Middle East ETF News Older than One Year
Egypt plans Eurobond issue
March 17, 2010--Egypt has mandated HSBC and Morgan Stanley for a planned Eurobond issue of $1bn to $1.5bn within weeks, Reuters has reported. Finance Minister Youssef Boutros-Ghali told the news service earlier this month that the country was looking at maturities of up to 20 to 30 years.
The bond would be Egypt's first such issue since 2007.
Source: AME Info
Saudi Arabia approves first ETF open for foreigners
March 16, 2010-- Saudi Arabia has approved the Gulf Arab state's first exchange-traded fund, which will be accessible to foreigners as part of efforts to open up the biggest Arab bourse.
Saudi financial firm Falcom Financial Services won approval to list the "Falcom Saudi Equity ETF" on the bourse, the capital market authority said in a statement on Tuesday.
The world's top oil exporter has been trying to encourage more foreign money to its bourse, having recently allowed indirect foreign ownership via so-called swap agreements.
Source: Reuters
More global 'uncertainty' in 2010, says Abu Dhabi SWF
March 16, 2010--The world's largest sovereign wealth fund, the Abu Dhabi Investment Authority, has said that the global economy still faces 'considerable uncertainty,' Reuters has reported. The sustainability of a global economic recovery is uncertain, as governments are considering rollbacks of stimulus measures, the fund said.
Economic recovery may be slower in developed markets, with higher interest rates and taxes hampering growth, Sheikh Ahmed bin Zayed al-Nahayan, ADIA's managing director, wrote in a letter published in the first annual review aimed at enhancing transparency.
Source: AME Info
Dubai World may offer new debt at reduced rates
March 16, 2010--Dubai World may offer new debt to creditors in a plan to restructure $26bn in debt, The National has reported, citing bankers familiar with the matter.
None of the proposed new debt involves an immediate 'haircut', where creditors receive less money than they're owed, the Abu Dhabi-based newspaper said. Under the proposals, Dubai World would offer different repayment terms and interest rates to creditors, it said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views March 14, 2010
March 16, 2010--Commodities Overview
Commodity prices may see a mixed bag this week. Gold and silver have some upward momentum, and could move higher after some rocky price experiences last week. Petroleum prices meanwhile may well decline over the coming week, as fundamentals take some of the recent pressures off of prices.
Overall investors remain committed to commodities. In the past few weeks there have been several news stories involving respected and prominent investors adding to their gold assets. The flow of funds into gold and other commodities markets from investors meanwhile continues. With prices showing support some of the shorter term speculative traders that were selling gold, silver, petroleum, and other commodities short over the past three months may be repositioning themselves to take advantage of higher prices:
Currencies Overview
Currency markets may reflect more of a rugby field than a football game this week. The dollar may move lower against the euro and rupee, while showing strength against the pound and yen. Markets are focusing on the diverse range of economic and political conditions in individual markets. While many investors and bank trading desks like simple, clean stories against which they can trade, sometimes the details of how individual countries’ economic and financial markets are performing demand attention. This could be more forcefully demonstrated in the market this week, as individual currencies may trade based on key developments within their countries.
Source: Dubai Gold And Commodities Exchange (DGCX)
DFM: Achieves impressive leap in E-Trading during 2009
Electronic trade constitutes two thirds of the Exchange’s activity with 67.4% of buy trades and 70.7% of sell trades
March 15, 2010-- Dubai Financial Market (DFM) announced today that its online trade service (E-Trading) registered an impressive growth in 2009, as it continues to gain momentum amongst investors and brokers. E-trading accounted for over two thirds of trading activity in 2009 compared to almost half of the exchange’s trading in 2008, according to DFM statistics.
E-Trading buy trades accounted for 67.4% of the total buy value in 2009 compared to 49.8% in 2008, while electronic sell trades accounted for 70.7% of the total value in 2009 compared to 53.2% In 2008. The total value of electronic buy trades reached AED 117.06 billion in 2009, while sell trades value reached AED 122.6 Billion. DFM’s total trading value stood at AED 173.5 Billion in 2009.
The top five active brokerage firms utilizing E-Trading in 2009 include: Direct Broker for Financial Services (AED 17.2 Billion), EFG-HERMES Brokerage (AED 14.9 Billion), MASHREQ Securities (AED 12.9 Billion), Abu Dhabi Financial Services (AED 11.9 Billion) and Islamic Financial Services (AED 11.4 Billion).
Source: Dubai Financial Market (DFM)
NASDAQ Dubai Monthly Trading Report: February 2010 - Equities Trading Volumes Rise 61%
March 14, 2010--Equities trading volumes on Nasdaq Dubai rose by 61% in February 2010 to 322 million, compared to 200 million in January 2010. Volumes in February 2009 were 566 million. Citi was the most active Member of the exchange by equities volume in February 2010, followed by HSBC and then Deutsche Bank.
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of Nasdaq Dubai is Borse Dubai with a two-thirds stake. Nasdaq OMX Group owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
Dubai Financial Market (DFM) agreed in December 2009 to acquire all the shares of NASDAQ Dubai, subject to regulatory approval.
Source: NASDAQ Dubai
Dubai unlikely to need more central bank aid, says Al-Suwaidi
March 15, 2010--Dubai isn't likely to need more central bank aid, the UAE' Central Bank Governor Sultan bin Nasser al-Suwaidi told Bloomberg today in an interview. '
'They haven't discussed this issue with us and I don't think it will be necessary,' al-Suwaidi was quoted as saying in response to a question on whether Dubai will need further federal support.
Source: AME Info
OPEC Report March 2010
March 12, 2010--Oil Market Highlights
The OPEC Reference Basket fell by $3.02/b or 4% to reach to $72.99/b in February. The
decline was mainly attributed to growing concern about the economic recovery triggered by sovereign debt issues in the Euro-zone, particularly in Greece.
However, market sentiment changed recently amid more positive economic data and rising equities, which provide support for crude prices as well. Following these developments, the OPEC Reference Basket rose to $77.86/b on 8 March before settling down to $77.38/b on 9 March.
The forecast for the world economy remains unchanged at 3.4% growth for 2010 following a contraction of 0.9% in 2009. Minor revisions were carried out for some economies. In the OECD, the US has been revised down slightly to 2.4% and Japan adjusted higher to 1.3%. In the developing countries, China was revised up to 9.3%. The global economy continues to be mostly supported by the governmental-led stimulus. Concerns remain regarding the level of public debt in almost all OECD regions, record-high unemployment levels across the globe and the ability of China to avoid an overheating
World oil demand is expected to grow by 0.9 mb/d in 2010, following a contraction of 1.4 mb/d in the previous year. This represents an upward revision of 0.1 mb/d from the previous assessment. Oil demand has been highly dependent upon the pace of the global economic recovery. OECD demand is still expected to remain at negative growth around 0.15 mb/d, while non-OECD demand is projected to grow by 1.0 mb/d, driven by China and the Middle East region.
Source: OPEC
Tadawul climbs 0.55%
March 11, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.55% to 6,565, with 71 stocks rising and 41 falling.
All sectors ended higher save Insurance, Real Estate Development, and Transport. Alinma Bank, the day's most active stock by value and by volume, climbed 0.78% to SR12.85, while fellow market leader Kingdom Holding gained 2.06% to SR9.75. [
Source: AME Info
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