EFG-Hermes increases DP World share price target - The National:
"EFG-Hermes, the Egyptian investment bank, on Sunday increased its target price for DP World shares by 10 per cent after the world’s fourth-largest port operator last week announced resilient first half 2017 earnings amid improved global trade. The bank’s Cairo-based brokerage unit increased the target price for the stock to US$27.5 a share and reiterated its “Buy” recommendation on the company. DP World stocks on rose 3.93 per cent to $22.5 on Nasdaq Dubai at the end of trade on Sunday, still a fair discount on the recommended price. Wafaa Baddour, an analyst with the brokerage, said the lower level of leverage of DP World, better global trade trends, and the company’s more attractive 2018 price-to-earning multiple compared with its peers were the factors behind the target price increase."
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Sunday, 27 August 2017
Qatar faces lower growth as economic sanctions likely to remain for longer | GulfNews.com
Qatar faces lower growth as economic sanctions likely to remain for longer | GulfNews.com:
"Qatar is expected to face a prolonged period of low economic growth if the economic sanctions imposed by a group of countries led by its neighbours such as Saudi Arabia, the UAE and Bahrain persist for a long period, according to economists, analysts and rating agencies. All leading credit rating agencies have changed the rating outlook of Qatar to negative following the imposition of economic and diplomatic sanctions. S&P was the first to lower its long-term rating on the State of Qatar to AA- from AA and placed the rating on credit watch with negative implications. In its latest update, the rating agency affirmed the negative outlook and has hinted that it could potentially lower the ratings if the economic boycott is tightened and or prolonged."
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"Qatar is expected to face a prolonged period of low economic growth if the economic sanctions imposed by a group of countries led by its neighbours such as Saudi Arabia, the UAE and Bahrain persist for a long period, according to economists, analysts and rating agencies. All leading credit rating agencies have changed the rating outlook of Qatar to negative following the imposition of economic and diplomatic sanctions. S&P was the first to lower its long-term rating on the State of Qatar to AA- from AA and placed the rating on credit watch with negative implications. In its latest update, the rating agency affirmed the negative outlook and has hinted that it could potentially lower the ratings if the economic boycott is tightened and or prolonged."
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Exports from Iran's South Pars field up 12 percent - customs head
Exports from Iran's South Pars field up 12 percent - customs head:
"Exports from Iran’s South Pars, the world’s largest gas field, rose 12 percent over the past year, its head of customs said on Sunday, according to the Islamic Republic News Agency (IRNA). The field exported about $6.9 billion worth of gas condensate, a 28-percent increase in the value of exports of that product over the same period last year, Ahmad Pourhaydar said. Other exports included methanol, propane and polyethylene, he added. The bulk of its products went to China, Japan, South Korea, India, Indonesia, Turkey, Egypt, the United Arab Emirates and Kuwait."
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"Exports from Iran’s South Pars, the world’s largest gas field, rose 12 percent over the past year, its head of customs said on Sunday, according to the Islamic Republic News Agency (IRNA). The field exported about $6.9 billion worth of gas condensate, a 28-percent increase in the value of exports of that product over the same period last year, Ahmad Pourhaydar said. Other exports included methanol, propane and polyethylene, he added. The bulk of its products went to China, Japan, South Korea, India, Indonesia, Turkey, Egypt, the United Arab Emirates and Kuwait."
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Qatar Navigation launches Pakistan service
Qatar Navigation launches Pakistan service:
"Major Qatari shipping conglomerate Qatar Navigation (Milaha) is launching a direct service between Qatar and Karachi in Pakistan, the company said on Sunday, as it seeks to counter economic sanctions against Doha by other Arab States. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links with Doha on June 5, ending the use of Dubai’s Jebel Ali port as a trans-shipment centre for goods flowing to and from Qatar. As a result, imports into Qatar plunged by more than a third from year-earlier levels in June and July, forcing Doha to establish new shipping links and develop other trans-shipment centres in Oman and on the Indian subcontinent."
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"Major Qatari shipping conglomerate Qatar Navigation (Milaha) is launching a direct service between Qatar and Karachi in Pakistan, the company said on Sunday, as it seeks to counter economic sanctions against Doha by other Arab States. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links with Doha on June 5, ending the use of Dubai’s Jebel Ali port as a trans-shipment centre for goods flowing to and from Qatar. As a result, imports into Qatar plunged by more than a third from year-earlier levels in June and July, forcing Doha to establish new shipping links and develop other trans-shipment centres in Oman and on the Indian subcontinent."
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MIDEAST STOCKS-Low investor turnout before Eid hurts most bourses, Kuwait resilient
MIDEAST STOCKS-Low investor turnout before Eid hurts most bourses, Kuwait resilient:
"Thin news flow and upcoming Islamic holidays towards the end of the week kept many long-term equity investors away on Sunday, leaving stock markets in the Middle East vulnerable to profit- taking, but Kuwait’s index bucked the trend. “Speculators are booking capital gains while long-term investors were dormant,” said a Jeddah-based broker. Stock markets are often sparsely traded ahead of Eid al-Adha, he noted. The holidays will start on Wednesday in Saudi Arabia and Thursday in the United Arab Emirates."
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"Thin news flow and upcoming Islamic holidays towards the end of the week kept many long-term equity investors away on Sunday, leaving stock markets in the Middle East vulnerable to profit- taking, but Kuwait’s index bucked the trend. “Speculators are booking capital gains while long-term investors were dormant,” said a Jeddah-based broker. Stock markets are often sparsely traded ahead of Eid al-Adha, he noted. The holidays will start on Wednesday in Saudi Arabia and Thursday in the United Arab Emirates."
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The New Thing in Chinese Oil? America - Bloomberg Gadfly
The New Thing in Chinese Oil? America - Bloomberg Gadfly:
"There's a new kid on the block, muscling in on crude sales to China. America is rapidly carving out a niche for itself, stepping in to fill the gap left by falling supplies from OPEC countries. As recently as last year U.S. crude-oil exports to China were puny. On average in 2016, companies shipped just 10,000 barrels a day to China -- that's less than two supertankers during the whole year.
THE QUIET AMERICAN
The U.S. ranked 32nd in the list of Chinese import sources in 2016, according to data from the Chinese customs authorities. That's below Mongolia and Sudan, and only just above war-torn Yemen."
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"There's a new kid on the block, muscling in on crude sales to China. America is rapidly carving out a niche for itself, stepping in to fill the gap left by falling supplies from OPEC countries. As recently as last year U.S. crude-oil exports to China were puny. On average in 2016, companies shipped just 10,000 barrels a day to China -- that's less than two supertankers during the whole year.
THE QUIET AMERICAN
The U.S. ranked 32nd in the list of Chinese import sources in 2016, according to data from the Chinese customs authorities. That's below Mongolia and Sudan, and only just above war-torn Yemen."
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MIDEAST STOCKS-Saudi Arabia's consumer-related shares buck weak regional trend
MIDEAST STOCKS-Saudi Arabia's consumer-related shares buck weak regional trend:
"Domestic demand-focused companies were the top performers in Saudi Arabia early on Sunday in an otherwise quiet stock market, while other bourses in the region were weak. The Riyadh index was up 0.1 percent after half an hour of trade, with food producers particularly strong; dairy maker Almarai gained 0.7 percent and Saudi Fisheries rose 1.4 percent. Bookstore and electronics retailer Jarir was up 0.3 percent after the company said it was opening a new store in Riyadh, its 40th outlet in Saudi Arabia."
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"Domestic demand-focused companies were the top performers in Saudi Arabia early on Sunday in an otherwise quiet stock market, while other bourses in the region were weak. The Riyadh index was up 0.1 percent after half an hour of trade, with food producers particularly strong; dairy maker Almarai gained 0.7 percent and Saudi Fisheries rose 1.4 percent. Bookstore and electronics retailer Jarir was up 0.3 percent after the company said it was opening a new store in Riyadh, its 40th outlet in Saudi Arabia."
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