UAE energy minister says oil market is balancing | GulfNews.com:
"Opec (Organisation of the Petroleum Exporting Countries) is committed to its output cut agreement and will continue the deal for the rest of the year, Minister of Energy Suhail Al Mazroui said on Thursday, adding that that the market is balancing but still has some room for improvement. “We are continuing to see market correction, as we move into 2018 and we will see more correction happening. We still have 100 million (barrels of oil) that needs to be removed,” Al Mazroui said while speaking at The Gulf Intelligence UAE Energy Forum in Abu Dhabi. Crude oil is at a three-year high, with Brent trading above $69 per barrel and West Texas Intermediate at $64 per barrel on Thursday as Opec and non-Opec members cut production by about 1.8 million barrels per day to support oil prices."
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Thursday 11 January 2018
QSE market cap crosses QR500bn mark - The Peninsula Qatar
QSE market cap crosses QR500bn mark - The Peninsula Qatar:
"Investors at Qatar Stock Exchange (QSE) became QR24.47bn richer during last week as the market cap rose by 5.12 percent to reach QR502.24bn as compared to QR477.77bn at the end of previous week.
The QSE’s benchmark index gained 505.19 points، or 5.85 percent، last week when the bourse closed yesterday at 9,135.86 points. Trading value during last week increased by 76.22 percent to reach QR1.52bn compared to QR866.12m.
Trading volume increased by 65.64 percent to reach 62.62 million shares، as against 37.80 million shares، while the number of transactions rose by 64.63 percent، to reach 25,698 transactions as compared to 15,610 transactions.Banking and financial services sector led traded value last week with 38.95 percent of the total traded value."
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"Investors at Qatar Stock Exchange (QSE) became QR24.47bn richer during last week as the market cap rose by 5.12 percent to reach QR502.24bn as compared to QR477.77bn at the end of previous week.
The QSE’s benchmark index gained 505.19 points، or 5.85 percent، last week when the bourse closed yesterday at 9,135.86 points. Trading value during last week increased by 76.22 percent to reach QR1.52bn compared to QR866.12m.
Trading volume increased by 65.64 percent to reach 62.62 million shares، as against 37.80 million shares، while the number of transactions rose by 64.63 percent، to reach 25,698 transactions as compared to 15,610 transactions.Banking and financial services sector led traded value last week with 38.95 percent of the total traded value."
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MIDEAST DEBT-Oman issues largest bond as rising oil prices cheer Gulf investors
MIDEAST DEBT-Oman issues largest bond as rising oil prices cheer Gulf investors:
"The Omani government has sold a $6.5 billion bond, its largest ever, in a sign of how rising oil prices are increasing investor confidence in the Gulf’s energy exporting countries.
Oman is one of the financially weakest states in the Gulf and last month Fitch cut its rating of Oman’s debt to just above junk territory; Standard & Poor’s already rates Omani debt as junk. Last week, the government released a 2018 state budget that does little to cut a huge deficit.
But the debt sale late on Wednesday attracted a whopping $15 billion of orders, helped by this week’s leap of the Brent crude oil price to around $69 from around $50 in late July."
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"The Omani government has sold a $6.5 billion bond, its largest ever, in a sign of how rising oil prices are increasing investor confidence in the Gulf’s energy exporting countries.
Oman is one of the financially weakest states in the Gulf and last month Fitch cut its rating of Oman’s debt to just above junk territory; Standard & Poor’s already rates Omani debt as junk. Last week, the government released a 2018 state budget that does little to cut a huge deficit.
But the debt sale late on Wednesday attracted a whopping $15 billion of orders, helped by this week’s leap of the Brent crude oil price to around $69 from around $50 in late July."
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Exclusive: Saudi state taking control of Binladin construction giant - sources
Exclusive: Saudi state taking control of Binladin construction giant - sources:
"Saudi Arabia is taking managerial control of Saudi Binladin Group and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention, sources told Reuters.
Binladin, which had over 100,000 employees at its height, is the biggest builder in the country and important to Riyadh’s plans for large real estate, industrial and tourism projects to help diversify the economy beyond oil.
However, the group has been hurt financially in the past couple of years by a slump in the construction industry and a temporary exclusion from new state contracts after a crane accident killed 107 people at Mecca’s Grand Mosque in 2015. It was forced to lay off thousands of employees."
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"Saudi Arabia is taking managerial control of Saudi Binladin Group and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention, sources told Reuters.
Binladin, which had over 100,000 employees at its height, is the biggest builder in the country and important to Riyadh’s plans for large real estate, industrial and tourism projects to help diversify the economy beyond oil.
However, the group has been hurt financially in the past couple of years by a slump in the construction industry and a temporary exclusion from new state contracts after a crane accident killed 107 people at Mecca’s Grand Mosque in 2015. It was forced to lay off thousands of employees."
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Hong Kong, London, New York shortlisted for Aramco IPO: sources
Hong Kong, London, New York shortlisted for Aramco IPO: sources:
"Saudi Arabia has shortlisted New York, London and Hong Kong - singly or in a combination of two or even all three - for the international portion of the listing of national oil company Aramco, two sources with knowledge of the discussions said.
The initial public offering (IPO) will also include the Saudi stock exchange, Tadawul, and is still set for late 2018, the sources said.
The shortlist means Tokyo, Singapore and Toronto are no longer in the running for what is likely to be the world’s biggest IPO. Riyadh could raise as much as $100 billion in the sale of up to 5 percent of Aramco [IPO-ARMO.SE] if it achieves a projected $2 trillion valuation.
"
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"Saudi Arabia has shortlisted New York, London and Hong Kong - singly or in a combination of two or even all three - for the international portion of the listing of national oil company Aramco, two sources with knowledge of the discussions said.
The initial public offering (IPO) will also include the Saudi stock exchange, Tadawul, and is still set for late 2018, the sources said.
The shortlist means Tokyo, Singapore and Toronto are no longer in the running for what is likely to be the world’s biggest IPO. Riyadh could raise as much as $100 billion in the sale of up to 5 percent of Aramco [IPO-ARMO.SE] if it achieves a projected $2 trillion valuation.
"
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Oil Reaches $70 a Barrel for First Time in Three Years - Bloomberg
Oil Reaches $70 a Barrel for First Time in Three Years - Bloomberg:
"Oil topped $70 a barrel in London for the first time in three years as production cuts by OPEC and rising demand whittle away a global surplus.
Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2 percent to the highest since Dec. 4, 2014. Prices rallied after the longest stretch of declines in U.S. inventories during winter in a decade."
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"Oil topped $70 a barrel in London for the first time in three years as production cuts by OPEC and rising demand whittle away a global surplus.
Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2 percent to the highest since Dec. 4, 2014. Prices rallied after the longest stretch of declines in U.S. inventories during winter in a decade."
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MIDEAST STOCKS-Gulf stocks firm on oil, Qatar gains for sixth straight day
MIDEAST STOCKS-Gulf stocks firm on oil, Qatar gains for sixth straight day:
"Most major Gulf stock markets rose on Thursday after oil prices hit new 2-1/2 year highs, with Qatar’s bourse gaining for a sixth straight day as investors positioned themselves for annual dividends. The Qatari index fell early on but closed 1.0 percent higher in active trade. Foreign investors turned net sellers for the first time in several days, exchange data showed. Doha Bank surged 3.7 percent in its heaviest trade since the end of November while Qatar National Bank, the biggest lender, rose 1.5 percent. Medicare Group added 6.9 percent in its highest volume since last March."
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"Most major Gulf stock markets rose on Thursday after oil prices hit new 2-1/2 year highs, with Qatar’s bourse gaining for a sixth straight day as investors positioned themselves for annual dividends. The Qatari index fell early on but closed 1.0 percent higher in active trade. Foreign investors turned net sellers for the first time in several days, exchange data showed. Doha Bank surged 3.7 percent in its heaviest trade since the end of November while Qatar National Bank, the biggest lender, rose 1.5 percent. Medicare Group added 6.9 percent in its highest volume since last March."
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Merger of Saudi banks Alawwal and SABB to go ahead despite delays: sources
Merger of Saudi banks Alawwal and SABB to go ahead despite delays: sources:
"The proposed merger of Saudi British Bank 1060.SE(SABB) and Alawwal Bank 1040.SE has been delayed but not derailed, financial sector sources said. SABB, 40 percent owned by HSBC Holdings (HSBA.L), and Alawwal, 40 percent owned by Royal Bank of Scotland (RBS.L), announced in April that they had agreed to start talks. But progress has since faltered because of the complexity of the deal and for shareholder assessment of any potential impact from the kingdom’s anti-corruption drive, the sources said."
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"The proposed merger of Saudi British Bank 1060.SE(SABB) and Alawwal Bank 1040.SE has been delayed but not derailed, financial sector sources said. SABB, 40 percent owned by HSBC Holdings (HSBA.L), and Alawwal, 40 percent owned by Royal Bank of Scotland (RBS.L), announced in April that they had agreed to start talks. But progress has since faltered because of the complexity of the deal and for shareholder assessment of any potential impact from the kingdom’s anti-corruption drive, the sources said."
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Saudi Bourse ‘Taking All Measures’ for Successful Aramco IPO - Bloomberg
Saudi Bourse ‘Taking All Measures’ for Successful Aramco IPO - Bloomberg:
"Saudi Arabia’s stock market is pulling out all the stops for what could be the world’s largest initial public offering. The exchange, known as Tadawul, is prepared for Saudi Arabian Oil Co.’s share sale regardless of the structure that the company decides to use for the listing, Chief Executive Officer Khalid Al Hussan said in an interview on Wednesday. “Tadawul will be the home exchange for Aramco, and, if there is another exchange, the decision will be coming from the issuer in due course,” Al Hussan said. The bourse is “taking all measures to ensure Aramco comes successfully to the market,” he said."
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"Saudi Arabia’s stock market is pulling out all the stops for what could be the world’s largest initial public offering. The exchange, known as Tadawul, is prepared for Saudi Arabian Oil Co.’s share sale regardless of the structure that the company decides to use for the listing, Chief Executive Officer Khalid Al Hussan said in an interview on Wednesday. “Tadawul will be the home exchange for Aramco, and, if there is another exchange, the decision will be coming from the issuer in due course,” Al Hussan said. The bourse is “taking all measures to ensure Aramco comes successfully to the market,” he said."
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Qatar to Target First Quarter for $9 Billion Bond Sale - Bloomberg
Qatar to Target First Quarter for $9 Billion Bond Sale - Bloomberg:
"Qatar is planning to tap the debt market in the first quarter for about $9 billion to finance its budget deficit, people familiar with the matter said.
Government officials are in talks with a number of international banks about the sale, the people said, asking not to be identified because the talks are private. The bond is likely to be in line with or more than Qatar’s last issuance of $9 billion in 2016, some of the people said. A final decision hasn’t been made and the talks may not result in a sale, the people said.
Qatar, whose debt carries the fourth-highest investment grade at S&P Global Ratings, expects its budget deficit to shrink this year as the economy absorbs the impact of a Saudi-led boycott. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic relations and closed transport routes with the country in June, accusing it of funding terrorism, a charge it denies."
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"Qatar is planning to tap the debt market in the first quarter for about $9 billion to finance its budget deficit, people familiar with the matter said.
Government officials are in talks with a number of international banks about the sale, the people said, asking not to be identified because the talks are private. The bond is likely to be in line with or more than Qatar’s last issuance of $9 billion in 2016, some of the people said. A final decision hasn’t been made and the talks may not result in a sale, the people said.
Qatar, whose debt carries the fourth-highest investment grade at S&P Global Ratings, expects its budget deficit to shrink this year as the economy absorbs the impact of a Saudi-led boycott. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic relations and closed transport routes with the country in June, accusing it of funding terrorism, a charge it denies."
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MIDEAST STOCKS-Gulf markets flat to lower early on; many Saudi petchems lose steam
MIDEAST STOCKS-Gulf markets flat to lower early on; many Saudi petchems lose steam:
"Gulf stock markets were flat to lower in early trade on Thursday as many Saudi petrochemical shares lost steam after rising earlier this week as oil prices hit 2 1/2-year highs. The Saudi stock index was 0.1 percent higher after 70 minutes of trade with the petrochemical sector mixed, although PetroRabigh SE>, which has also been boosted by news of production starting at its Phase II complex, added a further 2.3 percent. It has jumped 9.6 percent so far this year. Dubai’s index fell 0.3 percent as real estate blue chip Emaar Properties lost 0.8 percent. The most heavily traded stock, amusement park operator DXB Entertainments , pulled back 1.1 percent after surging 13 percent this year."
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"Gulf stock markets were flat to lower in early trade on Thursday as many Saudi petrochemical shares lost steam after rising earlier this week as oil prices hit 2 1/2-year highs. The Saudi stock index was 0.1 percent higher after 70 minutes of trade with the petrochemical sector mixed, although PetroRabigh SE>, which has also been boosted by news of production starting at its Phase II complex, added a further 2.3 percent. It has jumped 9.6 percent so far this year. Dubai’s index fell 0.3 percent as real estate blue chip Emaar Properties lost 0.8 percent. The most heavily traded stock, amusement park operator DXB Entertainments , pulled back 1.1 percent after surging 13 percent this year."
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