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Dow Jones Launches Indexes For Middle Eastern ETFs

by Carla Jonhson, Investors Offshore.com

07 November 2008


Dow Jones Indexes has launched the Dow Jones Kuwait Titans 30 and Dow Jones UAE Select indexes, which have been licensed to BNP Paribas to serve as the basis for exchange-traded funds (ETFs) available on Euronext Paris.

The Dow Jones Kuwait Titans 30 Index measures the performance of 30 of the largest and most liquid stocks traded on the Kuwait Stock Exchange. The Dow Jones UAE Select Index measures the performance of the largest and most liquid stocks trading on the Dubai Financial Market, Abu Dhabi Securities Market and Dubai International Financial Exchange.

"Some of the world's most rapidly emerging financial markets are located in the Middle East. By introducing the Dow Jones Kuwait Titans 30 and Dow Jones UAE Select indexes we are adding to our recently established series of indexes for the GCC (Gulf Cooperation Council) region," said Michael A. Petronella, president, Dow Jones Indexes.

"Using a transparent, advanced, and rules based methodology, the new country indexes offer market participants accurate tools to measure the performance of the biggest and most liquid blue-chip stocks in Kuwait and the UAE," he added.

Danièle Tohme Adet, head of business development, ETF and Indexed Funds, BNP Paribas Asset Management said: "BNP Paribas was the first European ETF provider to offer access to the Middle East region by launching the EasyETF Dow Jones CASE Egypt Titans 20. We are complementing our tool box for this region through ETFs that are based on the Dow Jones Kuwait Titans 30 and Dow Jones UAE Select indexes. We selected the two emerging markets because of investors' interest in participating in the performance of energy-oriented countries."

The Dow Jones Kuwait Titans 30 Index is weighted by free float-adjusted market capitalization. The weights of individual stocks are capped at 10% of the index's free float-adjusted market capitalization. The index universe is comprised of all stocks traded on the Kuwait Stock Exchange, with any securities being automatically excluded that have more than 10 non-trading days over the past quarter. Estimated back-tested daily index history is available back to December 31, 1996. The base value is set at 100 as of November 4, 2008. The index is calculated in US dollars and Kuwaiti dinar, and reviewed annually in March.

The Dow Jones UAE Select Index is weighted by free float-adjusted market capitalization. Weights of individual stocks are capped at 15% of the index's free float-adjusted market capitalization. The index universe is defined as all stocks in the Dow Jones GCC Index that are traded in the UAE For inclusion in the index, stocks must have a minimum 3-month average trading volume of USD5 and a minimum of 5% foreign free float. Estimated back-tested daily index history is available back to December 30, 2005. The base value is set at 1,000 as of November 4, 2008. The index is calculated in USD and UAE dirham and reviewed quarterly in March, June, September and December.

As of November 3, 2008, the Dow Jones Kuwait Titans 30 Index (USD) is up 223.30% since its inception. The top three components by float-adjusted market capitalization are National Bank of Kuwait SAK, Kuwait Finance House KSC and Mobile Telecommunications Co. (MTC) KSC. The Dow Jones UAE Select Index (USD) is down 66.22% for the respective time period. Its top three components by float-adjusted market capitalization are Emaar Properties PJSC, First Gulf Bank and DP World.


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