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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        Misr Chemical Industries   5.65        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        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 - 2017-07-16 10:31:48
Most Gulf stock markets traded higher early on Sunday in line with a strong trend for global equities, though Qatar pulled back after last week's strong rebound and weak corporate earnings hurt Oman. The Saudi index climbed 0.5 percent in the first half-hour in a broad rally, with advancing stocks outnumbering decliners by 124 to 20. Banque Saudi Fransi added 2.6 percent. Dubai's index gained 0.3 percent as Union Properties, the most heavily traded stock, rose 0.4 percent. Abu Dhabi edged up 0.2 percent as Dana Gas climbed 1.5 percent; in a statement, the company described recent decisions by London's High Court, which had been previously reported by Reuters, as favourable for its effort to restructure $700 million of outstanding sukuk. Ajman Bank gained 2.6 percent despite reporting a moderate fall in second-quarter net profit; operating income actually rose slightly. Qatar's index fell back 1.1 percent with Qatar National Bank, the biggest lender, losing 1.4 percent. Last week, the index rebounded strongly as it became clear that the economic impact of sanctions imposed by neighbouring Arab states on Qatar was not as damaging as some had feared. Oman dropped 0.5 percent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy. Raysut Cement slipped 0.8 percent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping. Oman Telecommunications sank 3.3 percent after reporting a 39 percent fall in first-half profit, with revenue stagnant. Bank Dhofar lost 3.2 percent after first-half consolidated net profit shrank 13 percent, and National Gas plunged its daily 10 percent limit in very thin trade after it said first-half profit more than halved. More»
Amwal Al Ghad English - 2017-07-10 18:46:15
Middle East stock markets followed global shares higher Monday and Saudi Arabia's stock index was bolstered by strong quarterly reports and dividend announcements. For now, unease about an end to the era of ultra-cheap money has given way to optimism about global growth, with Friday's stronger-than-expected U.S. non-farm payrolls report bolstering risk appetite. Data on Monday showed exports from Germany, Europe's biggest economy, rose more than expected in May. The pan-European STOXX 600 rallied 0.4 percent, with banks being one of the strongest sectors. In Saudi Arabia, shares of United Electronics Company (Extra) surged by their 10 percent daily limit to 36.90 riyals, their highest close since January 2016. The company had earlier reported second-quarter net income of 43.4 million riyals ($11.57 million), up 287.5 percent from the prior year period. In a separate statement, the board approved a cash dividend of 0.75 riyals per share for first half of 2017, the company's first dividend distribution since 2015. The positive mood spilled into other consumer-related shares, with Extra's chief competitor Jarir gaining 2.0 percent. Analysts have been expecting improvement in the retail sector in the second quarter from a year before because of the government's decision to reinstate civil servants' allowances and because of the Muslim month of Ramadan, which typically sees a rise in sales. The Riyadh index added 1.0 percent as all 12 of the listed banks rose. Banque Saudi Fransi surged 8.7 percent in heavy trade after the board recommended a cash dividend of 1.05 riyals per share for the first half of this year, almost double the cash distributed in the prior year period. Egypt's blue-chip index added 1.1 percent, recovering from a small drop on Sunday. Shares of media conglomerate Orascom Telecom gained 3.0 percent after it reported first-quarter net income of 388.5 million Egyptian pounds ($21.74 million) versus 48.73 million pounds in the same period a year ago. Shares of the largest listed lender Commercial International Bank rose 1.8 percent. Qatar's index climbed 1.0 percent, with four-fifths of the total market turnover coming from local investors, bourse data showed. Twenty-six of the traded companies rose, including heavyweight Qatar National Bank, which added 1.9 percent, while 11 shares declined. In Abu Dhabi, natural gas explorer Dana Gas fell 1.4 percent on profit taking. Shares of the commodity company have been volatile since late June when Dana declared it would not make payments on $700 million of Islamic bonds maturing in October because Islamic finance standards had changed since the instruments were issued four years ago. The index edged down 0.3 percent in relatively thin trade. Dubai's index rose 0.5 percent as shares of developer Union Properties climbed 1.7 percent. Twelve other shares rose while 11 declined. More»
Amwal Al Ghad English - 2017-07-09 18:07:18
Egypt’s stock market showed little reaction Sunday to an unexpected interest rate hike taken by the country’s central bank, tempered by comments by the deputy finance minister, while a sharp fall in crude oil weighed on Saudi Arabia's petrochemical sector. Egyptian central bank, faced with accelerating inflation, on Thursday raised rates by 200 basis points for the second policy meeting in a row, wrongfooting economists who had forecast no change. Deputy finance minister Mohamed Meait told Reuters on Saturday the hike was only temporary. Cairo's blue chip index edged down 0.1 percent, a far milder reaction than the 2.5 percent drop that followed a previous rate hike on May 21. Analysts at Naeem Brokerage said in a note that the market might witness a slight temporary correction, adding that banks might benefit because they expected higher investment income to offset delinquencies and slower credit growth. The largest listed lender, Commercial International Bank added 1.4 percent on Sunday. More»
Amwal Al Ghad English - 2017-06-28 19:24:33
Stocks prone to speculative trade dragged Dubai's equity index down Wednesday while Egypt's blue chip developer Talaat Mostafa Group outperformed on news its former chairman has been pardoned and named chief executive. Dubai's index dropped 0.7 percent in the lowest daily volume in one year. Shares of builder Arabtec fell 8.5 percent; on Wednesday the company said it has raised 1.5 billion dirhams in equity as part of its recapitalisation programme and "extinguished the company’s accumulated losses of AED 4.6 billion as at December 31 2016". GFH Financial, the most heavily traded stock, however, climbed 3.1 percent on news that it had agreed to sell part of its real estate portfolio, which it said had an "approximate value" of $55 million. The book value of the asset is $20 million. In neighbouring Abu Dhabi, some large caps, which were the main drag on the bourse earlier in the session, reversed course and helped take the index 0.4 percent higher. First Abu Dhabi added 1.4 percent to 10.65 dirhams ($2.90) after hitting a session low of 10.40 dirhams. Kuwait's index closed flat in very thin trade. Blue chip banks outperformed with Warba Bank adding 1.2 percent while Boubyan Petrochemical lost 1.0 percent. More»
Amwal Al Ghad English - 2017-06-21 17:18:01
Saudi Arabia's stock market climbed on Wednesday over 5 percent after the architect of the kingdom's economic reforms was appointed crown prince and index compiler MSCI said it would consider upgrading Riyadh to emerging market status. The stock index jumped 5.5 percent, its largest single-day rise since August 2015, to 7,335 points, its highest level since December 2015. Trading volume was the largest this year. Fund managers said the appointment of Prince Mohammed bin Salman, previously deputy crown prince, to be first in line for the throne was not unexpected, but came sooner than anticipated. He has been the catalyst for radical reforms to reduce Saudi Arabia's dependence on oil exports, ranging from a plan to sell a stake in national oil giant Saudi Aramco and dozens of other institutions and reinvest the money in non-oil industries, to tough austerity plans to eliminate a huge budget deficit. "For the first time in two years, investors will feel reassured that the economic reform plan Vision 2030 will not be scrapped," said Ayham Kamel, director of the Middle East and North Africa at consultancy Eurasia Group. As defence minister Prince Mohammed has overseen the war in Yemen and taken a tough line towards Iran, so some analysts fear his promotion could raise geopolitical tensions. But investors were not focusing on geopolitics on Wednesday. National Commercial Bank, the biggest listed lender which is expected to help arrange the privatisation programme and play a major role in funding some of the new non-oil industries, soared 10 percent. Mining company Ma'den jumped 9.7 percent. Mining is a key sector in Prince Mohammed's plans to cut the kingdom's reliance on oil. Real estate developers were also strong, especially those that are working with the government on projects. Emaar the Economic City, which is developing an industrial city near Jeddah, shot up 10.2 percent. To mark Prince Mohammed's promotion, the government said it was restoring financial allowances to civil servants retroactively to last September. This did not appear to involve a lot of money - Mazen al-Sudairi, head of research at Al Rajhi Capital, estimated 8 or 9 billion riyals ($2.1 billion to $2.4 billion) - but it lifted investor sentiment. The market was also buoyed by news that index compiler MSCI would, as expected, start to consider whether to upgrade Saudi Arabia to emerging market status. An upgrade would probably take effect in 2019, eventually attracting tens of billions of dollars of fresh foreign money. Iyad Ghulam, senior equities analyst at NCB Capital, said the MSCI news might give the market support for the medium term. "We expect the market to rise 20 to 30 percent from the day of the MSCI announcement on putting Saudi on the short list until the decision date in June 2018," Ghulam said. Food maker Almarai jumped 9.1 percent to close at 90.00 riyals on Wednesday; it hit an all time intra-day high of 90.70 riyals. EFG Hermes predicts Almarai would see up to $405 million of passive fund inflows from an MSCI upgrade, plus up to $183 million if FTSE decides this September to upgrade Saudi Arabia. More»
Amwal Al Ghad English - 2017-06-20 18:40:04
Gulf stock markets were on Tuesday weighed down by weak oil prices as Saudi Arabia pulled back despite hopes for positive news from index compiler MSCI, while Qatar closed at its lowest level since it was hit by a diplomatic crisis early this month. MSCI was due after the close on Tuesday to announce whether it will launch a review of Saudi Arabia for possible inclusion in its emerging market index; inclusion would bring tens of billions of dollars of fresh foreign money. The Saudi index surged 2.4 percent on Monday after Mohammed El-Kuwaiz, vice chairman of the Capital Market Authority, was quoted as saying by the Asharq al-Awsat newspaper that he expected inclusion by the end of 2018. On Tuesday, the index rose as much as 0.6 percent early on but closed 1.3 percent lower in thin trade. The three top losers were banks which had surged in the past week because of a belief that foreign funds would flow into them in the event of a positive MSCI decision. Saudi British Bank, for example, pulled back 4.7 percent to 24.30 riyals after jumping 14 percent in the past four days. Petrochemical blue chip Saudi Basic Industries, which would be a key Saudi component of MSCI's emerging market index if the upgrade happens, fell 0.8 percent. Though fund managers agree MSCI inclusion would be bullish for the Saudi market, many think fundamentals are not very attractive at present, with valuations significantly above those of the MSCI emerging market average, and Saudi Arabia's introduction of a sales tax looming next year. So the market may have little room to rally in coming months. Dubai's index fell 0.2 percent as builder Drake & Scull, the most heavily traded stock, slid 3.0 percent after saying it had obtained regulatory approval to start a capital restructuring after heavy losses. National Central Cooling Co (Tabreed) rose 3.8 percent to 2.20 dirhams but came far off the day's high of 2.37 dirhams. It soared its 15 percent daily limit on Monday, when France's Engie said it had agreed to buy 40 percent of Tabreed for 2.8 billion dirhams ($763 million) from Mubadala. Abu Dhabi's index dropped 0.8 percent as Dana Gas pulled back 4.4 percent. It had gained 66 percent this month on what some brokers said was buying by a strategic investor; late on Monday Goldilocks Investment Co, part of Abu Dhabi Financial Group, said it had bought 5 percent of the firm. Qatar's index slipped 1.5 percent to 8,934 points, its lowest finish since January 2016. It remains depressed by economic sanctions against Doha announced by Saudi Arabia and other Arab states on June 5, and has now lost 10 percent since then. Some investors have been hoping for a diplomatic resolution but a top United Arab Emirates official said on Monday that Qatar's isolation could last for years. Many banks dropped; Doha Bank fell 2.1 percent. Qatari banks have been weak because of concern about increases in their funding costs after other Gulf countries imposed sanctions on Qatar early this month, accusing it of supporting terrorism. Egypt's index fell 0.7 percent; Orascom Telecom Media, the most heavily traded stock, plunged 15 percent as it went ex-dividend. More»
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»