amwalalghad :: Arab

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        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        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        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        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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 - 2017-03-05 13:54:56
Dubai Financial Market (DFM), the UAE’s main stock exchange, launched on Sunday a trading platform for exchange-traded funds (ETFs) in an effort to encourage the listing of more such funds by improving liquidity. The market currently lists just one ETF, Afkar Capital's S&P UAE UCITS fund, which invests on the Abu Dhabi Securities Exchange and NASDAQ Dubai as well as DFM itself. It replicates the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by capitalisation in the United Arab Emirates. The new platform, which DFM described as the region's first of its kind, aims to make trading smoother and more efficient. Afkar Capital said on Sunday it had appointed Egypt's Beltone Financial as foreign market maker for its fund. More»
Amwal Al Ghad English - 2017-03-02 10:39:42
Saudi Arabia is committed to integrating its financial markets with the rest of the world, the country's market regulator has told CNBC, as massive hype builds for the debut listing of state-owned oil and gas company Saudi Aramco. The Kingdom aspires to become the Middle East's de-facto capital market and one of the world's largest, Mohammed El-Kuwaiz, vice chairman of Saudi Arabia's Capital Markets Authority (CMA), told CNBC's "Capital Connection" on Thursday. "That can be a big driver of economic growth in the country." Saudi Arabia is the world's top oil exporter and the flow of petrodollars through its economy and around the world is a potent source of investment capital. In order to achieve the aim of capital market hub, Saudi Arabia is changing regulatory requirements to gain more foreign players, reflected by recent changes to qualified foreign investor (QFI) rules. As of June 2015, certain QFIs could directly trade on the local stock exchange, known as the Tadawul. Last year, QFIs also became eligible to subscribe to initial public offerings (IPOs). The Kingdom is also changing its market settlement policies, moving to the international 'T+2' settlement cycle from its previous 'T+1' cycle to better satisfy foreign investors. "We think of it as someone who has a beta max video in a VHS world. It doesn't matter who's technically superior if you can't play with the rest of the world," said El-Kuwaiz, who is travelling in Asia to attract the region's investors via the QFI framework. Because the QFI framework is geared more towards asset managers, the CMA is also developing a parallel program for strategic investors that will enable direct investment into publicly-traded firms. "When Saudi Arabia opened up, we started to see demand not just from financial investors but also from strategic investors looking to take stakes in the country," he explained. International firms looking to take a stake in a publicly traded firm in the form of M&A transactions or strategic investments will now be allowed to do so thanks to this new program, he said. El-Kuwaiz was unable to offer any insights on Aramco's international listing, noting that the decision laid in the hands of advisers and underwriters. Speculation is that the IPO, slated for next year,would offer 5 percent of the firm and raise as much as $100 billion, valuing Aramco at around $2 trillion. "The Saudi market regulator is a disclosure-based regulator so our main point of concern is to make sure that any IPO, whether its Aramco or any other, discloses all the required information for investors to make the right call." When asked whether Aramco was leaning towards New York as a potential destination given the Kingdom's friendly ties with President Donald Trump, El-Kuwaiz said the U.S. presidential election had not impacted CMA's strategies. He was also unable to comment on Aramco's valuation point, noting that it was not under the jurisdiction of regulators. However, he did note that the Kindgom's 2016 sovereign bond sale suggested strong interest for the country debt and equity markets. The country raised $17.5 billion for its debut issue in October, hitting a record for emerging markets. "We were quite encouraged by the size of the issue as well as the degree of over-subscription ...we viewed that as a vote of confidence in 'Vision 2030' and the direction of the country going forward." Released last year, 'Vision 2030' is a blueprint to reduce Saudi Arabia's dependence on oil and make its economy more private-sector oriented over the next thirteen years—a plan that is "independent of geopolitics in other countries," and has "staying power irrespective of the oil price," El-Kuwaiz said. 'Vision 2030' was built on the country's areas of competitive advantage, which includes religious tourism as well as capital markets, he continued. More»
Amwal Al Ghad English - 2017-02-28 13:03:46
Launching the Saudi Aramco initial public offering (IPO) on Hong Kong stock exchange (HKEx) would be a "match made in heaven," Charles Li, CEO of HKEx, told CNBC. The expected listing of the Saudi oil and gas company is predicted to be the world's largest initial public offering ever. Saudi Arabia is aiming to sell as much as 5 percent of Saudi Aramco with listings on both the Saudi stock exchange and at least one international market, Reuters reported recently, adding that the sale was expected to raise as much as $100 billion. That's set off a horse race among global stock exchanges, with commentators naming a variety of cities — including Hong Kong, Singapore, New York, Toronto, London and Tokyo — as potential locations for the listing. But HKEx's Li said his exchange offered a "unique" value for the company. "We do bring very unique, very competitive proposition and value to that, both in terms of Hong Kong being an English common law jurisdiction, widely accepted by anybody as a listing venue with the most friendly and robust regulatory system," Li said. "We are also very much an international market and operate completely under international law." Li added that HKEx can provide access to investors in mainland China via the Shenzhen-Hong Kong stock connect and the Shanghai-Hong Kong stock connect. "Through Connect, we potentially can bring very substantial Chinese demand onshore into a very large IPO," Li said. That would link "the most important energy company and investors from the largest energy consumption countries. That is indeed a match made in heaven." Hong Kong Exchanges and Clearing reported net profit fell 27 percent to HK$5.8 billion ($747.6 million) in 2016 from a year ago, as trading volumes declined from 2015. That was below analysts' average estimate of HK$6 billion, according to Thomson Reuters data. More»
Amwal Al Ghad English - 2017-02-27 11:08:41
Saudi Arabia is targeting ways to boost foreign investment in its bourse, almost two years after easing access to the one of the world’s most restricted exchanges. The Tadawul, as the market is known, will hold talks with companies already trading on other Gulf Cooperation Council exchanges for a cross-listing in the kingdom by 2018, Chief Executive Officer Khalid Al Hussan said in an interview in Riyadh on Sunday. The country is also counting on rules that will extend the settlement cycle on stock trades to attract more foreign investors, according to the vice-chairman of the country’s Capital Market Authority. Saudi Arabia allowed foreign investors to trade stocks directly in 2015, prompting analysts such as John Burbank, founder of San Francisco-based hedge fund Passport Capital LLC, to predict that billions of dollars of investment from overseas would flow into the market. Total foreign ownership of Saudi stocks is about 4 percent. The kingdom only has Saudi Arabian companies listed on its bourse. Aluminium Bahrain, which is listed in Manama, halted plans to be the first non-Saudi company to list on the Tadawul in 2015, Chief Executive Officer Tim Murray said at the time. The Tadawul also wants private companies in the GCC to sell shares on its alternative market, Nomu, with the first expected this year, Al Hussan said. The Tadawul is also on track for its own initial public offering next year, Al Hussan said. The exchange hired HSBC Holdings Plc’s Saudi unit as a financial adviser for the sale in May. ‘Missing Piece’ The Tadawul has about 50 qualified foreign investors and expects to draw more after shifting to a T+2 cycle by the end of June, a system used across most major exchanges, Capital Market Authority Vice Chairman Mohammed El-Kuwaiz said in an interview. The current system requires same-day settlement. The country is also aiming for inclusion in MSCI Inc.’s emerging-market index to boost foreign ownership. “T+2 is the last missing piece of the puzzle for MSCI to move forward on” possibly including Saudi Arabia on its emerging-market watchlist, Wafic Nsouli, the managing director and head of equities at Dubai-based investment bank Arqaam Capital Ltd., said by e-mail on Sunday. This is “a game changer for the country and the wider region and one we expect as soon as this May,” he said. The Gulf’s biggest stock exchange is seeking to attract more capital from abroad as Saudi Arabia goes through unprecedented economic and social change. Foreign investment is a cornerstone of Deputy Crown Prince Mohammed bin Salman’s “Saudi Vision 2030,” a blueprint for the post-oil period that includes plans to sell shares in state oil giant Saudi Arabian Oil Co. and expand its sovereign wealth fund into the world’s largest. More»
Amwal Al Ghad English - 2017-02-07 10:57:22
Shares in the Gulf's only listed stock exchange operator outperformed during morning trade on Tuesday as most of the region moved little because of soft global equities and an overnight drop in oil prices. Dubai Financial Market (DFM) surged 3.0 percent after it made a net profit of 78.5 million dirhams ($21.4 million) in the fourth quarter, five times what it made in the prior-year period. Quarterly revenue increased to 131.2 million dirhams from 69.3 million dirhams as the market's trading turnover ballooned late last year, buoyed by a recovery of oil prices. Dubai's main stock index, however, edged down 0.2 percent as Emaar Properties, which has not yet reported quarterly earnings, fell 1.3 percent. Banking shares helped lift Abu Dhabi's index 0.3 percent higher. National Bank of Abu Dhabi rose 0.8 percent and First Gulf Bank (FGB) was up 0.4 percent. NBAD said on Tuesday it aimed to double the size of its debt issuance to $15 billion but did not give reasons or say how the programme would fit into the lender's planned merger with FGB, due to take place at the start of next quarter. In Saudi Arabia, the general index edged up 0.1 percent in the first 35 minutes of trade with gainers outnumbering decliners 73 to 52. Oil shipper National Shipping Co (Bahri) rose 1.1 percent after saying it had received the first very large crude carrier in an order from Hyundai Samho Heavy Industries and expected the ship's commercial operations to start next month. Kuwait's index resumed falling sharply on profit-taking after January's sharp rise; the index dropped 1.6 percent. Many fund managers believe valuations no longer support sharp rises from current levels. More»
Amwal Al Ghad English - 2017-02-06 10:48:00
Most stock markets in the Gulf moved little in early trade Monday driven by flat global equity markets and crude oil prices, but Dubai outperformed on the back of advances in mid-to-large sized companies. Dubai's index added 0.5 percent as Emaar Properties gained 0.8 percent after saying it would recover 1.22 billion dirhams ($332 million) from an insurance claim for a fire that engulfed one of its hotels, The Address Downtown, on New Year's Eve 2015. But GFH Financial Group droppped 3.9 percent after announcing plans for a big increase in share capital to fund a new growth strategy of acquiring financial institutions and infrastructure investments. Large caps helped carry Abu Dhabi's index 0.1 percent higher. Dana Gas, which has not yet reported quarterly earnings, rose 1.9 percent. Saudi Arabia's index barely moved in the first half-hour. Loss-making mobile telecommunications company Etihad Atheeb sank a further 4.1 percent after dropping 3.9 percent on Sunday; the stock had soared last week on news that Atheeb had signed a deal to sell part of its tower network to Saudi Telecom Co. But Yanbu Cement jumped 4.9 percent after saying it would distribute a cash dividend of 2 riyals per share for the second half of 2016, taking the full-year cash outlay to 3 riyals - although that is lower than the 5 riyals per share paid for 2015. More»
Amwal Al Ghad English - 2017-02-02 09:12:46
Gulf stock markets mostly inched down at Thursday’s early trade in the absence of fresh news to prompt buying, with much activity in Saudi Arabia and Dubai focusing on second-tier stocks rather than blue chips. The Saudi index slipped 0.1 percent in the first 45 minutes as loss-making Nama Chemicals, which had soared in the last few days after it announced the outline of a recovery plan, pulled back 7.3 percent. Atheeb Telecom added a further 2.9 percent, however, after jumping 9.4 percent on Wednesday in response to the sale of some of its tower network for 230 million riyals ($61.3 million) to Saudi Telecom Co. Dubai's index slipped 0.3 percent as blue chip Emaar Properties fell 1.2 percent, but six of the 10 most heavily traded stocks rose and only two fell. Builder Drake & Scull, the most active stock, rose 4.9 percent. Abu Dhabi dropped as telecommunications blue chip Etisalat fell 1.9 percent; earlier this week the holding company for rival du said it was launching Virgin Mobile-brand services in the United Arab Emirates. Sharjah Islamic Bank sank 4.4 percent after releasing preliminary results for last year which showed a 12.9 percent rise in net profit. In Qatar, the index edged up 0.3 percent as banks climbed, with Qatar National Bank adding 1.9 percent. Qatar Electricity and Water fell 0.4 percent after reporting a 13.8 percent drop in fourth-quarter net profit to 310 million riyals ($85.2 million); EFG Hermes had forecast 386.1 million riyals and QNB Financial Services, 388.2 million riyals. The board kept the 2016 dividend flat from 2015. More»
Amwal Al Ghad English - 2017-01-23 09:37:38
Gulf stock markets mostly surged at Monday early trade with Kuwait continuing a bull run that has made it by far the region's best-performing bourse this year. The Kuwaiti index, which rose 15.6 percent between the end of last year and Sunday, added a further 1.1 percent on Monday morning. Trading volume looked set to surpass Sunday's very high level and hit a new 43-month high. The country's biggest bank, National Bank of Kuwait (NBK) , climbed 1.5 percent and logistics giant Agility surged 4.4 percent. The Kuwait market is not cheap. NBK is trading at a trailing price-earnings ratio of above 14 times, for example, compared to below 12 times for Qatar National Bank and below 10 times for Abu Dhabi's First Gulf Bank, Thomson Reuters data shows. But fund managers said the volume of money pouring into the Kuwaiti market because of its momentum suggested the bull run might continue for a while. Saudi Arabia's index added 0.8 percent. Builder Khodari, which jumped 9.1 percent on Sunday on hopes for a recovery in the Saudi construction sector after the government began paying overdue debts to companies, rose a further 2.6 percent. Banks rebounded after dropping earlier this week on disappointing fourth-quarter earnings. Saudi British Bank rose 3.3 percent after falling 1.6 percent on Sunday. In Dubai, the index edged up 0.1 percent as Dubai Islamic Bank climbed 1.3 percent. Qatar also gained 0.1 percent as Doha Bank rose 2.2 percent. The bank reported an 84.8 percent decline in fourth-quarter net profit to 35 million riyals ($9.6 million). Three analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 215.58 million riyals. But Doha Bank also said its board was recommending a cash dividend of 3 riyals per share for 2016, the same level as in 2015. More»
Amwal Al Ghad English - 2017-01-22 10:02:52
Weak fourth-quarter earnings at several major Saudi Arabian companies have dragged down that market at Sunday early trade, while most other Gulf bourses were firm. The Saudi index dropped 0.4 percent as food maker Savola plunged 6.2 percent. It swung to net loss of 964.3 million riyals ($257.2 million) in the quarter from a profit of 515.3 million riyals a year ago, and said it did not plan to pay quarterly dividends in 2017. Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals. Banks were also weak after several posted fourth-quarter earnings below estimates. Alawwal Bank fell 5.6 percent after swinging to a net loss of 249.3 million riyals from a profit of 451.3 million; Alistithmar Capital and EFG Hermes had forecast profit of 330.5 million and 438.0 million. Saudi British Bank dropped 3.2 percent after posting a 35 percent fall in fourth-quarter net profit; Banque Saudi Fransi slipped 2.6 percent after reporting a 61 percent profit decline; and Samba Financial Group lost 3.5 percent after posting a 12 percent profit fall. Shares rose in many other sectors, however. Real estate developer Dar Al Arkan climbed 2.6 percent to 5.90 riyals after Deutsche Bank raised its price target for the stock to 6 riyals from 5.90 riyals. Builder Khodari jumped 9.1 percent; it has been buoyed since November by signs the construction sector is picking up as the government makes delayed payments on its debts to companies in the industry. Saudi Basic Industries Corp rose 0.3 percent after saying it had agreed to acquire the 50 percent it does not already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell, for $820 million. Dubai's index gained 0.3 percent as the most heavily traded stock, builder Drake & Scull, which also has exposure to Saudi Arabia, climbed 4.4 percent. Property developer Deyaar rose 2.0 percent after state news agency WAM reported it had signed a memorandum of understanding with Dubai South, the master developer of the area around Dubai's Al Maktoum International Airport, for a multi-purpose development. Strong banking shares pushed Qatar's index up 0.1 percent, with Qatar National Bank gaining 2.0 percent, and Kuwait's index continued a bull run which began early this month. It added a further 2.9 percent in large volumes with all of the 10 most heavily traded stocks rising sharply as local funds and retail investors piled into the market in the hope of more near-term gains. More»
Amwal Al Ghad English - 2016-12-28 10:29:50
Most major Gulf bourses inched up in early trade Wednesday in line with global stocks markets, as petrochemical producers led Saudi Arabia's bourse. The Saudi index, which added 1.3 percent on Tuesday to a new high for the year, climbed 0.3 percent in the first 15 minutes. The petrochemical sector index added 0.5 percent after oil prices rose overnight. Relatively small companies in the sector outperformed, with Petrochem up 4.1 percent. Abu Dhabi's index rose 0.3 percent on the back of a 1.1 percent gain by telecommunications firm Etisalat. Qatar was up 0.2 percent as Qatar Navigation added 1.1 percent. Dubai's index edged down 0.2 percent although Gulf Navigation rose as much as 1.9 percent after it said it had formed a partnership with SeaQuest, a Geneva-based firm providing ship and project management services. Gulf Navigation will use the tie-up to expand its business in these areas around the Middle East and Africa, it said. More»