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 - 2015-01-26 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»
Amwal Al Ghad English - 2014-12-28 08:08:02
Saudi Arabia (SABIC) is seeking to open its $509 billion stock exchange to foreign investors in April, according to three people briefed on the country’s plans. The Capital Market Authority informed brokers and fund managers of the timeline in London last month, two of the people said, asking not to be identified as the meeting was private. Saudi Arabia isn’t planning significant changes to draft rules published in August, the people said. The country announced in July that it would open the market in the first half of 2015. The world’s biggest oil exporter is removing barriers to one of the world’s most-restricted major stock exchanges as it pursues a $130 billion spending plan to boost non-energy industries. Opening the market may prompt MSCI Inc. to include the bourse in its emerging market gauge by 2017, luring as much as $40 billion of foreign cash, Schroders Plc. said in July. The Riyadh-based regulator may cap foreign ownership of a single stock at 49 percent, according to the August draft rules. It may also set a 5 percent limit for qualified foreign investors, or QFIs, in a single stock, and a 20 percent ceiling for QFIs and approved QFI clients combined, it said. The QFIs’ holdings may not exceed 10 percent of the market’s value, including interests under swaps, according to the draft rules. A spokesman for the CMA said today the regulator continues to expect the market to open to foreign investors in the first half of next year, though no specific date has been set. More»
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»