Wednesday, April 1, 2020 – 3:52 PM
Dubai on April 1 / WAM / The Dubai Gold and Commodities Exchange witnessed during the past month a record growth in the average daily volume of its pioneering product, the gold futures contract by 649.5 percent on an annual basis with its trading volumes since the beginning of the year to date growing by 742.8 percent compared to the same period of last year.
The G6 core currency pairs portfolio on the Stock Exchange also witnessed a significant increase in trading volumes during the month of March, registering a growth of 390.8 percent year on year and by 475.4 percent from the beginning of the year to date compared to the same period in 2019.
In another indication of the sustainable growth achieved by the stock market in terms of interest and liquidity rates, the open interest rate since the beginning of last month recorded 380,869 contracts compared to 268,752 for the same period last year.
This comes in light of the volatility in the global markets as a result of the spread of the “Covid-19” virus, as investors increasingly resort to financial derivative products and services provided by the DGCX as effective risk management tools.
“As the largest and most diversified financial derivatives exchange in the Middle East region, we affirm our commitment to providing traders and members with the wide range of products they need across different asset classes to be able to manage the risks they face effectively,” said Liss Mill, CEO of the Stock Exchange.
He explained that the total trading volume on the Dubai Gold and Commodities Exchange during last March increased to 1.8 million contracts, valued at $ 45.133 billion, and the average daily volume increased throughout the month, recording 81,850 contracts.
Mill said: The markets play a crucial role in the global and regional economy, so it is important to continue its work and provide the necessary transparency to ensure that investors gain confidence and with the strong activity that we witnessed on the DGCX, we are still committed to supporting our members from all over the world and providing our services to them as usual.
It is worth noting that the Dubai Gold and Commodities Exchange continues its activities naturally through trading and clearing platforms while providing safe and reliable services for members and their clients with regard to price discovery and risk management operations. The Stock Exchange does not expect any change to the usual trading or clearing activities, but in the event of any change it will take place. It is advertised under market notice.
WAM / Munira Al-Sumaiti / Mustafa Badr Al-Din