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        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        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        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        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        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 - 2017-07-24 10:43:16
Banks pulled Qatar's stock market higher in early trade Monday while Saudi Arabia's stock market inched down after a string of second-quarter earnings, with telecommunications firm Mobily plunging on a bigger-than-expected loss. The Qatari index added 0.4 percent as Qatar National Bank climbed 1.0 percent and Masraf Al Rayan rose 0.8 percent. Qatar International Islamic Bank gained 1.4 percent after reporting a modest year-on-year rise in first-half net profit. Islamic insurer AlKhaleej Group surged 2.8 percent in unusually heavy trade. Dubai's index edged down 0.2 percent as Amlak Finance, which had surged in the past two days after a partnership deal with property developer DAMAC, traded flat. The most heavily traded stock, builder Drake & Scull, added 2.0 percent. Saudi Arabia's index also lost 0.2 percent with National Commercial Bank, the kingdom's largest lender, falling 1.2 percent after reporting a 0.9 percent fall in second-quarter net profit. Etihad Etisalat <Mobily) plunged 7.4 percent in unusually heavy trade after posting a quarterly net loss of 189.7 million riyals. Analysts had on average forecast a loss of 166 million riyals. Banque Saudi Fransi gained 2.3 percent after reporting a 4.1 percent decline in quarterly net profit. Retailer United Electronics jumped 7.6 percent; it will pay a first-half dividend of 0.75 riyal per share on Aug. 20, with the stock going ex-dividend on Aug. 5. More»
Amwal Al Ghad English - 2017-07-23 10:00:57
Dubai's stock market outperformed a quiet region in morning trade on Sunday as Islamic finance firm Amlak jumped for a second straight day in very heavy trade. The Dubai index gained 0.6 percent as Amlak surged 8.0 percent to a four-month high of 1.21 dirhams and was the market's most active stock, accounting for nearly a quarter of turnover. It rose above its 200-day average, now at 1.14 dirhams, for the first time since February. On Thursday, it had soared 14.3 percent. Traders attributed the rise to last week's announcement by real estate developer DAMAC that it was partnering with Amlak to sell second homes to customers. However, the partners gave no financial details, and many investors piled into the stock just because it had momentum. DAMAC rose 1.3 percent early on Sunday. Abu Dhabi's index fell 0.3 percent as Abu Dhabi Commercial Bank dropped 0.7 percent. It reported a 10.4 percent fall in second-quarter net profit to 1.01 billion dirhams ($275.2 million); three analysts polled by Reuters had on average forecast 1.11 billion dirhams. Qatar was flat as Gulf International Services , the most active stock, rose 1.44 percent. But the banks which led last week's rally stalled, with Qatar National Bank edging down 0.1 percent. Qatar's stock market has regained almost all of the losses it suffered after the country's diplomatic crisis with its neighbours erupted on June 5. At the weekend, Qatar's emir called for dialogue but gave no clear sign of a fresh initiative to end the crisis; United Arab Emirates Minister of State for Foreign Affairs Anwar Gargash said Doha needed to change its policies before a dialogue could occur. Saudi Arabia's index was also flat after half an hour. Alinma Bank, the most active stock, rose strongly for a third straight day after reporting better-than-expected second-quarter earnings last week; it added 2.0 percent. Arabian Shield Cooperative Insurance surged 3.8 percent after reporting second-quarter net profit more than doubled from a year ago. Arab National Bank climbed 1.3 percent after reporting a 4 percent rise in quarterly profit. But Yamamah Cement dropped 1.5 percent after disclosing that second-quarter profit plunged to 12.2 million riyals ($3.3 million) from 116.3 million riyals; sales also fell sharply. More»
Amwal Al Ghad English - 2017-07-20 09:47:19
Gulf stock markets may have a modestly firm tone on Thursday because of an overnight surge in oil prices and strong global equities, while positive earnings at Egypt's biggest bank could buoy the stock market there. Brent oil gained 1.8 percent on Wednesday to above $49.50 a barrel, while Wall Street hit record highs on the back of strong earnings reports. Qatar's stock market has been rebounding in recent days as quarterly bank earnings and macroeconomic data show the impact of the country's diplomatic crisis on the economy so far is not as bad as some had feared. Non-Arab foreign investors have been net buyers of stocks, while Gulf investors have continued to cut holdings in Qatar. Egypt's Commercial International Bank reported second-quarter consolidated net profit after minority interests of 1.83 billion Egyptian pounds ($102 million) versus 1.46 billion pounds a year ago, with consolidated revenue surging to 3.55 billion pounds. However, part of the rise is due to devaluation of the Egyptian pound, while the stock is already up 18 percent this year in anticipation of good earnings. More»
Amwal Al Ghad English - 2017-07-17 16:46:10
Dubai's stock index increased above technical resistance on Monday, suggesting a long period of underperformance compared with the region and other emerging markets might be ending, while a bank going ex-dividend helped to pull down Saudi Arabia's market. The Dubai index gained 0.8 percent to 3,602 points, eclipsing its April peak of 3,573 points. The next, strong resistance is at 3,737-9 points, the January and February peaks. Islamic Arab Insurance, the market's most active stock, climbed 3.4 percent in unusually heavy trade, accounting for about a quarter of all volume. It has been trading near record lows and, with a price below half a dirham, is easily moved by short-term speculators. DAMAC Properties, which has been surging to record highs in the past week, added a further 3.8 percent. Neighbouring Abu Dhabi's index was also strong, climbing 1.1 percent as the biggest bank, First Abu Dhabi Bank , which is due to report earnings in coming weeks, surged 2.8 percent. Sharjah Islamic Bank, which had just reported a 6.4 percent year-on-year rise in second-quarter net profit attributable to shareholders, jumped 2.9 percent. But Union National Bank, which had been rising since it reported strong quarterly earnings last week, fell back 1.9 percent. In Saudi Arabia, the index fell 0.8 percent as Banque Saudi Fransi, which had added 1.4 percent on Sunday, went ex-dividend and tumbled 5.5 percent. Petrochemical maker Yansab sank 1.7 percent after it reported a 54 percent year-on-year plunge in second-quarter net profit, despite an increase in some prices. It cited a temporary shutdown of some facilities for maintenance and higher feedstock prices. Chemanol rose 1.1 percent after saying it had received $10 million from a bank guarantee after one of its marketers failed to meet contract obligations. The marketer intends to seek arbitration, Chemanol said. Qatar's index rose 1.0 percent as drilling rig provider Gulf International Services, the most heavily traded stock, gained 2.5 percent. It has been in an uptrend from near multi-year lows since Qatar outlined plans to boost its gas production a couple of weeks ago. Gulf Warehousing surged 4.7 percent in heavy trade. After initially falling when other Arab states cut diplomatic and transport ties with Qatar on June 5, it has rebounded strongly as the Qatari government has ploughed money into developing new trade routes, which could benefit the firm. More»
Amwal Al Ghad English - 2017-07-16 10:31:48
Most Gulf stock markets traded higher early on Sunday in line with a strong trend for global equities, though Qatar pulled back after last week's strong rebound and weak corporate earnings hurt Oman. The Saudi index climbed 0.5 percent in the first half-hour in a broad rally, with advancing stocks outnumbering decliners by 124 to 20. Banque Saudi Fransi added 2.6 percent. Dubai's index gained 0.3 percent as Union Properties, the most heavily traded stock, rose 0.4 percent. Abu Dhabi edged up 0.2 percent as Dana Gas climbed 1.5 percent; in a statement, the company described recent decisions by London's High Court, which had been previously reported by Reuters, as favourable for its effort to restructure $700 million of outstanding sukuk. Ajman Bank gained 2.6 percent despite reporting a moderate fall in second-quarter net profit; operating income actually rose slightly. Qatar's index fell back 1.1 percent with Qatar National Bank, the biggest lender, losing 1.4 percent. Last week, the index rebounded strongly as it became clear that the economic impact of sanctions imposed by neighbouring Arab states on Qatar was not as damaging as some had feared. Oman dropped 0.5 percent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy. Raysut Cement slipped 0.8 percent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping. Oman Telecommunications sank 3.3 percent after reporting a 39 percent fall in first-half profit, with revenue stagnant. Bank Dhofar lost 3.2 percent after first-half consolidated net profit shrank 13 percent, and National Gas plunged its daily 10 percent limit in very thin trade after it said first-half profit more than halved. More»
Amwal Al Ghad English - 2017-07-10 18:46:15
Middle East stock markets followed global shares higher Monday and Saudi Arabia's stock index was bolstered by strong quarterly reports and dividend announcements. For now, unease about an end to the era of ultra-cheap money has given way to optimism about global growth, with Friday's stronger-than-expected U.S. non-farm payrolls report bolstering risk appetite. Data on Monday showed exports from Germany, Europe's biggest economy, rose more than expected in May. The pan-European STOXX 600 rallied 0.4 percent, with banks being one of the strongest sectors. In Saudi Arabia, shares of United Electronics Company (Extra) surged by their 10 percent daily limit to 36.90 riyals, their highest close since January 2016. The company had earlier reported second-quarter net income of 43.4 million riyals ($11.57 million), up 287.5 percent from the prior year period. In a separate statement, the board approved a cash dividend of 0.75 riyals per share for first half of 2017, the company's first dividend distribution since 2015. The positive mood spilled into other consumer-related shares, with Extra's chief competitor Jarir gaining 2.0 percent. Analysts have been expecting improvement in the retail sector in the second quarter from a year before because of the government's decision to reinstate civil servants' allowances and because of the Muslim month of Ramadan, which typically sees a rise in sales. The Riyadh index added 1.0 percent as all 12 of the listed banks rose. Banque Saudi Fransi surged 8.7 percent in heavy trade after the board recommended a cash dividend of 1.05 riyals per share for the first half of this year, almost double the cash distributed in the prior year period. Egypt's blue-chip index added 1.1 percent, recovering from a small drop on Sunday. Shares of media conglomerate Orascom Telecom gained 3.0 percent after it reported first-quarter net income of 388.5 million Egyptian pounds ($21.74 million) versus 48.73 million pounds in the same period a year ago. Shares of the largest listed lender Commercial International Bank rose 1.8 percent. Qatar's index climbed 1.0 percent, with four-fifths of the total market turnover coming from local investors, bourse data showed. Twenty-six of the traded companies rose, including heavyweight Qatar National Bank, which added 1.9 percent, while 11 shares declined. In Abu Dhabi, natural gas explorer Dana Gas fell 1.4 percent on profit taking. Shares of the commodity company have been volatile since late June when Dana declared it would not make payments on $700 million of Islamic bonds maturing in October because Islamic finance standards had changed since the instruments were issued four years ago. The index edged down 0.3 percent in relatively thin trade. Dubai's index rose 0.5 percent as shares of developer Union Properties climbed 1.7 percent. Twelve other shares rose while 11 declined. More»
Amwal Al Ghad English - 2017-07-09 18:07:18
Egypt’s stock market showed little reaction Sunday to an unexpected interest rate hike taken by the country’s central bank, tempered by comments by the deputy finance minister, while a sharp fall in crude oil weighed on Saudi Arabia's petrochemical sector. Egyptian central bank, faced with accelerating inflation, on Thursday raised rates by 200 basis points for the second policy meeting in a row, wrongfooting economists who had forecast no change. Deputy finance minister Mohamed Meait told Reuters on Saturday the hike was only temporary. Cairo's blue chip index edged down 0.1 percent, a far milder reaction than the 2.5 percent drop that followed a previous rate hike on May 21. Analysts at Naeem Brokerage said in a note that the market might witness a slight temporary correction, adding that banks might benefit because they expected higher investment income to offset delinquencies and slower credit growth. The largest listed lender, Commercial International Bank added 1.4 percent on Sunday. More»
Amwal Al Ghad English - 2017-06-28 19:24:33
Stocks prone to speculative trade dragged Dubai's equity index down Wednesday while Egypt's blue chip developer Talaat Mostafa Group outperformed on news its former chairman has been pardoned and named chief executive. Dubai's index dropped 0.7 percent in the lowest daily volume in one year. Shares of builder Arabtec fell 8.5 percent; on Wednesday the company said it has raised 1.5 billion dirhams in equity as part of its recapitalisation programme and "extinguished the company’s accumulated losses of AED 4.6 billion as at December 31 2016". GFH Financial, the most heavily traded stock, however, climbed 3.1 percent on news that it had agreed to sell part of its real estate portfolio, which it said had an "approximate value" of $55 million. The book value of the asset is $20 million. In neighbouring Abu Dhabi, some large caps, which were the main drag on the bourse earlier in the session, reversed course and helped take the index 0.4 percent higher. First Abu Dhabi added 1.4 percent to 10.65 dirhams ($2.90) after hitting a session low of 10.40 dirhams. Kuwait's index closed flat in very thin trade. Blue chip banks outperformed with Warba Bank adding 1.2 percent while Boubyan Petrochemical lost 1.0 percent. More»
Amwal Al Ghad English - 2017-06-21 17:18:01
Saudi Arabia's stock market climbed on Wednesday over 5 percent after the architect of the kingdom's economic reforms was appointed crown prince and index compiler MSCI said it would consider upgrading Riyadh to emerging market status. The stock index jumped 5.5 percent, its largest single-day rise since August 2015, to 7,335 points, its highest level since December 2015. Trading volume was the largest this year. Fund managers said the appointment of Prince Mohammed bin Salman, previously deputy crown prince, to be first in line for the throne was not unexpected, but came sooner than anticipated. He has been the catalyst for radical reforms to reduce Saudi Arabia's dependence on oil exports, ranging from a plan to sell a stake in national oil giant Saudi Aramco and dozens of other institutions and reinvest the money in non-oil industries, to tough austerity plans to eliminate a huge budget deficit. "For the first time in two years, investors will feel reassured that the economic reform plan Vision 2030 will not be scrapped," said Ayham Kamel, director of the Middle East and North Africa at consultancy Eurasia Group. As defence minister Prince Mohammed has overseen the war in Yemen and taken a tough line towards Iran, so some analysts fear his promotion could raise geopolitical tensions. But investors were not focusing on geopolitics on Wednesday. National Commercial Bank, the biggest listed lender which is expected to help arrange the privatisation programme and play a major role in funding some of the new non-oil industries, soared 10 percent. Mining company Ma'den jumped 9.7 percent. Mining is a key sector in Prince Mohammed's plans to cut the kingdom's reliance on oil. Real estate developers were also strong, especially those that are working with the government on projects. Emaar the Economic City, which is developing an industrial city near Jeddah, shot up 10.2 percent. To mark Prince Mohammed's promotion, the government said it was restoring financial allowances to civil servants retroactively to last September. This did not appear to involve a lot of money - Mazen al-Sudairi, head of research at Al Rajhi Capital, estimated 8 or 9 billion riyals ($2.1 billion to $2.4 billion) - but it lifted investor sentiment. The market was also buoyed by news that index compiler MSCI would, as expected, start to consider whether to upgrade Saudi Arabia to emerging market status. An upgrade would probably take effect in 2019, eventually attracting tens of billions of dollars of fresh foreign money. Iyad Ghulam, senior equities analyst at NCB Capital, said the MSCI news might give the market support for the medium term. "We expect the market to rise 20 to 30 percent from the day of the MSCI announcement on putting Saudi on the short list until the decision date in June 2018," Ghulam said. Food maker Almarai jumped 9.1 percent to close at 90.00 riyals on Wednesday; it hit an all time intra-day high of 90.70 riyals. EFG Hermes predicts Almarai would see up to $405 million of passive fund inflows from an MSCI upgrade, plus up to $183 million if FTSE decides this September to upgrade Saudi Arabia. More»
Amwal Al Ghad English - 2017-06-20 18:40:04
Gulf stock markets were on Tuesday weighed down by weak oil prices as Saudi Arabia pulled back despite hopes for positive news from index compiler MSCI, while Qatar closed at its lowest level since it was hit by a diplomatic crisis early this month. MSCI was due after the close on Tuesday to announce whether it will launch a review of Saudi Arabia for possible inclusion in its emerging market index; inclusion would bring tens of billions of dollars of fresh foreign money. The Saudi index surged 2.4 percent on Monday after Mohammed El-Kuwaiz, vice chairman of the Capital Market Authority, was quoted as saying by the Asharq al-Awsat newspaper that he expected inclusion by the end of 2018. On Tuesday, the index rose as much as 0.6 percent early on but closed 1.3 percent lower in thin trade. The three top losers were banks which had surged in the past week because of a belief that foreign funds would flow into them in the event of a positive MSCI decision. Saudi British Bank, for example, pulled back 4.7 percent to 24.30 riyals after jumping 14 percent in the past four days. Petrochemical blue chip Saudi Basic Industries, which would be a key Saudi component of MSCI's emerging market index if the upgrade happens, fell 0.8 percent. Though fund managers agree MSCI inclusion would be bullish for the Saudi market, many think fundamentals are not very attractive at present, with valuations significantly above those of the MSCI emerging market average, and Saudi Arabia's introduction of a sales tax looming next year. So the market may have little room to rally in coming months. Dubai's index fell 0.2 percent as builder Drake & Scull, the most heavily traded stock, slid 3.0 percent after saying it had obtained regulatory approval to start a capital restructuring after heavy losses. National Central Cooling Co (Tabreed) rose 3.8 percent to 2.20 dirhams but came far off the day's high of 2.37 dirhams. It soared its 15 percent daily limit on Monday, when France's Engie said it had agreed to buy 40 percent of Tabreed for 2.8 billion dirhams ($763 million) from Mubadala. Abu Dhabi's index dropped 0.8 percent as Dana Gas pulled back 4.4 percent. It had gained 66 percent this month on what some brokers said was buying by a strategic investor; late on Monday Goldilocks Investment Co, part of Abu Dhabi Financial Group, said it had bought 5 percent of the firm. Qatar's index slipped 1.5 percent to 8,934 points, its lowest finish since January 2016. It remains depressed by economic sanctions against Doha announced by Saudi Arabia and other Arab states on June 5, and has now lost 10 percent since then. Some investors have been hoping for a diplomatic resolution but a top United Arab Emirates official said on Monday that Qatar's isolation could last for years. Many banks dropped; Doha Bank fell 2.1 percent. Qatari banks have been weak because of concern about increases in their funding costs after other Gulf countries imposed sanctions on Qatar early this month, accusing it of supporting terrorism. Egypt's index fell 0.7 percent; Orascom Telecom Media, the most heavily traded stock, plunged 15 percent as it went ex-dividend. More»