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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        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        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        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        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 - 2016-10-20 08:59:56
Saudi Arabia's stock market may rise Thursday as investors cheer the kingdom's mammoth international bond sale, which could help to unclog liquidity bottlenecks in the economy, while an overnight surge in oil prices may aid regional markets. The kingdom conducted the largest-ever emerging market bond sale on Wednesday, selling $17.5 billion of debt in the government's first international offer while attracting investor orders totalling almost four times that amount. Demand was larger and pricing tighter than expected. London-based Capital Economics estimated the issue would finance around a third of next year's state budget deficit and almost all of the kingdom's current account gap, meaning its foreign exchange reserves were unlikely to fall much further in coming years. Subsequently, Finance Minister Ibrahim Alassaf said in a televised interview that state payments to construction firms would increase in the coming period and that delays in the payments were merely due to "technical reasons". Saudi Arabia's general market index is one of the worst-performing in the world so far this year; it is down 20.1 percent year-to-date, suggesting some room for recovery if sentiment improves. Saudi Electricity Co may attract interest on Thursday after reporting a 50.8 percent jump in third-quarter net profit to 4.40 billion riyals ($1.17 billion); NCB Capital had forecast 1.90 billion riyals. However, the second-largest telecommunications operator, Etihad Etisalat (Mobily), may drop after it missed analysts' estimates by a large margin. The company ended three straight quarters of profits and made net loss of 167.7 million riyals, compared with a loss of 158.3 million riyals in the prior-year period; analysts had forecast Mobily would make a quarterly net profit of 15.06 million riyals on average. Rival Saudi Telecom Co also reported lower profits in the third quarter. It made a profit of 2.15 billion riyals, down 7.5 percent but in line with expectations. Saudi International Petrochemical (Sipchem) missed estimates with a net loss of 59 million riyals versus a net profit of 71.6 million riyals a year earlier. The average forecast of three analysts had been for a 30.6 million riyal profit. But shares in other petrochemical producers may remain firm as Brent futures rallied almost 2 percent on Wednesday because of a drawdown in U.S. inventories and expectations for an OPEC-led cut in production. Construction firm Abdullah Abdul Mohsin al-Khodari and Sons reported a wider third-quarter net loss of 47.76 million riyals, compared to loss of 14.3 million riyals in the year-earlier period; EFG Hermes had forecast a loss of only 19.5 million riyals. More»
Amwal Al Ghad English - 2016-10-19 09:43:56
Saudi Basic Industries helped lift Saudi Arabia’s stock market early Wednesday after it reported a third-quarter net profit at the top end of forecasts, but a loss at Qatar's third- largest bank dragged that market lower. Riyadh's stock index was up 0.4 percent after half an hour of trade. SABIC, the Gulf's largest petrochemical producer, climbed 1.5 percent after posting a net profit of 5.22 billion riyals ($1.39 billion) in the three months to Sept. 30, down 6.8 percent from a year ago. Analysts polled by Reuters had on average predicted 5.05 billion riyals. The company attributed the profit fall to lower average sales prices and a reduction in the quantity of products sold, outweighing benefits gained from a decrease in costs. Roughly two-thirds of Saudi petrochemical producers have now reported third-quarter earnings, with generally weak results. Nama Chemicals, a mid-sized producer, said it made a wider loss in the third quarter of 32.6 million riyals versus a loss of 24.0 million riyals in the same period of 2015. Its shares were down 1.1 percent. Emaar the Economic City, developer of an industrial city near Jeddah, dropped 1.6 percent after reporting a third-quarter net loss of 81 million riyals versus a profit of 8 million riyals a year ago. Middle East Healthcare Co jumped 6.3 percent after its quarterly net income rose 1.4 percent to 92 million riyals. In Qatar, the index pulled back 0.6 percent as Commercial Bank of Qatar slipped 4.6 percent. The bank made a net attributable loss of 1.04 million riyals ($285,612) in the third quarter versus a profit of 275.9 million riyals a year earlier; analysts polled by Reuters had forecast a profit of 281.7 million riyals. The bank cited provisions for non-performing loans, after former Australia and New Zealand Banking Group banker Joseph Abraham was appointed chief executive in July. Medicare Group sank 2.9 percent after reporting an 85 percent drop in third-quarter net profit to 4.8 million riyals. Qatar Insurance was down 1.3 percent on a 6 percent fall in third-quarter profit to 108.8 million riyals, considerably below EFG Hermes' forecast of 312 million riyals. In Dubai, the index was down 0.2 percent in quiet trade as no major companies posted fresh results. Dubai Investment lost 1.0 percent. More»
Amwal Al Ghad English - 2016-10-13 14:16:08
Stock markets in the Gulf ended mixed on Thursday. Saudi Arabia's index lost steam in the final hour of trade and closed 0.02 percent up at 5,694 points, 60 points off the day's high. The index was up 1.1 percent for the week on firmer crude oil prices and third-quarter corporate earnings that were generally in line with analysts' expectations. Yanbu National Petrochemical (Yansab), a unit of Saudi Basic Industries, dropped 2.3 percent on Thursday, after trading as much as 3.3 percent higher earlier in the day. It reported third-quarter net profit of 607.6 million riyals ($162.1 million), more than double the year-earlier figure. The result was broadly in line with the 624.7 million riyal average forecast of analysts. But Saudi Kayan Petrochemical, another SABIC affiliate, closed up 4.1 percent after it swung to a net profit of 156.32 million riyals from a year-earlier loss of 13.81 million riyals; SICO Bahrain had forecast a profit of 105.00 million riyals and NCB Capital, a profit of 95.00 million riyals. Analysts attributed Kayan's results to higher-than-expected sales and gross margins. Shares in SABIC rose 0.6 percent. Some banks gained after they reported earnings. Arab National Bank rose 1.6 percent despite a 5.6 percent slide in net profit that was broadly in line with analysts' forecasts. Bank Aljazira climbed 3.0 percent after it reported a 3 percent decline in net income. But Saudi British Bank fell 0.9 percent after saying third-quarter profit fell 12.7 percent to 995 million riyals; analysts had predicted 1.14 billion riyals. It cited a rise in impairment charges for credit losses as the Saudi economy weakened because of low oil prices. Dubai's index continued to slide, dropping 0.6 percent after Asian shares pulled back on weak Chinese economic data and U.S. Federal Reserve minutes suggested interest rates were likely to rise in December. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2 percent. Emaar Properties, Dubai's top real estate firm, fell 1.3 percent. Qatar's main index slipped 0.1 percent with a little over half of traded shares declining. Qatar National Bank , which reported a rise in net profit for the last quarter earlier this week, pulled back 0.3 percent. More»
Amwal Al Ghad English - 2016-10-12 09:36:07
Gulf stock markets consolidated in quiet trade early Wednesday but Saudi banks shares rose after a major lender posted earnings in line with estimates. The Saudi stock index gained 0.4 percent in the first 75 minutes of trade as the banking sector index rose 0.7 percent. Banque Saudi Fransi, the second major Saudi lender to report third-quarter earnings, gained 2.8 percent after it posted a net profit of 1.01 billion riyals ($269 million), a 1.0 percent dip from the same period last year. That was in line with analysts' average expectation of 1.04 billion riyals. The bank cited higher expenses and impairment charges. Riyad Bank dropped earlier this week when it posted an 18.9 percent fall in third-quarter profit, missing analysts' forecasts, so Saudi Fransi's results reassured the sector. Riyad shares were up 0.5 percent on Wednesday morning. Telecommunications firm Zain Saudi climbed 4.2 percent after it signed letter of intent with a unit of utility Saudi Electricity Co (SEC) to use SEC's fibre optic network, conduct mutual marketing of products and services, and obtain new locations for telecommunications towers. Last week government said it would provide telecommunications operators with "unified licences" allowing them to offer a full range of services; analysts said this could help Zain Saudi compete against market leader Saudi Telecom , which was down 0.5 percent on Wednesday morning. Dubai's index edged down 0.3 percent after global markets pulled back but construction firm Drake & Scull , the most heavily traded stock, was up for a third straight day after it replaced its chief executive. The stock gained 1.2 percent. Abu Dhabi's index dropped 0.3 percent as Abu Dhabi Commercial Bank fell 1.1 percent, but Abu Dhabi National Energy Co added 5.2 percent. Qatar slipped 0.4 percent as Qatar National Cement lost 1.3 percent after reporting that profit for the first nine months of this year had edged down 1 percent. More»
Amwal Al Ghad English - 2016-10-05 08:55:23
Saudi Arabia's top three telecommunication operators suffered mixed fortunes during early trade on Wednesday after all three had risen in heavy trade the previous day while other markets in the region sagged. Mobile Telecommunication Company (Zain KSA) jumped 6.8 percent, taking its gains since Sunday to 17 percent. Its chief competitor Saudi Telecom (STC) retreated 2.8 percent on Wednesday morning and Etihad Eisalat was down 1.3 percent. On Sunday the government said it will provide operators with "unified licences" allowing them to offer a full range of telecommunications services. Telecommunications analysts said this represented a major shake-up of the industry and that there could be losers as well as winners. Riyadh's index edged down 0.1 percent after 45 minutes of choppy trade. Builder Al Khodari jumped 3.3 percent after it said on Tuesday that is has signed a contract with Saudi Arabian Mining (Maaden) to construct an aluminium producing facility for 49 million riyals ($13.1 million). The contract period will be nine months, with the financial impact staring to be reflected in the fourth quarter results. Dubai's index was down 0.1 percent in thin trade, with mid-sized shares weighing on the index. DAMAC Properties fell 0.9 percent and courier Aramex declined 0.3 percent. Abu Dhabi's stock index slipped 0.1 percent as the usually traded shares barely moved. The largest listed lender First Gulf Bank was down 0.9 percent. More»
Amwal Al Ghad English - 2016-10-03 08:52:09
Saudi Telecom dragged Riyadh's market down further early on Monday while other Gulf bourses, many of them reopening after closing on Sunday for the Islamic New Year holidays, were also weak. The Saudi index, which had tumbled 3.1 percent on Sunday to its lowest close since March 2011 because of concern over the impact of government austerity measures, dropped a further 1.9 percent in the first 45 minutes. Saudi Telecom, the country's top operator, tumbled 6.7 percent after the government said it would provide telecommunications firms with "unified licences" allowing them to offer a full range of services. It did not give details of the new licences, but some investors think they will open industry to tougher competition, potentially hurting market leader Saudi Telecom the most. Shares in three other listed Saudi telecommunications firms had not yet traded on Monday morning. More»
Amwal Al Ghad English - 2016-10-02 14:53:07
Saudi Arabia's stock market fell Sunday to its lowest close since March 2011 because of fears the government could introduce more austerity measures to curb a big budget deficit caused by low oil prices. Other major markets in the region, including the United Arab Emirates and Egypt, were shut for Islamic New Year holidays. The Saudi index edged up in early trade but fell steadily through the afternoon to close 3.1 percent lower at 5,448 points in thin trade. Global stock markets ended last week on a firm note while Brent oil for November delivery settled above $49 a barrel in response to last week's deal by OPEC crude producers to cut output. But many analysts are uncertain whether the OPEC deal will be implemented effectively or result in any extended rise of oil prices. And after the Saudi government said last week that it was reducing allowances for public sector employees - a major blow because many Saudis rely for up to 30 percent of their income on such allowances - the main factor for the stock market is the damage to economic growth from austerity steps. "I expect more pressure in the market. With the approach of quarterly results announcements, people are basing their positions on what is to come, as more risks are expected in the market towards the end of the year and through the first quarter of 2017," said Abdulhamid al-Ameri, a prominent Saudi economist. Some investors think additional austerity steps -- perhaps new fees or taxes on the kingdom's large workforce of foreigners -- could be approved as early as a weekly cabinet meeting on Monday. A monthly Reuters poll, published on Thursday, found Middle East fund managers had turned negative on balance towards Saudi Arabian equities for the next three months because of the austerity policies. Miner Ma'aden sank 4.6 percent on Sunday while travel agent Al Tayyar, exposed to weakening private consumption, dropped 6.8 percent. Many blue-chip petrochemical and banking stocks outperformed, with Saudi Basic Industries down only 0.6 percent. But National Petrochemical tumbled 9.8 percent after saying a subsidiary would halt operations for 60 days because of maintenance and that the financial impact was not yet known. "Today the worst-hit sectors are the ones related directly to the local market and consumer spending - retail, electricity, cement and even media, which hit limit-down," said Ameri. Government data released on Friday showed Saudi Arabia's gross domestic product, adjusted for inflation, rose 1.4 percent from a year earlier in the second quarter of 2016, after growth of 1.5 percent in the first quarter. That was only a marginal slowdown and suggested the Saudi economy was faring better than feared in the face of oil's slump. But many analysts think the growth figures understate the blow from low oil prices and may eventually be revised lower, as Saudi GDP data has been in the past. Last week's vote by the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia has also hurt market sentiment in Riyadh, fund managers said, even though any lawsuits are likely to take years to wind through the U.S. legal system. One major sector was off-limits to Saudi investors on Sunday: telecommunications. The securities regulator suspended trade in shares of four operators after the government decided to extend their licences and provide them with new "unified" licences allowing them to offer all telecommunications services; the regulator said the stocks would be suspended until the firms had announced the expected impact of the order on them. Qatar's index edged down 0.3 percent on Sunday as Barwa Real Estate sank 1.0 percent. More»
Amwal Al Ghad English - 2016-09-28 09:18:50
Most stock markets in the Gulf fell in early trade Wednesday after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise at a meeting in Algiers to help ease a global glut of oil. Brent oil futures sank about 3 percent to around $46 a barrel on Tuesday after Iran rejected an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply. Saudi Arabia's index, which retreated 3.8 percent on Tuesday after the government said it would scale back financial bonuses for public sector workers in an austerity drive, fell a further 0.5 percent in the first half-hour on Wednesday to 5,703 points, approaching technical support on its February low of 5,551 points. Petrochemical blue chip Saudi Basic Industries sank 1.2 percent although one stock in the sector, PetroRabigh , rose 2.1 percent after saying it would proceed eventually with a rights issue that has been delayed since 2015. Saudi insurance stocks, which are favourites of local retail investors who now face cuts to their disposable income, were again hit hard; SAGR Insurance dropped 2.9 percent. Travel agency Al Tayyar, also exposed to weak consumer spending, tumbled 4.9 percent. Dubai's index edged down 0.3 percent and Abu Dhabi slipped 0.2 percent while the Qatari index was flat. In all three markets, most of the heavily traded stocks barely moved. More»
Amwal Al Ghad English - 2016-09-26 07:57:20
A rebound in crude prices may help lift oil-sensitive shares in the Gulf during Monday trade, while sentiment in Saudi Arabia is likely to be positive after the central bank said it would inject capital into the local banking system. Signals have been mixed so far on whether a deal on cutting or freezing production of oil is possible. But Algeria's energy minister said on Sunday that all options were possible for an oil output cut at this week's informal meeting of OPEC producers, pulling Brent futures above $46 a barrel, after slumping 4 percent on Friday. Saudi Arabia's central bank said on Sunday it would deposit about 20 billion riyals ($5.3 billion) at commercial banks and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices. The central bank's move was seen as an effort to make its money market management more transparent and predictable, which could ease investors' concerns and may encourage them to return to equity markets, after a year of constrained activity and heightened volatility. Banking shares have been underperforming the general index over the last several months as an illiquid construction sector - which makes up a large portion of corporate loans - weighed on market sentiment. But many analysts believe that some lenders are trading at a discount to what they predict to be their fair value, and that the central bank's measures could help alleviate some pressure on the banking system. Samba Financial Group, which closed at 17.80 riyals on Friday, is trading at a 27 percent discount to its average fair value as estimated by 13 analysts, according to Reuters data. More»
Amwal Al Ghad English - 2016-09-22 16:54:02
Stocks in the Gulf surged Thursday, taking their cue from global shares after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes. Dubai's main index was the top gainer among its regional peers, jumping 2.0 percent in the most active trade of the week as nine-tenths of the traded shares rose. Emaar Properties, the largest listed developer and Dubai Investments each gained 2.9 percent. In neighbouring Abu Dhabi, the index advanced 1.0 percent with gainers outnumbering losers by 12 to five. Abu Dhabi National Energy was the second top gainer, soaring 8.0 percent as Brent futures bounced above $47 a barrel as the dollar -- the currency in which the commodity trades -- was knocked down. But Dana Gas fell 1.7 percent after it said on Thursday its board had discussed a proposal to buy back shares in the company. The company also expressed its "dissatisfaction with the non-payment of the company's outstanding dues in Egypt" without elaborating. Qatar's main index rose 1.6 percent with three-quarters of the shares advancing, trimming its loss for a volatile week to 1.2 percent. Some of the chief gainers were this week's new entrants to the FTSE's secondary emerging market index. Qatar Insurance jumped 3.1 percent and Doha Bank climbed 3.3 percent. Saudi Arabia's stock market was closed on Thursday in observance of the kingdom's national day holiday. It will resume trade on Sunday Sept. 25. More»