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Thursday, 31 March 2016

Speculation rife of strategic investor in SHUAA as DFM volumes jump | GulfNews.com

Speculation rife of strategic investor in SHUAA as DFM volumes jump | GulfNews.com:

"Shuaa Capital continued to be one of the most active stock in trade on Thursday amid speculation that a strategic investor may be buying the stock from open market.

Shares of Shuaa Capital ended half a per cent higher at Dh0.35, after hitting an upper circuit in the previous session. The total traded volumes continued to surge, and on Thursday shares worth Dh50 million were traded, making it the second most active stock in trade after Emaar Properties.

Shuaa Capital has shed 70 per cent of its value since 2014. It swung into a loss of Dh190.3 million in 2015 after reporting profit of Dh25.8 million in 2014."



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MIDEAST STOCKS-Markets end mixed after wild quarter | Reuters

MIDEAST STOCKS-Markets end mixed after wild quarter | Reuters:

"Major Middle East stock markets ended mixed on Thursday after a volatile quarter in which Gulf bourses plunged to multi-year lows before recovering along with oil prices, while Egypt swung in response to currency policy.

Saudi Arabia's index closed the day 0.1 percent higher at 6,223 points. It lost as much as 23 percent during the first quarter but ultimately finished only 10 percent lower after oil prices bounced from below $30 a barrel to around $40.

Petrochemical shares were weaker, with the sector's index falling 0.5 percent. Hospital operator Middle East Healthcare fell back 6.5 percent after jumping its 10 percent daily limit for two straight days following its listing on Tuesday."



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MIDEAST STOCKS-Petchems pull Saudi down, Egypt falls after budget | Reuters

MIDEAST STOCKS-Petchems pull Saudi down, Egypt falls after budget | Reuters:

"Petrochemical shares pulled Saudi Arabia's stock market down early on Thursday after Brent oil fell back below $39 a barrel, while Egypt's bourse dropped after the cabinet announced next fiscal year's draft budget.

The Saudi index lost 0.7 percent as Saudi Basic Industries SE> slid 1.3 percent. Hospital operator Middle East Healthcare, which had jumped its 10 percent daily limit for two straight days since listing on Tuesday, pulled back 0.3 percent.

But Arabian Pipes climbed 6.3 percent after saying it had won a 73 million riyal ($19.5 million) contract to supply pipes to national oil giant Saudi Aramco."



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Damac looks to lay foundations for London regeneration scheme - FT.com

Damac looks to lay foundations for London regeneration scheme - FT.com:

"Damac Properties, the Dubai private sector property developer, is in talks to develop a significant regeneration site in London as it focuses its future expansion on the UK capital.
The scheme would be Damac’s second in the UK after Aykon London One, a planned 50-storey luxury residential tower due to start construction this year in the Nine Elms area south of the Thames."



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What will move bank stocks | Short View - YouTube

What will move bank stocks | Short View - YouTube: ""



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Taqa makes progress on cost cuts and debt reduction as full year pre-tax losses rise | The National

Taqa makes progress on cost cuts and debt reduction as full year pre-tax losses rise | The National:

"Abu Dhabi National Energy Company (Taqa) made progress to lighten its heavy debt load last year, though it posted a 29 per cent drop in annual revenue and a pre-tax loss widened by more than 40 per cent to Dh2.4 billion last year.

The company, which is majority owned by Abu Dhabi’s water and electricity utility and other government entities, also has managed to keep from reporting much higher losses by putting a deal in place to sell assets in North America, Europe and the Kurdish region of Iraq, at prices above current market value.

Taqa on Thursday reported that revenues fell to Dh19.3bn last year from Dh27.3bn the year before, with oil and gas revenues nearly halved at Dh6.29bn, while electricity and water was down Dh700,000 at Dh9.68bn."



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Bidder for Mideast KFC Operator Said to Get $1.5 Billion Funding - Bloomberg

Bidder for Mideast KFC Operator Said to Get $1.5 Billion Funding - Bloomberg:

"Citigroup Inc. and Standard Chartered Plc are among banks that have committed $1.5 billion to Adeptio LLC to fund its purchase of Middle East fast-food operator Kuwait Food Co., according to three bankers with knowledge of the deal.
Credit Suisse Group AG, National Bank of Abu Dhabi PJSC, Emirates NBD PJSC, First Gulf Bank PJSC and Bahrain-based Ahli United Bank BSC have also committed funds for the 18-month bridge loan, said the people, asking not to be identified because the information is private. Some of the loan will be refinanced by another longer-maturity loan or a bond, they said.
Adeptio, the Dubai-based investor group, announced in February it had signed an initial accord to buy a 69 percent stake in Americana, as Kuwait Food is also called, from Al Khair National for Stocks and Real Estate LLC. The stake is valued at about $2 billion. Adeptio would also offer to take over the remaining shares in the company."



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Mideast funds positive on bonds, lukewarm on stocks-survey | Reuters

Mideast funds positive on bonds, lukewarm on stocks-survey | Reuters:

"Middle East fund managers have
turned bullish towards fixed income and less positive on
equities as they prepare for an economic slowdown in the Gulf
this year, a monthly Reuters survey shows.

The most recent survey of 14 leading fund managers,
conducted over the past 10 days, found 29 percent expecting to
raise their fixed income allocations to the region over the next
three months and 14 percent to reduce them.

At the same time, 7 percent anticipate raising their equity
allocations and 14 percent reducing them. That is the survey's
biggest balance in favour of fixed income relative to equities
since May 2015."



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MIDEAST STOCKS-Gulf markets edge down after oil pulls back | Reuters

MIDEAST STOCKS-Gulf markets edge down after oil pulls back | Reuters:

"Gulf stock markets edged down early on Thursday in the absence of fresh, positive news, and after oil prices pulled back slightly overnight.

Dubai's index slipped 0.1 percent in the first hour. Shuaa Capital added a further 1.2 percent in active trade after jumping its 15 percent daily limit on Wednesday, but Union Properties fell 0.8 percent.

Abu Dhabi National Energy Co (TAQA) fell 2.2 percent after reporting a narrower fourth-quarter loss of 1.22 billion dirhams ($332.2 million) versus a net loss of 3.63 billion dirhams in the same period of 2014; it declined to pay an annual dividend for the third year in a row. The stock had jumped 12.2 percent on Wednesday ahead of the earnings news."



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