Middle East ETF News Older than One Year
Dubai Gold And Commodities Exchange Weekly Views March 7, 2010
March 7, 2010--Commodities Overview
Commodities prices have been showing strength in recent weeks. This reflects a combination of continuing investor interest in commodities and increasing fabrication demand. Petroleum prices have moved above their recent range. Prices may not have much further to rise in the near term, but might now trade in a somewhat higher range than has been seen in recent months. Gold and silver prices also rose in recent weeks. Investor buying has been a major factor.
The floor for gold prices may have moved somewhat higher, as investors raise their expectations. Prices may show more strength over the next week, and into late March. Gold continues to benefit from investors seeking to build bullion positions as an alternative asset and safe haven. Other commodities meanwhile are rising as fabrication demand recovers. Investors are keen on commodities, as many have tight balances between supply and demand, and the expectation is that prices will rise as global economic activity recovers. Commodities prices appear to have the capacity to rise in line with an economic recovery.
Currencies Overview
Global economic conditions continue to improve. So, too, do U.S. economic trends. There still are many risks prevalent in the U.S. and global financial markets and economies, but conditions continue to suggest economic recovery is spreading. Events in the European government debt market meanwhile have suggested that Europe may further lag the U.S. recovery. Financial markets showed strong concern that the Grecian debt tragedy could spread to the U.S. and other markets initially, but now have backed away from these views. The view is that the European debt situation is symptomatic of weaker government financial positions in Europe compared to the United States, suggesting U.S. growth may outpace European recovery by an even greater margin than had been expected. This has helped the dollar against the euro and some other currencies.
Source: Dubai Gold And Commodities Exchange (DGCX)
EFG-Hermes releases FY09 results
March 8, 2010--EFG-Hermes, the leading investment bank in the Arab world, today released its full-year 2009 results, reporting total consolidated revenues of EGP1.43bn, a 33.8% drop from the previous year.
EFG Hermes emerged from the market-wide challenges of 2009 as the only true regional investment bank in the MENA region — this despite trading volumes being down 40% market-wide in FY09, with resulting investor sentiment sapping the firm's ability to grow assets under management, book brokerage commissions, close investment banking deals and raise new private equity funds.
Source: AME Info
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
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