amwalalghad :: Egypt's assets among the best performers in the Middle East: Bloomberg

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        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        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        

Egypt's assets among the best performers in the Middle East: Bloomberg

Published Monday, 01 January 2018 11:27 | Written by Amwal Al Ghad English

Egypt is moving forward in 2018 with structural reforms that helped make the nation’s assets among the best performers in the Middle East according Bloomberg report

Foreign holdings of treasury bills was about $19 billion as of the end of November as authorities removed most currency restrictions and cut subsidies. The main stock gauge, the EGX 30 Index, advanced more than 20 percent this year, double its nearest Middle Eastern contender.

The central bank is seen cutting its key interest rate in 2018, according to Khaled Darwish, an equity portfolio manager at CI Capital Asset Management in Cairo, and that will likely prompt more investors to opt for stocks over bonds. Healthcare, infrastructure and consumer shares have the most attractive valuations, he said.

Meanwhile, the report said that Saudi Arabia is seeking to sell as much as 5 percent of Saudi Arabian Oil Co., better known as Aramco, in what could be the biggest initial public offering ever. And there’s anticipation that the country will be added to FTSE Russell’s emerging-markets index in March. Some strategists, such as Mohamad Al Hajj at EFG-Hermes, sees inclusion in MSCI Inc. index in June.

Traders will also be monitoring the kingdom’s role in politics.

And similar to 2017, investors will need to keep up with the pace of change domestically, including the fallout from value added tax. This year, an anti-corruption committee stunned analysts with an unprecedented public purge, the government announced a new city called Neom that will be built on the Red Sea coast and the kingdom allowed short-selling of Saudi stocks.

The report also said that after two IPOs in Dubai and Abu Dhabi raised a combined $2.16 billion in the last quarter of 2017, Emirates Global Aluminium PJSC is weighing a dual listing in both markets. The company is jointly owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corp. of Dubai. Mubadala’s Chief Executive Officer Khaldoon Al Mubarak said in October that he expects the offering to take place in 2018.

Abu Dhabi is also working with banks to sell notes denominated in local currency for the first time in 2018, according to people with knowledge of the matter. For investors seeking protection against a rise in oil prices and the dollar, the emirate’s assets offer the “the best defense,” Hasnain Malik, the Dubai-based head of equities research at Exotix Partners LLP, said in an emailed note.

Investors will also be keeping an eye on the impact of VAT, which comes into effect from Jan. 1.

Also, the report said that Kuwait could make it to MSCI’s watch list for inclusion into its emerging-market index after winning a place in FTSE Russel’s gauge, according to Simon Kitchen, the head of strategy at Cairo-based investment bank EFG-Hermes.

“Kuwait has made a lot of reforms that index providers require over the past year,” Kitchen said in an interview with Bloomberg Television on Dec. 20. “You have an economy that has always been robust and the most exciting in the region and you have a lot of money coming in to a market that is beginning to do the right things. And, more importantly, foreign and even regional investors have never really looked” at Kuwaiti assets seriously before, he said.

Amid the reforms underway, the exchange may start a new equities index after completing a reorganization of listed companies into different categories. The regulator has also issued a tender for advisory services for sale of a stake in the stock exchange.
On the other hand, Bahrain, the GCC’s smallest economy and a close Saudi ally may struggle to meet the growing demand for foreign currency or deal with the effects of worsening investor sentiment. “Financial support from neighboring sovereigns would be forthcoming,” S&P Global Ratings said in December when it cut the nation’s rating to B+, four levels below investment grade.

Source: Bloomberg

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