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Thursday, 14 January 2016

Gmail - Iran Weekly Market Report - 14 January 2016

Gmail - Iran Weekly Market Report - 14 January 2016:

"Share prices on the Tehran Stock Exchange experienced growth for the third consecutive week in a row as the TSE All-Share Index rose by 1.4%, closing at 63,516. After nine weeks, the TSE’s main index once again went above the 63,000 level, to reach its high­est value in the last four months. The market benchmark’s recent gains have mostly been supported by sectors, such as Machinery & Electric Equipment (24%), Automotive (22%), Metallic Products (22%) and Other Financial Services (21%). Some experts believe with the upcoming implementation of the nuclear agreement between Iran and the EU3+3, known as the Joint Comprehensive Plan of Action, the market’s recent rally will intensify in the coming days. However, the downtrend in global commodity markets has also ad­versely affected the Iranian oil, petrochemical, and metal and mining industries.

 

By technical analysis perspective, the TEDPIX has already surpassed its resistance level of 63,000, drawing a promising outlook towards higher gains, targeting the 70,000 level. However, we believe the index may face challenges at the 65,000 level. The TSE All-Share Index has already gone above its 50 day EMA by 2%, which is happening for the first time since late July 2015. A negative scenario for the market gauge is implausible at the moment but the index needs to show more progress in the coming days, to reduce the risk of falling below the 63,000 level once again.

 

Also, the index of the thirty largest companies by market capitalization, the TSE30 index, recorded 2.2% growth, to close at 2,685. The TSE30 index has already added 4.5% dur­ing he last three weeks, standing at its highest measure since Nov 21, 2015. This week, the two of auto manufacturing companies which are listed among the top 30 firms, were the major positive movers of the TSE30 index. The share prices of SAIPA (SIPA +23.5%) and Iran Khodro (IKCO +9.7%) surged to IRR 1,164 (approx. USD 3.1 cents) and IRR 1,866 (approx. USD 5.09 cents) respectively.

"



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Statoil buys big stake in Lundin | Lex - YouTube

Statoil buys big stake in Lundin | Lex - YouTube: ""



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30% spike in Qatar petrol prices from Friday | GulfNews.com

30% spike in Qatar petrol prices from Friday | GulfNews.com:

"Qatar is raising petrol prices by 30 per cent with effect from Friday, the official Qatar News Agency (QNA) reported, as low oil and gas prices put the squeeze on the national budget.

The move follows a 50-per cent spike in petrol pump prices in Saudi Arabia in December.
 
The increase, announced on Thursday, states that Super 97-Octane petrol will be at QR1.30 ($0.357) per litre, from QR1.00 per litre, while the Regular 90-octane petrol will be at QR1.15 per litre."



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Exclusive: Saudi Arabia plans new sovereign wealth fund - sources | Reuters

Exclusive: Saudi Arabia plans new sovereign wealth fund - sources | Reuters:

"Saudi Arabia plans to create a new sovereign fund to manage part of its oil wealth and diversify its investments, and has asked investment banks and consultancies to submit proposals for the project, according to people familiar with the matter.

Plunging oil prices have strained Saudi Arabia's finances. The kingdom's state budget deficit is at a record high and net foreign assets dived more than $100 billion in 15 months.

The new fund could change the way tens of billions of dollars are invested and affect some of the world's leading asset managers, particularly in the United States, where the bulk of Saudi Arabia's foreign assets are managed."



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Gulf Navigation chairman and more than half of board members resign | The National

Gulf Navigation chairman and more than half of board members resign | The National:

"Gulf Navigation has announced the departure of more than half of its board of directors, including its chairman, just days before a crucial general assembly meeting.

The beleaguered Dubai-based shipping company on Thursday announced the resignation of its chairman Hazza Al Qahtani and six other board members, in a posting on the Dubai Financial Market website.

No details were given for their departure, with no word on their replacements."



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Project finance offers hope amid tougher 2016 for UAE banks | The National

Project finance offers hope amid tougher 2016 for UAE banks | The National:

"Amid the strain that UAE banks are likely to face this year as the price of oil falls to its lowest level in more than 13 years, project finance may be one of the brighter spots for lenders.

Despite the massive oil decline, state governments in the country are still committed to spending on infrastructure projects as populations keep growing and ahead of Expo 2020 in Dubai, bankers say.

“This is a very bright spot,” said Kumar Mahapatra, head of corporate finance at Dubai-based Commercial Bank International."



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UAE banks stand to benefit from Iran’s rebound | GulfNews.com

UAE banks stand to benefit from Iran’s rebound | GulfNews.com:

"Lifting of economic sanctions on Iran could be a boon for the UAE banks that have close ties with businesses in Iran according to the Institute of International Finance (IIF).

“The UAE and Lebanon would benefit from the economic rebound in Iran. Given Lebanon’s financial skills and regional ties, it could play an important role in the future financing and channelling of investment needed by the Iranian economy. More foreign companies could be based in Dubai to do business in Iran,” said Garbis Iradian, Chief Economist, Africa/Middle East of Institute of International Finance (IIF).

The UAE’s exports to Iran (mostly re-exports) amounted to $33 billion in 2014, about one-third of Iran’s total imports. While most multinationals that intend to do business with Iran are likely use Dubai as their regional hub for operations, the well-developed financial services infrastructure in the UAE is expected to boost the fund flows to and from Iran."



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The Real Price of Oil Is Far Lower Than You Realize - Bloomberg Business

The Real Price of Oil Is Far Lower Than You Realize - Bloomberg Business:

"While oil prices flashing across traders’ terminals are at the lowest in a decade, in real terms the collapse is even deeper.
West Texas Intermediate futures, the U.S. benchmark, sank below $30 a barrel on Tuesday for the first time since 2003. Actual barrels of Saudi Arabian crude shipped to Asia are even cheaper, at $26 -- the lowest since early 2002 once inflation is factored in and near levels seen before the turn of the millennium."



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Mideast Stocks Decline Most in World as Foreign Traders Flee - Bloomberg Business

Mideast Stocks Decline Most in World as Foreign Traders Flee - Bloomberg Business:

"Stocks across the Middle East tumbled as foreign investors exited the region amid a global selloff.
Egypt’s EGX 30 Index led the slump with a 5.6 percent decline, taking its retreat this week to 15 percent. The gauge was the worst performer among more than 90 tracked globally by Bloomberg, followed by Dubai’s measure. The Bloomberg GCC 200 Index, comprising 200 of the biggest companies in the six-nation Gulf Cooperation Council, retreated 2.5 percent to the lowest level since July 2012.
“Foreigners are dumping stocks in the region," said Ahmed Shehada, the Dubai-based executive director for advisory and institutions at NBAD Securities LLC, the brokerage are of the United Arab Emirates’ biggest bank. “Oil has been leading the free fall, China’s been adding to the selling pressure and we can’t dismiss the geopolitical tension in the region. These three ingredients are a bitter meal.""



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MIDEAST STOCKS-Gulf markets sink to multi-year lows, Egypt plunges over 5 pct | Reuters

MIDEAST STOCKS-Gulf markets sink to multi-year lows, Egypt plunges over 5 pct | Reuters:

"Middle East bourses fell sharply on Thursday as investors cashed out after Brent crude oil slipped below $30 a barrel and global markets resumed selling off.

The Saudi index tumbled 3.3 percent to close at 5,838 points, its lowest finish since March 2011, after a heavy wave of sales in the final hour of trade.

Traders said margin calls added to the pressure, especially in smaller-capital stocks favoured by local speculators. Most insurance stocks, which are generally illiquid and therefore harder to exit, nosedived more than 6.0 percent."



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Malaysia drops its Dubai flight in favour of Emirates code-share | GulfNews.com

Malaysia drops its Dubai flight in favour of Emirates code-share | GulfNews.com:

"Malaysia Airlines is dropping its daily flight to Dubai from Kuala Lumpur as part of its new code-share agreement with Emirates, one of the world’s largest airlines, announced last month.

The airline will instead place its code-share on Emirates’ existing four daily flights between the two cities, according to a statement posted on Malaysia Airlines website on Wednesday.

Malaysia Airlines passengers will still be able to book through the airline on flights to Dubai, however, the services will only be operated by Emirates from February 15, when the new agreement starts. It also sees Malaysian Airlines place its code-share on Emirates flights to Europe and Emirates place its on Malaysia Airlines services to destinations in Asia Pacific."



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MIDEAST STOCKS-Saudi sinks 2 pct, Egypt 3 pct amid global downtrend | Reuters

MIDEAST STOCKS-Saudi sinks 2 pct, Egypt 3 pct amid global downtrend | Reuters:

"Stock markets in Saudi Arabia and Egypt fell sharply early on Thursday after Brent oil dropped below $30 a barrel to 12-year lows and global equity markets resumed their downtrend.

Petrochemical stocks pulled the Saudi stock index 2.0 percent lower in the first half hour of trade. Saudi Kayan Petrochemical tumbled 6.4 percent after it reported a net loss for the fourth quarter - its largest since it listed in 2007, according to a note by NCB Capital.

The company is an affiliate of Saudi Basic Industries Corp (SABIC), whose shares fell 2.2 percent."



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Cheap oil comes at a price for Middle East - FT.com

Cheap oil comes at a price for Middle East - FT.com:

"Most of us would look at a map of the Middle East and think: lots of oil. Almost a third of the world’s crude comes from there. A Saudi-led Opec strategy to increase production has effectively pushed prices down hard, towards $30 per barrel.
These lower prices have provided some positives for developed economies. Cheaper petrol has spurred gasoline demand in major markets such as the US — on average, consumption was up nearly 4 per cent last year. Increasingly desperate oil bulls point to this rising demand as putting a floor under prices.
Yet for all the pluses, Saudi Arabia may wish to reconsider its ‘more-supply-at-any-cost’ strategy. Low energy prices could cause as much harm as good to oil demand. For one thing, lower export revenues have damaged the economies of Saudi Arabia and other producer states. This year, Saudi economic output will grow at the slowest pace since 2009 according to Credit Suisse. Worse, a budget deficit looms of 15 per cent of GDP."



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Mid East oil not just about supply | Short View - YouTube

Mid East oil not just about supply | Short View - YouTube: ""



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GCC states put fixes in place to weather oil storm | The National

GCC states put fixes in place to weather oil storm | The National:

"The continuing weakness in hydrocarbon prices has created several challenges for the GCC states.

In recent months the countries have responded to those economic challenges.

Much attention focused on the budgets of the various GCC members, and whether they would effectively take into account the impact of oil prices and other uncertainties and initiate needed reforms."



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MIDEAST STOCKS-Gulf bourses follow Asian shares, oil lower | Reuters

MIDEAST STOCKS-Gulf bourses follow Asian shares, oil lower | Reuters:

"Gulf stock markets declined in early trade on Thursday as investors cashed out after a sell-off in Asian shares, and after Brent crude oil dipped below $30 a barrel.

Dubai's benchmark slumped 1.7 percent. Construction firm Arabtec tumbled 2.4 percent; the stock has outperformed its peers this year, losing only 0.8 percent. Builder Drake & Scull traded down 3.4 percent.

Abu Dhabi's market fell 0.6 percent with 10 of the 11 traded stocks retreating. Blue-chip lenders which have yet to report earnings were lower with First Gulf Bank and Abu Dhabi Islamic Bank down 0.9 and 1.2 percent respectively."



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Brent falls to another 12-year low as Iran supply looms | Reuters

Brent falls to another 12-year low as Iran supply looms | Reuters:

"Brent crude fell to a new 12-year low on Thursday as the prospect of more oil supplies from Iran loomed, amid gloom over a world already awash with supply and concerns about global economic growth.

The global benchmark LCOc1 dropped as far as $29.73, the lowest since February 2004 and down more than 1.5 percent. After spending most of the Asian trading day in negative territory, it was up 17 cents at $30.48 a barrel at 0730 GMT (0230 ET).

West Texas Intermediate (WTI) CLc1 was up 43 cents at $30.91 after falling earlier in the day."



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