amwalalghad :: Arab

Your English Portal To Arab Economy

Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        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        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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 - 2016-06-15 10:49:04
Gulf stock markets were narrowly mixed in early trade Wednesday with Saudi Arabia holding up despite disappointing news that MSCI did not put the country on a list for possible reclassification to emerging market status. The Saudi index edged up 0.2 percent in the first half-hour of trade as Saudi Electricity, which has surged this week on news of a novel financing method for two planned solar power plants, gained a further 0.3 percent. In its annual market classification review, MSCI welcomed market reforms announced by Saudi authorities last month but merely said that once implemented by mid-2017, they would "bring the Saudi equity market closer to Emerging Market accessibility standards". This appeared to suggest that the Saudi market is unlikely to be included in the MSCI emerging index before mid-2018 at the earliest. In a research note, investment bank EFG-Hermes noted that if MSCI followed its standard timeframe -- which it does not always do -- May 2019 would be the earliest possible inclusion date. Investors had not been betting heavily that Saudi Arabia would be placed on the review list, fund managers said, so MSCI's decision did not push the market down. Dubai's index added 0.3 percent as eight of the 10 most heavily traded stocks rose. Most of the gains were minimal, except for real estate developer Deyaar, which climbed 3.0 percent as it posted the largest volume. Abu Dhabi's index fell 0.3 percent although Union National Bank AD> rose 1.4 percent. Qatar's index was flat although several blue chips gained strongly, with Qatar National Bank rising 2.0 percent and Mesaieed Petrochemical adding 3.0 percent. MSCI also decided on Tuesday to delay including Chinese A-shares in its emerging markets index. This was modestly positive for the United Arab Emirates and Qatar, since Chinese inclusion would have diluted their weightings in the index. More»
Amwal Al Ghad English - 2016-06-14 14:46:35
Gulf stock markets edged up on Tuesday but many investors stood on the sidelines before MSCI's decision later in the day on whether it would consider Saudi Arabia for inclusion in its emerging markets index. International index compiler MSCI is to announce after the close on Tuesday whether it will put Saudi Arabia on review for possible inclusion as early as mid-2017. Inclusion would bring billions of dollars of passive foreign funds into the market, but fund managers are split on whether Saudi Arabia is likely to be put on review this year. Some managers believe the possibility is strong because of an easing of foreign ownership restrictions and reforms to the trading environment announced in early May by the regulatory body, but others think inclusion will not come before mid-2018. The Saudi index climbed 0.6 percent on Tuesday as Saudi Electricity Co (SEC), the state-controlled utility, jumped its 10 percent daily limit to 20.05 riyals, its highest close since the end of May 2015. SEC said at the weekend that it was inviting expressions of interest from companies to build two solar power plants; the firms would invest in the plants and sell electricity to SEC in deals that could become models for future infrastructure projects under Saudi Arabia's economic reform plan. But property developer Dar Al Arkan dropped 3.2 percent as investors booked profits on gains that were triggered by expectations it would benefit from housing construction plans in Saudi Arabia's economic reform plan, announced last week. Emaar the Economic City, another potential beneficiary, fell back 2.0 percent. In Dubai the main index added 0.2 percent to 3,330 points as Dubai Islamic Bank climbed 2.4 percent and Emaar Properties recovered from early losses to close up 0.3 percent. "Dubai's stock market witnessed selective buying, heading higher to retest the 3,380 resistance level," said a note by Abu Dhabi's NBAD Securities. The benchmark tested that barrier late last week but failed to break above it. At current low trading volumes, a breakout above the resistance remains unlikely in the near term, added the note. More»
Amwal Al Ghad English - 2016-06-14 09:19:38
Gulf stock markets surged in early trade on Tuesday but many investors stood on the sidelines before MSCI's decision later on whether it will consider Saudi Arabia for inclusion in its emerging markets index. Riyadh's index edged up 0.1 percent after an hour of trade, with Saudi Basic Industries adding 0.6 percent. While many institutional investors and portfolio managers are staying clear of the market because of uncertainties such as the June 23 vote on whether Britain will leave the European Union, Saudi retail investors bought small to mid-sized shares. The insurance sub-index added 0.7 percent. Emaar the Economic City fell 1.7 percent to hand back recent gains that were triggered by expectations that it would benefit from Saudi Arabia's economic reform plan, which was announced last week. Dubai's index rose 0.2 percent, but stocks that are usually heavily traded moved little. Dubai Islamic Bank was up 0.8 percent. The largest listed stock on Abu Dhabi's exchange, Etisalat , added 0.8 percent, helping pull the index up 0.1 percent. The telecoms operator, a constituent of the MSCI emerging market index, may see a small outflow of funds if MSCI decides on Tuesday to include China A-shares in the index, which would dilute the weighting of Etisalat and other Gulf constituents. More»
Amwal Al Ghad English - 2016-06-13 09:02:30
Gulf stocks inched down in response to weak oil prices and international markets on Monday, but shares of Saudi Arabian property developers gained further on hopes they would benefit from the country's economic reforms. Dar Al Arkan Real Estate Development rose 2.3 percent to 6.60 riyals. The shares have been rising since the company announced last week it was in talks with the government to build homes under the kingdom's economic reform programme. The stock is now trading well above the mean price target, 5.94 riyals, of eight analysts polled by Reuters. Emaar Economic City, the lead developer of King Abdullah Economic City, added 0.3 percent. It has also said it plans to help the housing ministry meet its target of building 1.5 million homes over the next seven or eight years. But profit-taking in other shares pushed the main Saudi stock index down 0.1 percent after an hour of trade. Saudi Basic Industries, the largest listed stock, fell 0.3 percent. Dubai's index was down 0.4 percent, extending the previous session's 1.0 percent decline. Dubai Park and Resorts and Dubai Investments each fell more than 1.0 percent. In Abu Dhabi, a 1.8 percent decline in Dana Gas was the main drag on the index, which slipped 0.1 percent. Trading volume was lethargic with less than one-fifth of listed companies active. Qatar's main index edged down 0.1 percent in choppy trade. Oil drilling rig provider Gulf International Services dropped 1.5 percent. But Qatar Electricity and Water added 1.4 percent. According to Reuters data, the forward 12-month dividend yield for the utility is 4.0 percent - an attractive yield as slowing economic growth in the Gulf makes growth stocks less enticing. More»
Amwal Al Ghad English - 2016-06-12 09:11:48
Stock markets in the Gulf retreated in early trade Sunday as investors booked profits in response to lower oil prices and a pull-back by international stock markets. Saudi petrochemical shares were the main drag on Riyadh's stock index, which was down 0.8 percent after 30 minutes of trade. Saudi Basic Industries lost 1.5 percent. But Dar Al Arkan Real Estate Development remained resilient, adding 2.5 percent after a 20 percent jump last week. The stock has been strong since the developer said last week it was in talks with the government to provide housing under the kingdom's economic reform plan. Dubai's index, the top performer in the region last week, lost 1.0 percent as investors booked profits. Emaar Properties and builder Arabtec were each down more than 1.8 percent. In Abu Dhabi the index declined 0.2 percent, extending Thursday's losses, with Dana Gas dropping 1.8 percent. More»
Amwal Al Ghad English - 2016-06-09 09:32:09
Saudi Arabia's stock index was headed for its fourth session of gains early Thursday after the country’s housing ministry announced plans to build over one million homes, while oil's recent rally helped petrochemical shares. Dar Al Arkan was on course for its third session of strong gains, with its shares climbing 4.2 percent. The stock had jumped its daily limit for two consecutive days, after the developer said late on Tuesday it was in talks with the government to provide housing under the kingdom's economic reform plan. It did not give further details. The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030". One facet of the plan, which sets targets for government agencies and includes spending on new initiatives across various sectors, includes building 1.5 million homes over the next seven or eight years, the housing minister said at a press conference in Jeddah late on Wednesday. Majed al-Hogail said the kingdom would offer foreign and local property developers partnership deals in a vast housing construction programme to reach that target. Emaar Economic City, another company that said it was in talks with the Housing Ministry, dropped 0.3 percent on profit taking after jumping more than 6 percent over the last two days. The Gulf's largest dairy producer Almarai added 2.3 percent after announcing its board had approved a new five-year business plan for 2017-2021. Under the plan, Almarai is targeting the deployment of capital investment worth 14.5 billion riyals ($3.87 billion) during the period. Brent prices held near their 2016 high over $52.50 a barrel, helping lift the petrochemicals sector. Mid-sized producers led gains, with Alujain Corp up 1.8 percent. The main index was up 0.3 percent after 20 minutes of trade. More»
Amwal Al Ghad English - 2016-06-08 09:23:34
Property stocks helped lift the Saudi bourse in early trade Wednesday as two developers said they were in talks with the housing ministry to build more homes. Shares in Dar Al Arkan Real Estate Development Co jumped 9.2 percent to 5.95 riyals, after surging by its daily 10 percent limit on Tuesday. After the market close on Tuesday, the developer said it was in talks with the government to provide housing units under the kingdom's economic reform plan. It did not give further details. Emaar Economic City also said it was in talks with the housing ministry to build homes for Saudi citizens, and its shares surged more than 6 percent. The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030". The economic reform plan targets increasing the percentage of Saudi families that own homes to 52 percent by 2020 from the current 47 percent. The document also said that the government aims to reduce the waiting period to obtain housing financing to five years by 2020 from 15 years at present. The plan, which sets targets for government agencies and also includes spending on new initiatives in healthcare, mining and renewable energy, will cost an estimated 270 billion riyals ($72 bln) to implement. Finance Minister Ibrahim Alassaf said on Tuesday it will partly be paid for by making public sector efficiency savings and cutting spending on existing projects. Dar Al Arkan has recorded declining profits in six of the last seven quarters, with its first-quarter 2016 numbers showing a 60.7 percent year-on-year drop, which it attributed to lower sales revenue. Riyadh's main index was up 0.3 percent after half an hour of trade, after gaining nearly 1 percent on Tuesday. More»
Amwal Al Ghad English - 2016-06-07 09:47:20
An improved mood in global markets lifted bourses in the United Arab Emirates and Qatar at early Tuesday as Asian stocks hit five-week high and Brent crude oil held above $50 a barrel. Dubai's stock index climbed 0.9 percent, with three quarters of the traded stocks advancing by midday. Union Properties climbed 3.5 percent after the company secured a loan to finance development of a mid-to-upscale gated community in Dubai's MotorCity. Dubai Parks and Resorts, meanwhile, jumped 4.3 percent to 1.47 dirhams. Last week HSBC initiated coverage of the company with a "buy" rating and a target price of 1.80 dirhams. The main Abu Dhabi index rose 0.3 percent as Abu Dhabi National Energy (TAQA) jumped 3.5 percent and telecoms company Etisalat, a constituent of the MSCI emerging markets index, gained 1.1 percent. In Doha, blue chips pulled the index up 0.9 percent. Vodafone Qatar and Ezdan Holding were each up by more than 1 percent. More»
Amwal Al Ghad English - 2016-06-06 09:05:04
Saudi Arabia's stock market may remain weak Monday before the announcement in the evening of details of the kingdom's economic reform plan. The National Transformation Plan (NTP), a key part of efforts to restructure the Saudi economy and make it less dependent on oil revenue, will be put before the cabinet for approval on Monday, a senior Saudi source told Reuters. Details of the NTP will be disclosed in daily news conferences with government ministers starting on Monday evening. Although it is not clear exactly which economic steps will be discussed, the wider reforms will include subsidy cuts, tax rises, sales of state assets, a government efficiency drive and efforts to spur private sector investment. "Some sectors have to brace themselves for further subsidy cuts and other austerity measures in the near term before they can reap the longer-term benefits," said a Riyadh-based analyst. On Sunday investors dumped shares in petrochemical and other industrial sectors because of that worry. Riyadh's stock index has fallen 6.6 percent since the original announcement of the reform drive in late April. But some sectors could quickly see opportunities in the reform plan. On Sunday, Saudi Real Estate Co said it had agreed with U.S. firm Starwood Hotels and Resorts to build two hotels next to a district of Riyadh which the government plans to develop into an international business zone. The healthcare sector could also benefit from opportunities as the kingdom privatises hospitals and other healthcare operations. In the rest of the Gulf, stock markets look likely to be supported by a positive global mood, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6 percent after U.S. jobs data appeared to reduce the chances of a U.S. interest rate hike any time soon. More»
Amwal Al Ghad English - 2016-06-05 10:48:48
Bourses in the Gulf traded near flat in early trade Sunday with shares Saudi Arabia's third largest telecom operator rising after securing a refinancing loan. Zain Saudi Arabia jumped 6.7 percent after the telecom operator said in a bourse statement on Sunday it has signed a 2.25 billion riyal ($600 million) loan refinancing with a group of four local banks. The company is currently trading below its mean target price of 9.64 riyals, according to the average of 9 analysts polled by Reuters. Shares in Advanced Petrochemical rose 0.4 percent to 48.80 riyals after the company announced on Sunday it has started operations at its South Korean joint venture PDH Plant. The financial impact of the new operations will be reflected in the second quarter of 2016, the company added. Advanced is expected to pay a cash dividend of 0.75 riyals per share for the first half of the year on July 3. Other petrochemical shares were mixed, with Saudi Kayan Petrochemical gaining 1.6 percent, but Saudi Basic Industries the largest producer, falling 0.3 percent. The main index was up 0.1 percent after 50 minutes of trade. Dubai's index reversed earlier losses and added 0.2 percent with Shuaa Capital adding 1.2 percent. Reuters reported on Tuesday that several local investment firms were among the bidders for Dubai Group's 48.4 percent stake in Islamic financial firm Shuaa. But builder Drake and Scull and amusement park developer Dubai Parks and Resorts were each down more than 1.0 percent. Combined they made up 28 percent of the total volume. Abu Dhabi's Dana Gas and Abu Dhabi National Energy each dropped more than 1.5 percent. After market close of Thursday TAQA announced its chief operating officer, Edward LaFehr, is leaving the company for personal reasons and that Saeed Hamad al-Dhaheri will take over as acting chief operating officer, effective June 22. More»