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Monday, 29 February 2016

RPT-UAE bank UNB expects limited profit and loan growth in 2016 -CEO | Reuters

RPT-UAE bank UNB expects limited profit and loan growth in 2016 -CEO | Reuters:

"Union National Bank (UNB) doesn't expect to see much growth in profits or lending in 2016, its chief executive said on Monday, but the Abu Dhabi-based bank could tap the bond market this year to raise funds.

The United Arab Emirates' economy minister said last week the country would find it difficult to grow its economy by more than 3 percent this year and officials have estimated 2015 growth to be between 3 and 3.5 percent.

The impact of lower growth has already started to feed through into the earnings of some UAE banks."

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MIDEAST STOCKS-UAE up on momentum trades; Saudi stalls at chart barrier | Reuters

MIDEAST STOCKS-UAE up on momentum trades; Saudi stalls at chart barrier | Reuters:

"Stock markets in the Middle East ended mixed on Monday as local traders chased after small and mid-cap stocks in the United Arab Emirates, while Saudi Arabia, Egypt and Qatar gave up early gains as investors booked profits.

Riyadh's index initially rose as much as 1.0 percent as the banking sector gained, but then pulled back as traders cashed out of speculative stocks and the petrochemical sector. The index ended almost flat at 6,093 points, failing to break technical resistance on the early February and end-January peaks of 6,056-6,099 points.

Saudi Basic Industries, the petrochemical giant, retreated 1.0 percent."

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US shale tells Opec: above $40, we are coming back | The National

US shale tells Opec: above $40, we are coming back | The National:

"For leading US shale oil producers, $40 is the new $70.

Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a generation.

Their latest comments highlight the industry’s remarkable resilience, but also serve as a warning to rivals and traders: a retreat in US oil production that would help ease global oversupply and let prices recover may prove shorter than some may have expected."

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Gmail - Iran Weekly Market Report - 25 February 2016

Gmail - Iran Weekly Market Report - 25 February 2016:

"For the first time in 2016, the Tehran Stock Exchange witnessed slight declines in its share prices on a weekly basis. The TSE All-Share Index slipped by 0.06% this week, closing at 77,840. The market benchmark’s fast growth started to slow a fortnight ago, adding just 0.5% last week. Lower pace growth in the previous week has continued as 0.84% was lost in the first two trading sessions of this week and just recovered by the end of the week. Weak performances by leading sectors in the market have inhibited growth. Last week, the Oil Products sector’s 7.5% drop hindered further gains on the main index.  However, this sector had the highest growth this week with 11.1%. The two other leading sectors, Automotive (-0.1%) and Metallic Products (+1.1%) had poor re­turns in the fourth week of February. Banking (-1.0%), the sector with second largest trade volume, continued to move minimally for the second week, recording a negative performance. Bandar Abbas Oil Refinery Co. (PNBA +12.1%) and Esfahan Oil Refinery (PNES +11.0%) pulled the Oil Products sector down last week, but were the top positive movers on the sector’s index this week. The majority of banking shares had limited week­ly changes with a slight tendency to negative returns. Also Azarab Industries Co. (AZAB -7.0%) had the highest negative effect on Metallic Products sector. Iran Khodro (IKCO +0.3%) and SAIPA Group (SIPA +5.9%), the main shares in the Automotive sector, did not follow their recent solid gains this week.


Looking at the TSE’s main index performance from a technical analysis perspective, cur­rent conditions suggest further potential for growth. However, the index is already in the range with limited fluctuations. The Money Flow Index indicator shows the All-Share In­dex has already left the overbought area and volume has declined slightly. The trend is still upward, with a gentler slope. The 50 day EMA is still lower than the index but the dif­ference has now declined to 8%. Chart analysis also confirms the possibility of lower pace growth under the 80,000 level. However, the index first needs to surpass a re­sistance level at 78,500.


The Average Daily Trade Volume (ADTV) of the market reached USD 181 million, 15% higher than last week. However, the trade volume was inflated by a block trade on SAIPA Group shares. SAIPA Investment Co. (SSAP +1.2%) bought 6% of SIPA’s shares for USD 105 million. Excluding this block trade, the weekly increase of ADTV would be only 2%. The shares with the highest daily traded values were SAIPA Group, Iran Khodro, and Mellat Bank (BMLT +3.7%), recording USD 75.8, USD 57.7 and USD 50.9 million respec­tively."

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MIDEAST STOCKS-Banks bolster Saudi, Orascom Telecom lifts Egypt | Reuters

MIDEAST STOCKS-Banks bolster Saudi, Orascom Telecom lifts Egypt | Reuters:

"Banking blue chips led gains on Saudi Arabia's bourse in early trade on Monday while Egypt's market edged up, supported by high trading volumes in Orascom Telecom.

Riyadh's index was initially up by as much as 1.0 percent as the banking and petrochemical sectors gained, though after 90 minutes of trade it was only 0.3 percent higher as day traders cashed out of small and mid-tier stocks.

Samba Financial arose 3.6 percent and Arab National Bank added 1.4 percent. On Sunday, the central bank announced a housing mortgage scheme under which the government would guarantee 15 percent of payments; if it proves successful, the programme could boost business for banks."

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Mideast funds turn more positive on Saudi equities | Reuters

Mideast funds turn more positive on Saudi equities | Reuters:

"Middle East fund managers have become more positive on Saudi Arabian equities after valuations dropped and because of signs that oil prices may be bottoming out, a monthly Reuters survey shows.

Late last year, managers became bearish towards the Arab world's biggest stock market as low oil prices damaged the government's finances, making major austerity measures inevitable. In last month's survey, 29 percent said they expected to raise their Saudi equity allocations over the following three months and 21 percent to cut them.

But in the most recent survey of 14 leading fund managers, conducted over the past 10 days, 43 percent said they expected to boost their allocations to Saudi stocks - the highest figure since February 2015. Only 7 percent anticipated reducing allocations."

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