New York (HedgeCo.net) – Based on the close of trading on March 29 the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, dropped 1.22% month-to-date, closing at 2313.44.
“Continuing rising oil prices, which currently trade at a 29-month high at $104 per barrel (light crude), could harm production, trade activity and consumption as in mid-2008,” said Dr. Farouk Soussa, Citigroup’s Dubai-based Chief Economist for the Middle East.
“The civil war in Libya, which triggered a military air campaign from NATO-forces against the nation’s leader, Colonel Moammar Gaddafi, has lifted energy prices and global uncertainty.” Gérard Al-Fil, a Middle East correspondent reported. ” Moreover, the earthquake and nuclear disaster in Japan weighed on investors’ sentiment, resulting in the DJIM Japan Index posting the DJIM’s largest decline in March (7.11%); in comparison, the global bellwether index, the Dow Jones Industrial Average, increased by 0.43% during the same period.”
Some preliminary hedge fund highlights include:
– The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, decreased 1.32%, closing at 2127.99. The Dow Jones Asian Titans 50 Index, in comparison, posted a loss of 6.13%, closing at 139.75.
– Measuring Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 of the leading Shari’ah compliant stocks in Europe, closed at 2237.48, a loss of 2.28%, while the conventional Dow Jones Europe Index loss 1.54%, closing at 284.40.
– Measuring the performance of 50 of the largest Shari’ah compliant U.S. stocks, the Dow Jones Islamic Market U.S. Titans 50 Index decreased, closing at 2364.05. It represents a loss of 0.77%. The U.S. blue- chip Dow Jones Industrial Average increased 0.43%, closing at 12279.01.
On a positive note, the Egyptian Exchange also reopened after a seven week shutdown, allowing hedge funds invested in the area to start trading again.
In the sector indexes, the DJIM Utilities Index rose 2.16% (the month’s top gainer), and the Dow Jones Citigroup Sukuk Index, the DJIM composite for Islamic bonds, gained 0.72%.
Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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