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.
Daničle 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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