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 - 2015-02-26 17:22:25
Most major Gulf stock markets slipped on Thursday despite stronger oil prices, as low trading volumes indicated retail investors remained cautious. Brent crude surged 5 percent on Wednesday, after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected. That was positive news for the Saudi stock market, but its main index inched down 0.1 percent as trading volume remained modest and shares of telecommunications operator Mobily remained suspended following another shock revision of its 2014 earnings on Wednesday. The key petrochemical and banking sectors barely moved, while telecommunications were mixed after suffering a sell-off due to Mobily in the previous session. Saudi Telecom, which as the largest player in the sector could benefit from Mobily's slump, gained 1.5 percent. Zain Saudi, the smallest mobile operator, fell 3.1 percent. Al Rajhi Bank, which will pay a 0.75 riyal per share cash dividend next week, edged up 0.4 percent. The latest Reuters survey of regional asset managers showed on Thursday that Middle East funds are increasingly positive towards Saudi Arabia as the kingdom prepares to open its bourse to direct foreign investment in coming months. Fifty-three percent of respondents said they expected to increase their Saudi equity allocations in the next three months, while none intended to cut them. UAE Abu Dhabi's index added 1.2 percent largely because of Etisalat, the United Arab Emirates' largest telecommunications firm, which jumped 3.9 percent after posting net profit of 2.1 billion dirhams ($572 million) for the fourth quarter, a 45 percent increase year-on-year. Three analysts polled by Reuters had on average forecast Etisalat, the Gulf's second biggest telecommunications operator by market value, would make a quarterly profit of 2.43 billion dirhams. But investors may be relieved about the limited impact so far from the troubles of Mobily, whhich is Etisalat's Saudi Arabian affiliate. Etisalat proposed a 0.35 dirham per share cash dividend for the second half of 2014, flat year-on-year, and a 10 percent bonus share issue. At 12.05 dirhams, the stock closed just above a major chart barrier at 11.95-12.00 dirhams, its peaks in May and July 2014. A clean break - two straight daily closes - would point up to the March peak of 12.60 dirhams. First Gulf Bank rose 1.1 percent after its executives said on Wednesday that they expected the bank to achieve loan growth of 9-11 percent in 2015. Dana Gas jumped 2.2 percent after index compiler FTSE said it planned to increase the stock's weighting in its global index by 3 percent. The weighting of Dubai's Arabtec will increase 11 percent and the stock gained 1.9 percent, outperforming the Dubai index, which slipped 0.1 percent. Another index compiler, MSCI, is set to effectively double Arabtec's weighting in its emerging market index from March. VTB Capital has estimated the change could drive up to $12 million in passive fund inflows and up to $101 million of inflows by actively managed funds. Qatar's market edged down 0.2 percent as lenders Qatar National Bank and Qatar Islamic Bank fell 1.3 and 1.6 percent respectively. Both banks have paid 2014 dividends this month, and some investors may be switching to other stocks - or other Gulf markets - until the next payout season. More»
Amwal Al Ghad English - 2015-02-22 16:40:14
Gulf equity markets were narrowly mixed on Sunday after oil prices stabilised, with low trading volumes indicating that investors remained cautious. Brent crude oil steadied just above $60 a barrel on Friday as expectations for falling U.S. rig count numbers outweighed concerns about oversupply. Oil's weakness earlier last week ended a rally across Gulf stock markets, prompting investors to book profits and stay on the sidelines. On Sunday, the main Saudi stock index was flat with a roughly equal split between gainers and losers. Petrochemicals giant Saudi Basic Industries edged up 0.4 percent. Mecca real estate developer Jabal Omar was the main support, jumping 4.5 percent. The company, which uses the Islamic calendar, reported a second consecutive profitable quarter this month after at least five years of losses. Makkah Construction and Development, which has a 10.1 percent stake in Jabal Omar, jumped 3.2 percent. Insurance companies also outperformed. The sector's index rose 0.5 percent and AXA Cooperative Insurance Co , which at the end of last week reported a 22.4 percent increase in 2014 net profit, surged its daily 10 percent limit. Retailer United Electronics added 0.8 percent after the firm said it had launched a new store which would boost first-quarter sales. QATAR, EGYPT Markets in Dubai and Abu Dhabi edged down 0.5 percent each as most stocks declined in low-volume trade. Qatar's index edged up 0.2 percent on the back of property firms Barwa Real Estate and Ezdan Holding , up 2.5 and 0.7 percent respectively. Qatari newspaper The Peninsula on Saturday quoted Economy and Trade Minister Sheikh Ahmed bin Jassim al-Thani as saying Doha would spend $12.5 billion on housing and infrastructure in the run-up to the 2022 FIFA World Cup. Also, both companies have yet to announce 2014 dividends. Egypt's bourse edged up 0.1 percent. Investment bank EFG Hermes climbed 1.0 percent after Qalaa Holdings hired it to advise on the possible sale of Qalaa's food businesses. Meanwhile, investment firm Pioneers Holding fell 0.9 percent; last week, a subsidiary of Europe's biggest dairy group Lactalis raised its offer for Egypt's Arab Dairy to 65.75 Egyptian pounds per share, topping the latest bid from Pioneers. SUNDAY'S HIGHLIGHTS SAUDI ARABIA * The index inched up 0.01 percent to 9,301 points. DUBAI * The index edged down 0.5 percent to 3,840 points. ABU DHABI * The index fell 0.5 percent to 4,647 points. QATAR * The index edged up 0.2 percent to 12,525 points. EGYPT * The index added 0.1 percent to 9,495 points. KUWAIT * The index edged down 0.6 percent to 6,602 points. OMAN * The index slipped 0.1 percent to 6,634 points. BAHRAIN * The index climbed 0.1 percent to 1,461 points. More»
Amwal Al Ghad English - 2015-02-19 09:15:09
Gulf stock markets were narrowly mixed on Wednesday, guided largely by announced and expected dividends, as weaker oil prices made investors cautious about opening new positions. Brent crude fell more than 2 percent and traded near $61 per barrel by 1230 GMT, after surging over the past two weeks and prompting equity rallies across the Gulf. Saudi Arabia's bourse, where petrochemicals are heavily weighted, had benefited the most from firmer oil. With year-to-date gains of 12.9 percent, the market has outperformed all other major bourses in the Middle East. On Wednesday, the main Saudi stock index edged down 0.4 percent and Saudi Basic Industries, the Gulf's biggest petrochemicals firm, fell 1.3 percent. National Industrialization Co (Tasnee), which also has interests in petrochemicals, lost 1.3 percent after it proposed a 2014 dividend of 1.00 riyal per share, down from 1.50 riyals a year earlier. Alkhaleej Training and Education Co dropped 3.8 percent, having cut its 2014 cash dividend to 0.80 riyal from 0.86 riyal in 2013. Mecca Property firm Jabal Omar pulled back 0.9 percent after surging 24 percent in the previous four sessions on strong financial results and news that the government was seeking to speed up the development of the Muslim holy city. UAE, Egypt Dubai's stock index slipped 0.3 percent as telecommunications operator du dropped 2.8 percent and was the main drag. The company plans to report its fourth-quarter results early on Thursday and the stock had surged 5.3 percent in the previous session. Property developer DAMAC added 1.0 percent and was the most traded stock by value. The firm plans to issue bonus shares instead of a cash dividend for 2014, but has not yet announced an exact date for that. Abu Dhabi edged up 0.3 percent. Aldar Properties , the most traded stock, climbed 1.5 percent to 2.68 dirhams after HSBC raised its rating of the stock to “overweight” from “neutral” and increased the price target to 3.90 dirhams from 3.80 dirhams. Qatar's benchmark inched up 0.1 percent as Qatar National Qatar Bank rose 1.5 percent. But Qatar Electricity and Water Co, whose shares stopped carrying the 2014 dividend, tumbled 4.3 percent. Egypt's bourse rose 1.1 percent in a broad rally after undergoing a profit-taking bout this week. Ezz Steel jumped 3.3 percent, having tumbled 4.7 percent in the previous session after posting a wider third-quarter net loss. Analysts expect the company's performance to improve in the fourth quarter and this year; Egypt introduced anti-dumping fees on all steel imports last October for a period of 200 days. “The Chamber of Metallurgical Industries as well as the local producers are also bargaining to extend the protectionism policy beyond the designated timeframe,” Egypt's Prime brokerage said in a note. “This should support both selling prices and volumes.” More»
Amwal Al Ghad English - 2015-02-15 08:22:26
Dubai's Drake & Scull reported a 70 percent drop in fourth-quarter net profit on Sunday. The contractor made a profit of 13 million dirhams ($3.54 million) in the three months to Dec. 31, it said in a statement to Dubai's bourse. The company did not provide a profit figure for the corresponding period of the previous year, but Reuters data shows it made a profit of 42.8 million dirhams in the fourth quarter of 2013. Two analysts polled by Reuters forecast Drake & Scull would make a quarterly profit of between 44 million dirhams and 52.6 million dirhams. ($1 = 3.6725 UAE dirham) More»
Amwal Al Ghad English - 2015-02-09 07:39:49
Gulf stock markets rose on Sunday after oil made further gains and local companies reported mostly upbeat earnings and other positive news. Brent crude jumped 2.2 percent to $57.80 per barrel on Friday, posting its largest two-week gain in 17 years because of falling oil rig counts and violence in producer Libya. Saudi Arabia's stock index rose 1.8 percent to its highest close since Nov. 24 in heavy trade. Shares in Saudi Kayan Petrochemicals Co surged their daily 10 percent limit and its bigger affiliate Saudi Basic Industries (SABIC) jumped 3.0 percent. The kingdom's oil ministry has allocated more natural gas to Saudi Kayan for it to expand ethylene production at its petrochemical complex in Jubail, the company said on Sunday. As part of the same deal, SABIC will reduce the marketing fees it charges Saudi Kayan, which will save the company 280 million riyals ($74.6 million) this year and 600 million riyals a year once its projects are completed, it said. Saudi Arabian Mining Co (Ma'aden) surged 5.3 percent to 39.50 riyals after AlBilad Capital said it maintained the stock's fair value at 39.62 riyals. "Profitability indicators are expected to witness a significant improvement starting from this year with the launch of commercial production in many facilities," it said. In a sign that some money is flowing back into Saudi stocks from abroad after pulling out during the oil price plunge in December, the U.S. dollar/Saudi riyal spot rate dropped back to 3.7510 on Sunday, very close to its peg. The exchange rate had climbed in recent weeks as high as 3.7605 - its highest level since January 2010, when markets were in the grip of the global financial crisis - because of outflows from Saudi stocks. More»
Amwal Al Ghad English - 2015-01-26 08:14:30
Qatar's economy minister Sheikh Ahmed bin Jassim Al Thani has been appointed chairman of the Gulf state's stock exchange, the bourse said on Sunday, in a move apparently intended to raise the exchange's international profile. The exchange's previous acting chairman was Hussein Ali Al Abdullah, an executive director of the Qatar Investment Authority (QIA), the country's sovereign wealth fund. The statement by the exchange also named eight board members for the exchange including businessman Ali Bin Ahmed Al Kuwari, who will serve as a representative for listed companies. Other members of the eight will represent the QIA and other interests. "Having the minister of economy as the chairman gives the exchange a higher profile and boosts its reputation, and it will be more attractive to investors," said an industry source. "The board has more diversity now - it has members from different sectors which is always good for better decision- making," added the source, declining to be named as he was not authorised to speak to media. The Qatar exchange has attracted increased amounts of foreign money since it was upgraded to emerging market status by global index compiler MSCI last May. Authorities have been working to improve liquidity with regulatory changes, such as easing ceilings on foreign ownership of stocks. More»
Amwal Al Ghad English - 2015-01-20 14:44:32
Most Gulf stock markets closed either flat or lower on Tuesday as oil prices remained volatile and local companies delivered no positive fourth-quarter earnings surprises. Brent crude oil fell in early trade on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015, implying lower demand for fuel. However, the commodity's price rose above $49 per barrel later in the day, supporting Saudi Arabia's bourse which, unlike other Gulf markets, was still open. The main Saudi index was nearly flat as petrochemicals giant Saudi Basic Industries, whose earnings are correlated with oil prices, rose 0.9 percent. But shares in Saudi Telecom Co (STC) tumbled 5.2 percent. The company's fourth-quarter net profit slumped 32.6 percent to 2.44 billion riyals ($650 million), missing analysts' average forecast of 3.32 billion riyals. Another stock in the sector, Etihad Etisalat (Mobily) , fell 3.6 percent while the third major local operator, Zain Saudi, was flat. National Industrialisation Co (Tasnee) dropped 2.5 percent after it said fourth-quarter net profit dropped 46.5 percent on lower petrochemical prices. The company made 160.7 million riyals, while analysts at Saudi Fransi Capital had expected 295.0 million riyals. UAE, EGYPT Most other Gulf markets pulled back. Dubai's index slipped 0.4 percent as most stocks declined. However, low-cost carrier Air Arabia, which stands to benefit from cheaper oil, gained 1.8 percent. Logistics firm Aramex, which could also see its fuel costs go down, added 1.0 percent. Abu Dhabi's bourse fell 0.9 percent as large lenders Abu Dhabi Commercial Bank and First Gulf Bank lost 1.2 and 2.1 percent respectively. Qatar's benchmark slipped 0.3 percent, also because of banks. Islamic lender Masraf Al Rayan fell 1.8 percent and Qatar National Bank lost 1.2 percent. Egypt's bourse jumped 2.1 percent, largely on the back of property stocks such as Talaat Moustafa Holding , which added 2.4 percent, and Palm Hills Development , up 3.2 percent. Egypt's central bank started allowing some depreciation of the pound this week, a move which analysts said aimed to stamp out a thriving black currency market as inflation concerns eased following the slump in oil prices. "Conventionally under such situations, real estate stocks should continue performing well, as investors would look to buffer their risks by investing in land and property," Cairo-based Naeem brokerage said in a note. TUESDAY'S HIGHLIGHTS DUBAI * The index edged down 0.4 percent to 3,878 points. ABU DHABI * The index fell 0.9 percent to 4,526 points. SAUDI ARABIA * The index inched up 0.01 percent to 8,484 points. QATAR * The index slipped 0.3 percent to 11,862 points. EGYPT * The index jumped 2.1 percent to 9,804 points. KUWAIT * The index edged up 0.3 percent to 6,646 points. OMAN * The index inched down 0.1 percent to 6,652 points. BAHRAIN * The index added 0.3 percent to 1,436 points. More»
Amwal Al Ghad English - 2015-01-19 09:25:27
Bureau van Dijk and MENA Research Partners report on regional M&A activity for the full year 2014. The MENA M&A market depicted strong activity during 4Q2014, prolonging its steady performance of the last 2 years. The sustainable economic growth profile, driven by the large fiscal safety net, by the ongoing diversification away from hydrocarbons and by the progressive resurgence of key Arab Spring countries, is increasingly enlarging the depth and outlook for new deals in the region. While the total number of completed deals has been stabilizing at the low-end of its range since 2009, the announced value of M&As reached $50 billion and $41 billion respectively during 2013 and 2014, ahead of an average of $34 billion during the previous 3 years. Such trend is reinstating the large deal sizes witnessed during the pre-2008 years, although the gap remains large to bridge. From a geographic perspective, deal activity remains driven by a strong performance in GCC coupled with an ongoing pick-up in selected Arab Spring countries like Egypt and Morocco. The GCC accounts for the bulk of the deals, with 44% and 43% respectively of the announced value and the volume of completed deals during 2014. This is compared to 69% and 43% respectively during 2013, in an indication of larger deals being closed outside GCC. Lisa Wright, Zephyr director said: “After a disappointing performance in Q3 2014, the last three months of the year represent a marked improvement for the MENA region as aggregate deal value climbed significantly. In all there were 137 deals worth an aggregate USD 8,977 million closed in the MENA region in Q4 2014. However, around 45 per cent of this is attributable to a single high value deal, namely Fonds National d’Investissement’s USD 4,000 million acquisition of Orascom Telecom Algerie, which completed in December. As is often the case, a large value transaction can transform a good quarter to an excellent one.” Cyclical sectors continued to be a major focus for the acquirers. During 2014, sectors like banks, construction and service companies accounted for a substantial share of the regional completed M&As, prolonging the previous years’ trend. Minority deals accounted for most of the number of the regional deals during 2014, sustaining their lead over the past years relative to majority deals. This is in line with the general perception that regional investors are less reluctant to give up control of their business. Foreign acquirers have been one major component in the MENA M&As. During 2014, they have accounted for 54% of the number of completed deals, compared to 51% during 2013, slightly below the average of 57% witnessed during 2009 and 2010. These numbers reflect a confidence of global players in a large number of regional economies and their long-term fundamentals. In return, it offers some interesting exit options for local investors. More»
Amwal Al Ghad English - 2015-01-05 07:28:15
Most Gulf stock markets fell on Sunday after Brent crude oil closed down nearly a dollar a barrel at $56.42 on Friday and many investors remained absent from the markets for extended holiday breaks. Although markets have become less prone to panic sell-offs since Saudi Arabia announced late last month a 2015 state budget which maintains spending at a high level, many buyers may choose to stay on the sidelines until oil prices find a floor. Saudi Arabia's main equities index edged down 0.6 percent with most sectors in the red. The kingdom's market is heavily weighted towards petrochemical producers, whose profits may be hurt if oil's weakness is prolonged. However, shares in Advanced Petrochemical Co bucked the trend and rose 1.2 percent after the firm said its 2014 net profit rose 34.9 percent on higher sales volumes and prices as well as cheaper feedstock. The company was the first one in Saudi Arabia and the Gulf to report full-year results. More positive results could buoy regional markets in coming weeks. "Despite falling oil prices, the outlook for Tadawul (Saudi Arabia's bourse) is still positive as corporate earnings remain healthy," National Commercial Bank said in a note on Friday, adding that December sell-offs had made valuations attractive. More»
Amwal Al Ghad English - 2014-12-28 10:45:57
Shares in Dubai rose to the highest level in more than two weeks following a record close for U.S. stocks last week. Qatari shares also advanced. The DFM General Index (DFMGI) climbed 2.5 percent to 3,984.64 at 12:22 p.m. local time, its highest since Dec. 9. Qatar’s QE Index and Abu Dhabi’s ADX General Index both added 1 percent, and Saudi Arabia’s Tadawul All Share Index advanced 0.3 percent. The gauge has jumped almost 20 percent since a recent low on Dec. 16. Data last week showed the world’s largest economy grew at the fastest pace since 2003 in the third quarter, spurring the Standard & Poor’s 500 Index to its highest close on record on Dec. 26. Dubai’s benchmark index recovered from a bear market with a 13 percent surge in the last five trading days, after markets in the six-nation Gulf Cooperation Council collapsed amid plunging oil prices. “Since we are dollar-pegged economies, we are bound to benefit from a stronger U.S.,” Ahmed Shehada, head of advisory and institutions at NBAD Securities LLC in Abu Dhabi, said by phone. “U.S. markets are seeing new highs on positive macro-economic perception. A lot of hedge funds, active money managers, when they see better performance in their developed market portfolios, tend to take a bit more risk with the emerging markets to enhance returns.” The estimated 12-month price-to-earnings ratio of the DFM General Index rose to 12.4 today from 9.7 on Dec. 17. That compares with 11.1 for the MSCI Emerging Markets Index. “We are back from the dead really, and we are seeing new foreign flow of money which gives us comfort that the market is still attractive in terms of valuations,” Shehada said. More»