amwalalghad :: Arab

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        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        Canal Shipping Agencies   7.39        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        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 - 2017-11-30 08:55:56
Saudi Arabia’s stock market edged up in early trade on Thursday while Qatar’s bourse softened, as regional trade was thinned by the closure of the United Arab Emirates and Kuwait for public holidays. The Saudi index added 0.2 percent in the first hour as retailer United Electronics gained 2.3 percent after saying it had launched a partnership with online retailer to be its exclusive supplier of home and electronic appliances in Saudi Arabia. In Qatar, the index fell 0.6 percent as Qatar Islamic Bank slipped 1.2 percent. But shipper Qatar Navigation , which has been rebounding from an eight-year low hit in mid-November, jumped a further 5.8 percent. More»
Amwal Al Ghad English - 2017-11-27 07:30:20
Regional stock markets may continue to consolidate on Monday amid a lack of positive factors, while Saudi Arabia’s index, which has rebounded for three straight days, faces technical resistance. Exchange data released late on Sunday showed foreign investors were net sellers of Saudi Arabian equities for a third straight week in the wake of authorities’ sweeping crackdown on corruption, but by a smaller margin than in the previous week, suggesting capital flows may soon stabilise. Foreign investors sold 835 million riyals ($223 million) of Saudi stocks and bought 598 million riyals in the week through November 23, resulting in net selling of 237 million riyals. That compares with net selling of 309 million riyals in the week to November 16 and 1.08 billion riyals in the week to November 9, immediately after the purge was announced. However the index, last at 6,934 points, faces resistance on the top of its downtrend channel extending back to mid-October, now at 6,980 points. The outlook will turn technically short-term bullish only if this resistance breaks. In Dubai, Drake & Scull announced that its shares had been included in the MSCI GCC index. That index covers about 85 percent of the free float-adjusted market capitalisation in the Gulf Cooperation Council, and is less exclusive than MSCI’s emerging markets index, which is used by many more funds. In global markets, MSCI’s broadest index of Asia-Pacific shares outside Japan has dropped 0.65 percent, while oil prices are slightly softer. More»
Amwal Al Ghad English - 2017-11-26 06:41:36
Gulf stock markets may have a slightly firm tone on Sunday, buoyed by positive global trends and news of the initial public offer of the distribution unit of Abu Dhabi National Oil Co. Major global and U.S. stock indices set fresh all-time highs on Friday while Brent oil rose 31 cents to settle at $63.86 a barrel. ADNOC’s unit set an indicative price range for its IPO of 2.35 to 2.95 dirhams; at the top of the range, the deal could be valued at 7.38 billion dirhams ($2.01 billion), assuming it sells a maximum 20 percent. That would make it the biggest IPO in the UAE since 2007. The company’s valuation implies a 2018 dividend yield of 6 percent to 7.5 percent and a 2019 dividend yield of 4 percent to 5 percent. This could help to attract fresh funds and liquidity to the Abu Dhabi bourse. In Saudi Arabia, Banque Saudi Fransi could come uner pressure after the central bank said it faced an unspecified fine over irregularities in an employee incentive programme. However, the investigation into the irregularities was already well-known and official action had been anticipated by investors. The market may gain some support from news that the regulator will further ease requirements for foreign institutional investors in the stock market; among other steps, the minimum value of assets under management needed for a foreign institution to qualify as an investor would fall to 1.875 billion riyals ($500 million) from 3.75 billion riyals. Crown Prince Mohammed bin Salman said in a New York Times interview published at the weekend that about 95 percent of about 200 businessmen and officials implicated in a sweeping crackdown on corruption were agreeing to financial settlements of charges against them- a possible indication that the probe, which has unsettled the stock market, could start to wind down in most areas. Qatar’s stock market fell on Thursday after index compiler MSCI said it might shift to using offshore exchange rates to value the market, because sanctions against Doha had made it more difficult for investors to obtain riyals. After the close on Thursday, the Qatari central bank sought to reassure investors that it was trying to prevent a negative decision by MSCI, saying it was “coordinating regularly with all banks and financial institutions to follow up banking operations and ensure the processing of all procedures and transactions as normal.” More»
Amwal Al Ghad English - 2017-11-21 07:29:23
Middle East stock markets may again have little upside on Tuesday because of geopolitical worries, although the privatisation plans of Abu Dhabi National Oil Co (ADNOC) could continue to support that market. In international markets, Asian stocks are marginally higher while Brent oil futures are at $62.25 per barrel, 4 cents above their last close. In an interview with Reuters on Monday, ADNOC’s chief executive described a major shake-up plan to privatise its services businesses, venture into oil trading and expand partnerships with strategic investors. On Monday, the company detailed plans for the initial public offer of shares in its distribution unit. The plans could attract new money to Abu Dhabi’s stock market and possibly expand its weighting in international indexes; investors think authorities will be keen to see that the market is healthy to ensure a successful IPO. In Dubai, Emaar Properties, last at 7.68 dirhams, has been testing major technical support at 7.60 dirhams, which was its low early this month and resistance between March and May. This level would be a logical place for a rebound, while any clean break would point down to the June low of 6.96 dirhams. The stock has been sliding since late last week, when it priced the IPO of its local real estate development unit in the lower half of an indicative range. More»
Amwal Al Ghad English - 2017-11-20 08:12:13
Gulf stock markets may stay sluggish on Monday because of geopolitical turbulence after Saudi Arabia and other Arab states adopted a firm tone against Iran and its Lebanese Shi‘ite ally Hezbollah in an emergency meeting in Cairo on Sunday. Concern about an escalation of tensions has weighed significantly on regional asset prices in the last several weeks, in addition to fallout from Saudi Arabia’s crackdown on corruption. Asian shares have eased slightly on Monday, with investor sentiment hurt by the retreat on Wall Street and sliding Chinese stocks, while oil prices are barely moving. Abu Dhabi may get a boost, however, from news that the initial public offer of the distribution unit of Abu Dhabi National Oil Co is proceeding. The company proposed to sell between 1.25 billion and 2.5 billion ordinary shares; ADNOC said it would announce the indicative price range on November 26 and the offer would close on December 6. The listing could attract new money to Abu Dhabi, possibly expanding its weighting in international indexes, and investors think authorities will be keen to see that the market is healthy to ensure a successful IPO. In Dubai, the reasons for an abrupt management change at Aramex are not yet clear. The company announced in a brief statement that chief executive Hussein Hachem was being replaced with immediate effect, but did not explain the decision. Hachem has been replaced by chief financial officer Bashar Obeid, Aramex said without elaborating. Last month, the company had announced that Obeid was exercising his early retirement option by stepping down, effective on February 28, 2018. More»
Amwal Al Ghad English - 2017-11-19 08:30:59
Gulf stock markets look set to consolidate with little upside on Sunday while a British High Court ruling on $700 million of sukuk issued by the United Arab Emirates’ Dana Gas may depress that stock. The fallout from Saudi Arabia’s anti-corruption crackdown continues to make investors nervous, while geopolitics have also become a major factor for regional markets, amid concern about instability in Lebanon and the possibility of strong Saudi action against Iran. At the weekend, Saudi Arabia summoned its ambassador in Germany home for consultations over comments by German Foreign Minister Sigmar Gabriel about Lebanon. Gabriel told reporters that Europe “could not tolerate the adventurism that has spread there”, although it was not clear from a Reuters television recording that the remark was aimed at Riyadh. Meanwhile, Dana argues that it does not have to repay its sukuk, which matured last month, because changes in the interpretation of Islamic finance over the past few years mean the instruments are no longer sharia-compliant and have become unlawful in the UAE. A London High Court judge ruled that Dana’s challenges to the purchase undertaking behind the bonds were “unfounded” and that the agreement was “valid and enforceable”. This was a victory for holders of the sukuk, but by no means the last legal move in the case; Dana said it would appeal the High Court ruling, and was also looking ahead to a hearing by a UAE court on whether the structure of the sukuk was valid. That hearing is scheduled for Dec. 25. Wall Street ended Friday on a weak note, but Brent oil jumped back to $62.68 a barrel, up 2.15 percent. More»
Amwal Al Ghad English - 2017-11-09 08:24:00
Most Gulf stock markets were weak in early trade on Thursday because of concern about the impact of Saudi Arabia’s anti-corruption investigation, but Dubai’s bourse edged up as real estate shares rebounded. The Saudi stock index fell 0.7 percent in the first 35 minutes as decliners outnumbered advancers by 104 to 57. Alarmed by the probe, wealthy Saudi individual investors have been dumping stocks this week -- some, fund managers say, possibly intending to move money out of the country. But stocks in companies related to people detained in the probe regained some strength after steep losses earlier this week. Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar has been arrested, rose 0.4 percent after plunging 22 percent in the previous three days. Red Sea International, whose chairman Amr al-Dabbagh was detained, gained 0.3 percent. Kingdom Holding , the investment vehicle of Prince Alwaleed bin Talal, who was also detained, fell only 0.4 percent. Saudi Ceramic Co plunged 9.0 percent after reporting a third-quarter net loss of 39.2 million riyals ($10.5 million) versus a loss of 46.9 million riyals a year ago. Dubai’s index gained 0.4 percent as real estate developers, which sank earlier this week on fears that the probe would hurt Saudi investment in Dubai property, rose. Emaar Properties was up 1.0 percent and DAMAC Properties added 0.9 percent. Amusement park operator DXB Entertainments rose 1.4 percent after it said it would obtain a subordinated loan of 700 million dirhams ($191 million) from majority shareholder Meraas. Abu Dhabi’s index edged up 0.1 percent but Abu Dhabi National Energy Co sank 6.2 percent in thin trade after reporting a third-quarter loss attributable to shareholders of 194 million dirhams ($52.9 million) versus a year-earlier loss of 524 million dirhams. In the second quarter, it had posted a tiny profit. More»
Amwal Al Ghad English - 2017-11-08 10:51:11
Saudi Arabia’s stock market continued to fall in early trade on Wednesday because of concern about the economic impact of its anti-corruption purge, but other bourses in the region began to stabilise. The Saudi index was 1.0 percent lower after half an hour of trade. Shares in companies linked to people detained in the investigation slid further. Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar was detained, was down 4.8 percent after plunging 10 percent on each of the previous two days. It was the market’s most heavily traded stock. Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, fell 1.0 percent after losing 21 percent over the previous three days. The stock is now estimated to be close to or below its book value. Some Saudi blue chips were only marginally lower, however, with Saudi Basic Industries edging down 0.2 percent. In statements late on Tuesday, Crown Prince Mohammed bin Salman and the Saudi central bank sought to ease worries about the probe. They said that while individuals were being targeted and having their bank accounts frozen, national and multinational companies - including those wholly or partly owned by individuals under investigation - would not be disrupted. After falling for three days because of concern that the Riyadh purge could hurt Saudi portfolio and real estate investment in Dubai, the emirate’s stock index was flat. DAMAC Properties, which had been hit particularly hard, was up 0.3 percent. Abu Dhabi was also flat while Kuwait and Qatar edged down just 0.2 percent. More»
Amwal Al Ghad English - 2017-11-07 10:30:14
The Olayan family, which runs one of  biggest conglomerates in Saudi Arabia, is putting plans to sell shares in some of its local assets on hold amid slow economic growth in the kingdom, people familiar with the matter told Bloomberg. Olayan Financing Co., which controls the billionaire family’s investments in the Middle East, decided not to proceed with an initial public offering of a holding company of about 20 local units, the people said, asking not to be identified because the discussions are private. Plans for the sale of the holding company, which may worth as much as $5 billion, could be revived in the future, they said. The decision to put the IPO plans on hold predates the beginning of an anti-corruption purge by Crown Prince Mohammed Bin Salman that began on Saturday evening, the people said. The crackdown by a newly formed anti-corruption committee resulted in the arrest of princes, billionaires, ministers and former top officials. Olayan had been working with Saudi Fransi Capital on the planned sale that could have happened as early as next year, people familiar with the matter said in March. It’s also working with HSBC Holdings Plc’s local unit on the 30 percent sale of its Health Water Bottling Co., people said in May. The IPOs would be the first time Olayan Financing sold shares in one of its Saudi businesses since at least 2000. The family still plans to proceed with the IPO of its water business, the people said. Olayan Group didn’t immediately respond to requests for comment. Saudi Arabia’s economy has shrunk for two quarters in a row this year as the Crown Prince implements a reform program that includes austerity measures such as cuts to subsidies and infrastructure spending. As part of these plans, the kingdom also aims to sell hundreds of state assets, including Saudi Arabian Oil Co., stakes in the stock exchange, football clubs and flour mills. More»
Amwal Al Ghad English - 2017-11-07 10:19:52
Major Gulf stock markets mostly dropped early Tuesday because of continued jitters about Saudi Arabia’s sweeping anti-corruption investigation, which could disrupt Saudi investment flows into the rest of the region. The Saudi stock index fell 1.6 percent after 75 minutes of trade. Shares linked to people detained in the investigation led falls. Among them, Prince Alwaleed bin Talal’s Kingdom Holding plunged its 10 percent daily limit, bringing its losses in the three days since the investigation was announced to 21 percent. The fall has wiped off about $2 billion from Prince Alwaleed’s fortune, previously estimated by Forbes magazine at $17 billion. Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar was detained, plunged 10 percent for a second day. The company said it was operating normally and had the support of the government, but the slide in its shares suggests investors feel its fate is bound up with that of its founder. Dallah Healthcare fell 3.8 percent after its controlling shareholder, billionaire Saleh Kamel, was held. Housing builder Red Sea International dropped 6.8 percent after chairman Amr al-Dabbagh was detained. Declining stocks outnumbered gainers by 164 to nine. In the past two days, many banks and other blue chips stayed firm, but almost all stocks were caught in the sell-off on Tuesday. Real estate firm Dar Al Arkan was the best performer, rising 1.7 percent. However, many fund managers think the overall market may recover by the close because of buying by government-linked funds acting to prevent a panic. The market followed that pattern on Sunday and Monday. In Dubai, the index slipped 0.6 percent with Emaar Properties dropping by that margin and DAMAC Properties tumbling 3.7 percent. Saudis have been significant investors in Dubai real estate and this flow of money could conceivably shrink because of the crackdown. The index in Abu Dhabi, less exposed to Saudi money, inched up 0.1 percent. But Kuwait continued to slide, with its index losing 3.8 percent. National Bank of Kuwait , which had tumbled 4.5 percent on Monday, lost a further 2.1 percent and logistics firm Agility sank 3.9 percent. Most Saudi portfolio money had already left Qatar earlier this year because of Riyadh’s diplomatic dispute with Doha. But the Qatari index was still caught up in the regional downtrend on Tuesday, dropping 1.6 percent as Qatar Navigation , the most heavily traded stock, sank 2.0 percent. More»