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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Money Markets - Arab

Amwal Al Ghad English - 2016-07-19 09:48:32
Gulf stock markets mostly moved little in early trade Tuesday, restrained by weak oil prices and mixed corporate earnings, while Saudi Arabian Mining Co (Ma'aden) dropped sharply after announcing a plunge in second-quarter profit. The Saudi stock index dropped 0.3 percent in the first half hour as Ma'aden slid 4.4 percent. It posted a 51 percent year-on-year drop in net profit because sales revenues were hit by low commodity prices, although the profit was at the high end of analysts' estimates. Saudi Airlines Catering fell 1.0 percent after announcing a 17 percent decline in quarterly profit. Al Rajhi Bank, the kingdom's second-largest lender by assets, reported a 5.7 percent rise in second-quarter net profit that was broadly in line with analysts' forecasts. Its shares rose 0.4 percent. Qatar's index was flat. Qatar Islamic Bank rose 2.0 percent after reporting a second-quarter profit of 562.6 million riyals ($154.5 million); the 13.7 percent year-on-year advance beat the 524.3 million riyals average forecast of analysts polled by Reuters. But Commercial Bank of Qatar (CBQ) dropped 1.3 percent after saying it would buy the remaining 25 percent of Turkey's Alternatifbank that it does not already own, because Turkish conglomerate Anadolu Industry Holding had decided to exercise a put option giving it the right to sell the stake to CBQ. Dubai's index edged down 0.2 percent although Emaar Properties added 1.0 percent, extending gains on Monday that were encouraged by a local consultancy report suggesting the emirate's real estate market might start recovering in the second half of this year. More»
Amwal Al Ghad English - 2016-07-18 09:03:35
Gulf stock markets were narrowly mixed in quiet, early trade on Monday although Saudi Arabian banks surged after a couple of them announced second-quarter earnings. The Saudi stock index edged up 0.2 percent in the first half-hour as Riyad Bank gained 0.9 percent. It posted a 1.6 percent year-on-year rise in second-quarter net profit to 1.15 billion riyals ($306.6 million); analysts polled by Reuters had on average forecast 1.03 billion riyals. Samba Financial Group, which reported a 1.4 percent drop in quarterly profit that was in line with forecasts, climbed 1.7 percent. The biggest Saudi lender, National Commercial Bank , rebounded 1.2 percent after falling 1.5 percent on Sunday, when it reported that its quarterly profit came in at 2.44 billion riyals, at the low end of estimates. Much activity, however, focused on second- or third-tier stocks such as Amana Insurance, which surged 6.2 percent in unusually heavy volume. That pattern was seen elsewhere in the Gulf, with small-capital insurance shares drawing an unusually large share of activity. Dubai's index added 0.2 percent; the most heavily traded stock was Islamic Arab Insurance, up 3.7 percent. Similarly, Abu Dhabi's index edged down 0.2 percent as the most active stock was Methaq Takaful Insurance, which jumped its 15 percent daily limit. In Kuwait, National Bank of Kuwait gained 1.7 percent despite reporting a below-forecast 7.2 percent rise in profit to 71.68 million dinars ($237.2 million); analysts had predicted 79.04 million dinars on average. Kuwait's stock index drifted 0.3 percent lower. More»
Amwal Al Ghad English - 2016-07-17 09:08:49
Gulf stock markets moved little early Sunday as the failed coup attempt in Turkey kept investors cautious, while Saudi Arabia's largest listed bank fell after reporting second-quarter earnings. The Saudi index edged up 0.3 percent in the first 50 minutes of trade as Almarai climbed 2.7 percent after it said second-quarter net profit rose 18.6 percent year-on-year to 628.8 million riyals ($167.7 million), beating analysts' average forecast of 530.3 million riyals. But National Commercial Bank fell 1.5 percent after its quarterly profit came in at 2.44 billion riyals, at the low end of estimates; analysts had on average expected 2.54 billion riyals. The failed coup attempt in Turkey is expected to have little financial impact on the Gulf because trade and investment ties are relatively minor. Nevertheless, fund managers said the event made some investors more wary of buying. Qatar National Bank, which last month completed the acquisition of Turkey's Finansbank, fell 0.7 percent, helping to pull the Qatari stock index down 0.4 percent. Dubai edged up 0.3 percent as builder Arabtec , the most heavily traded stock, jumped 4.0 percent. On Thursday it said major shareholder Aabar Investments had agreed to give it a 400 million dirham ($109 million) debt facility to help it weather "challenging" conditions in the industry. Abu Dhabi added 0.1 percent although Abu Dhabi Islamic Bank sank 3.5 percent after it posted on Thursday a 1 percent rise in second-quarter net profit but warned it was restricting the amount of new credit it provided because of an increase in defaults across its business lines. Bahrain underperformed the region, dropping 0.7 percent, after Saudi-owned Al Arabiya television reported that a court had dissolved the country's main Shi'ite Muslim opposition group al-Wefaq and liquidated its funds, advancing a crackdown on the Gulf kingdom's opposition. More»
Amwal Al Ghad English - 2016-07-14 19:15:15
Gulf stock markets ended mixed on Thursday as investors treaded with caution after oil prices dropped the day before, dampening sentiment for riskier asset classes. Uncertainty weighed on regional stocks in the hours before the Bank of England's first policy meeting since Britain voted to leave the European Union. The Bank's decision to hold rates steady came after Gulf bourses had closed but Riyadh and Cairo were still trading. "There was some excitement ahead of the Bank of England meeting today as investors were expecting a rate cut," said Vijay Harpalani, fund manager at Al Mal Capital in Dubai. "The weakness in oil prices yesterday impacted the sentiment." Oil prices dropped more than 3 percent on Wednesday after the International Energy Agency (IEA) cautioned that a global supply glut was threatening market recovery. US futures declined as much as 4.4 percent to settle at $44.75 a barrel. Abu Dhabi's index increased marginally, led by banking stocks. Union National Bank rose 0.2 percent even after the bank, which is 50 percent owned by the Abu Dhabi government, posted a 17.3 percent drop in second-quarter net profit. Dubai's benchmark was down 0.4 percent, weighed by Dubai Islamic Bank. The sharia compliant lender declined 1.9 percent. In Oman, stocks were mostly down, with the index down 0.9 percent. Oman Telecommunications fell 2.4 percent even as its second quarter profits rose 19.9 percent, Reuters calculations showed. Qatar's index advanced 1 per cent led by Commercial Bank of Qatar, the country's third-largest lender by assets, which jumped 2.1 per cent. Qatar Electricity and Water Co rose 0.6 percent after the Gulf state's monopoly utility posted a 13.4 percent increase in second-quarter net profit, according to Reuters calculations. Saudi Arabia's Tadawul All-Share Index lost 0.4 percent. More»
Amwal Al Ghad English - 2016-07-14 08:16:06
Investors in the oil-producing Gulf countries are set to digest corporate earnings from Qatar and Oman on Thursday. Three major companies Qatar Gas Transport Co, Qatar Electricity and Water and Oman Telecommunications Co released their second-quarter results on Wednesday after market close. Qatar Gas Transport, one of the world's largest shippers of liquefied natural gas, posted a 2.8 percent decline in second-quarter at 260.3 million riyals ($71.5 million), according to Reuters calculations. Qatar Electricity and Water reported a 13.4 percent rise in second-quarter net profit to 443.56 million riyals ($121.8 million), Reuters calculations showed. Oman Telecommunications reported a 19.9 percent rise in second-quarter profit to 32 million riyals ($83.1 million), according to Reuters calculations. Gulf investors will also await corporate earnings from the United Arab Emirates after market close, when two Abu Dhabi lenders are anticipated to report second-quarter earnings. Abu Dhabi Islamic Bank and Union National Bank will hold their board meetings on Thursday after market close. The commercial banks, as in the past, could also announce the results when markets re-open on Sunday. Market participants are expecting Abu Dhabi banks to register weaker profits, continuing a trend in the first quarter hurt by low oil prices. But banking stocks in the Gulf mostly rallied on Wednesday after the first slew of earnings results from Qatar and Saudi Arabia's lenders beat analyst expectations. "The results from the two banks should be a sign of how the banking sector is doing with some of the recent consolidation efforts taken in the emirate to improve efficiency," said Mohammed Ali Yasin, managing director at National Bank of Abu Dhabi's stock brokerage arm. National Bank of Abu Dhabi and First Gulf Bank won board approval on July 3 for their merger to create a banking heavyweight with $175 billion in assets. The move has triggered interest in other Abu Dhabi lenders as investors speculate potential targets that may come from an efficiency drive in the emirate. Abu Dhabi Islamic Bank has risen 7 percent in the last one month, while Union National Bank has gained 30 percent. The results from the two lenders are expected to at least partly alleviate worries from the fallout from Brexit. But markets have already priced in the impact from Brexit, says Yasin. "It's not that the situation is better than where it was a month ago, but it's better than the fears of where they were before Brexit," Yasin says. "The banking sector will reveal the results from Brexit, but the third quarter will be stronger evidence than the second." Most Asian markets rose ahead of the Bank of England's policy meeting on Thursday, where analysts are expecting a rate cut of at least 25 basis points to calm markets. Oil was mostly higher on Wednesday, with Brent crude up 44 cents at $46.70 a barrel at 0250 GMT. U.S. crude CLc1 rose 43 cents to $45.18 a barrel. More»
Amwal Al Ghad English - 2016-07-13 09:15:28
Investors in Gulf bourses will look to digest the first blast of second-quarter company earnings on Wednesday, as banks in Saudi Arabia, Qatar, and Oman provide positive cues with estimate-beating profit increases. Qatar National Bank, the largest bank in the Middle East and Africa by assets, delivered a 10 percent jump in second-quarter net profit after market hours on Tuesday, aided by the inclusion of Turkey's Finansbank in its accounts for the first time. The bank, always the first lender in Qatar to post numbers, is seen as a bellwether for the Qatari banking industry due to its sheer size and dominant market share in many aspects of local banking. Qatar's market has been experiencing a strong run of late, rising in 15 of the last 17 sessions. It closed 0.4 percent higher on Tuesday. Oman's largest lender, Bank Muscat, is another that holds a dominant position in the local banking market and posted an estimate-beating 0.3 percent increase in second-quarter net profit earlier on Wednesday. It is the first Omani lender to report numbers for the period to June 30, with the rest of the sector due to file their own numbers in the next two days. In Saudi Arabia, Banque Saudi Fransi posted a 3.2 percent rise in second-quarter net profit on Wednesday, slightly ahead of analysts' forecasts as higher income from special commissions and lower operating expenses boosted its earnings. The lender also posted an increased dividend for the first half of 2016, which should play well with investors. Elsewhere in the kingdom, Jarir Marketing missed analysts' estimates on Tuesday as it posted a 17 percent fall in second-quarter net profit after market hours. Saudi retailers have struggled in 2016 as reduced government spending due to the impact of lower oil prices is crimping consumer spending. Analysts at NCB Capital said in a note on Wednesday that Jarir's sales have now declined on a year-on-year basis for three consecutive quarters. Global cues continue to be positive, the day after all markets ex-Egypt ended higher buoyed by improved oil prices. Oil slipped back slightly on Wednesday, having surged 5 percent the previous day. However, Asian shares came within reach of testing their 2016 peak on Wednesday as prospects of solid U.S. growth and accommodative economic policy in major markets whet investors' risk appetite damaged by uncertainty from Brexit. More»
Amwal Al Ghad English - 2016-07-12 15:25:57
Gulf bourses benefited from recovering oil prices to all end higher on Tuesday. Crude rose from the near-two-month lows hit the previous day: Brent crude was up $1.29 at $47.54 per barrel at 1218 GMT. U.S. West Texas Intermediate crude was up $1.10 at $45.86 a barrel. The biggest swing came in Qatar, where the index had been trading as much as 0.9 percent down earlier in the day before closing up 0.4 percent at a fresh 11-week high. Qatar National Bank rose 1 percent. It posted a 16 percent jump in second-quarter net profit after market hours, aided by the inclusion of Finansbank in its accounts after the 2.7 billion euro purchase of the Turkish lender concluded in June. Saudi Arabia's index advanced for a third day since it resumed trading after the Eid al-Fitr holiday. Its 0.8 percent increase was aided by Saudi Arabian Mining Co (Ma'aden), which surged 7.3 percent. In the United Arab Emirates, Dubai stocks jumped 1.3 percent, their sixth straight positive session either side of Eid. Abu Dhabi's index recovered from weakness earlier in the day to edge marginally higher as banks recovered some of the losses incurred in the previous two days. Oman's index rose 0.5 percent aided by the performance of banks, including National Bank of Oman which gained 2.1 percent on the day it announced plans to raise $100 million through a bond tap. Oman Cement closed flat despite reporting early in the day an 83.9 percent jump in second-quarter net profit after tax, according to Thomson Reuters calculations. In Egypt the exchange recovered some of its earlier losses but still ended the day down 0.7 percent, its second consecutive fall. Traders booked profits after a 7.7 percent surge in the two prior sessions following comments from the central bank governor that the Egyptian pound should be a market-based currency where demand and supply set the price. The biggest fallers were developers Emaar Misr and Amer Group Holding, which dropped 2.5 percent and 3.3 percent respectively. Global Telecom Holding continued its positive run though, rising 1.4 percent to hit a 16-month high. More»
Amwal Al Ghad English - 2016-07-12 08:45:00
The start of earnings season for the Gulf's largest companies should begin to provide cues for investors in Middle Eastern stock markets on Tuesday, against a backdrop of positive sentiment in global markets. Qatar National Bank reports its second-quarter earnings at around 1000 GMT, with analysts' average expectation for the largest lender in the Middle East and Africa to report a 10 percent year-on-year increase in net profit. The bank will be boosted by the incorporation of Turkey's Finansbank into its accounts, after it completed its 2.7 billion euro acquisition in June. The result, seen as a bellwether for other banks in the Gulf Arab state, comes a day after the Qatari index broke above the 10,000-point mark for the first time since mid-May. It also kick-starts a busy few days of earnings, with companies in Saudi Arabia, Oman, Qatar and Abu Dhabi all due to report before the end of the week. Until then, investors in Gulf markets may have to look for external factors to influence their positioning. Asian stocks rose to a 2-1/2-month peak on Tuesday, a day after Wall Street shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus from global policymakers. Oil futures rose on Tuesday as an interruption in Iraqi crude loadings at Basra threatened to tighten supplies, but prices held close to two-month lows hit in the previous session as investors continued to slash their bullish bets on oversupply fears. More»
Amwal Al Ghad English - 2016-07-11 15:02:51
Qatar's index has breached Monday the 10,000-point mark for the first time since mid-May as it resumed trading after the Eid holiday, which marks the end of the Muslim fasting month of Ramadan. Banks led the way, with Qatar Islamic Bank up 2.9 percent, as was Qatar National Bank on the day before it reports its second-quarter numbers. Analysts polled by Reuters expect the Middle East's largest bank to post a 10 percent increase in net profit. Dubai's market recorded its highest close since May 1, up 0.2 percent. Neighbouring Abu Dhabi's measure continued its retreat from last Monday's 9-1/2 week high, slipping 0.6 percent as many names which had been boosted by merger hopes shed some of their recent gains. National Bank of Abu Dhabi was the main drag, down 3.4 percent. Its planned tie-up with First Gulf Bank to create one of the largest lenders in the Middle East and Africa had led to speculation around other bank mergers in the emirate. Union National Bank, considered a prime candidate for consolidation, dropped 3.1 percent on Monday after jumping 12.5 percent in the previous four sessions. Saudi Arabia's bourse advanced 0.2 percent, aided by gains in mid-cap petrochemical firms including Saudi Kayan Petrochemical and National Industrialization (Tasnee), which rose 3.8 percent and 6.1 percent respectively. Advanced Petrochemical bucked the trend, slipping 0.2 percent after reporting a 23.5 percent year-on-year decline in second-quarter net profit to 186 million riyals ($49.6 million). The figure was in line with the average estimate of three analysts, according to Thomson Reuters Eikon data. Kuwait's exchange dipped 0.3 percent, with most trading in small-cap stocks, a sign of speculative retail investors dominating amid a lack of catalysts. The heaviest-traded stock was National Ranges Co, which fell 1.85 percent. More»
Amwal Al Ghad English - 2016-07-10 10:22:05
Saudi Arabia's stock market rose in early trading on Sunday, the first day many Middle Eastern bourses re-opened after the Eid al-Fitr holiday, while the performance of other regional exchanges were mixed. The main Tadawul index rose 0.8 percent, with most blue chip stocks higher, including Al Rajhi Bank and Saudi Basic Industries Corp, which were 2.6 percent and 0.3 percent higher respectively. Saudi Arabia's midcaps were also broadly firmer on the first day of trading since June 30, led by Fawaz Alhokair and Dar Al Arkan which jumped respectively 4.3 percent and 7 percent. Al Tayyar Travel Group was up 2.8 percent after it announced an agreement with Starwood Hotels to rebrand a recently-refurbished hotel in the holy city of Mecca as a Sheraton. Egypt's bourse, closed for the last three days of last week, rose 3 percent on the back of gains in global markets. Elsewhere, Abu Dhabi's exchange was 0.3 percent lower, even though there is speculation about more mergers and acquisitions activity in the emirate after a spate of big deals, including a proposed merger of First Gulf Bank and National Bank of Abu Dhabi. Union National Bank was 3.9 percent higher, and Abu Dhabi National Energy Company up 3.9 percent, taking their gains in the past four sessions to 14.3 percent and 10.2 percent respectively. Both are seen as among the most plausible candidates for consolidation, following confirmation last week that the boards of National Bank of Abu Dhabi and First Gulf Bank had agreed to a merger. These two banks were down 1 percent and 0.4 percent respectively on Sunday. Their proposed deal followed days after the government ordered a tie-up between state investment funds Mubadala and International Petroleum Investment Company. Dubai's bourse was marginally higher, led by a 3.5 percent rise in construction firm Arabtec. Oman's stock market was also slightly higher. Kuwait's exchange was down 0.3 percent, weighed down by a 1.7 percent decline in heavyweight National Bank of Kuwait . More»