Gmail - Iran Weekly Market Report - 14 May 2015:
"During the last three trading sessions of the week, the Tehran Stock Exchange slightly recovered from the negative trend it has been experiencing in past few weeks. Regardless, the All-Share Index fell below last Wednesday’s mark by 0.8% to close at 63,531. Considering the fact that the All-Share Index has been falling from 70,843 level (April 6th 2015), the last three days could be regarded as the first serious reaction by the market against the bearish trend of the past few weeks.
From a technical perspective, this reversal of the trend could be due to the fact that the All-Share Index was getting close to its March 2015 strong support level of 61,500. This has also been the lowest market level since September 2013.
At the same time, the index of 30 largest companies by market capitalization listed in the Tehran Stock Exchange declined by 0.9% to settle at 2,912 at the end of Wednesday’s trading session. The TSE30 index had a similar performance during the last three trading sessions of the week."
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Thursday, 14 May 2015
MIDEAST STOCKS-Gulf mkts rise, Egypt extends loss on MSCI weighting cut | Reuters
MIDEAST STOCKS-Gulf mkts rise, Egypt extends loss on MSCI weighting cut | Reuters:
"Middle East stock markets continued on Thursday to digest index compiler MSCI's semi-annual review, which was positive for most Gulf markets but sent Egypt's bourse to a five-month low.
Another positive factor for the Gulf was news that a truce in Yemen was holding, despite some minor incidents.
Saudi Arabia's main index edged up 0.6 percent as blue-chip lenders Al Rajhi Bank and National Commercial Bank rose 2.4 and 1.5 percent respectively."
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"Middle East stock markets continued on Thursday to digest index compiler MSCI's semi-annual review, which was positive for most Gulf markets but sent Egypt's bourse to a five-month low.
Another positive factor for the Gulf was news that a truce in Yemen was holding, despite some minor incidents.
Saudi Arabia's main index edged up 0.6 percent as blue-chip lenders Al Rajhi Bank and National Commercial Bank rose 2.4 and 1.5 percent respectively."
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Aldar pulls off another strong quarter to net Dh620 million | GulfNews.com
Aldar pulls off another strong quarter to net Dh620 million | GulfNews.com:
"Aldar Properties, Abu Dhabi's leading listed property development, investment and management company, has maintained its momentum by recording a net profit of Dh620 million for the first three months of 2015, up 36 per cent from a year ago.
The gains were led by the full quarter trading at Yas Mall, where 75 per cent of the space has already seen tenants launch operations, and more to follow in July and August.
Aldar’s development portfolio continues to boost the numbers, according to a top official. The Abu Dhabi developer also repaid Dh1 billion of loans during the quarter."
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"Aldar Properties, Abu Dhabi's leading listed property development, investment and management company, has maintained its momentum by recording a net profit of Dh620 million for the first three months of 2015, up 36 per cent from a year ago.
The gains were led by the full quarter trading at Yas Mall, where 75 per cent of the space has already seen tenants launch operations, and more to follow in July and August.
Aldar’s development portfolio continues to boost the numbers, according to a top official. The Abu Dhabi developer also repaid Dh1 billion of loans during the quarter."
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Retail investors could be spooked by Arabtec Q1 numbers | GulfNews.com
Retail investors could be spooked by Arabtec Q1 numbers | GulfNews.com:
"Concerns over the real estate and construction sector could spike again after two listed blue-chip companies — Arabtec and Union Properties — revealed sharp erosion in their first quarter numbers this week. In the case of Arabtec, the market was not expecting it to record a loss, let alone a steep one.
Arabtec was hit by the sharp rise in direct costs, which in the first quarter weighed in at Dh1.93 billion against the Dh1.5 billion a year ago. Plus, the revenue gain was quite marginal, at Dh1.79 billion compared with Dh1.78 in the first quarter of 2014.
Earlier this week, Union Properties recorded an 84 per cent drop in first quarter net profits."
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"Concerns over the real estate and construction sector could spike again after two listed blue-chip companies — Arabtec and Union Properties — revealed sharp erosion in their first quarter numbers this week. In the case of Arabtec, the market was not expecting it to record a loss, let alone a steep one.
Arabtec was hit by the sharp rise in direct costs, which in the first quarter weighed in at Dh1.93 billion against the Dh1.5 billion a year ago. Plus, the revenue gain was quite marginal, at Dh1.79 billion compared with Dh1.78 in the first quarter of 2014.
Earlier this week, Union Properties recorded an 84 per cent drop in first quarter net profits."
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Saudi claims oil price strategy success - FT.com
Saudi claims oil price strategy success - FT.com:
"Saudi Arabia says its strategy of squeezing high-cost rivals such as US shale producers is succeeding, as the world’s largest crude exporter seeks to reassert itself as the dominant force in the global oil market.
The kingdom’s production rose to a record high of 10.3m barrels a day in April and there is no sign that it plans to reverse its policy at next month’s meeting of Opec, the producers’ cartel, in Vienna.
“There is no doubt about it, the price fall of the last several months has deterred investors away from expensive oil including US shale, deep offshore and heavy oils,” a Saudi official told the Financial Times in Riyadh, giving a rare insight into the kingdom’s thinking on oil strategy."
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"Saudi Arabia says its strategy of squeezing high-cost rivals such as US shale producers is succeeding, as the world’s largest crude exporter seeks to reassert itself as the dominant force in the global oil market.
The kingdom’s production rose to a record high of 10.3m barrels a day in April and there is no sign that it plans to reverse its policy at next month’s meeting of Opec, the producers’ cartel, in Vienna.
“There is no doubt about it, the price fall of the last several months has deterred investors away from expensive oil including US shale, deep offshore and heavy oils,” a Saudi official told the Financial Times in Riyadh, giving a rare insight into the kingdom’s thinking on oil strategy."
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Abu Dhabi Pivots to Asia for Partners in $22 Billion Oil Project - Bloomberg Business
Abu Dhabi Pivots to Asia for Partners in $22 Billion Oil Project - Bloomberg Business:
"Abu Dhabi, with 6 percent of global crude reserves, selected GS Energy Corp. of South Korea to join Japan’s Inpex Corp. as the second Asian partner in the Persian Gulf emirate’s biggest onshore oil concession.
GS Energy secured a 3 percent stake for 40 years in the venture, it said Wednesday in a statement. Another South Korean company, Korea National Oil Corp., said it will provide technical support to GS Energy in the project. State-owned Abu Dhabi National Oil Co confirmed the award. Inpex won a 5 percent stake in the venture last month.
Abu Dhabi is seeking new partners to replace some of the Western companies that pumped oil in the emirate for 75 years until their last production agreement expired in 2014. Adnoc picked Total SA of France for a 10 percent stake in the concession in January. By also selecting Inpex and now GS Energy, Abu Dhabi is for the first time opening its biggest onshore producing fields to investment from companies in Asia, the biggest market for the emirate’s crude."
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"Abu Dhabi, with 6 percent of global crude reserves, selected GS Energy Corp. of South Korea to join Japan’s Inpex Corp. as the second Asian partner in the Persian Gulf emirate’s biggest onshore oil concession.
GS Energy secured a 3 percent stake for 40 years in the venture, it said Wednesday in a statement. Another South Korean company, Korea National Oil Corp., said it will provide technical support to GS Energy in the project. State-owned Abu Dhabi National Oil Co confirmed the award. Inpex won a 5 percent stake in the venture last month.
Abu Dhabi is seeking new partners to replace some of the Western companies that pumped oil in the emirate for 75 years until their last production agreement expired in 2014. Adnoc picked Total SA of France for a 10 percent stake in the concession in January. By also selecting Inpex and now GS Energy, Abu Dhabi is for the first time opening its biggest onshore producing fields to investment from companies in Asia, the biggest market for the emirate’s crude."
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