amwalalghad :: Arab

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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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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 - 2017-06-20 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»
Amwal Al Ghad English - 2017-06-19 15:00:46
Saudi Arabia's stock market climbed Monday after a regulatory official was quoted as predicting the bourse would enter MSCI's emerging market index sooner than most investors had expected, while the rest of the region was subdued. Mohammed El-Kuwaiz, vice chairman of the Capital Market Authority, was quoted as saying by the Asharq al-Awsat newspaper that he expected the Saudi market to be included in the index by the end of 2018. MSCI will announce late on Tuesday whether it is putting Saudi Arabia on a list for possible index inclusion. Most funds think Riyadh has done enough to be included, but if MSCI follows its usual timetable, actual entry would occur in mid-2019. However, MSCI has the flexibility to move faster if it wishes. The Saudi stock index rose 2.4 percent, its largest single-day gain since November, although trading volume was only moderate. "Local funds which have been somewhat sceptical of MSCI putting Riyadh on review reacted to the comments made by the vice chairman," said Mohamad al-Hajj, macroeconomic strategist at EFG Hermes. Some of the top-performing shares on Monday were those which may eventually be added to MSCI's standard emerging market index, including Banque Saudi Fransi, which jumped 7.5 percent, and medical insurer BUPA Arabia, up 6.0 percent. Although progress towards inclusion would be a net positive for the Saudi stock market, some analysts are cautious about speculative fever trumping fundamentals, which are not particularly supportive. Saudi Arabia's 12-month forward price-earnings ratio is 13.9 while the MSCI Emerging Market Index is at 12. "While we believe that inclusion in watch list for Saudi will lead to enhanced market liquidity and generate more interest in the Saudi market, we caution investors to be wary of irrational exuberance as inclusion is unlikely to change market fundamentals which currently remain tepid," said a note by Alrajhi Capital. The government's petrodollar revenues remain under pressure and reforms planned for the next 12 months include another round of fuel and electricity price hikes and introduction of a value- added tax, which will raise costs for the private sector. Meanwhile, Dubai's National Central Cooling Co (Tabreed) surged its 15 percent daily limit to 2.12 dirhams after French power and gas group Engie agreed to buy a 40 percent stake for 2.8 billion dirhams ($763 million) from Abu Dhabi's Mubadala. Mubadala will convert its mandatory convertible bonds into shares, with 1.086 billion shares to be transferred to Engie at about 2.62 dirhams each. The Abu Dhabi fund will keep 42 percent after the deal has been approved by regulators. Analysts at Arqaam Capital said they were keeping their target price for the stock unchanged at 2.32 dirhams, as Tabreed's growth would benefit from Engie's experience but share buy-backs by the company were no longer likely. Drake & Scull climbed 1.2 percent after its acting chief financial officer told reporters that the company had not been affected by Qatar's diplomatic rift with some of its Gulf neighbours, although DSI was not bidding for new business in that country. DSI expects to complete a plan to reduce its capital by 75 percent by the end of the third quarter, deferring the process by one month, its chief executive said. The Dubai index added 0.4 percent. Qatar lost 1.3 percent with commodity-linked companies some of the worst performers as Brent oil stayed near its 2017 lows. Drilling rig provider Gulf International Services declined 4.0 percent and petrochemical maker Industries Qatar fell 2.7 percent. Abu Dhabi's index edged down 0.2 percent, weighed down by a 2.9 percent decline in Dana Gas, the most heavily traded stock on Monday. More»
Amwal Al Ghad English - 2017-06-15 15:20:33
Stock markets in the Gulf were mixed Thursday with Qatar and Dubai rising despite a decline in crude oil prices, while Saudi Arabia's fall was cushioned by hopes it will be put on review for possible emerging market status next week. Riyadh's stock index fell 0.5 percent after Brent crude dipped below $47 a barrel; all but one of the 14 listed petrochemical producers fell, with National Industrialization Co (Tasnee) dropping 3.7 percent. Jassim al-Jubran, senior equity analyst at Riyadh-based Aljazira Capital, said the stock market's losses were relatively small because most funds had been moving into shares that would benefit from any decision by index compiler MSCI next Tuesday to place Riyadh on review for possible upgrade to emerging market status. "Funds can withstand volatility in oil markets because they build long-term positions, and the MSCI review next week is higher on their list," said Jubran. The largest bank by assets, National Commercial Bank , added 0.8 percent after its board recommended a cash dividend of 1.1 riyal per share for the first half of the year, up from the 0.6 riyal paid out for the prior-year period. The Saudi central bank responded to the U.S. Federal Reserve's 25 basis point rate hike by lifting its reverse repo rate, at which commercial banks deposit money with the central bank, by the same amount to 1.25 percent but keeping its repo rate, used to lend money to banks, unchanged at 2.00 percent. This is expected to be net positive for Saudi banks' margins, but shares of other lenders were mostly lower on Thursday because the move had largely been priced in. Alawwal Bank fell 0.9 percent. In Abu Dhabi, Dana Gas was the most heavily traded share, surging 7.4 percent. The stock has soared 78 percent since the start of the month in unusually heavy trade. One Abu Dhabi-based stock broker, who declined to be named, told Reuters that he believed a strategic investor was building a position in the company. The second most active stock, developer Aldar Properties , dropped 3.3 percent, dragging the index 0.8 percent lower. The United Arab Emirates hiked key interest rates by 25 bps, which is expected to hurt companies with large debts. Aldar has outstanding total debt of 6 billion dirhams ($1.63 billion), with 1.12 billion due by the end of the year, according to its balance sheet. In Dubai, Emaar Properties climbed 1.3 percent to 8.0 dirhams after Morgan Stanley raised the stock to "overweight" from "equal weight" with a price target of 10.80 dirhams, up 23 percent from the previous target price. Emaar has been strong since it said two weeks ago it would spin off its local real estate unit and offer its shares to the public, giving the proceeds to its shareholders as a dividend. The Dubai index closed 0.3 percent higher. QATAR, EGYPT Qatar's index rose 0.7 percent, gaining for two days straight for the first time since June 5 when four Arab states including Saudi Arabia cut diplomatic and trade ties with Doha. The index is down 6.7 percent since that date. Foreign funds, which usually account for between one-fourth and one-fifth of total market turnover, provided almost half of market turnover on Thursday. Although they were net sellers of Qatari shares, it was by a small margin as some bought shares on dips. Some shares favoured by international funds surged, such as telecommunications operator Vodafone Qatar, which jumped 6.7 percent. Qatari banks, which have been beaten down by the sanctions, were mixed. Large-cap Islamic lender Masraf Al Rayan fell 0.9 percent but Doha Bank rose 2.5 percent. After the market close Doha's central bank said it was raising its overnight deposit rates by 25 bps but it kept lending and repo rates unchanged - a move which should limit upward pressure on money market rates. In Egypt, Ezz Steel rose 0.5 percent, outperforming the index, which fell 0.2 percent. Late on Wednesday the country's largest steel maker told Reuters it could raise its production of rebar to its maximum capacity of 4.6 million tonnes per year if tariffs on imported rebar continued. Cairo imposed temporary tariffs on steel rebar from China, Turkey and Ukraine last week; they are set to last for four months, in order to protect local manufacturers hurt by imports. Shares of the largest lender, Commercial International Bank , fell 1.0 percent. More»
Amwal Al Ghad English - 2017-06-15 10:14:52
A decline in crude oil prices to November lows put pressure on Gulf bourses on Thursday morning, while banking shares reacted little to interest rate hikes in the region following the U.S. Federal Reserve's move overnight. Riyadh's stock index went down 0.3 percent after half an hour after Brent crude dipped below $47 a barrel; half of the 14 listed petrochemical producers fell, with PetroRabigh down 0.9 percent. But small propylene maker Alujain surged 6.7 percent after it announced that minority shareholders had voted to remove the current board of directors and an election of new members would take place on Thursday. National Commercial Bank edged up 0.1 percent after its board recommended a cash dividend of 1.1 riyal per share for the first half of the year, up from the 0.6 riyal paid out for the prior-year period. The Saudi central bank responded to the U.S. Federal Reserve's 25 basis point rate hike by lifting its reverse repo rate, at which commercial banks deposit money with the central bank, by the same amount to 1.25 percent but keeping its repo rate, used to lend money to banks, unchanged at 2.00 percent. This is expected to be net positive for Saudi banks' margins, but shares of other lenders were mostly lower on Thursday because the move had largely been priced in. Alawwal Bank fell 0.7 percent. In Abu Dhabi, mid-sized banks were the main laggards despite the United Arab Emirates central bank's rate hike with Sharjah Islamic Bank dropping 2.7 percent and Abu Dhabi Islamic Bank down 0.8 percent. The index was down 0.3 percent. In Dubai, Dubai Islamic Bank lost 0.5 percent. Emaar Properties fell 0.6 percent to 7.85 dirhams after profit-taking from a rally this month triggered by its plan to spin off its local real estate unit. The Dubai index edged down 0.3 percent. Banks in Qatar, which have been beaten down by the sanctions imposed on Doha by four Arab states last week, were mixed. Large-cap Islamic lender Masraf Al Rayan was up 0.4 percent but Qatar Islamic Bank fell 1.2 percent. The index was down 0.1 percent. Doha's central bank has not yet announced its decision on interest rates. After the Fed's last hike in March, it was much slower than the other Gulf central banks to announce it was following soon, only doing so in the late afternoon of the next day. More»
Amwal Al Ghad English - 2017-06-12 17:23:40
Qatar's stock market rebounded Monday from sharp declines last week after the finance minister said the economy was essentially operating as normal despite the region's diplomatic crisis, while property-related shares buoyed the United Arab Emirates. Qatari Finance Minister Ali Sherif al-Emadi told CNBC that Doha could easily defend its currency and prevent shortages of food or other goods. Also, many investors still hope for a diplomatic solution in coming weeks. The Qatari stock index rose 0.8 percent after it fell 1.9 percent on Sunday; it is still down 8 percent since last Monday, when Saudi Arabia and three other Arab states cut diplomatic and trade ties with Doha. Foreign funds remained net sellers of Qatari shares on Monday but the pace of their selling slowed, bourse data showed, suggesting some funds were willing to accept higher political risk now that valuations were lower. Telecommunications operator Ooredoo rose 2.1 percent to 92.90 riyals, an 18 percent discount to the average fair value estimated by 11 analysts surveyed by Reuters. Non-Qatari Gulf funds have also slowed their pace of selling; on Monday they made up roughly 5 percent of total market turnover, in line with pre-crisis levels, bourse data showed. Dubai's Drake & Scull climbed 2.4 percent; it has now risen 8.0 percent in unusually large volumes since Thursday. Former chief executive Khaldoun Tabari has sold his stake in the company to Tabarak Investment, a source told Zawya, a Thomson Reuters publication. Tabarak Investment's stake stands at around 18 to 20 percent after the sale, making it the largest shareholder, Zawya said. In April, DSI said it would sell 500 million dirhams ($136 million) of shares to Tabarak as part of its capital restructuring programme, subject to regulatory approval. A 3.0 percent gain in shares of the largest listed real estate developer, Emaar Properties, to 7.83 dirhams also helped to carry Dubai's index 1.2 percent higher. The stock has been strong since last week when Emaar said it planned to distribute funds from a listing of its local real estate developer to shareholders. A second straight close above technical resistance at its December peak of 7.79 dirhams would confirm a break and target resistance at the April 2015 high of 8.39 dirhams. In Abu Dhabi, its largest listed developer Aldar Properties was also strong, gaining 4.4 percent to its highest closing price since late March. Dana Gas finished flat; the gas explorer has soared 48 percent this month on news that it received a portion of its overdue payments from Egypt and on hopes for its legal efforts to recover money from Iraqi Kurdistan. The Abu Dhabi index added 0.3 percent. More»
Amwal Al Ghad English - 2017-06-05 15:28:23
Qatar's stock market plunged Monday after four Middle Eastern states severed ties with Doha, while Saudi Arabian shares surged on hopes that index compiler MSCI will move towards upgrading it to emerging market status. The Qatari index tumbled 7.3 percent, erasing over $8 billion of value, in the heaviest trade for nearly three months. It was the index's steepest drop since late 2009, during the global financial crisis. Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed air, sea and land transport links with Doha, accusing it of supporting terrorism. Some Egyptian banks stopped dealing with Qatari institutions, but Saudi and UAE banks said they had not made such a decision so far. With an estimated $335 billion of assets in its sovereign wealth fund, a trade surplus of $2.7 billion in April alone and extensive port facilities which it can use instead of its land border with Saudi Arabia, which has been closed, it appears likely Qatar can avoid a severe economic crisis. The six countries in the Gulf Cooperation Council do little merchandise trade with each other, instead relying on imports from outside the region. The GCC countries account for less than 10 percent of daily trading on the Qatari stock market. Nevertheless, the diplomatic rift could have a serious impact on some business deals and companies in the region, particularly Qatar Airways, which can no longer fly to some of the Middle East's biggest markets. "Blocking sea, air and land (routes) shows a credit-negative escalation. And we’re concerned that could have a credit impact if it disrupts trade and capital flows," senior Moody's Investors Service analyst Mathias Angonin told Reuters. Selling of Qatari stocks was indiscriminate, with Vodafone Qatar, the most heavily traded stock, and Mesaieed Petrochemical both sliding about 10 percent. Qatar National Bank, the largest bank, dropped 6.1 percent. However, several fund managers said selling might quickly ease on Tuesday if investors started betting on some resolution to the diplomatic dispute, or if state-linked Qatari funds began buying to support the market. "I think you will start to see GREs (government-related enterprises) stepping in to support the market over the next few days," said a Doha-based asset manager. Talal Touqan, head of research at Abu Dhabi’s Al Ramz Capital, said it was not clear how long the dispute would last and markets could recover quickly if tensions eased. "This is a reaction to political noise which has a direct impact on volatility - it may be short-lived and fully reversible if the political situation starts to abate," he said. SAUDI, GULF Saudi Arabia's index fell in early trade in response to the news on Qatar but recovered later and finished 0.5 percent higher. The market has been buoyed in recent days by expectations that MSCI will decide on June 20 to begin a review of whether to upgrade Saudi Arabia to an emerging market, which would attract billions of dollars of fresh foreign money. Investors have therefore been buying stocks that foreign institutional investors are expected to favour, such as petrochemical giant Saudi Basic Industries, which climbed 1.6 percent on Monday. Al Baha Investment jumped its 10 percent daily limit for a second straight day; it resumed trading on Sunday after a four-year suspension because its accumulated losses exceeded regulatory standards. The suspension was lifted after Al Baha took action to reduce those losses. Dubai's index fell 0.7 percent, mainly because of Shuaa Capital, which lost 5.3 percent, and GFH Financial, which tumbled 4.7 percent. GFH said it had agreed to "postpone" talks to acquire Shuaa because neither party had reached acquisition terms and or received initial regulatory approval. It did not indicate when talks might resume and Shuaa did not issue any statement. Builder Drake & Scull, which has been rebounding from a multi-year low in the last few days, surged 6.5 percent in active trade and was the most heavily traded stock. Egypt's index edged up 0.2 percent. Qatar National Bank Alahly, the Egyptian unit of QNB, slipped only 0.3 percent in response to the diplomatic row; its free float is tiny and trading volume was miniscule, however. More»
Amwal Al Ghad English - 2017-05-30 09:52:46
Most stock markets in the Gulf were slightly higher on Tuesday’s early trade with the main focus on stocks favoured by local day-traders, while Qatar's bourse dropped ahead of changes by index compiler FTSE. Dubai's index grew 0.6 percent as loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO. Most other Dubai stocks also gained, with Dubai Mall operator Emaar Malls up 0.8 percent. In Abu Dhabi, the index was up 0.7 percent as 12 shares rose and only one declined. Most of the top gainers were mid-sized stocks; National Bank of Ras Al Khaima jumped 9.3 percent, Qatar's index lost 0.5 percent with 14 shares declining and only one rising. FTSE will announce the results of its June review on Wednesday, with changes to its indexes effective after the close on June 16, investment bank VTB Capital said in a report. VTB calculated that based on preliminary index weighting changes revealed last week, Qatari Investors Group (QIG) would see $6 million of fund outflows due to the changes and Ooredoo would see a $22 million outflow. QIG shares dropped 2.3 percent and Ooredoo slipped 0.9 percent. The Saudi index was up 0.5 percent after 45 minutes with real estate-related shares again attracting attention. Al Jazira Mawten REIT was the top gainer, jumping 3.5 percent, and Al Andalus Property rose 1.6 percent. Banque Saudi Fransi was up 1.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund, which will be the market's fourth such fund, was heavily oversubscribed. More»
Amwal Al Ghad English - 2017-05-29 09:29:40
Gulf stock markets were mixed in quiet, at Monday’s early trade with low-priced shares favoured by local retail investors lifting Dubai's bourse. The Dubai index added 0.6 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties, the most heavily traded stock, gaining 0.8 percent. Amusement park operator DXB Entertainments, whose slide this year has weighed heavily on the Dubai market, edged up 0.9 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating. Saudi Arabia's index edged down 0.2 percent in the first 45 minutes as petrochemical producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 4.2 percent. Qatar's index lost 0.5 percent as Qatar National Bank fell 1.2 percent, although Qatar First Bank, the most heavily traded stock, climbed 4.2 percent. In the last several days it has rebounded from record lows in unusually heavy trade. More»
Amwal Al Ghad English - 2017-05-28 10:05:22
Most Gulf stock markets inched down on Sunday’s early trade after global oil producers agreed on Thursday to extend cuts in output by nine months to March 2018. Trading volumes were thin, partly because of the start of the holy month of Ramadan. Many in the markets had been hoping for stronger action by OPEC to push up oil prices, such as a deal to deepen the production cuts or extend them further until mid-2018. Saudi Arabia's stock index dropped 0.4 percent during the first 45 minutes in a broad-based decline, with 120 shares falling and 13 gaining. Medical insurers dominated the list of gaining stocks, with Arabian Shield adding 2.1 percent. In Dubai, the index slipped 0.6 percent although builder Drake & Scull climbed 0.9 percent to 0.343 dirham, rebounding from near technical support on its January 2016 low of 0.291 dirham. Retail and restaurant investor Marka rose 1.8 percent in very thin volume after it appointed Benoit Lamonerie, whom it described as a 20-year veteran of retail and hospitality projects, as chief executive. The previous CEO resigned last December. Qatar's index was 0.6 percent lower as Ezdan Holding, the most heavily traded stock, sank 4.4 percent. On Thursday it had plunged 10 percent after the company's shareholders gave preliminary approval to take it private. More»
Amwal Al Ghad English - 2017-05-18 19:16:28
Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower Thursday, while Saudi Arabia’s index, dominated by local investors, outperformed the region for the day and the week. Dubai's index dropped 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 percent and Emaar Properties fell 0.8 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank losing 0.4 percent and telecommunications operator Etisalat down 0.3 percent. The index closed 0.3 percent lower. In Qatar, nine of the 11 MSCI emerging market index shares were down, with Commercial Bank declining 1.0 percent. Egypt's index dropped 0.9 percent in thin trade as Talaat Mostafa Group - which is currently part of the MSCI emerging market index but will be removed on June 1 - lost 2.8 percent. The largest Egyptian stock in the index, Commercial International Bank, fell 0.9 percent. Saudi Arabia's index, lost 0.1 percent with trading volume shrinking by a little over a half from the previous session. Forty shares rose, 106 declined. However, the index outperformed Gulf peers for the week with a 0.8 percent gain. Of the 20 most valuable companies, eight declined and the same number rose. Saudi Arabian Mining (Ma'aden) closed 0.5 percent higher. U.S. President Donald Trump is due to visit Saudi Arabia in coming days and some investors hope deals could be signed between Saudi and American companies in the mining, energy, auto and defence sectors. Most announcements from the meeting, though, are expected to be about previously revealed deals or memorandums of understanding rather than concrete new projects. Combined net profits of listed Saudi Arabian companies grew 37 percent from a year earlier in the first quarter, but that was almost entirely due to petrochemical firms, which benefited from higher oil and product prices. The market's valuation has risen to 14.6 times forward earnings from 11.3 times in the first quarter of 2016. "The valuation expansion outpaced earnings growth," said Mohammad El Hajj, macro strategy analyst at EFG Hermes." "The market is now trading at a premium to most other regional markets and we believe petrochemicals are now fully valued. The banking sector offers some value, as it is trading slightly below fair value." The total net profit of Qatari companies was flat in the first quarter compared to a year ago but valuations have expanded, making the fundamental picture for that market less attractive. In Dubai, aggregate net income fell by almost one tenth but valuations remain relatively cheap. "UAE markets are fundamentally stronger than others but the recent very low volumes are keeping funds away - there is simply no appetite for massive allocations," said a Dubai-based trader. More»