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Tuesday, 1 December 2015
UAE stocks undervalued after sell-off due to oil fall | The National
UAE stocks undervalued after sell-off due to oil fall | The National:
"UAE stocks are undervalued after a sell-off that was sparked last year following a huge drop in prices of hydrocarbons and the subsequent economic slowdown, portfolio managers said.
Prices are not reflecting the profitability of listed companies that continued to make money and meet analyst expectations during the third quarter, according to investors.
“If you look at the largest earnings contributor for the market, which is the banking sector, it was more or less in line with forecast,” said Sebastien Henin, the head of asset management at The National Investor, an Abu Dhabi investment firm. “I think there was a 1 or 2 per cent deviation and we have seen this trend across the major sectors such as real estate and telecoms.”"
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"UAE stocks are undervalued after a sell-off that was sparked last year following a huge drop in prices of hydrocarbons and the subsequent economic slowdown, portfolio managers said.
Prices are not reflecting the profitability of listed companies that continued to make money and meet analyst expectations during the third quarter, according to investors.
“If you look at the largest earnings contributor for the market, which is the banking sector, it was more or less in line with forecast,” said Sebastien Henin, the head of asset management at The National Investor, an Abu Dhabi investment firm. “I think there was a 1 or 2 per cent deviation and we have seen this trend across the major sectors such as real estate and telecoms.”"
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Kurds Pay Oil Companies for Third Month to Maintain Output - Bloomberg Business
Kurds Pay Oil Companies for Third Month to Maintain Output - Bloomberg Business:
"The Kurdistan Regional Government paid international oil companies operating in the Iraqi autonomous region for a third consecutive month, disbursing funds that it says will allow production to be maintained.
Payments will improve when exports increase or the oil price rebounds, the KRG said Monday in an e-mailed statement. The government said the release of funds would be in line with those in September and October, which both saw disbursements of $75 million.
Gulf Keystone Petroleum Ltd., Genel Energy Plc and DNO ASA were awaiting a November payment for the roughly 300,000 barrels a day they jointly produce. Shares of Gulf Keystone rose 2.3 percent to 22 pence in London Tuesday, while Genel advanced 2.6 percent and DNO gained 1.3 percent in Oslo."
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"The Kurdistan Regional Government paid international oil companies operating in the Iraqi autonomous region for a third consecutive month, disbursing funds that it says will allow production to be maintained.
Payments will improve when exports increase or the oil price rebounds, the KRG said Monday in an e-mailed statement. The government said the release of funds would be in line with those in September and October, which both saw disbursements of $75 million.
Gulf Keystone Petroleum Ltd., Genel Energy Plc and DNO ASA were awaiting a November payment for the roughly 300,000 barrels a day they jointly produce. Shares of Gulf Keystone rose 2.3 percent to 22 pence in London Tuesday, while Genel advanced 2.6 percent and DNO gained 1.3 percent in Oslo."
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Saudi Arabia says outcome of Opec meeting unclear | GulfNews.com
Saudi Arabia says outcome of Opec meeting unclear | GulfNews.com:
"The outcome of this week’s Opec meeting remains to be decided, Saudi Arabia’s oil minister said Tuesday amid widespread expectations that the cartel will keep production levels unchanged.
“We have a meeting on Friday. We will discuss all these issues and then decide... We will listen and then decide,” Ali Al Naimi told reporters as he arrived in Vienna before Friday’s gathering.
At the meeting, the 12 members of the Organisation of the Petroleum Exporting Countries are expected to leave their collective output ceiling at 30 million barrels per day."
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"The outcome of this week’s Opec meeting remains to be decided, Saudi Arabia’s oil minister said Tuesday amid widespread expectations that the cartel will keep production levels unchanged.
“We have a meeting on Friday. We will discuss all these issues and then decide... We will listen and then decide,” Ali Al Naimi told reporters as he arrived in Vienna before Friday’s gathering.
At the meeting, the 12 members of the Organisation of the Petroleum Exporting Countries are expected to leave their collective output ceiling at 30 million barrels per day."
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MIDEAST STOCKS-Qatar recovers from MSCI shock; Egypt bounces from chart support | Reuters
MIDEAST STOCKS-Qatar recovers from MSCI shock; Egypt bounces from chart support | Reuters:
"Several major Middle Eastern stock markets rose on Tuesday, led by Qatar, which recovered steep losses triggered the previous day by MSCI's rebalancing of its emerging markets index.
Qatar's stock index tumbled 4.4 percent on Monday as MSCI added overseas-listed Chinese companies to its index, diluting Qatar's weighting and causing an outflow of passive funds. The drop in the Qatari market was magnified by thin turnover and a lack of buying interest.
On Tuesday, Qatar rebounded 4.4 percent. Gulf International Services, the second most active stock on Doha's exchange, surged 10 percent after plunging 9.4 percent on Monday as it was deleted from the MSCI emerging market index."
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"Several major Middle Eastern stock markets rose on Tuesday, led by Qatar, which recovered steep losses triggered the previous day by MSCI's rebalancing of its emerging markets index.
Qatar's stock index tumbled 4.4 percent on Monday as MSCI added overseas-listed Chinese companies to its index, diluting Qatar's weighting and causing an outflow of passive funds. The drop in the Qatari market was magnified by thin turnover and a lack of buying interest.
On Tuesday, Qatar rebounded 4.4 percent. Gulf International Services, the second most active stock on Doha's exchange, surged 10 percent after plunging 9.4 percent on Monday as it was deleted from the MSCI emerging market index."
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MIDEAST STOCKS-Saudi, Egypt edge up in quiet, early trade | Reuters
MIDEAST STOCKS-Saudi, Egypt edge up in quiet, early trade | Reuters:
"The stock markets of Saudi Arabia and Egypt edged up in quiet, early trade on Tuesday, with sentiment supported by solid gains in Asian markets and a rebound in Qatar, but there were few fresh incentives to buy.
The Saudi index rose 0.3 percent. Emaar Economic City climbed 4.8 percent to a five-week high. It has attracted interest since it said on Sunday last week that authorities, who have been investigating how the firm acquired land in the industrial zone which it is developing, would let it keep the land to protect the interests of investors.
Egypt's index rose from near technical support on the November low of 6,302 points, rising 0.4 percent to 6,382 points."
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"The stock markets of Saudi Arabia and Egypt edged up in quiet, early trade on Tuesday, with sentiment supported by solid gains in Asian markets and a rebound in Qatar, but there were few fresh incentives to buy.
The Saudi index rose 0.3 percent. Emaar Economic City climbed 4.8 percent to a five-week high. It has attracted interest since it said on Sunday last week that authorities, who have been investigating how the firm acquired land in the industrial zone which it is developing, would let it keep the land to protect the interests of investors.
Egypt's index rose from near technical support on the November low of 6,302 points, rising 0.4 percent to 6,382 points."
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Chinese investors pay $400 million for Manchester City group stake | The National
Chinese investors pay $400 million for Manchester City group stake | The National:
"A consortium of Chinese investors is investing $400 million to take a stake of more than 13 per cent in the group that owns football clubs including Manchester City and New York City FC.
The consortium includes CMC Holdings and CITIC Capital and the deal values the City Football Group at $3 billion, City Football Group said in a statement on Tuesday.
As part of the deal, new shares will be issued in City Football Group in addition to ones owned by Sheikh Mansour bin Zayed’s Abu Dhabi United Group."
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"A consortium of Chinese investors is investing $400 million to take a stake of more than 13 per cent in the group that owns football clubs including Manchester City and New York City FC.
The consortium includes CMC Holdings and CITIC Capital and the deal values the City Football Group at $3 billion, City Football Group said in a statement on Tuesday.
As part of the deal, new shares will be issued in City Football Group in addition to ones owned by Sheikh Mansour bin Zayed’s Abu Dhabi United Group."
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MIDEAST STOCKS-Qatar rebounds after sell-off on MSCI | Reuters
MIDEAST STOCKS-Qatar rebounds after sell-off on MSCI | Reuters:
"Qatar's stock market rebounded sharply in early trade on Tuesday after plunging on the previous day as MSCI rebalanced its emerging markets index.
The Qatari index tumbled 4.4 percent on Monday as MSCI added overseas-listed Chinese companies to its index, diluting Qatar's weighting and causing an outflow of passive funds. The drop in the Qatari market was magnified by thin turnover and a lack of buying interest.
But with passive funds now gone, locals bought back stocks on Tuesday, with the index jumping 3.3 percent in thin trade."
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"Qatar's stock market rebounded sharply in early trade on Tuesday after plunging on the previous day as MSCI rebalanced its emerging markets index.
The Qatari index tumbled 4.4 percent on Monday as MSCI added overseas-listed Chinese companies to its index, diluting Qatar's weighting and causing an outflow of passive funds. The drop in the Qatari market was magnified by thin turnover and a lack of buying interest.
But with passive funds now gone, locals bought back stocks on Tuesday, with the index jumping 3.3 percent in thin trade."
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