Kuwait Finance and Investment Company (KFIC) reported that the performance of the foreign exchange and derivatives Markets (FXD) in the second quarter of 2014 has resulted a notable growth and progress compared with the results of the first quarter in the beginning of the current year.
The FX results was supported by positive economic data from the United States and Europe jointly. This in return, has led to the stability of the price movement for the euro currency pair versus the dollar. As the second quarter witnessed a positive turnover for the dollar by 0.56%.
In this context, Hamed Abu Saadeh, Manager of Mutadawil FX & Derivatives at Kuwait Finance & Investment Company, stated, “East Asian markets were quite dominant, as Japanese data demonstrated an increase of technology and vehicle exports that have achieved the highest results during the last five years. This in return, resulted in reducing the purchase price of the dollar versus the yen by 1.85%.”
Abu Saadeh then added, “In terms of derivatives, precious metals sector was the most auspicious and promising. As it has increased significantly during the second quarter, followed by the energy sector, where platinum has achieved an increase by 4.73% compared with the first quarter. While blend crude oil (Brent) accounted an increase by 4.28%. This increase is attributed to the drift of investors and traders towards investing in futures contracts for oil derivatives. In order to exploit the current political and security situation in Iraq, and how the situation might impact the production.”
Abu Saadeh then concluded: “As part of our ongoing effort to develop Mutadawil services. We have officially launched the demo trading account. To facilitate to clients the process of trading effectively in a risk-free environment while providing clients with real market prices. Thus, we are taking a fundamental step towards attracting customers from various segments to online trading operations, and we are definitely proud of this achievement.”
It is noteworthy that Mutadawil trading service (provided by KFIC) is considered as the most accelerated electronic brokerage services in Kuwait. The service came in response to the demand of the clients in the region to give customers integrated solutions for trading across award winning platforms to all Global Markets and Asset Classes (Stoks, FX, Futures, Forwards, Options and CFDs).