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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        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        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 - 2017-12-27 09:11:26
Saudi Arabia’s stock market went higher in early trade Wednesday as petrochemical shares climbed on the back of an overnight surge in the Brent oil price above $67 a barrel for the first time since May 2015. Other Gulf bourses were little changed. The Saudi stock index gained 0.5 percent in the first 45 minutes as the top petrochemical stock, Saudi Basic Industries, rose 1.0 percent. Construction firms were also strong on hopes that higher oil revenues would give the government money to boost infrastructure spending next year; Khodari < 1330.SE> rose 1.3 percent. Dubai’s index, historically much less sensitive to oil prices, edged up only 0.1 percent. Al Safwa Mubasher Financial Services, which rarely trades, was by far the most heavily traded stock, dropping 10 percent to 0.999 dirham as 268 million shares changed hands, almost half the total number of its shares. The company did not issue a statement about the heavy volume and company officials could not immediately be reached for comment. Abu Dhabi’s index edged up 0.3 percent as Dana Gas Gas surged 3.9 percent, while Qatar firmed 0.2 percent as drilling rig provider Gulf International Services, a possible beneficiary of a stronger oil industry, gained 3.2 percent. More»
Amwal Al Ghad English - 2017-12-25 07:56:17
Gulf stock markets were mostly quiet in thin, early trade on Monday although Abu Dhabi-listed Dana Gas jumped ahead of a court hearing on its effort to avoid redeeming $700 million of Islamic bonds. Abu Dhabi’s index gained 0.5 percent as Dana jumped 11.8 percent; it was the market’s most heavily traded stock. A court in the emirate of Sharjah was expected later on Monday to hear a case in which Dana is seeking to have its sukuk declared invalid under United Arab Emirates law. However, the Sharjah court will not necessarily issue any ruling and the hearing could be adjourned. Legal actions related to the sukuk in both Sharjah and Britain may continue for months, even years before the case is resolved, people familiar with the case have said. Dubai’s index edged down 0.2 percent as amusement park operator DXB Entertainments lost 1.6 percent. But Union Properties, the most heavily traded stock, climbed 2.0 percent after saying it planned to list its ServeU facilities management unit in Dubai in the second half of 2018. Bahrain’s Al Salam Bank, the second most heavily traded stock in Dubai, jumped 5.8 percent after a 6.1 percent gain on Sunday, when a disclosure on the Bahrain exchange showed a key person involved with the bank had bought 250,000 shares. But Khaleeji Commercial Bank, another Bahraini bank which has soared in big trading volumes since it listed in Dubai last Tuesday, plunged 9.9 percent to 1.36 dirhams. Its shares in Bahrain sank 6.7 percent to 0.112 dinar, equivalent to 1.09 dirhams. Saudi Arabia’s index slipped 0.1 percent as Najran Cement dropped 2.4 percent after its board decided to halt its third production line, which has a daily capacity of 6,500 tonnes, and restart its second line, with a capacity of 3,000 tonnes, because of high inventories of clinker. Saudi cement shares have surged in recent weeks partly because of hopes for a pick-up in the cement industry as the government eases fiscal austerity. But Najran’s decision suggested improvement in the industry might not come quickly. In Qatar, the index edged down 0.2 percent but Qatar First Bank, the most heavily traded stock, rose 3.2 percent, continuing a rebound from record lows that began in late November. More»
Amwal Al Ghad English - 2017-12-07 07:00:19
Gulf stock markets look set to consolidate with a possible downward bias on Thursday in the absence of positive factors, and with geopolitical issues, including the conflict in Yemen and the diplomatic rift with Qatar, still dampening sentiment. However Saudi Arabia’s index, which fell 0.6 percent on Wednesday to 7,026 points, has strong technical support around 7,000 points, where the peaks in late October and November roughly coincide with the 200-day average, now at 7,015 points. MSCI’s broadest index of Asia-Pacific shares outside Japan has stabilised after sliding on Wednesday, while Brent oil is at $61.39 a barrel after falling more than $1 overnight. More»
Amwal Al Ghad English - 2017-12-04 07:54:19
Hope for a resolution to Qatar’s diplomatic dispute with four other Arab countries may buoy Gulf stock markets on Monday, while Saudi Arabia may also stay firm because of its technical breakout on Sunday. Qatar’s foreign minister said late on Sunday that Qatari Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on December 5 and 6. There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, some investors hope Sheikh Tamim’s attendance could be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt. On Saturday, former Yemeni president Ali Abdullah Saleh signalled he was abandoning his support of the Iran-aligned Houthis - a shift that could pave the way to end three years of war in Yemen. So the Gulf may have a chance of easing two geopolitical crises that have weighed on markets in recent months. The Saudi stock index rose for an eighth straight day on Sunday, gaining 1.2 percent to 7,089 points and climbing above technical resistance around 7,000 points, which has capped the market since mid-October and roughly coincides with the 200-day average at 7,014 points. A clean break of the resistance - two straight daily closes - would point up to around 7,250 points, according to the height of the former downtrend channel dating back to mid-October. In the United Arab Emirates, where markets reopen on Monday after a long weekend, Dubai Investments announced it had raised its foreign ownership limit to 49 percent from 35 percent. But since the current actual ownership of all foreign investors is under 17 percent, there is no reason to expect any immediate impact on the stock. The global market environment is mixed, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.4 percent and Brent oil slipping 35 U.S. cents to $63.38 a barrel, drifting away from a near 2-1/2 year peak of $64.65 touched last month. More»
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»