amwalalghad :: Arab

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        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        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        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        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 - 2017-10-31 08:49:05
Saudi Arabia’s stock market stayed soft in early trade on Tuesday despite a big rebound by petrochemical company PetroRabigh, while real estate-related shares again weighed on Dubai. The Saudi stock index dropped 0.3 percent in the first hour as PetroRabigh’s gain was offset by losses in the banking and insurance sectors. PetroRabigh jumped 5.6 percent in heavy trade; it reported third-quarter net profit of 706‍ million riyals ($188.3 million) versus a year-earlier loss of 211 million riyals, with sales surging 43 percent. But this failed to push up the petrochemical sector in general, with Saudi Kayan edging down 0.2 percent in heavy trade and National Petrochemical falling 0.2 percent. Most Saudi banks were down with Alinma Bank, the most heavily traded lender in the Saudi market, losing 0.2 percent and National Commercial Bank, the kingdom’s largest lender, also falling 0.2 percent. The Dubai index edged down 0.2 percent as Emaar Properties lost 0.5 percent and builder Drake & Scull dropped 2.5 percent. Qatar’s index edged down 0.1 percent because of banking shares; Qatar First Bank fell 0.8 percent while Qatar National Bank, the largest bank in the region, sank 0.6 percent. In Kuwait, where the ruling emir accepted the resignation of the prime minister and his cabinet on Monday, the main index fell 0.4 percent. The ministers will continue important duties until a new cabinet is sworn in. The stock market is not expected to be affected much as such episodes are common in Kuwaiti politics. More»
Amwal Al Ghad English - 2017-10-29 08:44:40
Petrochemical stocks and an earnings beat by Saudi Telecom Co boosted Riyadh’s stock market early on Sunday while other Gulf bourses were generally quiet. The Saudi stock index climbed 0.6 percent in the first 45 minutes as petrochemical giant Saudi Basic Industries gained 1.2 percent and several other producers such as Saudi Kayan rose by smaller amounts in unusually active trade. Brent oil rose 1.9 percent on Friday to $60.44 a barrel after Saudi Arabia and Russia pledged support for extending oil output cuts. Rising oil prices tend to be positive for Saudi petrochemical firms’ profit margins. Saudi Telecom climbed 4.3 percent after reporting an 18.2 percent rise in third-quarter net profit to 2.62 billion riyals ($698.7 million), topping the 2.28 billion forecast by four analysts polled by Reuters. The increase was mostly due to cost-cutting as revenue from services fell 8.5 percent to 12.84 billion riyals. The Dubai index was flat, though Gulf Navigation climbed 2 percent. Last Thursday it said it had signed a memorandum to establish a joint venture in the oil and gas services sector. Qatar’s index edged up 0.2 percent as Mesaieed Petrochemical gained 1.3 percent on the back of stronger oil prices. Qatar Gas Transport, which would also benefit from higher prices in the oil and gas industry, surged 3.5 percent. But Qatar First Bank sank 2.7 percent after reporting that its nine-month net loss widened to 139.6 million riyals ($28.4 million) from a loss of 76.7 million riyals in the first half of this year. In Kuwait, telecommunications firm Zain fell 1.6 percent after it reported net income fell 7 percent in the third quarter, in line with analysts’ forecasts. The Kuwaiti stock index edged up 0.1 percent. More»
Amwal Al Ghad English - 2017-10-26 10:40:19
Foreign investors are now able to take part in initial public offerings (IPO) within Saudi Arabia and will be given access to a stock market aimed at small and medium-sized businesses. Mohammed El Kuwaiz, chairman of the country's Capital Market Authority (CMA), said Thursday that foreign investors can take part in company flotations when asked about the IPO of oil giant Saudi Aramco, according to Reuters. The Kingdom aims to raise about $100 billion by taking a portion of its state oil giant public next year. The funds will underwrite an effort led by Crown Prince Mohammed bin Salman to diversify the nation's economy through a plan called Vision 2030. Amin Nasser, chief executive of Saudi Aramco, has repeatedly said that there will be a dual-listing — one in Saudi Arabia and a second on in an international market. He has also said that this remains on track for 2018. NOMU parallel market Speaking at Riyadh's Future Investment Summit on Thursday, the chairman also announced that non-resident foreign investors will be able to investor directly into the NOMU parallel market from January next year, according to the news agency. NOMU is an equity market with lighter listing requirements that serves as an alternative platform for companies to go public. Foreign investors will no longer have to meet requirements to qualify as foreign institutional investors, according to the news agency but will have to continue to obey limits on foreign ownership of stocks. The initiatives are part of Saudi Arabia's push for opening up and diversifying its oil-dependent economy. Riyadh is cutting red tape and removing barriers to investment in an attempt to achieve that. 'Davos in the desert' Over the last few days, Saudi Arabia has also announced a $500 billion plan to build an area for business and industry connecting with Jordan and Egypt, during the Future Investment Initiative conference — also known as the "Davos in the desert." Jassim Alseddiqi, chief executive office of Abu Dhabi Financial Group — a multi-billion dollar investment company from Abu Dhabi — told CNBC that Saudi Arabia is becoming increasingly more attractive. "What's really interesting to us in Saudi is the transformation and the openness that's happening," he said. "We've recently increased our appetite to invest in Saudi (Arabia). We are releasing a real estate investment trust that's going to be traded on the Tadawul stock exchange. We are expanding our finance business," he added. Mustafa Abdel-Wadood, managing partner at the Abraaj Group, another investment firm, told CNBC this week that its core investment strategy remains in emerging markets, of which Saudi Arabia is one of those destinations. "These are high-growth markets, Saudi is one of our investment destinations," he said Wednesday, mentioning a young population, a large and growing consumer base and a growing middle class. More»
Amwal Al Ghad English - 2017-10-26 10:27:40
Saudi Aramco's initial public offering is on track for 2018, and the national oil giant could be valued at more than $2 trillion, Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters in an interview on Wednesday. The sale of around 5 percent of Aramco next year is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is championed by Prince Mohammad. Saudi officials have said domestic and international exchanges such as New York, London, Tokyo and Hong Kong have been looked at for a partial listing of the state-run firm. A decision on which exchange would secure the offering has still not been made, fuelling market speculation that the IPO could be delayed beyond 2018 or even shelved, amid growing concerns about the feasibility of an international listing. "We are on track in 2018... but the listing (details) are still under discussion," Prince Mohammad told Reuters in an exclusive interview on Wednesday in Riyadh for release on Thursday. "It will be IPO-ed in 2018." The crown prince declined to discuss specific details of the IPO, which could be the biggest in history and is expected to raise as much as $100 billion. Prince Mohammad, 32, has sweeping powers over defence, energy and the economy and is expected to take the final decision about Aramco’s listing venue and the other reforms. Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure announced by the crown prince, who wants to raise cash through the IPO to finance investments aimed at helping wean the world's biggest oil exporting nation off its dependency on crude. But Prince Mohammad reiterated on Wednesday that Aramco's estimated valuation would be about $2 trillion. "I know that there has been a lot of argument around this topic but at the end of the day the right say is that of the investor. Undoubtedly the biggest IPO in the world must be accompanied by a lot of rumours," Prince Mohammad said. "Aramco would prove itself on the ground on the day of the IPO. Actually when I talked about the valuation, I talk about $2 trillion, it could be more than $2 trillion." The timing of the IPO will depend on getting legal and regulatory approval from the jurisdictions it opts to list in, industry sources had said. It could also be influenced by the oil price - currently below $60 per barrel - a price Saudi officials have identified as a good level. Asked whether the rift with Gulf OPEC producer Qatar has dented investors' sentiment, ahead of the Aramco IPO, Prince Mohammad dismissed the impact of the political impasse. "Qatar is a very, very, very small issue," he said. Saudi Arabia and three other Arab states have cut ties with Qatar, accusing it of supporting terrorism. Doha denies the accusations. OPEC kingpin Saudi Arabia is leading OPEC and other oil producers such as Russia to restrict oil supplies under a global oil pact to drain global inventories and boost oil prices. "We are committed to work with all producers, OPEC and non-OPEC countries, we have a great and historic deal... We will support anything to stabilise the oil demand and supply," Prince Mohammad said when asked whether the kingdom would support extending the agreement beyond March 2018 when it is due to expire. "I think now the oil market (absorbed) the shale oil supply, now we are regaining things again." More»
Amwal Al Ghad English - 2017-10-25 12:35:00
Saudi Arabian stocks opened largely flat on Wednesday as gains by Saudi Electricity Co (SEC) were offset by declines for Zain Saudi and Middle East Healthcare. SEC was one of the biggest gainers, rising by 4.5 percent in early trading after news on Tuesday that the kingdom will consider selling a large stake in the utility to SoftBank Vision Fund, the world’s largest private equity fund. The Saudi government would retain a controlling stake, the utility said in a statement. Public Investment Fund, which holds a 74 percent stake in SEC, signed a memorandum of understanding with SoftBank Vision Fund for SEC to develop 3 gigawatts of solar energy in 2018, SEC said in a statement. Weighing on the Saudi bourse was Zain Saudi, which fell 4.9 percent after its board proposed a capital reduction to 3.62 billion riyals from 5.84 billion riyals to write off accumulated losses. Zain Saudi swung to a third-quarter net profit of 3 million riyals, but missed forecasts of three analysts of 21.2 million riyals. Middle East Healthcare, which posted a 39.8 percent third-quarter profit drop earlier in the week, fell 8.6 percent in early trading. The Saudi stock index .TASI edged down 0.08 percent. In Qatar .QSI, the index was down 0.2 percent, with Qatari Investors Group, the biggest loser, down 4.3 percent. In Dubai, the main index .DFM dropped 0.5 percent, with Dubai Investments the top gainer, rising 6.0 percent, while the Abu Dhabi index .ADI edged down 0.2 percent. More»
Amwal Al Ghad English - 2017-10-25 08:26:50
Stock markets in the Gulf may tick higher Wednesday on a jump in oil prices to a near four-week high after leading exporter Saudi Arabia said it was determined to halt a supply glut. Saudi Arabia’s stock market may also find support on positive news emerging from a high-profile investment conference in Riyadh at which the kingdom announced on Tuesday a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt. Saudi Electricity Co could rise after news on Tuesday that the kingdom will consider selling a large stake in the utility to SoftBank Vision Fund. The Saudi government would retain a controlling stake, the utility said in a statement. Brent crude, the global benchmark, was up 8 cents at $58.41 a barrel by 0437 GMT, after settling up 96 cents, or 1.7 percent, on Tuesday. It followed comments by Saudi Arabia’s Energy Minister Khalid al-Falih that the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. Telecom operator Zain Saudi and Advanced Petrochemical Co could also rise on Wednesday. Zain Saudi swung to a third-quarter net profit of 3 million riyals ($800,043), while Advanced Petrochemical reported a third-quarter profit rise of 10.2 percent to 208.4 million riyals. More»
Amwal Al Ghad English - 2017-10-24 10:29:36
Saudi Aramco’s chief executive announced Tuesday that domestic and international exchanges such as New York, London, Tokyo, and Hong Kong have been looked at for a partial listing of the state oil giant. “All detailed information is currently being reviewed by our shareholder and in due course a decision will be made about the listing venue,” Aramco CEO Amin Nasser told reporters at an investment conference in Riyadh. The company has said it plans to list in 2018. Asked if a listing of the share in 2019 was a scenario under consideration, Nasser said no. More»
Amwal Al Ghad English - 2017-10-24 09:34:26
The absence of Jamie Dimon from Saudi Arabia's Future Investment Summit should not be seen as a signal that Saudi Aramco's upcoming initial public offering (IPO) is in some kind of trouble, the chief executive for the Middle East and Africa at Deutsche Bank told CNBC on Tuesday. Saudi Aramco, the world's largest oil company, plans to list its shares on the Saudi domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, JPMorgan boss, Jamie Dimon, was notable in his absence from Riyadh's so-called "Davos in the desert" event this week. When asked whether it should worry investors that a major CEO from one of the lead underwriters for the Saudi Aramco's IPO was missing from the conference in Riyadh Tuesday, Deutsche Bank's Jamal Al Kishi said: "I think that interpreting that as a sign that the process is derailed or in some kind of trouble is probably a bridge too far in my view." Reportedly, Saudi Aramco has appointed JPMorgan Chase, Morgan Stanley and HSBC to assist with its mammoth IPO next year. On Monday, Saudi Aramco's chief executive Amin Nasser told CNBC the plan to take a portion of the oil giant's business public in 2018 remained on track. Al Kishi said there would be "no reason to doubt" Nasser's comments, before adding, "If there were complications, those will be dealt with and that's natural for a company the size of Saudi Aramco." More»
Amwal Al Ghad English - 2017-10-22 06:47:41
Stock markets in the Gulf may generally have a firm tone on Sunday because of a positive global climate, while indexes in Saudi Arabia and Dubai could test technical resistance. The Dow Jones Industrial Average rose 0.6 percent on Friday while Brent oil was at $57.49 a barrel, up 0.5 percent. The Saudi index, last at 7,011 points, faces resistance on its 200-day average, now at 7,036 points. Stronger-than-expected third-quarter earnings just announced by food company Almarai could encourage a test of that barrier. Almarai posted a net profit of 667 million riyals ($177.9 million), up from 664.3‍​ million riyals a year earlier and above the 621 million riyal average forecast of analysts polled by Reuters. Bank Albilad’s quarterly profit of 248.1 ‍​million riyals, up from 227.8 million riyals, was in line with an average analyst forecast of 248 million riyals. Al Rajhi Bank , with a profit of 2.27 billion riyals versus 2.01 billion riyals, was also in line with estimates. Meanwhile Dubai’s index, last at 3,673 points, faces resistance on the August peak of 3,681 points. A surge in Dubai’s trading volume on Thursday to the highest level since February suggests a clean break of resistance is possible in coming days. Any clean break would point up to stronger resistance at 3,737-39 points, the highs in January and February. More»
Amwal Al Ghad English - 2017-10-19 07:14:37
Saudi bank shares could be buoyed on Thursday by better than expected third-quarter earnings from Riyad Bank, the kingdom’s fourth-largest bank by assets. Investors are awaiting results from Saudi Arabia’s other lenders after Riyad Bank reported a 47.7 percent rise in profit as income from investments and fees and commission rose. The positive results follow Saudi’s Alinma Bank on Sunday beating analysts’ estimates with a 3 percent profit rise. Qatar bank stocks will also be in focus after Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 10.9 percent jump in third-quarter net, in line with analysts’ forecasts. Results on Thursday included Saudi Kayan Petrochemical Co. , which reported a 140.9 percent rise in third-quarter profit to 381.0 million riyals, and Saudi Automotive Services Co , which posted a 36.6 percent profit rise to 9.1 million riyals. Asian stocks rose to near decade highs on Thursday, while oil prices were stable, supported by ongoing OPEC-led supply cuts. More»