, for the first time, volume for Euro/Dollar futures touched almost 7,000 contracts valued at US $ 427 million. August 7th 2009, saw the highest daily volume ever for all currency futures at 7,655 contracts, valued at US $583.86 million. Total November 2009 volume hit an all time monthly high of 190,554 contracts, valued at US $10.86 billion, up 345% year on year, led by gold and currencies.
Source: Dubai Gold & Commodities Exchange (DGCX)
Dubai Gold And Commodities Exchange Weekly Views January 3, 2010
January 3, 2010--Commodities Overview
Commodities prices are expected to be strong during the first week of 2010. Investors remain bullish on commodities, including precious metals. Precious metals should do well in early 2010. If economic conditions appear more negative, gold and silver will continue to benefit from investors seeking alternative assets and hedges against continued weak equity and bond markets. If economic conditions are more positive, as CPM Group expects, investors will be interested in gold and silver as inflation hedges.
Longer term investors meanwhile are expected to continue to buy precious metals as they seek to build greater long-term exposure to gold and silver in their portfolios. Either economic scenario thus appears to suggest investors will continue to buy precious metals in early 2010.
Currencies Overview
Currency markets may be mixed in the coming week. While market observers often look for a clear directional signal at the beginning of the year, as the world returns from holidays, the signal for currency markets this year may be that the markets will be mixed. This reflects the likelihood that investors in 2010 may be most likely to be more active in deploying assets in numerous countries around the world. The U.S. economy and market may look more attractive than those of Europe, the United Kingdom and Japan. This could help the dollar strengthen against those currencies. The relative strength and attractiveness may be small and limited, however, so that the dollar advances may be smaller than some dollar bulls expect and frequently interrupted by profit-taking.
Source: Dubai Gold And Commodities Exchange (DGCX)
Land transactions in Dubai top Dhs1.42bn
December 31, 2009--The total value of land transactions in Dubai last week peaked at Dhs1.42bn , of which sales exceeded Dhs866.20m.
The total value of mortgages during the period was Dhs558.28m, according to the Land Department.
Source: AME Info
ADX edges lower
December 31, 2009--The Abu Dhabi Securities Exchange nudged down 0.07% today to close on 2,743, as 12 stocks advanced, 14 fell, and nine were unchanged.
Gulf Pharmacy was the day's big gainer, up 9.58% to close on Dhs1.83.
Source: MENA News
DFM sees slight dip
December 31, 2009--The Dubai Financial Market dipped 0.37% today to close on 1,803. Overall, eleven stocks fell, eight rose, and nine remained unchanged.
Emarat Takaful Insurance was the top gainer, up 6.19%, and Arabtec was the best of the more active gainers, up 2.29%. Al Salam Bank Sudan, down 4.38%, and Emirates NBD, down 3.91%, were the worst of the losers. Emaar Properties fell 0.52% to 3.88.
Source: AME Info
OPEC Output Rose in December, Bloomberg Survey Shows
December 31, 2009--The Organization of Petroleum Exporting Countries increased crude-oil production in December to the highest level in a year as members took advantage of rising prices, a Bloomberg News survey showed.
Output averaged 28.965 million barrels a day this month, up 65,000 barrels from November, according to the survey of oil companies, producers and analysts. The 11 countries with quotas, all except Iraq, pumped 26.615 million barrels a day, 1.77 million above their target. All members exceeded their production goals.
Source: Bloomberg
SABIC plans bond issues
December 30, 2009--Saudi Basic Industries Corp (SABIC) has announced plans to issue 10 billion Saudi riyals ($2.67bn) in bonds to the government's Public Investment Fund.
The private placement to the PIF, which owns 70% of Sabic, will be over several issues. The bonds have a maturity of seven years after being issued, Sabic said in a statement.
Source: AME Info
Saudi index ends flat
December 30, 2009--Saudi Arabia's Tadawul All Share Index (Tasi) remained unchanged in trading today, as 72 stocks rose and 41 fell.
The day's most widely traded stock was Saudi Kayan Petrochemical Co, which fell 1.09% to SR18.21.
Source: AME Info
MSM rules out plans of trading in Exchange Traded Funds
December 29, 2009--The Muscat Securities Market (MSM) wouldn't be immediately trading in equity-based Exchange Traded Funds (ETF) nor would it be giving it a thought at least in the nearest future.
This was said by Ahmed Saleh al Marhoon (pictured), Director-General, MSM. "We have been trying and encouraging companies to introduce ETF in the country and there have been a lot of efforts put in.
Last year, we held a huge conference in association with Dow Jones in the early 2008 and it was a very successful one. The aim of the conference was just to raise awareness among the brokerage firms about the importance of ETFs in the exchanges and unfortunately, all the exchanges in the GCC have not yet succeeded in getting it started in any form.
There have been a lot of efforts not only in the MSM but in all stock exchanges in the GCC countries but strangely enough, no one could take off with the proposed ETF", Ahmed said. ETFs have been a very popular instrument. It has been commonly believed by the experts in the industry that if this instrument is introduced in the Muscat securities market, it will, no doubt have added value and depth in the trading activities.
Source: Zawya
New law imposes tough penalties for fraudulent acquisition of public or private funds in Dubai
December 29, 2009--United Arab Emirates: H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.
Designed to protect Dubai's economic interests and preserve financial rights of individuals, the new law comes in line with Dubai's ongoing efforts to eradicate all forms of fraud, enhancing the emirate's position as a leading global business hub.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.
Source: AME info
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