amwalalghad :: Arab

Your English Portal To Arab Economy

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        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        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 - 2015-04-15 07:42:30
Stock markets in Saudi Arabia, Dubai and Oman may rise on Wednesday after a series of mostly positive first-quarter earnings reports, while stronger oil may support investor sentiment in the Gulf. Brent crude rose 1 percent in Asian trade on Wednesday after signs of a dip in U.S. production, although gains were capped by Chinese quarterly economic growth slowing to a six-year low. Saudi Arabia's biggest lender, National Commercial Bank (NCB), posted a 2.8 percent rise in first-quarter net profit on Tuesday to 2.61 billion riyals ($696 million). This was above SICO Bahrain's quarterly profit forecast of 2.15 billion riyals. Smaller lender Bank Al Jazira posted a 42.8 percent jump in first-quarter profit, well ahead of the estimate of Albilad Capital, which had predicted a 13 percent increase. More»
Amwal Al Ghad English - 2015-04-14 07:54:34
A batch of mixed first-quarter earnings from banks and a sharper-than-expected profit decline at a petrochemical firm may slow the advance of Saudi Arabia's stock market on Tuesday. The kingdom's index rose 0.9 percent to 9,041 points on Monday with most stocks gaining. But Al Rajhi Bank, which had risen 1.7 percent during the day and was one of the main supports for the index, posted a 11 percent decline in first-quarter profit after the market closed, missing analysts' estimates. The bank made 1.52 billion riyals ($405.3 million) in the three months to March 31, while analysts surveyed by Reuters had on average expected 1.61 billion riyals. Two other Saudi lenders, Samba Financial Group and Saudi British Bank (SABB), posted profit growth and were slightly ahead of analysts' forecasts. In the petrochemical sector, Yanbu National Petrochemical Co (Yansab) reported a 48.7 percent drop in first-quarter net profit on Monday. The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 285.1 million riyals. Analysts had on average forecast 440.8 million riyals. More»
Amwal Al Ghad English - 2015-04-01 16:58:44
Dubai Financial Market (DFM ) announced today that its UAE listed companies have showed a 100% compliance to disclose their annual results 2014 within the deadline of 3 months from the end of the financial year. All of the 47 UAE public joint stock companies listed on DFM have successfully disclosed their annual results by the end of March 2015. Meanwhile, DFM has suspended trading on two dually listed companies, namely Al Madina for Finance and Investment and International Financial Advisors, as both have missed the deadline to provide the exchange with full and audited financial statements as per the UAE Securities and Commodities Authority (SCA) and DFM requirements. DFM also submitted a detailed report to (SCA) including the disclosure dates and its observations on the disclosures. More»
Amwal Al Ghad English - 2015-03-30 15:36:04
Middle East stock markets mostly surged on Sunday after brief sell-offs at the end of last week triggered by the escalation of military conflict in Yemen. Saudi Arabia and its allies, including other Gulf nations and Egypt, have launched air strikes against the Houthi militia and have not ruled out the use of ground forces. The intervention in Yemen may be protracted; a Gulf diplomatic official told Reuters on Saturday that while the Arab alliance initially plans a month-long campaign, the operation could last five or six months. But while the start of the operation triggered profit-taking by retail investors, many analysts think the Gulf states will be able to confine the conflict to Yemen's borders, as they have with past instability in that country. The operation may cost the Saudi government billions of dollars but with over $700 billion of net foreign assets, it can afford the cost. The main Saudi index climbed 1.9 percent, largely because of property developer Jabal Omar, which surged 5.8 percent. The company said on Thursday it had sold residential units worth 70.1 million riyals ($18.7 million) and would use the proceeds to fund further construction. Saudi Kayan Petrochemical Co jumped 2.7 percent after it restarted its olefins plant in Jubail following an extended shutdown. Its parent company Saudi Basic Industries Co (SABIC) gained 1.0 percent. Meanwhile, Saudi International Petrochemical Co (Sipchem) slipped 0.3 percent after the company said its affiliates would shut down two plants for maintenance. UAE, EGYPT Dubai's index rose 0.9 percent as most stocks rose. Builder Arabtec was the most traded stock, jumping 3.6 percent to 2.30 dirhams after bouncing from a 14-month low of 2.08 dirhams in the previous session. Abu Dhabi's bourse slipped 0.06 percent. Large lenders First Gulf Bank and National Bank of Abu Dhabi , down 2.1 and 1.8 percent respectively, were the main drags. Qatar's bourse added 0.7 percent as Ezdan Holding jumped 3.6 percent, recovering from a slide in the previous session when it went ex-dividend. Markets in Kuwait and Oman rebounded widely and rose 1.6 and 1.2 percent respectively after dipping at the end of last week. Egypt's market inched up 0.1 percent. Juhayna Food Industries was the main support, jumping 2.3 percent. The company announced a 0.1 pound dividend this month, having paid none for 2013. Also, another firm in the same sector, Edita , priced its public offer at the top of the announced range at the end of last week. Electro Cables Egypt rose 1.0 percent after posting a 466 percent increase in 2014 net profit. SUNDAY'S HIGHLIGHTS SAUDI ARABIA * The index rose 1.9 percent to 9,071 points. DUBAI * The index added 0.9 percent to 3,438 points. ABU DHABI * The index inched down 0.06 percent to 4,370 points. QATAR * The index rose 0.7 percent to 11,488 points. EGYPT * The index added 0.1 percent to 9,063 points. KUWAIT * The index rose 1.6 percent to 6,323 points. OMAN * The index climbed 1.2 percent to 6,189 points. BAHRAIN * The index added 1.0 percent to 1,459 points. More»
Amwal Al Ghad English - 2015-03-29 08:06:33
Stock markets of Dubai and Abu Dhabi are among the most attractive for Egyptian investors and the potential listing of Emirati firms in the Egyptian bourse is expected to spur more interest, NAEEM Brokerage’s CEO said. Referring to the listing of Orascom Construction (OC) on the NASDAQ Dubai bourse earlier this month, Ayman Hamed said additionalsuch listings will be of “more benefit to investors and traders”. OC, the Sawiris-controlled engineering and construction business, is the only firm to be dually listed in Egypt and the UAE. “It’s strongly believed that Emaar Misr too is in its final stages of preparation for its listing in the Egyptian stock exchange – expected sometime in the 2Q of 2015. We’re not sure yet if it’s a dual listing,” Hamed told Daily News Egypt. “This, and other similar listings, will raise the inflow of capital across regional markets.” The Egyptian arm of Dubai’s largest listed real estate developer Emaar Properties, filed a formal request in February to list its shares in Egypt’s bourse. The company gave no value of how much it plans to float in the IPO, but reports said it would issue more than EGP 2bn worth of shares. More»
Amwal Al Ghad English - 2015-03-26 16:38:23
Most of the Middle East stock markets fell on Thursday after Saudi Arabia and its allies in the region launched air strikes against Yemen's Houthi militia, but they came well off their lows late in the day as the initial panic subsided. Saudi Arabia's bourse, which is by far the region's biggest market and closes later than others in the Gulf, finished higher. Warplanes attacked the Yemeni capital Sanaa's airport and its al Dulaimi military airbase on Thursday after the Houthi militia and its army allies advanced towards the city of Aden a day earlier. Yemen's slide toward civil war has made the country a front in Saudi Arabia's rivalry with Shi'ite Iran, which Riyadh accuses of stirring up sectarian strife throughout the region and in Yemen with its support for the Houthis. The crisis now risks spiraling into a proxy war, and the prospect triggered a wave of selling by volatile retail investors on Thursday. But analysts say even a protracted conflict will have little fundamental impact on Gulf economies, if it remains confined to Yemen's territory. "Obviously it creates uncertainty and markets don't like uncertainty," said Shakeel Sarwar, head of asset management at Securities & Investment Co in Bahrain. But he added: "If the situation remains contained and does not spread out, the markets will stabilise or even rebound" within a few days. The main Saudi index closed 0.4 percent higher after falling as much as 4.2 percent earlier in the day and tumbling 5.0 percent in the previous session as preparations for military operations began. Blue chips such as Saudi Arabian Mining Co (Ma'aden) , which jumped 3.9 percent, and dairy firm Almarai , up 2.9 percent, were the main supports. Almarai said on Thursday it had received 250 million riyals ($66.7 million) from an insurer in compensation for a fire at one of its bakeries. Property developer Dar Al Arkan climbed 1.1 percent, after plunging 15.5 percent in the two previous sessions in response to the government's plan to tax undeveloped urban land. The company's chairman told Reuters on Wednesday that the new tax was unlikely to be applied to its huge land bank or push land prices down sharply. He also said Dar Al Arkan, which focuses on development of basic infrastructure on undeveloped land and the sale of such land, planned to diversify its business. UAE, EGYPT Dubai's index closed 0.8 percent lower at after tumbling as much as 5.9 percent during the day. It ended at 3,407 points, above technical support at the January low of 3,358 points. Abu Dhabi's bourse was nearly flat, while Qatar edged down 0.8 percent. However, Industries Qatar , the second-biggest petrochemicals producer in the Gulf, rose 1.6 percent as oil prices surged because of the conflict in Yemen. Markets in Kuwait and Oman were the weakest, dropping 2.4 and 2.6 percent respectively. Both bourses close earlier in the day than other Gulf markets, and investors there had less time to calm down and reassess valuations. Kuwait underperformed after Minister of Commerce and Industry Abdulmohsen al-Madaj resigned on Wednesday, becoming the second cabinet minister to quit this month after facing public criticism. His departure underlined political tensions that have slowed economic development of the country. Egypt's market fell 1.6 percent to a fresh two-month low of 9,053 points after the Cairo government said it was providing political and military support to the Saudi-led operation in Yemen. Beltone Financial Holding was the biggest loser and tumbled 6.1 percent after reporting that its net profit shrank to 15.2 million Egyptian pounds ($2.0 million) in 2014 from 74.2 million pounds a year earlier. THURSDAY'S HIGHLIGHTS SAUDI ARABIA * The index edged up 0.4 percent to 8,903 points. DUBAI * The index fell 0.8 percent to 3,407 points. ABU DHABI * The index inched up 0.03 percent to 4,373 points. QATAR * The index fell 0.8 percent to 11,411 points. EGYPT * The index lost 1.6 percent to 9,053 points. KUWAIT * The index dropped 2.4 percent to 6,222 points. OMAN * The index fell 2.6 percent to 6,113 points. BAHRAIN * The index lost 0.7 percent to 1,445 points. More»
Amwal Al Ghad English - 2015-03-18 10:12:27
Gulf stock markets may keep tracking volatile oil prices on Wednesday in the absence of other strong catalysts. Also, investors may be cautious ahead of the U.S. Federal Reserve's policy statement and U.S. oil inventories data due later in the day. Brent oil edged down towards $53 per barrel in Asian trade on Wednesday as U.S. crude inventories were forecast to have surged for the tenth straight week to a new record high. Oil's fresh weakness has weighed on all Gulf markets this week, with benchmarks in Dubai and Saudi Arabia showing most volatility. On Wednesday, Dubai may come under pressure from stocks no longer carrying the 2014 dividend, such as bourse operator Dubai Financial Market and low-cost carrier Air Arabia . In Saudi Arabia, among ex-dividend stocks are Saudi Hollandi Bank, Advanced Petrochemicals Co, Saudi Cement and National Agricultural Development Co . However, Savola Group may gain after announcing it has obtained all necessary approvals for the sale of its packaging unit and its subsidiaries to Takween Advanced Industries. Savola said it would book a capital gain of 265 million riyals ($70.7 million) from the sale in the first quarter. More»
Amwal Al Ghad English - 2015-03-12 13:38:28
Dubai-based financial services firm Arqaam Capital has chosen Rothschild to advise it on its planned stock market flotation in the emirate later this year, sources aware of the matter told Reuters on Thursday. The appointment comes after Reuters reported last month that the company had invited banks to pitch for roles in arranging the listing. Arqaam has offices in five countries in the Middle East and Africa and offers services including brokerage, asset management and corporate finance advisory. It declined to comment when contacted by Reuters. The sources spoke on condition of anonymity as the information is not public. More»
Amwal Al Ghad English - 2015-03-10 09:13:51
Shares in Orascom Construction rose around three percent on their NASDAQ Dubai market debut on Monday and the company said it was in talks to finance the first phase of a $5 billion coal-fired power plant in Egypt. Orascom shares climbed 2.9 percent to close at $14.69. The company, majority owned by Egypt's billionaire Sawiris family, will join Cairo's bourse on Tuesday or Wednesday, having de-merged from Amsterdam-listed parent firm OCI. Last November, Orascom Construction had announced a joint venture with Abu Dhabi's state-owned International Petroleum Investment Co (IPIC) to build the power plant with a total capacity of 3,000-4,000 megawatts on Egypt's Red Sea coast. Egypt is facing major energy shortages and has been in talks with several big investors about building coal burning plants to bolster its generation capacity. The project is split into two phases. The first phase will provide 1,800-2,000 megawatts and will cost about $3 billion, while the total budget is $5 billion, Orascom Construction chief executive Osama Bishai told reporters in Dubai. The firm is negotiating with banks to arrange the debt part of the first phase. "We are targeting to achieve financial close if not the end of this year, the first quarter of next year," Bishai said. "These transactions take at least 12-15 months. With this type of transaction you're looking at somewhere like 80 (percent) debt and 20 (percent) equity." The project is provisionally a 50-50 partnership with IPIC. "We're talking to other strategic and technical investors that may come or may not," Bishai said. "Once we conclude that, the final structure will be announced." He said the first phase would likely take 30-38 months to build, although construction could start prior to financing being finalised, while the second phase could start before the first was completed if the government approved it. As part of its market debut, Orascom has issued 12.98 million new shares in Egypt, representing 11 percent of its share capital, in an offer that was 5.1 times subscribed. "Dubai provides our institutional and UK and U.S. shareholders a base that is dollar denominated," Bishai said. Orascom's customer order backlog was $5.6 billion as of Sept. 30, of which about 43 percent was from the United States, with the reminder mostly split between Egypt and Saudi Arabia. The company has since accumulated nearly $1 billion of additional orders, Bishai said. More»
Amwal Al Ghad English - 2015-03-09 09:30:25
Shares in Egypt's Orascom Construction (OC) may rise as they start trading on NASDAQ Dubai on Monday after the company secured solid demand for its $185 million public offer. OC sold 11 percent of its shares in the offer at a price of 108.71 pounds ($14.25) per share, and secured a dual listing on the Egyptian stock market and NASDAQ Dubai. Trading in Dubai will start on Monday; the company has said trading in Cairo is expected to start between Monday and Wednesday this week, but it has not yet specified an exact date. Brokerage Mubasher has set its target price for the stock at 134.75 pounds or $17.70, a 24 percent upside to the IPO price, using a slightly different exchange rate for the conversion into dollars. "Securing vast contracts in the Middle East and North Africa region, particularly in Egypt, which is currently adopting mega projects, could accelerate OC's recovery and improve its profitability margins," it said. "However, exposures to political instability in Egypt and low-margin contracts in the US are key risks," it added. Egypt's government plans to present projects worth tens of billions of dollars at an investment summit this week. Among those, according to Egyptian media, is a plan to build a new $80 billion capital city from scratch. OC, an engineering and building business controlled by Egypt's prominent Sawiris family, was once the biggest blue-chip stock on the Egyptian exchange. However, it effectively pulled out of the bourse in 2013 when another Sawiris company, Amsterdam-listed OCI NV, bought out the vast majority of its shares, leaving only a tiny free float in Cairo. NASDAQ Dubai is the smaller of the emirate's two stock exchanges. Its latest listing was that of real estate investment trust Emirates REIT last year; the stock rose shortly after listing but has since suffered in the region-wide sell-off driven by oil's plunge. Trading in Gulf bourses generally looks likely to be subdued on Monday, with oil prices soft and foreign equity markets under pressure because of expectations for a U.S. interest rate hike this summer. However, Saudi Arabia may keep a relatively firm tone after Sunday's positive technical signal. The index rose 0.7 percent to 9,579 points in active trade, breaking resistance on the February peak of 9,544 points; it faces stronger resistance on its 200-day average, now at 9,664 points. Any break would suggest the market's longer-term uptrend might be resuming. More»