ETF markets to be developed on ADX

ABU DHABI: All set for developing markets for ETFs.

In response to declining trading volumes last year as foreigners reduced their investments, the Abu Dhabi Securities Exchange plans to develop markets for exchange traded funds, debt securities and derivatives.

Total traded volumes on the exchange fell 4 percent to 49.9 billion shares from the year-earlier period, while the percentage of stocks owned by foreigners dropped to 9 from 13 in 2007, the bourse said in an e-mailed statement.

The total value of equities traded in 2008 increased 32 percent to 232 billion dirhams ($63 billion) compared with 175 billion dirhams in the year earlier. The real-estate industry accounted for most of the trading value.

“Our priorities for 2009 are to develop markets for Exchange Traded Funds, debt securities and derivatives as well as continuing to enhance transparency and the regulatory environment,” Chief Executive Officer Tom Healy said in the statement.

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