Kuwait's NBK second-quarter profit up 16% on strong domestic conditions - The National:
National Bank of Kuwait (NBK), Kuwait’s largest lender, posted a 16.3 per cent rise in net profit in the second quarter of 2018, boosted by a strong domestic operating environment and increased spending on infrastructure in the Arabian Gulf, and said it plans to expand its business in Saudi Arabia, the region’s largest economy.
Second-quarter net profit grew to 92.3 million Kuwaiti dinars (Dh1.13 billion) from 79.3m dinars in the year-earlier period – the strongest growth the bank has registered in six quarters, NBK said on Monday.
Net operating income grew by 10.9 per cent year-on-year to 442.2m dinars during the second quarter, driven by robust lending volumes, improving margins and strong fee business. Total assets grew by 5.7 per cent 26.9bn dinars while total shareholders’ equity increased by 4.1 per cent to 3bn dinars.
Monday, 9 July 2018
Adnoc to deepen ties with Chinese energy firms | GulfNews.com
Adnoc to deepen ties with Chinese energy firms | GulfNews.com:
Abu Dhabi National Oil Company (Adnoc) is planning to deepen investment and partnership opportunities with Chinese energy firms as demand for energy and petrochemical products grows in the world’s top oil importer. “Energy cooperation is an important aspect of the UAE’s relations with China, which is the number one oil importer globally and a major growth market for Adnoc’s crude, refined products and petrochemicals,” said Dr Sultan Ahmad Al Jaber, UAE Minister of State and Adnoc Group CEO, who was in Beijing to hold talks with top executives from Chinese energy firms. “We are keen to expand and deepen that relationship and believe there are mutually beneficial partnership and co-investment opportunities across our upstream and downstream value chains. Adnoc is also ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in China.”
Abu Dhabi National Oil Company (Adnoc) is planning to deepen investment and partnership opportunities with Chinese energy firms as demand for energy and petrochemical products grows in the world’s top oil importer. “Energy cooperation is an important aspect of the UAE’s relations with China, which is the number one oil importer globally and a major growth market for Adnoc’s crude, refined products and petrochemicals,” said Dr Sultan Ahmad Al Jaber, UAE Minister of State and Adnoc Group CEO, who was in Beijing to hold talks with top executives from Chinese energy firms. “We are keen to expand and deepen that relationship and believe there are mutually beneficial partnership and co-investment opportunities across our upstream and downstream value chains. Adnoc is also ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in China.”
Dubai’s construction and retail experience boom in June but travel and tourism flag
Dubai’s construction and retail experience boom in June but travel and tourism flag:
The construction and retail sectors in Dubai saw strong growth last month, as builders took on more work and retailers further slashed prices, according to a monthly survey.
The tourism and travel sector however did not fare so well, with job losses dragging down growth in the industry, according to the Dubai Economy Tracker Index by IHS Markit/Emirates NBD
The index for the construction sector rose to 57.1 in June from 54.6 the previous month on the back of increased output and new work as the emirate pushes forward with new hotel and residential property projects.
The construction and retail sectors in Dubai saw strong growth last month, as builders took on more work and retailers further slashed prices, according to a monthly survey.
The tourism and travel sector however did not fare so well, with job losses dragging down growth in the industry, according to the Dubai Economy Tracker Index by IHS Markit/Emirates NBD
The index for the construction sector rose to 57.1 in June from 54.6 the previous month on the back of increased output and new work as the emirate pushes forward with new hotel and residential property projects.
Middle East sovereign investors target infrastructure projects
Middle East sovereign investors target infrastructure projects:
While equities remain at the center of most global sovereign investors’ portfolios, a survey conducted by asset manager Invesco found that average allocation to alternatives has doubled in the past five years, reaching a high of 20 percent last year. In the Middle East, sovereign investors increased their allocations into private credit by 44 percent and infrastructure by 33 percent over the past three years. Exposure to private equity and real estate increased at a lesser rate, the survey published on Monday found. The study was based on face-to-face meetings with 126 individual sovereign investors and central bank reserve managers from around the world, representing $17 trillion-worth of assets.
While equities remain at the center of most global sovereign investors’ portfolios, a survey conducted by asset manager Invesco found that average allocation to alternatives has doubled in the past five years, reaching a high of 20 percent last year. In the Middle East, sovereign investors increased their allocations into private credit by 44 percent and infrastructure by 33 percent over the past three years. Exposure to private equity and real estate increased at a lesser rate, the survey published on Monday found. The study was based on face-to-face meetings with 126 individual sovereign investors and central bank reserve managers from around the world, representing $17 trillion-worth of assets.
Qatar firms’ Q2 earnings expected to pick up by 13% - The Peninsula Qatar
Qatar firms’ Q2 earnings expected to pick up by 13% - The Peninsula Qatar:
The aggregate earnings of Qatar’s listed companies are forecasted to pickup by 13 percent year-on-year in the second quarter of this year (Q2, 18). IQ (Industries Qatar) bottom line is forecasted at QR1.2bn vs. QR513m YoY, up 73 percent, led by higher petrochemical product prices. In addition, Commercial Bank’s net income is to reach QR410m vs. QR 88m YoY, on healthy balance sheet growth and lower provisioning, according to a ‘GCC consensus estimate’ by SICO Research.
The aggregate earnings of Qatar’s listed companies are forecasted to pickup by 13 percent year-on-year in the second quarter of this year (Q2, 18). IQ (Industries Qatar) bottom line is forecasted at QR1.2bn vs. QR513m YoY, up 73 percent, led by higher petrochemical product prices. In addition, Commercial Bank’s net income is to reach QR410m vs. QR 88m YoY, on healthy balance sheet growth and lower provisioning, according to a ‘GCC consensus estimate’ by SICO Research.
Drake & Scull Probe Said to Find Ex-CEO Owing Up to $272 Million - Bloomberg
Drake & Scull Probe Said to Find Ex-CEO Owing Up to $272 Million - Bloomberg:
An internal probe by Drake & Scull International PJSC into alleged violations by the previous management has concluded that former Chief Executive Officer Khaldoun Al Tabari and his daughter owe the contracting firm as much as 1 billion dirhams ($272.3 million), according to people with knowledge of the matter.
The amount exceeds the market value of the Dubai-based company, whose shares plunged about 70 percent this year -- the most among companies listed in Dubai.
Drake & Scull said last month that it had completed the probe and forwarded the report to authorities in the United Arab Emirates. The central bank asked lenders to freeze accounts belonging to Al Tabari and his family, citing an order by Abu Dhabi’s public prosecutor, according to a June 4 circular seen by Bloomberg News.
An internal probe by Drake & Scull International PJSC into alleged violations by the previous management has concluded that former Chief Executive Officer Khaldoun Al Tabari and his daughter owe the contracting firm as much as 1 billion dirhams ($272.3 million), according to people with knowledge of the matter.
The amount exceeds the market value of the Dubai-based company, whose shares plunged about 70 percent this year -- the most among companies listed in Dubai.
Drake & Scull said last month that it had completed the probe and forwarded the report to authorities in the United Arab Emirates. The central bank asked lenders to freeze accounts belonging to Al Tabari and his family, citing an order by Abu Dhabi’s public prosecutor, according to a June 4 circular seen by Bloomberg News.
Permian Pinch Spurs a Pipeline Binge, and Fears of Overbuild - Bloomberg
Permian Pinch Spurs a Pipeline Binge, and Fears of Overbuild - Bloomberg:
The pipeline crunch threatening the world’s hottest shale play won’t be solved until at least the back half of next year. But then, the floodgates will open.
Pipelines serving the Permian Basin in Texas and New Mexico were able to carry 2.9 million barrels of oil a day in the second quarter, according to analysts at Bloomberg NEF, and pretty much every line from Midland to the Gulf Coast is full. That’ll change in late 2019 as three major projects are slated to open, potentially adding more than 2 million barrels a day of capacity.
Fixing the pipeline conundrum is key for a shale play where researcher IHS Markit expects output to more than double by 2023 to 5.4 million barrels a day, eclipsing every OPEC nation beyond Saudi Arabia. Pipeline builders are pouring billions of dollars into the basin, but delays are a concern as developers compete for everything from labor to steel.
The pipeline crunch threatening the world’s hottest shale play won’t be solved until at least the back half of next year. But then, the floodgates will open.
Pipelines serving the Permian Basin in Texas and New Mexico were able to carry 2.9 million barrels of oil a day in the second quarter, according to analysts at Bloomberg NEF, and pretty much every line from Midland to the Gulf Coast is full. That’ll change in late 2019 as three major projects are slated to open, potentially adding more than 2 million barrels a day of capacity.
Fixing the pipeline conundrum is key for a shale play where researcher IHS Markit expects output to more than double by 2023 to 5.4 million barrels a day, eclipsing every OPEC nation beyond Saudi Arabia. Pipeline builders are pouring billions of dollars into the basin, but delays are a concern as developers compete for everything from labor to steel.
Expatriate Workers Are Leaving Saudi Arabia in Droves - Bloomberg
Expatriate Workers Are Leaving Saudi Arabia in Droves - Bloomberg:
Saudi Arabia’s expatriate workers are leaving the kingdom by the thousands, and the exodus may not yet be over.
As companies struggle with slower business and authorities impose more fees on foreigners, the biggest Arab economy is losing some of its allure to expats who once flocked to a country awash with petrodollars.
The number of foreign workers declined by 6 percent to 10.2 million in the first three months of 2018 compared with a year ago, taking the cumulative drop over the five past quarters to about 700,000, according to official data released this month. The losses in the first quarter were in sectors including construction -- usually dominated by low-cost laborers -- as well as trade and manufacturing.
Saudi Arabia’s expatriate workers are leaving the kingdom by the thousands, and the exodus may not yet be over.
As companies struggle with slower business and authorities impose more fees on foreigners, the biggest Arab economy is losing some of its allure to expats who once flocked to a country awash with petrodollars.
The number of foreign workers declined by 6 percent to 10.2 million in the first three months of 2018 compared with a year ago, taking the cumulative drop over the five past quarters to about 700,000, according to official data released this month. The losses in the first quarter were in sectors including construction -- usually dominated by low-cost laborers -- as well as trade and manufacturing.
A Saudi Stocks ETF Has Beaten All Emerging Markets Peers in 2018 - Bloomberg
A Saudi Stocks ETF Has Beaten All Emerging Markets Peers in 2018 - Bloomberg:
An exchange-traded fund tracking Saudi Arabian shares has delivered the biggest return among peers so far this year as investors anticipate an upgrade of the Middle East’s biggest economy to emerging markets status.
The iShares MSCI Saudi Arabia ETF, or KSA, has returned 17 percent year-to-date, more than any other of the 229 ETFs focused on emerging-market equities tracked by Bloomberg. Its gain compares with an average loss of 6.6 percent for the group in the same period.
An exchange-traded fund tracking Saudi Arabian shares has delivered the biggest return among peers so far this year as investors anticipate an upgrade of the Middle East’s biggest economy to emerging markets status.
The iShares MSCI Saudi Arabia ETF, or KSA, has returned 17 percent year-to-date, more than any other of the 229 ETFs focused on emerging-market equities tracked by Bloomberg. Its gain compares with an average loss of 6.6 percent for the group in the same period.
5 factors to restore investor confidence to UAE bourses – Analysts | ZAWYA MENA Edition
5 factors to restore investor confidence to UAE bourses – Analysts | ZAWYA MENA Edition:
Analysts have set five the main factors to restore investors’ confidence in the UAE bourses, including the first half of 2018 financial results, in addition to higher liquidity ratios and rising local gains.
By the end of Sunday’s trading session, the Dubai Financial Market’s (DFM) general index edged up 0.17% to 2,885.35 points, while the Abu Dhabi Exchange’s (ADX) general index added 0.27% to 4,615.46 points.
Analysts have set five the main factors to restore investors’ confidence in the UAE bourses, including the first half of 2018 financial results, in addition to higher liquidity ratios and rising local gains.
By the end of Sunday’s trading session, the Dubai Financial Market’s (DFM) general index edged up 0.17% to 2,885.35 points, while the Abu Dhabi Exchange’s (ADX) general index added 0.27% to 4,615.46 points.
Saudi Arabia's Leejam Sports to offer shares next month | ZAWYA MENA Edition
Saudi Arabia's Leejam Sports to offer shares next month | ZAWYA MENA Edition:
Saudi Arabian sports and fitness business Leejam Sports Co will offer 30 percent of its existing shares in a public offering (IPO) next month, according to a prospectus on the Saudi bourse website.
The listing is the latest in what is expected to be a busy pipeline of public share sales in the kingdom, encouraged by a government drive to entice investment and diversify the economy away from a reliance on oil.
Leejam's subscription period takes place from August 1 to August 7.
Saudi Arabian sports and fitness business Leejam Sports Co will offer 30 percent of its existing shares in a public offering (IPO) next month, according to a prospectus on the Saudi bourse website.
The listing is the latest in what is expected to be a busy pipeline of public share sales in the kingdom, encouraged by a government drive to entice investment and diversify the economy away from a reliance on oil.
Leejam's subscription period takes place from August 1 to August 7.
Saudi issues draft law for public-private projects worth billions | Reuters
Saudi issues draft law for public-private projects worth billions | Reuters:
Saudi Arabia has published a draft law covering partnerships between the government and private sector in a step toward launching billions of dollars worth of infrastructure projects and attracting fresh foreign investment.
The draft, revealed late on Sunday, offers investors exemptions from labor laws, real state ownership restrictions and other regulations.
The government’s National Centre for Privatisation and Public-Private Partnerships said it would accept public comment on the draft for three weeks, before promulgation of the law on an unspecified future date.
Saudi Arabia has published a draft law covering partnerships between the government and private sector in a step toward launching billions of dollars worth of infrastructure projects and attracting fresh foreign investment.
The draft, revealed late on Sunday, offers investors exemptions from labor laws, real state ownership restrictions and other regulations.
The government’s National Centre for Privatisation and Public-Private Partnerships said it would accept public comment on the draft for three weeks, before promulgation of the law on an unspecified future date.
Saudi representatives meet Taiwan bond investors in non-deal roadshow - sources | Reuters
Saudi representatives meet Taiwan bond investors in non-deal roadshow - sources | Reuters:
Saudi Arabian government representatives were in Taiwan last week to meet bond investors in a so-called “non-deal roadshow”, sources familiar with the matter said.
A potential sale of Formosa bonds – debt securities sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar – could allow Saudi Arabia to tap a new investor base at a time of adverse conditions in emerging markets.
To offset lower revenues caused by a slump in oil prices, the Saudi government has borrowed $50 billion through dollar bond sales since its debut in international debt markets in late 2016.
Saudi Arabian government representatives were in Taiwan last week to meet bond investors in a so-called “non-deal roadshow”, sources familiar with the matter said.
A potential sale of Formosa bonds – debt securities sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar – could allow Saudi Arabia to tap a new investor base at a time of adverse conditions in emerging markets.
To offset lower revenues caused by a slump in oil prices, the Saudi government has borrowed $50 billion through dollar bond sales since its debut in international debt markets in late 2016.
MIDEAST STOCKS-Saudi stocks close up, most other Gulf markets down | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi stocks close up, most other Gulf markets down | ZAWYA MENA Edition:
Saudi stocks edged up on Monday with banks and industrial companies driving the index higher, while indexes in Dubai and most other parts of the Gulf slipped.
The Saudi index closed up 1.3 percent, with Al Rajhi Bank and Saudi Basic Industries Corporation the main drivers, climbing 2.5 percent and 1.9 percent, respectively.
The Dubai index closed 0.4 percent down, with Emaar Properties falling 1.4 percent. Dubai Islamic Bank closed 0.6 percent down.
Saudi stocks edged up on Monday with banks and industrial companies driving the index higher, while indexes in Dubai and most other parts of the Gulf slipped.
The Saudi index closed up 1.3 percent, with Al Rajhi Bank and Saudi Basic Industries Corporation the main drivers, climbing 2.5 percent and 1.9 percent, respectively.
The Dubai index closed 0.4 percent down, with Emaar Properties falling 1.4 percent. Dubai Islamic Bank closed 0.6 percent down.
Dubai Aerospace Enterprise approves $300mln bond repurchase programme | ZAWYA MENA Edition
Dubai Aerospace Enterprise approves $300mln bond repurchase programme | ZAWYA MENA Edition:
Dubai Aerospace Enterprise, DAE, announced today that its Board of Directors and shareholders had approved a bond repurchase programme of up to US$300 million.
Repurchases will be conducted through transactions in the open market, the company said, and announced that pursuant to this approval it had repurchased US$43 million of its bonds maturing in 2024.
DAE Managing Director, Khalifa AlDaboos, said, "Our bonds, in our opinion, are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile. The strength of our balance sheet and our projected cash position allow us to repurchase our bonds at a considerable discount and improve the gross leverage position of the company."
Dubai Aerospace Enterprise, DAE, announced today that its Board of Directors and shareholders had approved a bond repurchase programme of up to US$300 million.
Repurchases will be conducted through transactions in the open market, the company said, and announced that pursuant to this approval it had repurchased US$43 million of its bonds maturing in 2024.
DAE Managing Director, Khalifa AlDaboos, said, "Our bonds, in our opinion, are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile. The strength of our balance sheet and our projected cash position allow us to repurchase our bonds at a considerable discount and improve the gross leverage position of the company."
MIDEAST STOCKS-Saudi stocks close up, most other Gulf markets down | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi stocks close up, most other Gulf markets down | ZAWYA MENA Edition:
Saudi stocks edged up on Monday with banks and industrial companies driving the index higher, while indexes in Dubai and most other parts of the Gulf slipped.
The Saudi index closed up 1.3 percent, with Al Rajhi Bank and Saudi Basic Industries Corporation the main drivers, climbing 2.5 percent and 1.9 percent, respectively.
The Dubai index closed 0.4 percent down, with Emaar Properties falling 1.4 percent. Dubai Islamic Bank closed 0.6 percent down.
Saudi stocks edged up on Monday with banks and industrial companies driving the index higher, while indexes in Dubai and most other parts of the Gulf slipped.
The Saudi index closed up 1.3 percent, with Al Rajhi Bank and Saudi Basic Industries Corporation the main drivers, climbing 2.5 percent and 1.9 percent, respectively.
The Dubai index closed 0.4 percent down, with Emaar Properties falling 1.4 percent. Dubai Islamic Bank closed 0.6 percent down.
Aramco more resilient to oil slump than listed rivals: accounts | Reuters
Aramco more resilient to oil slump than listed rivals: accounts | Reuters:
Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into the state energy giant’s finances ahead of a proposed flotation.
The full-year accounts, not publicly available but seen by Reuters, show Aramco’s net income fell by about 21 percent to $13.3 billion in 2016 - when oil prices collapsed to a 12-year low of $27.10 a barrel due to a global glut of crude.
By comparison, the net income of Exxon Mobil Corp, the world’s largest listed oil company, dropped 51 percent in 2016, while the earnings attributable to shareholders of Royal Dutch Shell, the No.2 listed oil firm, fell 37 percent, excluding items.
Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into the state energy giant’s finances ahead of a proposed flotation.
The full-year accounts, not publicly available but seen by Reuters, show Aramco’s net income fell by about 21 percent to $13.3 billion in 2016 - when oil prices collapsed to a 12-year low of $27.10 a barrel due to a global glut of crude.
By comparison, the net income of Exxon Mobil Corp, the world’s largest listed oil company, dropped 51 percent in 2016, while the earnings attributable to shareholders of Royal Dutch Shell, the No.2 listed oil firm, fell 37 percent, excluding items.
Oil prices climb on global demand, U.S. sanctions on Iran | Reuters
Oil prices climb on global demand, U.S. sanctions on Iran | Reuters:
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output using sanctions outweighed drilling data suggesting U.S. shale production would climb.
Benchmark Brent LCOc1 was up 70 cents at $77.81 a barrel by 1150 GMT. U.S. crude CLc1 was unchanged at $73.80.
“Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S. sanctions,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates.
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output using sanctions outweighed drilling data suggesting U.S. shale production would climb.
Benchmark Brent LCOc1 was up 70 cents at $77.81 a barrel by 1150 GMT. U.S. crude CLc1 was unchanged at $73.80.
“Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S. sanctions,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates.
Saudi Aramco chief warns of oil supply crunch | Financial Times
Saudi Aramco chief warns of oil supply crunch | Financial Times:
The oil industry risks a supply crunch as big energy companies focus on US shale and other short-term efforts over the long-term mega-projects seen in years past, the head of Saudi Arabia’s state energy giant said. Amin Nasser, chief executive of Saudi Aramco, said rising investment into short-cycle output, which ebbs and flows faster than conventional projects, would not be enough to meet rising crude demand. “Something like shale oil …it is not going to really create a major dent in total global supply requirements up until 2040,” said Mr Nasser in an interview with the Financial Times.
The oil industry risks a supply crunch as big energy companies focus on US shale and other short-term efforts over the long-term mega-projects seen in years past, the head of Saudi Arabia’s state energy giant said. Amin Nasser, chief executive of Saudi Aramco, said rising investment into short-cycle output, which ebbs and flows faster than conventional projects, would not be enough to meet rising crude demand. “Something like shale oil …it is not going to really create a major dent in total global supply requirements up until 2040,” said Mr Nasser in an interview with the Financial Times.
GFH to pursue David Haigh's Dubai and London assets in damages enforcement - The National
GFH to pursue David Haigh's Dubai and London assets in damages enforcement - The National:
GFH, the Dubai-listed parent of investment banking company GFH Capital, will start enforcement proceedings in Dubai and London for an award of around $5.1 million (Dh18.73m) in damages it received in a judgment against its former employee David Haigh last week. DIFC Courts last Wednesday ruled that Haigh, a former deputy chief executive of GFH Capital who was convicted of breach of trust by Dubai Criminal Court in 2015, must pay damages to his former employer equivalent to the sum he was convicted of embezzling from the company. “GFH can start enforcement of this judgment on Haigh’s assets in Dubai and the UK,” GFH said in a statement to the Dubai Financial Market, where its shares are listed. “It is expected that the collection of these amounts will have impact on GFH’s financials for the year 2018/2019,” the company said yesterday without giving the details of the likely effect. Haigh’s assets were frozen under an earlier DIFC Courts order.
GFH, the Dubai-listed parent of investment banking company GFH Capital, will start enforcement proceedings in Dubai and London for an award of around $5.1 million (Dh18.73m) in damages it received in a judgment against its former employee David Haigh last week. DIFC Courts last Wednesday ruled that Haigh, a former deputy chief executive of GFH Capital who was convicted of breach of trust by Dubai Criminal Court in 2015, must pay damages to his former employer equivalent to the sum he was convicted of embezzling from the company. “GFH can start enforcement of this judgment on Haigh’s assets in Dubai and the UK,” GFH said in a statement to the Dubai Financial Market, where its shares are listed. “It is expected that the collection of these amounts will have impact on GFH’s financials for the year 2018/2019,” the company said yesterday without giving the details of the likely effect. Haigh’s assets were frozen under an earlier DIFC Courts order.
Stellar H1 performance by QSE, surge in foreign buying - The Peninsula Qatar
Stellar H1 performance by QSE, surge in foreign buying - The Peninsula Qatar:
The Qatar Stock Exchange (QSE) Index emerged as the second best GCC market index performer during the first half of 2018 (H1, 18) by recording an increase of 5.52 percent to reach 9,024 points compared to 8,620 at the beginning of the year. As Saudi’s Tadawul rose by 15.51 percent, the Abu Dhabi Securities Market edged up a lower 3.32 percent and the Kuwait Exchange and Dubai Financial Market recorded a decrease of 6.20 percent and 16.91 percent, respectively. According to market data provided by QSE yesterday, the average daily traded value on QSE has recorded continuous increases in the first half over the last three years; the average daily traded value in the first half of 2016 was QR286.67m. In the same period of 2017 it rose 14.2 percent to reach QR327.41m, and increased by a further 2.5 percent in the first half of 2018 to reach QR335.48m.
The Qatar Stock Exchange (QSE) Index emerged as the second best GCC market index performer during the first half of 2018 (H1, 18) by recording an increase of 5.52 percent to reach 9,024 points compared to 8,620 at the beginning of the year. As Saudi’s Tadawul rose by 15.51 percent, the Abu Dhabi Securities Market edged up a lower 3.32 percent and the Kuwait Exchange and Dubai Financial Market recorded a decrease of 6.20 percent and 16.91 percent, respectively. According to market data provided by QSE yesterday, the average daily traded value on QSE has recorded continuous increases in the first half over the last three years; the average daily traded value in the first half of 2016 was QR286.67m. In the same period of 2017 it rose 14.2 percent to reach QR327.41m, and increased by a further 2.5 percent in the first half of 2018 to reach QR335.48m.
QSE H1 trade turnover keeps rising over last 3 years
QSE H1 trade turnover keeps rising over last 3 years:
The Qatar Stock Exchange (QSE), which is ranked second in performance and capitalisation among the Gulf Co-operation Council (GCC) bourses, witnessed trade turnover registering continuous increases in the first half (H1) over the last three years.
The average daily traded value in H1 this year was QR335.48mn compared to QR327.41mn during the same period of 2017 and QR286.67mn during 2016, a QSE spokesman said.
Although the QSE has the lowest number of listed companies at 45, it is ranked second, after the Saudi market, which has 181 listed companies, in terms of market capitalisation.
The Qatar Stock Exchange (QSE), which is ranked second in performance and capitalisation among the Gulf Co-operation Council (GCC) bourses, witnessed trade turnover registering continuous increases in the first half (H1) over the last three years.
The average daily traded value in H1 this year was QR335.48mn compared to QR327.41mn during the same period of 2017 and QR286.67mn during 2016, a QSE spokesman said.
Although the QSE has the lowest number of listed companies at 45, it is ranked second, after the Saudi market, which has 181 listed companies, in terms of market capitalisation.
If Trump’s Problem Is OPEC, His Solution Is Iran - Bloomberg
If Trump’s Problem Is OPEC, His Solution Is Iran - Bloomberg:
President Donald Trump has once again taken to Twitter to slam OPEC for driving up oil prices. The group is a useful scapegoat on which to pin the blame for rising gasoline prices at home, but getting it to pump more crude won’t bring them down for long. The way to really lower prices is for him to change his policy on Iran. Unfortunately, that’s not likely to happen, so oil prices could well keep rising. Oil prices have climbed by more than 50 percent in a year, and very nearly touched $80 a barrel last week as traders anticipated that the world’s margin of spare production capacity available to offset supply disruptions is set to seriously shrink. They know something that the president either can’t or won’t understand: When sanctions on Iran come into force in November, producers don’t have the scope to make up for its lost output. If Trump succeeds in halting all of Iran’s oil exports, they will have to replace 2.7 million barrels a day of Iranian supply. That’s a big hole to fill.
President Donald Trump has once again taken to Twitter to slam OPEC for driving up oil prices. The group is a useful scapegoat on which to pin the blame for rising gasoline prices at home, but getting it to pump more crude won’t bring them down for long. The way to really lower prices is for him to change his policy on Iran. Unfortunately, that’s not likely to happen, so oil prices could well keep rising. Oil prices have climbed by more than 50 percent in a year, and very nearly touched $80 a barrel last week as traders anticipated that the world’s margin of spare production capacity available to offset supply disruptions is set to seriously shrink. They know something that the president either can’t or won’t understand: When sanctions on Iran come into force in November, producers don’t have the scope to make up for its lost output. If Trump succeeds in halting all of Iran’s oil exports, they will have to replace 2.7 million barrels a day of Iranian supply. That’s a big hole to fill.
Third of sovereign funds plan to cut equity holdings, cite trade war fear | ZAWYA MENA Edition
Third of sovereign funds plan to cut equity holdings, cite trade war fear | ZAWYA MENA Edition:
Over a third of sovereign investors plan to cut their equity exposure over the next three years after a strong run in 2017, citing trade wars, geopolitics and high valuations as headwinds to performance, a study by asset manager Invesco showed. The annual report, which is based on interviews with 126 sovereign investors and central bank reserve managers with $17 trillion in assets, found equities had overtaken bonds to become the biggest asset class in portfolios, averaging 33 percent. This is up from 29 percent in 2017. Nearly half of sovereign investors are now incrementally or materially overweight equities, but while 40 percent said they were happy with the status quo, 35 percent plan to reduce their equity exposure over the medium term, Invesco noted.
Over a third of sovereign investors plan to cut their equity exposure over the next three years after a strong run in 2017, citing trade wars, geopolitics and high valuations as headwinds to performance, a study by asset manager Invesco showed. The annual report, which is based on interviews with 126 sovereign investors and central bank reserve managers with $17 trillion in assets, found equities had overtaken bonds to become the biggest asset class in portfolios, averaging 33 percent. This is up from 29 percent in 2017. Nearly half of sovereign investors are now incrementally or materially overweight equities, but while 40 percent said they were happy with the status quo, 35 percent plan to reduce their equity exposure over the medium term, Invesco noted.
MIDEAST STOCKS-Saudi's Almarai up despite weak results as Gulf markets post gains | Reuters
MIDEAST STOCKS-Saudi's Almarai up despite weak results as Gulf markets post gains | Reuters:
Gulf stock markets were up on Sunday, reflecting gains in world stocks last week after the threat of tariffs by the United States and China on billions of dollars of trade became a reality. The Saudi index gained 0.6 percent, with shares in retailer Fawaz Abdulaziz Alhokair Co rebounding 3.9 percent from heavy losses last week, when it reported a drop in annual profit and announced it would close up to 75 stores. Retail giant Almarai reported profit of 660.6 million riyals ($176 million) for the second quarter, 2 percent down from 674.1 million riyals in the previous period of last year, blaming a downturn in the market in part for its weaker than expected earnings. Shares in the company, which had fallen 4.5 percent in the week before the results, rose 1.4 percent on Sunday.
Gulf stock markets were up on Sunday, reflecting gains in world stocks last week after the threat of tariffs by the United States and China on billions of dollars of trade became a reality. The Saudi index gained 0.6 percent, with shares in retailer Fawaz Abdulaziz Alhokair Co rebounding 3.9 percent from heavy losses last week, when it reported a drop in annual profit and announced it would close up to 75 stores. Retail giant Almarai reported profit of 660.6 million riyals ($176 million) for the second quarter, 2 percent down from 674.1 million riyals in the previous period of last year, blaming a downturn in the market in part for its weaker than expected earnings. Shares in the company, which had fallen 4.5 percent in the week before the results, rose 1.4 percent on Sunday.
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