amwalalghad :: Arab

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Money Markets - Arab

Amwal Al Ghad English - 2018-05-21 08:38:42
Property stock markets in Dubai and Abu Dhabi rose in early Monday trading after UAE approved a system to grant residency visas of up to ten years to investors and specialists. Property stocks in Dubai and Abu Dhabi rose in early Monday trading after the United Arab Emirates approved a system to grant residency visas of up to ten years to investors and specialists. Emaar Properties rose by four percent and DAMAC Properties climbed 1.3 percent, lifting the Dubai index by 1.3 percent. The UAE move "will surely boost the performance of the real estate sector and give comfort to the investors there and specially property owners," said Marie Salem, director of capital markets at FFA Dubai. Investors and specialists in scientific, technical, medical and research fields will receive UAE residency visas for up to 10 years, the government said. The families of those categories of foreigners will also receive the same visa validity. The UAE Cabinet also approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by the end of this year. The Dubai real estate sector has been a drag on the market this year, with shares of Emaar down over 15 percent despite Monday's surge. Residential property prices in Dubai have registered a 12-month decline of 2 percent on average, while rents have fallen by up to 5 percent in some areas, according to real estate consultancy Cavendish Maxwell. In Abu Dhabi, Aldar Properties rose 1.4 percent, outperforming the Abu Dhabi index which was up 0.4 percent. The Saudi index was flat in early trading with some of the consumer stocks trading lower. Food company Almarai was down 0.5 percent. In Doha, a 1 percent gain in Qatar National Bank and a 0.6 percent rise in Industries Qatar, the two leading blue-chip stocks, provided support to the market. The Qatari index was up 0.2 percent. More»
Amwal Al Ghad English - 2018-05-16 09:23:52
Shares in Saudi Arabia's Alawwal Bank soared in early trade on Wednesday in response to news on its planned merger with Saudi British Bank, while Gulf stock markets were generally soft. The Saudi index was down 0.5 percent after an hour. But Alawwal jumped 10 percent to 13.92 riyals in its heaviest trade since April 2017, after it and SABB  said they reached a preliminary, non-binding agreement to merge, creating Saudi Arabia's third-biggest bank with assets of around $77 billion. The deal would value each Alawwal share at 16.3 dirhams, SABB said- a big premium to the market price. SABB shares sank 4.7 percent as some investors bet the bank was overpaying. Stocks in other Saudi banks were mixed. National Commercial Bank  initially fell but then rebounded to trade flat as it went ex-dividend. The bank also announced the resignation of its chief executive, Mohammed al-Ghamdi, who will be replaced on an acting basis by Faisal Omar al-Sakkaf. The Dubai index was down 0.5 percent as Dubai Islamic Bank dropped 1.8 percent to 4.79 dirhams. Trading of the bank’s rights issue began on Wednesday, allowing the purchase of the stock at 3.11 dirhams; the rights plunged 11.0 percent to 1.62 dirhams. Emaar Development , which had surged on Tuesday after MSCI said it would include the stock in its United Arab Emirates index, fell back 0.7 percent. In Abu Dhabi, where the index was down 0.2 percent, Dana Gas rose 1.9 percent after saying it received a dividend payment of $22.8 million from Pearl Petroleum Co, which produces natural gas in Iraqi Kurdistan. More»
Amwal Al Ghad English - 2018-05-15 10:21:57
Most Gulf stock markets were firm in early trade on Tuesday, with Saudi Arabian petrochemicals aided by strong oil prices and Qatar buoyed by MSCI's decision to increase the weightings of several blue chips. The Saudi index rose 0.2 percent to 8,090 points in the first 55 minutes, with top petrochemical producer Saudi Basic Industries gaining 0.9 percent. "The index has recovered from its recent correction and remains solid above 8,000 points, backed by upbeat sentiment as investors await MSCI's announcement over next two to three weeks," said Muhammad Faisal Potrik, head of research at Riyad Capital. MSCI will announce in June whether it will upgrade Saudi Arabia to emerging market status. "We expect banks and petrochemicals to lead market movement over the next few weeks, although activity will usually be lower during Ramadan," he added. The holy month of Ramadan will start this week. Saudi British Bank (SABB) and Alawwal Bank asked the bourse to suspend trading in their shares pending an announcement. They have been conducting merger talks. The Dubai index was up 0.7 percent as heavyweight Emaar Properties rose 1.8 percent, rebounding for a second day from a two-year low. Its affiliate Emaar Development gained 1.8 percent after MSCI decided overnight to add the stock to its United Arab Emirates index at the end of this month; the decision had been widely expected. Builder Drake & Scull jumped 6.1 percent after reporting it swung to a small first-quarter net profit from a huge year-earlier loss. But DAMAC Properties fell 5.6 percent after posting a 45 percent drop in first-quarter profit, missing analysts' estimates. In Abu Dhabi, the index rose 0.7 percent, backed mainly by heavyweight First Gulf Bank, which rose 1.3 percent. Aldar Properties added 0.5 percent after the largest developer in Abu Dhabi reported a 5 percent rise in quarterly profit, beating estimates. Qatar's index rose 0.3 percent on a 3.8 percent gain by Qatar National Bank and a 2.2 percent increase by Qatar Islamic Bank. MSCI said it would raise their weightings after the companies increased their foreign ownership ceilings. Qatar Gas Transport tumbled 5.9 percent after MSCI downgraded the stock to its small cap index; Arqaam Capital estimated there was only a 10 percent chance of that happening. More»
Amwal Al Ghad English - 2018-05-14 09:41:08
Saudi and Qatari stock markets were up in early trade on Monday, helped by support from banking stocks, as Gulf markets showed signs of recovery from jitters last week over the U.S. decision to withdraw from the Iran nuclear deal. The Saudi index was up 0.2 percent as Al Rajhi Bank rose 0.5 percent and Samba Financial Group gained 0.6 percent. The Saudi market has seen a recovery after it dipped below the 8000-point level on May 10 on profit taking after sharp gains this year on foreign fund flows on expectations of an upgrade of the stock market to emerging market status. In March, global index compiler FTSE Russell decided to upgrade Saudi Arabia to emerging market status, and MSCI is widely expected to make a similar decision in June. Saudi stocks are up 11 percent so far this year, but this month the index is down 2 percent. Gains in Qatar National Bank, which was up 1.4 percent, provided support to the Qatari index which traded 0.3 percent higher in early trading. The Dubai index was up 0.1 percent, as market heavyweight Emaar Properties rose 1.2 percent. Shares of Al Salam Bank Bahrain were up 7.6 pct in Dubai trading after the lender reported a 10 pct rise in first quarter net profit. There was little trading on the Bahrain bourse in this stock. In Abu Dhabi, Dana Gas fell 0.9 percent on profit-taking after it surged 3.9 percent a day earlier on news that the company had struck a deal with creditors on restructuring $700 million of sukuk, potentially bringing to an end a nearly year-long legal row that spooked investors in Islamic finance. However, the Abu Dhabi index was up 0.3 percent, supported by a 0.4 percent gain in First Abu Dhabi Bank and 1 percent rise in Aldar Properties. ($1 = 3.6730 UAE dirham) More»
Amwal Al Ghad English - 2018-05-13 12:54:47
Saudi stock markets led gains among largely positive Gulf markets on Sunday, bolstered by a surge in blue-chip stocks. The Saudi index was 1.1 percent higher at 0830 GMT with Al Rajhi Bank, the kingdom’s second largest bank by assets and one of the main beneficiaries of a huge inflow of foreign money this year, rising 1.8 percent. Another gainer was the biggest petrochemical producer, Saudi Basic Industries, which added 1.4 percent. Such stocks have attracted foreign inflows in anticipation of the upgrade of the stock market to emerging market status. In March global index compiler FTSE Russell decided to upgrade Saudi Arabia to emerging market status, and MSCI is widely expected to make a similar decision in June. One of the worst performers was Al Babtain Power and Telecommunication Company, which was down 7 percent. The company announced a 50.4 percent drop in first quarter profit after the market closed on Thursday. In Abu Dhabi, Dana Gas was the most heavily traded stock and down 5.8 percent after the company said it reached an agreement with the committee representing holders of its $700 million sukuk to restructure and refinance the instruments. The move appears to end a nearly year-long legal battle in Britain and the United Arab Emirates. Shares in Abu Dhabi’s Union National Bank fell 4.1 percent after it reported a drop in first quarter net profit to 425.6 million dirhams ($116 million), from 451.9 million dirhams a year ago. That was slightly below forecasts of SICO Bahrain and EFG Hermes. Abu Dhabi’s index dropped 0.2 percent. In Dubai, the index was up 0.9 percent, driven by a 1.9 percent gain by Dubai Islamic Bank and a 1.2 percent climb by Emaar Properties. More»
Amwal Al Ghad English - 2018-05-09 07:32:29
Gulf stock markets dropped on Tuesday with Saudi Arabia, Qatar, and Abu Dhabi losing more than one percent each as investors turned cautious ahead of U.S. President Donald Trump’s announcement later in the day about the fate of the Iran nuclear deal. But the Egyptian index rose, closing 1.7 percent higher, as the market rebounded after dropping 2.9 percent last week on profit-taking. In Saudi Arabia the index was down 1.3 pct, dented by telecommunications shares as Zain Saudi slumped 10 percent after reporting it swung to a loss in the first quarter, losing nearly 2 million subscribers over the period. Zain Saudi, part-owned by Kuwait’s Zain Group, lost 77 million riyals ($20.5 million) in the January-March period, compared with a profit of 45 million riyals a year ago. EFG Hermes and Al Rajhi Capital had forecast losses of 42.5 million riyals and 33 million riyals. Saudi Telecom dropped 1.8 percent and in Kuwait, parent Zain slid 2.0 percent. A decision by Trump to pull out of the nuclear deal could raise geopolitical tensions in the Gulf moderately, fund managers said. Geopolitics have weighed on markets around the region this year. But the impact might be offset by the fact that Iran tensions have been pushing up oil prices, boosting Gulf governments’ income, and because Gulf Arab economies have minimal trade and investment links with Iran. Shares in Saudi Arabian food producer Savola Group , one of few listed Gulf companies with major operations in Iran, edged down 0.4 percent on Tuesday. They have underperformed the Saudi market slightly this year, partly because of Iran tensions. “It seems investors are liquidating positions prior to the beginning of the holy month of Ramadan,” said Vrajesh Bhandari, portfolio manager at Dubai-based Al Mal Capital. “Current market conditions support a consolidation move – valuations have run up and call for a brief profit-taking,” he added. The Saudi index has eased off by almost 4 percent from a more than two-year high hit on April 24. Other analysts said Saudi stocks might regain momentum ahead of index compiler MSCI’s decision in June on whether to upgrade Riyadh to emerging market status, which would cause many global funds to allocate money to Saudi Arabia for the first time. “We remain positive on Saudi Arabia ahead of MSCI’s announcement in June, where we expect Saudi to be upgraded to emerging market,” said Mohamad Al Hajj, head of regional equity strategy at EFG Hermes. Qatar’s index fell 1.3 percent on Thursday, hurt by a 2.5 percent decline in Qatar National Bank and a 2.0 percent drop by Industries Qatar. The Dubai index was down 0.5 percent, partly supported by market heavyweight Emaar Properties, which was up almost 1 percent. Dubai Financial Market plunged 4.4 percent after its first-quarter net profit dropped by more than half. In Egypt, Qalaa Holdings surged 9.9 percent after the company said it aimed to increase its indirect ownership in Egyptian Refining Co. Hopes for income from the venture have caused Qalaa shares to soar this year. Global Telecom surged 10 percent, rebounding from recent losses. The stock had been under pressure over the past month after majority shareholder Veon withdrew an offer to buy the rest of the Egyptian-based company and said in early April it would not make another. Saudi Arabia * The index fell 1.3 percent to 8,013 points. Dubai * The index dropped 0.5 percent to 2,949 points. Bbu Dhabi * The index fell 1.3 percent to 4,479 points. Qatar * The index lost 1.3 percent to 8,870 points. Kuwait * The index dropped 0.2 percent to 4,786 points. Bahrain * The index fell 0.4 percent to 1,273 points. Oman* The index slipped 0.4 percent to 4,691 points. Egypt * The index rose 1.7 percent to 17,814 points. More»
Amwal Al Ghad English - 2018-05-08 07:38:25
Gulf markets were sluggish on Monday as a surge in oil prices to more than three-year highs failed to lift stocks. Oil prices rose to their highest levels since late-2014 on Monday, lifted by Venezuela's deepening economic crisis and an upcoming decision on whether the United States will re-impose sanctions on Iran. The rise helped boost some Saudi Arabian petrochemical stocks. Yanbu National Petrochemicalsrose 1.3 percent. But the Saudi benchmark index closed flat after reversing earlier losses.Saudi Arabia's largest food products company, Savola Group 2050.SE was one of the biggest gainers after it said late on Sunday it had purchased a 51 percent stake in Al Kabeer Group of Companies for 565.5 million riyals ($150.8 million). The impact of the deal on Savola's results would be positive once the deal is completed during the second half of the year, it said. National Commercial Bank , the kingdom's largest bank, closed 1.2 percent up. The bank last week reported a 10.5 percent rise in first-quarter net profit, above analysts' forecasts as bad debt charges fell and fees rose. In Dubai, the index was down 0.1 percent, hurt by a 3.2 percent dip in index bellwether Emaar Properties EMAR.DU . Dubai Investments fell 1.6 percent despite the company reporting a rise in first-quarter profit to 362 million dirhams ($98.6 million), up from 289 million dirhams in the year earlier period. The Abu Dhabi index was down 0.4 percent. One of the weights on the index was Aldar Properties , down 1.4 percent. Earlier on Monday, the developer said it had reached a deal with Abu Dhabi's Tourism Development & Investment Company (TDIC) to acquire real estate assets worth 3.7 billion dirhams. The move is the latest sign of consolidation of state-controlled entities in the emirate. The Qatari index closed 0.9 percent up. Industries Qatar IQCD.QA , the Middle East's second-biggest petrochemicals company and holding the largest weighting on the Qatar index, closed 2.0 percent higher. More»
Amwal Al Ghad English - 2018-02-25 07:04:23
Strong global markets may give Gulf bourses an upward bias on Sunday, although moderate trading volumes in recent days suggest any gains may not be large. The Dow Jones Industrial Average rose 1.39 percent on Friday while Brent oil climbed on the last two days of the week, closing at $67.31 a barrel. Among corporate earnings announcements, Saudi Kayan Petrochemical swung to a fourth-quarter loss of 220 million riyals ($58.7 million) because of scheduled maintenance at its plants. That was larger than the 90 million riyal loss forecast by SICO Bahrain but much smaller than the 417 million riyal loss predicted by NCB Capital. Abdulmohsen Al Hokair Group for Tourism and Development may see selling after reporting that annual net profit shrank to 8.7 million riyals from 126.3‍ million riyals; it cited​ low demand from individuals and corporates due to a decline in state spending and private sector demand for conferences. The figures implied a 23.1 million riyal loss in the fourth quarter. Dubai’s DP World said late on Thursday that it would take legal action after Djibouti ended a contract with the company to run its Doraleh Container Terminal, a move which DP World called an illegal seizure. DP World did not give an estimate of the financial impact but the news may have little effect on its share price, as Djibouti was only a small part of its large and diversified global portfolio. More»
Amwal Al Ghad English - 2018-02-15 07:36:49
The global market environment is positive for Gulf stock markets on Thursday although mostly lacklustre corporate earnings in the region may limit any strength in stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan is up 1.3 percent after a similar rise by Wall Street overnight, and Brent oil has recovered a little of its big losses in recent weeks, trading at $64.84 per barrel. Corporate earnings, however, are largely mediocre. Dubai’s Union Properties reported an annual net loss of 2.38 billion dirhams ($649 million) compared to a year-earlier profit of 211.4 ‍​million dirhams; the figures imply a fourth-quarter loss of roughly 90 million dirhams. United Arab Emirates telecommunications firm Etisalat reported a 12 percent fall in fourth-quarter profit to 1.97 billion dirhams, according to Reuters calculations; SICO Bahrain had forecast 2.21 billion dirhams. However, Abu Dhabi’s Aldar Properties proposed a 12 fils per share dividend for 2017, up from 11 fils in 2016. And in Kuwait, Burgan Bank may attract some interest after recommending a 7 percent cash dividend and 5 percent bonus share dividend; for 2016, it had paid a 5 percent cash dividend and 5 percent bonus shares. More»
Yomna Yasser - 2018-02-13 10:54:09
Adena Friedman, chief executive of Nasdaq, one of several exchanges around the world competing for the international listing of Saudi oil giant Aramco, said Monday that large companies with dual listings in different time zones can generate more liquidity from investors. Speaking in Dubai in a session entitled ‘How to Tame a Volatile Market’ at the annual World Government Summit, Friedman stressed the importance of companies being transparent and governments having stable fiscal policies so that investors know what they are investing in. "If you can create that environment then you have created a great capital market. The stability comes from the fiscal and monetary policy of the government and predictability," she said. "The best way to create (market) stability is to create predictability." Friedman declined to comment on specific negotiations with the state-owned oil giant, but touted Nasdaq's more than 20-year history with Saudi Arabia's Tadawul stock exchange. In December, Nasdaq signed an agreement with Tadawul to upgrade the Saudi exchange's infrastructure and technology. Aramco's anticipated $100 billion listing, is set to take place on the Tadawul and possibly another exchange, gearing to be the largest initial public offering ever. More»