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Nasdaq Dubai’s volumes hit record high

DUBAI — Equities trading volumes on NASDAQ Dubai rose to 1.09 billion in the first quarter of 2010, their highest quarterly level since 2007, before the start of the global economic crisis.

The 2010 first quarter figure was 40 per cent higher than the fourth quarter of 2009 total of 776 million. It was also five per cent up on the first quarter of 2009 level of 1.04 billion.

Equities volumes in March 2010 reached 567 million, the highest monthly figure since 2007. The total was 76 per cent higher than the 322 million shares traded in February 2010, and 90 per cent up on the March 2009 figure of 298 million.

Citigroup was the most active member of the Exchange by equities volume in the first quarter of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the quarter, followed by Emirates NBD Capital and then Arqaam Capital.

A total of 17,110 equity derivatives contracts traded on NASDAQ Dubai in the first quarter of 2010, up 135 per cent from 7,292 traded in the first quarter of 2009. In March 2010, trading reached 2,700 contracts, down 67 per cent from 8,120 traded in February 2010, and down 60 per cent from 6,816 traded in March 2009.

NASDAQ Dubai launched its equity derivatives market in November 2008. Equity futures are listed on 21 individual UAE companies and on the FTSE Nasdaq Dubai UAE 20 share index, which was designed as a hedging and investment mechanism for GCC and international investors.

The FTSE Nasdaq Dubai UAE 20 index rose in March 2010 to end the month at 1,970, 22 per cent higher than at the end of February 2010 and five per cent higher than at the start of the year.

muzaffarrizvi@khaleejtimes.com