Middle East ETF News Older than One Year
Record monthly volume gives DGCX a robust start to 2011
Total 244,385 contracts traded in January, the highest ever monthly volume and 59% up on last year
Currency, gold and crude oil futures led the volume growth in January, with 197,511, 39,987 and 5,594 contracts traded respectively
Average Daily Volume was 11,637 contracts in January, up 55% on the previous month
February 2, 2011--The Dubai Gold & Commodities Exchange (DGCX) achieved a robust start to 2011, with a record volume of 244,385 contracts, valued at US $ 11.7 billion in the first month of the year.
This is the highest ever monthly volume activity for the exchange since inception in 2005.
January volumes were driven by strong member participation in currency, gold and crude oil futures, recording volumes of 197,511, 39,987 and 5,594 contracts respectively in January.
DGCX Indian Rupee futures continue to shine and achieve record volumes in the New Year with the exchange trading 168,088 contracts in January, a substantial increase of 71% on last month and 23 times more volume than January 2010. Euro/Dollar, GBP/Dollar, Yen/Dollar and Australian/Dollar futures also registered strong trading activity in January, representing the consistent participation and benefits of trading FX futures on DGCX.
Source: Dubai Gold & Commodities Exchange (DGCX)
Kuwait market loses 0.79%
February 1, 2011--The KSE Market Index closed Tuesday at 6,805.2 points.
Banks suffered the highest losses as ivestors are still not clear about the individual lenders' exposure to Egypt. National Bankk of Kuwait dived 2.77% to close at KD1.440. Arkan Al-Kuwait Real Estate was the main gainer, closing 6.89% higer at KD0.062.
Source: AME Info
Tadawul market adds 0.24%
February 1, 2011--The Saudi Arabian composite TASI closed at 6,373.17 points Tuesday as petrochemical and hotel and tourism shares recovered.
Riyadh's bellwether share SABIC closed one percent higher at SR100.25. Mixed industry group Savola ended 0.35% down at SR28.70. S&P Indexes announced today, that Savola shares are part of the newly launched S&P/Hawkamah Pan Arab Environmental, Social and Corporate Governance ESG Index. "S&P/Hawkamah Pan Arab ESG Index Ranks MENA Firms on Nearly 200 ESG Issues Including Carbon Emissions, Water and Energy Consumption, Employee Health and Safety, Community Investment, Charitable Giving, Financial Reporting and Auditing, Board Independence and Executive Remuneration", Ms Banerjee says. Savola was the first listed firm in the GCC which published the monthly salaries of its board members.
Source: AME Info
Standard and Poor's, Hawkamah, IFC launch first ESG index for Middle East and North African equity markets
February 1, 2011--Standard & Poor's, the world's leading index provider, and Hawkamah, the Institute for Corporate Governance, announced the launch of the first tradeable index for Middle East and North African (MENA) equity markets that will rank and track the performance, transparency and disclosure of regional companies on Environmental, Social and Corporate Governance (ESG) issues.
The S&P/Hawkamah Pan Arab ESG Index will include the top 50 MENA companies based on their performance on nearly 200 ESG metrics, when compared to their regional peers. Constituents will be drawn from a universe of the 150 largest and most liquid companies listed on the national stock exchanges of 11 markets: Bahrain, Egypt, Jordan, Lebanon, Kuwait, Morocco, Oman, Qatar, Kingdom of Saudi Arabia, Tunisia and the United Arab Emirates. The new index, which complements other ESG indices launched by Standard & Poor's in India and Egypt, was partly funded by the International Finance Corporation (IFC).
Source: AME Info
Dubai market recovers slightly
February 1, 2011--The DFM Index gained today for the first time after the mini-crash in Sunday by closing 0.61% higher at 1,543.76. Emaar added 1.64% to reach Dhs3.10.
Dhs3.10 was also the closing price achieved by telecom provider Du (up 2.65%), the main gaining share. Du shares are part of today's launched S&P-Hawkamah Pan Arab Environmental, Social and Corporate Governance (ESG) Index, the first ESG equity index for the Middle East and North Africa (MENA). The index comprises 50 MENA firms based on their performance on 200 ESG metrics. Aramex shares plummeted 2.94% to close at Dhs1.98. Some 57.31m shares worth Dhs102.99m (down 34% compared to the previous day) changed hands. Fifteen stocks gained, 11 closed down and one remained flat.
Source: AME Info
Qatar Exchange loses insignificantly
February 1, 2011--The QE Index in Doha closed 0.05% lower at 8,740.74. While industry shares recovered from Sunday's "Nile-Crash", banks and insurers weighed on the market after Credit Suisse's resaerch downgraded emerging markets equities have to "neutral" from "overweight" on increasing geopolitical risks in the Middle East and North Africa region and increased uncertainty over oil prices, Reuters reported.
Qatar National Bank lost 3.82% to close at QR148.70. Vodafone Qatar was on the top gainers as the country's second telecom operator surged 3.15% to reach QR8.20.
Source: AME Info
Abu Dhabi market gains half a percent
February 1, 2011--.The ADX General Index finished 0.49% higher at 2,599.34. Shares of the sheikhdom's largest lender National Bank of Abu Dhabi (NBAD) closed flat at Dhs11.50.
Earlier in the day NBAD reported a 21.99% higher net profit for 2010 of Dhs3.68bn (around $1bn). Earnings per share stood at Dhs1.44 or Dhs0.23 higher than in 2009. Abu Dhabi National Energy Co., known as Taqa, dived 2.13% to close at Dhs1.37 as fears spread that the Suez Canal might be closed due to the crisis in Egypt.
Source: AME Info
DFM: Announces full readiness to introduce “Delivery versus Payment” before the end of Q1 2011
Essa Kazim: DvP represents phase one of DFM’s drive to develop local financial markets in collaboration with the UAE Securities and Commodities Authority
“Short Selling” and “Securities Borrowing and Lending” to follow later this year
January 31, 2011--: Dubai Financial Market announced today its full readiness to introduce the new settlement mechanism “Delivery versus Payment” (DvP). DFM has completed all the technical requirements to apply DvP in coordination with custodians and brokerage firms. The exchange is poised to be at the forefront of regional markets to adopt DvP before the end of the first quarter 2011.
This development is phase one of DFM‘s drive to implement international best practices, whilst continuing to respond to the UAE Securities and Commodities Authority (SCA) future regulations and closely cooperating with SCA in its efforts to develop the financial markets in the UAE. Phase two will include getting DFM geared up for the introduction of “Short Selling” and “Securities Borrowing and Lending” later this year.
Source: Dubai Financial Market (DFM)
Bank Of America Merrill Lynch Joins NASDAQ Dubai’s Equity Derivatives Market
Market’s first derivatives General Clearing Member will provide vital post trade clearing services promoting further growth.
January 31, 2011--Bank of America Merrill Lynch has joined NASDAQ Dubai’s equity derivatives market as its first General Clearing Member (GCM). This enables Bank of America Merrill Lynch to clear the trades of other brokers as well as its own, injecting liquidity into the fledgling market
Brooks Stevens, Head ofEMEA Futures and Derivatives Clearing Services for Bank of America Merrill Lynch, said: “As the first GCM on the UAE’s only on-exchange equity derivatives market, we look forward to playing a leading role in facilitating increased trading capacity within the region. NASDAQ Dubai’s equity derivatives platform provides investors with unique tools to hedge their exposure to shares of the UAE and other Middle East companies.
Source: Dubai City guide
Egypt ratings lowered due to unrest
January 31, 2011--Moody's Investors Service has cut ratings for Egypt's government bonds, the first such action since unrest began in the country, Bloomberg has reported.
Moody's cut the bonds to Ba2, two levels below investment grade, from Ba1, and changed the outlook to negative from stable. It also downgraded the country's ceiling for foreign currency bonds to Baa3 from Baa2, and the ceiling for foreign currency bank deposits to Ba3 from Ba2.
Source: AME Info
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