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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        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        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        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        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        National Development Bank   6.72        Six of October Development & I   15.03        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        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Indices news

Crude oil prices take a breather after hitting 2016 highs

Published 2016-04-28 08:10:40| Amwal Al Ghad English

Crude futures pulled back from 2016 highs on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production, strong investor appetite and a weakening dollar could push prices higher soon. International Brent crude futures were trading at $46.91 per barrel at 0638 GMT, down 27 cents from their last settlement. U.S. West Texas Intermediate (WTI) futures were down 20 cents at $45.13 a barrel. The dips came after both benchmarks rose on Wednesday to their highest levels for 2016 in what has been one of the steepest price increases in recent years. Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February. Record crude storage figures may have spurred some investors to take profits on Thursday by closing long positions, traders said, and government data on Wednesday showed that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels. Despite the price falls, analysts said that sentiment had clearly turned bullish, and that further price rises were likely. "We ... appear to be at the beginning of a bull market," U.S. investment bank Jefferies said on Thursday. Analysts said falling output in the United States, where Energy Aspects said there were now even "murmurings of volumes falling short" of demand, and a weak dollar were supporting prices and attracting investors. "The recent trend of rising crude oil prices received another boost after U.S. output was shown to have fallen again last week," ANZ bank said, following a release by the U.S. Energy Information Administration (EIA) showing that crude oil production fell to 8.94 million barrels per day (bpd) last week, down almost half a million bpd from this time last year. While Jefferies said it expected the market to remain oversupplied in the near term, it said that crude inventories should begin to fall by the third quarter, "setting the stage for a fundamental recovery". Analysts said that further bullish momentum could emerge due to ongoing weakness in the dollar, which is down almost 6 percent this year against a basket of other leading currencies, as a weaker greenback makes dollar-traded crude cheaper to buy for countries using other currencies at home. The Federal Reserve said Wednesday that it would leave U.S. interest rates unchanged, while the bank of Japan said Thursday it would hold back from expanding stimulus. Jefferies also warned that global spare capacity, estimated around 2 million bpd, or 2 percent of demand, was "precariously low" given the frequency of unexpected disruptions recently, including pipeline interruptions and strikes, as well as "the dire fiscal situation of producers like Venezuela, Iraq and Nigeria."
Get To Know
U.S. President Donald Trump has nominated Federal Judge Neil Gorsuch to fill the vacancy on the Supreme Court. Here are the five most important things you need to know about him: 1) He's young... like, really young. When President George W. Bush nominated John Roberts to the high court, much was made about his relative youth at age 50. The idea was that, at his age, Roberts would have the unique opportunity to set legal precedents for almost 40 years or so. Gorsuch is even younger at 49, and you can be sure his age will be simultaneously seen as a positive to the conservatives who will want him to enjoy a long tenure on the court and a negative to the liberals who will fear the extensive legacy Gorsuch would likely be granted if confirmed.   2) He has the perfect credentials. It may seem like it goes without saying that all Supreme Court nominees graduated from excellent schools, clerked with impressive judges, and have plenty of experience on the federal bench. But that's simply not the case as we learned when President Bush first nominated Harriet Miers during his second term, before she quickly withdrew because of questions about her lack of qualifications. And President Richard Nixon suffered the embarrassment of having two of his Supreme Court nominees rejected by the Senate because of serious questions about their credentials as well. Gorsuch fills all the requisite boxes: Columbia undergrad, Harvard Law, clerk for two Supreme Court justices, and has been a federal judge for years.   3) He is a Scalia clone. President Trump has nominated Gorsuch to fill the vacancy left by the death of Justice Antonin Scalia. Gorsuch has often been described as a conservative judge, very much in the mold of Scalia. In fact, Gorsuch felt such a connection with Scalia that he says he wept when he learned of his death last year. Conservatives who felt a similar connection to Scalia will feel it's only right that Gorsuch is succeeding him. And liberals who long loathed the more intellectually conservative Scalia will be predictably annoyed that he's virtually returned in a younger form. 4) He's pro-life, but not in the way you think. Gorsuch has not issued any major opinion or written directly about abortion or Roe v. Wade. The agonizing litmus test on the abortion issue will thus be hard to apply to Gorsuch, and this will make his confirmation process somewhat easier for him. However, Gorsuch has been outspoken on the issue of euthanasia and end of life issues. He has set himself apart from most of even the most scholarly judges by writing a philosophical book about these topics, based on political theory and ethics. As impressive as it is, this will still enrage liberals and others who believe in the right to die. However, Gorsuch's opponents will have a much harder time marshaling their opposition based on this issue compared to abortion. The Democrats have become an identity/gender politics party. And sadly, end-of-life issues touch people of all races, ages, and income level. This will simply not be as damaging to Gorsuch among liberals as any kind of anti-abortion record. However, his opposition to euthanasia will be a bigger positive with conservatives than it will be a negative with liberals. 5) He's from a state that matters. Gorsuch hails from Colorado, a key swing state that President Trump almost won in the election. While it may not seem like choosing a nominee form a particular state will make a difference to the voters, these things tend for swell local pride. Just as importantly, Colorado's Democratic U.S. Senator Michael Bennett is a relative moderate, who might be swayed to vote for Gorsuch's confirmation because of his "favorite son" status. Every little bit helps. So, how does all of this stack up for Gorsuch's chances of being confirmed? Senate Minority Leader Chuck Schumer has to choose how far he's willing to go to block this nomination. Unfortunately for Schumer, the Senate Republicans could use the "nuclear option" to confirm Gorsuch with a simple majority vote in the Senate. This is the legacy that Schumer's predecessor, Harry Reid, left him when he decided to use the nuclear option himself to get several federal judges confirmed. Several reports say the Senate Republicans under Mitch McConnell are prepared to use the same option now to confirm a Supreme Court nominee. That is the biggest reason why Schumer is most likely to make a lot of noise opposing Gorsuch, but will not expend all of his ammunition to block him. So, expect delays and even some kind of Senate floor demonstration. But in the end, Schumer knows he cannot really expect to win this fight against a highly educated legal scholar. He will have a better chance trying to block the remaining unconfirmed Trump cabinet choices or upcoming Trump legislation, like the Republican tax bill. Barring any major surprises, Neil Gorsuch will be on the high court before the end of this Supreme Court session.
forex news
Oil prices surged in choppy trade on Friday, after tumbling nearly 5 percent in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. Brent futures were up 68 cents, or 1.3 percent, at $52.14 a barrel at 2:38 p.m. ET (1838 GMT). U.S. West Texas Intermediate (WTI) crude futures ended Friday's session at $49.80, up 1.8 percent. At Thursday's meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired next month. Goldman Sachs attributed the sharp drop in oil prices to three aspects of the OPEC deal: lack of deeper cuts; failure to impose production caps for Libya and Nigeria, which are exempt from the reductions; and the absence of "a clear exit strategy" beyond attempts to manage seasonal stockpile builds in the first quarter of 2018. Investor positioning and technical trading also played a roll in the acceleration in selling on Thursday, as oil prices fell through 50- and 200-day moving averages, the investment bank said. Some analysts also attributed Thursday's plunge to a disconnect between investor sentiment and OPEC's intentions. "The problem is that investors look at impact today, while OPEC focuses on reaching stability in the coming 6-9 months, so the long squeeze yesterday was overdone a bit," said Hans van Cleef, senior energy economist at ABN Amro. Producers are confident that the plan will bring down crude oil stocks to their five-year average of 2.7 billion barrels, but oil investors had hoped for a last-minute agreement on more far-reaching action. "The front of the curve declined the most, which at least for now implies that the market doesn't quite believe that a tightening and/or backwardation is really coming," Analysts at JBC Energy said. Concerns remain that OPEC-led production cuts will support a further rise in output from the United States, where producers can operate at much lower costs. Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said the "decision in Vienna sends a signal of continued support for oil prices from OPEC which helps U.S. onshore drillers make plans" to further raise their production. U.S. oil production has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. On Friday, oilfield services company Baker Hughes reported its weekly count of oil rigs operating in the United States jumped for a 19th straight week. It rose by 2 rigs to a total of 722, up from 316 at this time last year. With U.S. output rising steadily and OPEC and its allies potentially ramping up production in 2018 to regain lost market share, many traders, including Goldman Sachs, already expect another price slump. Other assessments pointed to the possibility of output cuts being extended into 2019 in order to bring down both crude oil and refined product stocks. "Output controls will eventually be extended at least until the end of 2018, and more likely than not into 2019 ... At this pace, it will not be until at least the end of 2018, or indeed, 2019, when surplus inventories can be eliminated," said analysts at Deutsche Bank.