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 - 2017-05-18 10:05:57
Stock markets in the Gulf most exposed to foreign fund flows followed global shares lower at Thursday’s early trade, while the Saudi Arabia’s index, dominated by local investors, barely moved. Dubai's index was down 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments lost 2.6 percent and Emaar Properties was down 0.9 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank and Aldar Properties each dropping 0.9 percent. The index was down 0.5 percent. In Qatar, all 11 of the MSCI emerging market index shares were down, with Commercial Bank declining 1.6 percent. Saudi Arabia's index, however, held onto a gain of 0.1 percent as 38 shares rose and 104 declined. A little under half of the top 20 most valuable companies rose with Saudi Arabian Mining up 1.7 percent. 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. More»
Amwal Al Ghad English - 2017-05-16 18:59:51
Shares of Egypt's EFG Hermes and Talaat Mostafa diverged Tuesday sharply on news that MSCI will swap the shares in its main Egyptian index, while Gulf equity markets were firm with the Brent oil price at $52 a barrel. Overnight, MSCI said it would include investment bank EFG Hermes in its MSCI Egypt Index but remove real estate developer Talaat Mostafa Group, downgrading it to the small-cap index. The changes will take effect on June 1. EFG, which on Monday reported a near-tripling of first quarter net income and a more than doubling of operating revenue, surged 8.8 percent while TMGH slumped 9.8 percent. Arqaam Capital analysts predicted passive net fund inflows of $33 million into EFG due to the index change and a net outflow of $21 million for TMGH. The main Egyptian stock index rose 0.6 percent in the heaviest trading volumes since mid-January. In Dubai, builder DSI slumped 5 percent to 0.362 dirham, a 15-month low, after it reported a first-quarter net loss attributable to shareholders of 722.5 million dirhams versus a profit of 9.8 million dirhams in the year-ago period. The company is in the middle of a capital restructuring plan to wipe out its accumulated losses, and has said it expects to receive a capital injection of 500 million dirhams from a Dubai-based strategic investor by mid-2017. DAMAC rose 2.9 percent after MSCI said it would add the stock to its United Arab Emirates index. Arqaam estimated the inclusion would bring $68 million of passive fund inflows. Dubai's stock index closed almost flat. Banking shares were some of the top gainers in neighbouring Abu Dhabi, helping lift the index 0.4 percent. Abu Dhabi Commercial Bank rose 2.1 percent. In Saudi Arabia, the index gained 0.7 percent in the heaviest trade since mid-January. "At the start of the month, when oil was below $50, daily traded volume was low - now there is slightly more confidence so there is more activity, but I don't expect that to hold as the holy month of Ramadan traditionally sees low volumes," said one Kuwait-based stock broker. Ramadan starts around May 27. Shares in construction firm Al Khodari jumped 10 percent - the daily limit - in heavy trade. One analyst said this might be a result of the company receiving overdue payments from the government, which is Khodari's main client. The petrochemical sector was mixed, with smaller companies outperforming larger ones. Analysts at NCB Capital said the sector's bottom line in the first quarter almost doubled from a year ago and revenue rose by about 16 percent. Many stocks, however, are trading near fair value, leaving investors with little incentive to buy despite a recent rebound in oil prices. More»
Amwal Al Ghad English - 2017-05-15 19:20:54
Stock markets in the Middle East were mixed Monday with Saudi Arabia rising on the back of a rebound in oil prices and a continued slide by amusement park operator DXB Entertainments helping to drag down Dubai. The Saudi index climbed 0.6 percent. Top petrochemical producer Saudi Basic Industries, whose margins could benefit from higher oil prices, gained 0.5 percent. But PetroRabigh, which had tumbled its 10 percent daily limit on Sunday after reporting a sharp widening of its quarterly loss, sank a further 5.4 percent. Real estate developer Dar Al Arkan was the most heavily traded stock and added 3.9 percent after saying its board had accepted the resignation of Abdulrehman Hamad al-Harkan as chief executive, effective on June 1, for personal reasons. It did not name a new CEO. Dubai's index slipped 1.1 percent on a late wave of selling as DXB Entertainments sank 5.6 percent to its lowest level since April 2015. Investors have been disappointed by attendance figures at the company's parks and last week it reported a wider first-quarter loss, warning that attendance was likely to fall in the next two quarters. Builder Arabtec was the second most heavily traded issue in Dubai, while rights to subscribe to its capital increase were the most heavily traded. The underlying stock jumped nearly 7 percent in early trade but closed 0.1 percent lower at 0.762 dirham as the rights, which began trading on Monday and will continue through May 28, swung widely between 0.03 dirham and 0.215 dirham. Since the rights allow the underlying stock to be bought at a price of 1.0 dirham, well above the stock's current market price, they may never be exercised. But the price of the rights is so low that some local investors see a good chance for short-term speculation with minimal downside. Shuaa Capital dropped 6.6 percent despite reporting that it had swung to a first-quarter profit from a year-earlier loss; total revenues shrank during the quarter. Abu Dhabi's index dropped 0.6 percent but Qatar rose 0.6 percent on the back of several blue chips such as Doha Bank, up 1.3 percent, and Barwa Real Estate , which gained 1.4 percent. Kuwait was the best-performing market in the region, rising 0.7 percent. International equity index compiler MSCI was due to announce late on Monday changes in its indexes that will occur when Pakistan is reclassified to emerging market status from a frontier market on June 1. Pakistan has a roughly 10 percent weighting in MSCI's frontier index and once it goes, the index will be more than a fifth weighted to Kuwait, analysts have estimated. That could mean significant flows of funds into Kuwait; about $6.4 billion is currently under management with frontier equity funds. Egypt's index edged down 0.04 percent although Egyptian Iron & Steel jumped 7.1 percent after reporting a slight reduction in its net loss for the first nine months of its fiscal year. More»
Amwal Al Ghad English - 2017-05-09 09:30:22
Shares of companies that beat quarterly earnings estimates outperformed Tuesday as Gulf stock markets were held in check by crude oil trading below $50 a barrel for a third session. Shares of Saudi Arabian electronics and bookstore retailer Jarir were up 5.8 percent to 141.0 riyals after it reported a 26.5 percent rise in first quarter net profit, beating analysts' forecasts. The company's board also recommended distributing 2.2 riyals per share for the period, higher than the 1.75 riyals it paid out in the prior year period. Jarir's top line rose by 20.3 percent in the period helped by rising sales of smartphones and sales of goods to schools. Analysts at Riyadh-based Alrajhi Capital said revenue growth was probably driven by new store openings after Jarir opened a record seven retail stores in the last four quarters. Alrajhi Capital said like-for-like SALES? growth at existing stores came in better than estimated. The Saudi index, however, fell 0.2 percent as a little over half of the traded shares declined. In Dubai, the index was up 0.2 percent as shares of Dubai Financial Market, the only listed stock exchange in the Gulf, rose 1.7 percent after its first quarter net profit jumped by almost a fifth. In neighbouring Abu Dhabi, the index was flat, but shares of the largest listed developer Aldar Properties rose 1.8 percent after its net profit attributable to shareholders for January to March came in at the upper end of analysts' estimates, although slightly lower than a year earlier. More»
Amwal Al Ghad English - 2017-05-03 10:52:52
Saudi Arabia's stock market dropped in early trade on Wednesday after oil prices slipped, while a televised interview by the top economic policy official, Deputy Crown Prince Mohammed bin Salman, did little to boost market sentiment. Advanced Petrochemical dropped 3.2 percent after the polypropylene maker posted first-quarter net income of 124 million riyals ($33.1 million), down 12.9 percent from a year ago and below NCB Capital's prediction of 149 million riyals. Other petrochemical makers were also weak after Brent crude slipped below $51 a barrel overnight to its lowest close this year. Riyadh's stock index was down 0.3 percent after half an hour of trade. The prince said the government would focus on investing in the mining sector, developing the weapons industry, supporting an auto industry and improving the kingdom's logistics, both sea and air. He also said authorities would announce a programme to address the kingdom's shortage of private housing in the third quarter of this year. But he did not give a time frame or expected expenditure on those projects. Among companies that could benefit from the government's industrial investment, Emaar the Economic City added 0.9 percent, extending the previous session's 4.6 percent gain, but Saudi Automotive Services gave back some of Tuesday's rise and fell 1.1 percent. Saudi Mining Co (Ma'aden) the only listed company directly involved in mining, edged up 0.5 percent. National Metal Manufacturing and Casting rose 1.5 percent. Small ground freight and logistics company Batic Investments and Logistics added 1.4 percent in active trade. The prince also stressed the government's intention to give financial support to medium- and lower-income Saudi citizens to offset the impact of austerity measures. This encouraged investors to bid up the stocks of some consumer-oriented companies; retailer United Electronics rose 0.8 percent. Elsewhere, Dubai's index edged down 0.3 percent as 20 shares declined and only nine rose. Union Properties fell 1.0 percent. In Abu Dhabi, the index rose 0.2 percent with the largest listed lender, First Abu Dhabi Bank, up 1.4 percent. Qatar's index was flat near a 20-week low; telecommunications operator Ooredoo was the worst performer, down 1.9 percent. The company's Omani unit, Nawras, looks set to face fresh competition after three other major Gulf teleommunications operators said they were bidding for a licence in Oman. More»
Amwal Al Ghad English - 2017-05-03 10:47:56
Oil and gas firm Kuwait Energy announced Wednesday it is targeting a premium listing on the London Stock Exchange in a bid to fund growth across the Middle East and North Africa. The company, with assets across Oman, Egypt, Iraq and Yemen, said the initial public offering (IPO) is expected to raise gross primary proceeds of about $150 million from an issue of new ordinary shares. It will apply for admission in June, hoping to achieve a sufficient free float to meet the eligibility requirements for a premium listing. Chief Executive Sara Akbar described the London Stock Exchange as a "natural home for Kuwait Energy" and stressed its "track record of operational delivery in the MENA region" which is expected to provide "a stable platform from which to take the company to the next level of growth." The London Stock Exchange is targeting more listings from companies in the Middle East, following a dearth of initial public offerings in the aftermath of Britain's vote to leave the European Union. The LSE has been promoting itself through events in the region, with natural resources seen as a key sector for IPOs. Its biggest prize would be the upcoming listing of energy giant Saudi Aramco which has yet to decide where to float. More»
Amwal Al Ghad English - 2017-05-01 11:43:19
Gulf stock markets moved early Monday narrowly in quiet trade, although Abu Dhabi Commercial Bank (ADCB) rose after better-than-expected earnings for the first quarter. The Abu Dhabi stock index edged up 0.01 percent as ADCB added 1.5 percent; it posted an 8 percent rise in first-quarter profit to 1.11 billion dirhams ($302.2 million), while analysts polled by Reuters had on average forecast 995.4 million dirhams. Dubai's index fell 0.3 percent as courier Aramex lost 1.1 percent after reporting a 5 percent fall in quarterly profit due to a rise in provisions related to its incentive scheme. Profit was 91.8 million dirhams; EFG Hermes and SICO Bahrain had forecast 109.1 million dirhams and 105.6 million dirhams. Union Properties slipped 1.0 percent amid a tussle over the membership of its board. The company announced on Sunday that chairman Khalid Jassim bin Kalban and other directors had been replaced after stepping down, in the wake of a shareholder vote to ban board members from holding positions at competitors; Kalban is managing director at Dubai Investments . However, Union Properties then released a brief statement quoting the securities regulator as saying bin Kalban and the other directors denied they had resigned. The company did not explain the contradiction with its earlier statements. Shares in Dubai Investments, which has a joint venture with Union Properties, were down 1.4 percent. Qatar's index edged up 0.1 percent as real estate firm Ezdan Holding jumped 3.5 percent after reporting a 62 percent surge in first-quarter net profit. Petrochemical producer Industries Qatar dropped 2.1 percent. But in Saudi Arabia, the index climbed 0.3 percent after 55 minutes of trade on the back of top petrochemical producer Saudi Basic Industries, which gained 0.8 percent. The company is expected to release quarterly earnings after the close and the earnings of several smaller Saudi petrochemical firms that have already reported were strong. Saudi Industrial Development, another producer, rose 2.5 percent after saying it had swung to a small net profit for the latest quarter from a year-earlier loss. More»
Amwal Al Ghad English - 2017-03-05 13:54:56
Dubai Financial Market (DFM), the UAE’s main stock exchange, launched on Sunday a trading platform for exchange-traded funds (ETFs) in an effort to encourage the listing of more such funds by improving liquidity. The market currently lists just one ETF, Afkar Capital's S&P UAE UCITS fund, which invests on the Abu Dhabi Securities Exchange and NASDAQ Dubai as well as DFM itself. It replicates the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by capitalisation in the United Arab Emirates. The new platform, which DFM described as the region's first of its kind, aims to make trading smoother and more efficient. Afkar Capital said on Sunday it had appointed Egypt's Beltone Financial as foreign market maker for its fund. More»
Amwal Al Ghad English - 2017-03-02 10:39:42
Saudi Arabia is committed to integrating its financial markets with the rest of the world, the country's market regulator has told CNBC, as massive hype builds for the debut listing of state-owned oil and gas company Saudi Aramco. The Kingdom aspires to become the Middle East's de-facto capital market and one of the world's largest, Mohammed El-Kuwaiz, vice chairman of Saudi Arabia's Capital Markets Authority (CMA), told CNBC's "Capital Connection" on Thursday. "That can be a big driver of economic growth in the country." Saudi Arabia is the world's top oil exporter and the flow of petrodollars through its economy and around the world is a potent source of investment capital. In order to achieve the aim of capital market hub, Saudi Arabia is changing regulatory requirements to gain more foreign players, reflected by recent changes to qualified foreign investor (QFI) rules. As of June 2015, certain QFIs could directly trade on the local stock exchange, known as the Tadawul. Last year, QFIs also became eligible to subscribe to initial public offerings (IPOs). The Kingdom is also changing its market settlement policies, moving to the international 'T+2' settlement cycle from its previous 'T+1' cycle to better satisfy foreign investors. "We think of it as someone who has a beta max video in a VHS world. It doesn't matter who's technically superior if you can't play with the rest of the world," said El-Kuwaiz, who is travelling in Asia to attract the region's investors via the QFI framework. Because the QFI framework is geared more towards asset managers, the CMA is also developing a parallel program for strategic investors that will enable direct investment into publicly-traded firms. "When Saudi Arabia opened up, we started to see demand not just from financial investors but also from strategic investors looking to take stakes in the country," he explained. International firms looking to take a stake in a publicly traded firm in the form of M&A transactions or strategic investments will now be allowed to do so thanks to this new program, he said. El-Kuwaiz was unable to offer any insights on Aramco's international listing, noting that the decision laid in the hands of advisers and underwriters. Speculation is that the IPO, slated for next year,would offer 5 percent of the firm and raise as much as $100 billion, valuing Aramco at around $2 trillion. "The Saudi market regulator is a disclosure-based regulator so our main point of concern is to make sure that any IPO, whether its Aramco or any other, discloses all the required information for investors to make the right call." When asked whether Aramco was leaning towards New York as a potential destination given the Kingdom's friendly ties with President Donald Trump, El-Kuwaiz said the U.S. presidential election had not impacted CMA's strategies. He was also unable to comment on Aramco's valuation point, noting that it was not under the jurisdiction of regulators. However, he did note that the Kindgom's 2016 sovereign bond sale suggested strong interest for the country debt and equity markets. The country raised $17.5 billion for its debut issue in October, hitting a record for emerging markets. "We were quite encouraged by the size of the issue as well as the degree of over-subscription ...we viewed that as a vote of confidence in 'Vision 2030' and the direction of the country going forward." Released last year, 'Vision 2030' is a blueprint to reduce Saudi Arabia's dependence on oil and make its economy more private-sector oriented over the next thirteen years—a plan that is "independent of geopolitics in other countries," and has "staying power irrespective of the oil price," El-Kuwaiz said. 'Vision 2030' was built on the country's areas of competitive advantage, which includes religious tourism as well as capital markets, he continued. More»
Amwal Al Ghad English - 2017-02-28 13:03:46
Launching the Saudi Aramco initial public offering (IPO) on Hong Kong stock exchange (HKEx) would be a "match made in heaven," Charles Li, CEO of HKEx, told CNBC. The expected listing of the Saudi oil and gas company is predicted to be the world's largest initial public offering ever. Saudi Arabia is aiming to sell as much as 5 percent of Saudi Aramco with listings on both the Saudi stock exchange and at least one international market, Reuters reported recently, adding that the sale was expected to raise as much as $100 billion. That's set off a horse race among global stock exchanges, with commentators naming a variety of cities — including Hong Kong, Singapore, New York, Toronto, London and Tokyo — as potential locations for the listing. But HKEx's Li said his exchange offered a "unique" value for the company. "We do bring very unique, very competitive proposition and value to that, both in terms of Hong Kong being an English common law jurisdiction, widely accepted by anybody as a listing venue with the most friendly and robust regulatory system," Li said. "We are also very much an international market and operate completely under international law." Li added that HKEx can provide access to investors in mainland China via the Shenzhen-Hong Kong stock connect and the Shanghai-Hong Kong stock connect. "Through Connect, we potentially can bring very substantial Chinese demand onshore into a very large IPO," Li said. That would link "the most important energy company and investors from the largest energy consumption countries. That is indeed a match made in heaven." Hong Kong Exchanges and Clearing reported net profit fell 27 percent to HK$5.8 billion ($747.6 million) in 2016 from a year ago, as trading volumes declined from 2015. That was below analysts' average estimate of HK$6 billion, according to Thomson Reuters data. More»