amwalalghad :: Arab

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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 - 2014-12-03 14:41:03
Most Middle East bourses slipped on Wednesday as oil market turbulence kept equity investors cautious, although blue chips lifted Saudi Arabia's index and energy importer Egypt rebounded following a wave of profit-taking. Brent crude hit a high of $71.46 a barrel before giving back most of its gains in choppy trade. Saudi Arabia's index rose 0.7 percent. Petrochemicals giant Saudi Basic Industries (SABIC) and Al Rajhi Bank were the main supports, jumping 2.6 and 2.3 percent respectively. SABIC, which last traded at 91.50 riyals, hit a two-year low of 89.00 riyals on Sunday and has since been recovering slowly. EFG Hermes last month cut its fair value estimate on SABIC to 125.00 riyals from 145.00 riyals but maintained a "buy" recommendation on the stock, saying a scenario of $70-per-barrel oil seemed to be already priced in. Telecoms were the main drag on the index as Etihad Etisalat (Mobily) dropped 6.9 percent to a 34-month low of 47.80 riyals and Zain Saudi tumbled 8.5 percent to a record low of 6.75 riyals. Both stocks were suspended for Tuesday trading after Mobily, the kingdom's second-biggest mobile operator, said it was seeking arbitration to obtain 2.2 billion riyals ($586.28 million) owed by Zain Saudi, a claim its smaller competitor subsequently said was unfounded. Qatar, Egypt Other Gulf markets declined. Qatar's index was the weakest, falling 1.1 percent, while Kuwait slipped 0.1 percent and Oman lost 0.2 percent. Bourses in the United Arab Emirates were closed for a national holiday. "It's worth bearing in mind that, although Qatar has been pretty soft in the last week, it is still one of the best performing markets in the Gulf year-to-date," said Akber Khan, director of asset management at Al Rayan Investment in Doha. "Given this, much of the current weakness is about investors locking in profits in stocks they are still able to, as opposed to crystalising losses." Qatar's benchmark is up 21.5 percent this year, second only to Dubai which has gained 24.2 percent. Oil price moves will dominate investors' attention and it might take a while before the market finds a new equilibrium. "Many investors are waiting to see where oil prices stabilise and for governments to announce budgets for the next fiscal year before they reassess valuations," Khan said. Meanwhile, Egypt's bourse emerged from a mild profit-taking bout to rise 1.3 percent as most stocks posted gains. As an oil importer, Egypt is certain to see improvements in both fiscal and trade balances from cheaper oil. Also boosting sentiment were official figures showing the number of tourists visiting Egypt in the third quarter jumped 70 percent year-on-year, a relief for an industry hammered by three years of political turmoil. WEDNESDAY'S HIGHLIGHTS SAUDI ARABIA * The index climbed 0.7 percent to 8,802 points. EGYPT * The index rose 1.3 percent to 9,305 points. OMAN * The index slipped 0.2 percent to 6,584 points. QATAR * The index fell 1.1 percent to 12,612 points. KUWAIT * The index slipped 0.1 percent to 6,775 points. BAHRAIN * The index eased 0.1 percent to 1,413 points. More»
Amwal Al Ghad English - 2014-11-06 08:14:50
Saudi Arabia's stock index slumped to a three-week low on Wednesday as weak oil prices sparked a sell-off in Gulf markets. The Saudi benchmark ended down 1.6 percent at 9,629 points, although late buying helped it rebound from an intra-day low of 9,436. That improvement coincided with gains in U.S. stock futures after Republicans secured control of the U.S. Senate in mid-term elections. The Saudi bourse ceases trading at 1230 GMT and so can react to U.S. pre-market indicators, whereas other Gulf markets close hours earlier and so were more affected on Wednesday by gloomy Asian stocks and downbeat oil prices. Egypt's bourse closes at the same time as the Saudi market and followed the same pattern, mounting a late rally to trim its losses to 0.4 percent as it eased from Tuesday's four-week high. "Regional markets are following what's going on in the major markets, except that in recent days they have underperformed due to the weakness in oil prices," said Sanyalaksna Manibhandu, manager of research at NBAD Securities in Abu Dhabi. The slide of oil prices and Saudi stock prices again appeared to prompt unusually large fund outflows in the Saudi foreign exchange market, causing the spot riyal rate to trade unusually far beyond its peg and the riyal to drop in the forwards market too, although the fall was not as steep as it was last month. More»
Amwal Al Ghad English - 2014-11-03 14:11:33
Dubai-based Daman Investments , one of the UAE's leading investment management companies, today announced during their annual press conference their plans to proceed with an initial public offering by floating 55% of their equity contingent on obtaining all necessary regulatory approvals. The decision to float fulfills Daman's previous announcement to go public made in 2009 and the company plans to list its shares on the Dubai Financial Market (DFM) during Q1 2015. Daman Investments offers innovative investment products and services to both regional and international clients, and provides investment management and development capital investment opportunities as well as brokerage operations through its subsidiaries."Funds raised through the IPO will be used to scale up our existing business and invest in various opportunities in the UAE and the wider region," said Daman Investments ' Chairman & Founder, Mr. Shehab Gargash. It is worth mentioning that none of the current shareholders are exiting through the offering. The new funds will increase the capital of the company equating to 55% of post share capital with existing shareholders diluting to 45%. "We at Emirates Investment Bank are excited to be acting as the Financial Advisor and Offering Manager for Daman on this important IPO. We are truly excited about playing a role in helping Daman cross this important milestone in its history. We have great confidence in the success of this IPO given Daman's track record, investor base, recognition and market status, as well as the strong current interest in IPOs in our region." said Khaled Sifri, CEO of Emirates Investment Bank (EIBank) who have been appointed by Daman as the lead manager with White & Case acting as legal advisors to the IPO. During the press conference, Daman Investments also unveiled the findings of its annual market forecast report according to which the UAE equity markets' fundamentals remain robust. As per Daman's report titled 'Year of the Primaries', activity at the UAE bourses -the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) will regain momentum in Q4, 2014 as investors position themselves for full year results, the upcoming dividend season and the forthcoming IPO pipeline. In the medium to long-term, the market outlook remains upbeat as indicated by9 out of the 13 key factors being positive which include the general macro environment, real estate revival, and the healthy state of the UAE banks, increased corporate earnings and liquidity as well as the recent MSCI market upgrade. At the core of this optimistic outlook sits the UAE's burgeoning banking sector with increasing growth in net interest incomes and declining trends in non-performing loans, metrics which underline the overall corporate sector's economic recovery. Dubai-listed banks grew their bottom line by 58% in the first half of this year with Abu Dhabi listed banks growing by 13% for a combined net income of AED17.5bn. The UAE-listed corporates continue to post stellar numbers given the solid state of the UAE's economy. Telecommunications stocks in ADX and DFM grew 14.69% and 15.58% in the first half of the year respectively. The important real estate sector recorded a staggering 78.77% YoY increase in bottom line, aiding the total net income of companies listed in the DFM to grow by 75% compared to the previous year. On the back of such stellar earnings and given the strong momentum during this year, Daman predicts a dividend season that will be stronger than FY'13 when dividend yields for DFM came in at 2% and ADX at 3.65%. The yields on UAE sovereign debt continue to be relatively low in comparison to the earnings yields' of the UAE's stock market indices and given the high equity risk premium available. The report concludes that equities will continue to be the preferred asset class in the UAE. More»
Amwal Al Ghad English - 2014-11-03 08:59:53
Dubai’s stocks advanced the most in a week amid optimism regional markets will benefit from the Bank of Japan’s revised stimulus as the Federal Reserve winds down its unprecedented bond buying program. The Dubai Financial Market General Index (DFMGI) gained 1.6 percent, the most since Oct. 26, to close at 4,616.12. Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, led gains with a 4 percent jump. Abu Dhabi’s ADX General Index rose 1.4 percent, the biggest increase in more than three months. Regional markets followed global stocks higher after the Bank of Japan on Oct. 31 raised its annual target for enlarging the monetary base to 80 trillion yen ($712 billion) from 60 to 70 trillion yen. Japan’s public pension fund, the world’s biggest, also said it would put half of its holdings in local and foreign stocks, with some investors in the Arabian Gulf anticipating the region may benefit. “Markets here are taking a cue from what we have seen in the U.S. and the rest of global markets,” Sebastien Henin, who oversees $100 million as head of asset management at the National Investor in Abu Dhabi, said today by telephone. “The pension fund is very big and heavily invested in bonds, so it makes sense to allocate more to equities, and that’s lifting investor sentiment across the globe.” The S&P 500 Index (SPX) and the Dow Jones Industrial Average climbed more than 1 percent to a record at the end of last week. Rebounding Markets rebounded today after a decline in oil prices, coupled with the U.S. Federal Reserve’s end to asset purchases, sparked a selloff on Oct. 30. Brent crude, a benchmark for more than half of the world’s oil, retreated for a fourth month in October to close at $85.86. The GCC is home to about 30 percent of the world’s proven oil reserves. Arabtec Holding Co., the biggest publicly-traded construction company in the United Arab Emirates, added 1 percent to 4.27 dirhams. Emaar advanced to 10.40 dirhams. In Qatar, the QE Index rose 0.9 percent led by Qatar National Bank, which climbed 1.5 percent. Oman’s MSM 30 Index was up 0.8 percent, Bahrain’s main measure gained 0.2 percent. Kuwait’s SE Price Index was little changed. Iraq’s benchmark ISX General Index jumped 2 percent. Saudi Arabia’s Tadawul All Share Index advanced for the first time in five days, adding 0.6 percent. Samba Financial Group led the advances, climbing 2.1 percent to 46.74 riyals, the highest close in a month. Telecom Egypt Egypt’s EGX 30 Index surged 2.1 percent to the highest in more than three weeks. Telecom Egypt Co., which is 80 percent owned by the government, is said to seek advisers for its 45 percent stake in a local unit of Vodafone Group Plc, according to a company official who asked not to be identified. Telecom Egypt’s shares closed 0.2 percent higher. The yield on the North African nation’s 5.75 percent debt due April 2020 slumped 20 basis points last month to 4.55 percent on Oct. 31, near a four-year low. In Israel, the TA-25 Index (TA-25) increased 0.9 percent. Perrigo Co. led gains as it surged to 610.90 shekels, or the equivalent of $160.76, the highest level on record, after its U.S.-traded shares closed at $161.45 on Oct. 31. “Tel Aviv is chasing the performance of global markets, with the dually listed shares leading rises today,” said Adi Babani, a trader at Bank of Jerusalem Ltd. “We expect the market to continue tracking global markets.” More»
Amwal Al Ghad English - 2014-09-22 14:32:48
FTSE group announced today that the FTSE Governance Board has ratified the recommendation from the FTSE country classification committee and the policy group that Palestine be placed on the FTSE watch list for possible promotion to frontier market status within FTSE equity indices. Adding Palestine Exchange to the Watch List is the first signal to the international investment community that FTSE is contemplating a change of status for the exchange, which shall be considered in the next annual country classification review in September 2015. Mr. Ahmad Aweidah, CEO of PEX expressed his satisfaction saying that this is a new milestone in putting Palestine Exchange on the international investment radar, hoping that it will attract further foreign investment into PEX. A change of status for a market is a significant step for the country and investors in its market. The FTSE Watch List comprises a set of markets which international investors believe are close to being ready for promotion to the next category, with in FTSE indices. More»
Amwal Al Ghad English - 2014-09-22 06:52:24
Investors in Saudi Arabia may start selling stocks on Monday and setting aside cash for the upcoming initial public offer of National Commercial Bank (NCB) after the lender said it would launch the subscription next month. NCB is Saudi Arabia's largest bank by assets and the offer, in which it plans to sell 15 percent of shares to the public and place a further 10 percent with a state fund, is expected to be one of the largest ever in the Gulf region. Earlier this month, Dubai's bourse came under pressure due to another large IPO as retail investors cashed out in order to buy into Emaar Malls Group, a subsidiary of Emaar Properties. Saudi Arabia's main index is up 29 percent this year, with about half of those gains made after July 22, when the kingdom's regulator said it would open the stock market to direct foreign investment early next year. Elsewhere in the region, bourses in the United Arab Emirates and Qatar may consolidate after rising and then pulling back on one-off foreign fund inflows at the end of last week, which were linked to the two countries' upgrade to emerging market status by S&P Dow Jones and also to changes in FTSE indexes. In Kuwait, Kuwaiti National Real Estate Company may gain after the firm said on Sunday it had agreed to restructure 154.4 million dinars ($537.6 million) of debt owed to an unidentified local bank. The global backdrop is negative: Asian shares slipped on Monday as investors awaited data this week that could provide more evidence of a slowdown in China. More»
Amwal Al Ghad English - 2014-09-18 07:10:29
Saudi Arabia's stock market led the region higher on Wednesday because of optimism over the government's economic reform efforts, while other markets were buoyed by a more positive global mood. The main Saudi index gained 0.8 percent to 11,081 points, with major mining company Ma'aden rising 3.1 percent. The Capital Market Authority said on Wednesday that it would permit off-market trading of shares in companies which had been suspended or delisted from the exchange. There are only a few such companies at present, but investors took the reform as a positive step for the market because it would reduce risks for shareholders in firms that were suspended because of accumulated losses. "By allowing shares to trade OTC, this will help all shareholders to exit the shares if they wish," said Turki Fadaak, head of research at al-Bilad Investment. Also, Saudi media reported on Wednesday that the Supreme Economic Council, a top policy body chaired by King Abdullah, would study whether to tax undeveloped urban land as part of efforts to end a serious housing shortage. The proposal has been circulating in the government for years, but the involvement of the Supreme Economic Council could indicate an official decision is drawing near. More»
Amwal Al Ghad English - 2014-09-15 07:29:33
Stock markets in the United Arab Emirates rebounded on Thursday after a pull-back related to the upcoming initial public offer of Emaar Properties' malls unit, while bourses in Egypt and Saudi Arabia slid on profit-taking. The Dubai index closed 1.0 percent higher after falling as much as 2.1 percent at one stage. The benchmark dropped 3.4 percent in the previous session as local retail investors sold off stocks in order to raise cash for the IPO. In one of the largest equity sales in the Middle East since 2008, Emaar, Dubai's largest listed developer, plans to float its unit Emaar Malls Group this month and subscriptions for the shares will open on Sept. 14. Emaar, which plans to sell a 15 percent stake in its subsidiary, has indicated it wants to raise at least 5.3 billion dirhams ($1.4 billion) from the offer. It has also said it aims to sell about 30 percent of the offer to retail investors. More»
Amwal Al Ghad English - 2014-07-22 09:36:47
Saudi Arabia plans to open its $530 billion stock market to foreigners, a move that will allow the Middle East’s biggest economy to attract more international investments and help reduce its dependence on oil revenue. The kingdom is among the last of the big markets globally to limit international access, but was expected to lower or remove such restrictions as it rolls out plans to spend hundreds of billions of dollars in the domestic economy to build infrastructure and provide employment for its people. The country’s Capital Market Authority was given the green light to allow foreign financial institutions “whenever they see fit” to buy and sell shares in the market and “in accordance to regulations set by the CMA in this regard,” the official state news agency reported. In 2008, the kingdom began allowing foreign investors indirect access to the market through swaps, but it has hesitated to open the market fully to foreigners, and the topic has been long discussed. Foreign investors have been waiting eagerly for more access to the region’s biggest and most liquid market, especially after two of its much smaller peers, Qatar and the United Arab Emirates, were promoted to emerging status by index compiler MSCI Inc. in May. More»
Amwal Al Ghad English - 2014-07-10 08:27:25
Qatar's bourse outperformed the region on Wednesday after the country's top bank reported strong second-quarter results, while United Arab Emirates markets continued to consolidate on declining volumes after a sharp rebound. The Doha index rose 1.3 percent as most stocks gained. Industries Qatar was the main support, adding 2.3 percent. Shares in mobile phone operator Ooredoo, which dropped 23 percent last month on profit-taking and concern about the conflict in Iraq, where the company earns a fifth of its revenue, continued to rebound and jumped 3.9 percent. Qatar National Bank (QNB), the largest lender in the Gulf state, published its second-quarter results on Tuesday, becoming the first local company to do so. Net profit rose 1.5 percent, coming slightly ahead of the expectations of analysts, who had forecast a 2.7 percent decrease. More»