Dubai index poised for turnaround as Expo 2020 nears:
In the medium term, Dubai Financial Market (DFM) general index look poised for a rebound on the back of strong economic fundamentals, according to Charles-Henry Monchau, managing director, chief investment officer and head of Investments at Al Mal Capital.
The index has been one of the worst-performing regional equities over the last four years, losing about 50 per cent of its value since late 2014. Monchau spoke to Gulf News in an interview that touched on local equities, including his top five picks in the region.
“[The] stock market is anticipating a turnaround, and we would see stocks moving ahead of the recovery. There is a price for everything and now we are getting to levels where valuations are very attractive,” Monchau said. “As global emerging market managers allocate capital among countries, they [begin] to find value [once more] in Dubai and the UAE. We like the UAE markets and we feel that Dubai has more upside potential than Abu Dhabi.”
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Monday 13 May 2019
Ezdan Holding nullifies earlier proposal to delist from QSE
Ezdan Holding nullifies earlier proposal to delist from QSE:
Ezdan Holding Group has nullified its earlier proposal to become a private entity by delisting from the Qatar Stock Exchange (QSE) in view of the robust momentum in the domestic economy.
In its general assembly held on Sunday, the shareholders "agreed to waive its previous decision (dated May 24, 2017) concerning the approval in principle the transformation Ezdan Holding Group from a public shareholding company to a private shareholding company."
Ezdan board had held a meeting on April 6 to consider the request of one of the shareholders of Al Tadawul Trading Group, which owns more than 25% stake, regarding nullifying the earlier proposal.
Ezdan Holding Group has nullified its earlier proposal to become a private entity by delisting from the Qatar Stock Exchange (QSE) in view of the robust momentum in the domestic economy.
In its general assembly held on Sunday, the shareholders "agreed to waive its previous decision (dated May 24, 2017) concerning the approval in principle the transformation Ezdan Holding Group from a public shareholding company to a private shareholding company."
Ezdan board had held a meeting on April 6 to consider the request of one of the shareholders of Al Tadawul Trading Group, which owns more than 25% stake, regarding nullifying the earlier proposal.
#Qatar bourse extends losing run to 7th day amid US-China trade row
Qatar bourse extends losing run to 7th day amid US-China trade row:
The Qatar Stock Exchange continued its bearish run for the seventh consecutive day on Monday to lose 188 points, thus settling below 9,800 levels, mainly dragged by foreign funds.
An across-the-board selling – especially in realty, transport, insurance, telecom and banking shares – led the 20-stock Qatar Index to decline 1.89% to 9,740.2 points, reflecting the global woes resulting from the US-China trade war.
A Kamco technical analysis suggests that medium-term and long-term investors can stay in the market with a stop-loss below 10,200 points and 9,700 points, respectively.
The Qatar Stock Exchange continued its bearish run for the seventh consecutive day on Monday to lose 188 points, thus settling below 9,800 levels, mainly dragged by foreign funds.
An across-the-board selling – especially in realty, transport, insurance, telecom and banking shares – led the 20-stock Qatar Index to decline 1.89% to 9,740.2 points, reflecting the global woes resulting from the US-China trade war.
A Kamco technical analysis suggests that medium-term and long-term investors can stay in the market with a stop-loss below 10,200 points and 9,700 points, respectively.
#Saudi Stocks Fall Most Since October as Iran Tensions Increase - Bloomberg
Saudi Stocks Fall Most Since October as Iran Tensions Increase - Bloomberg:
Stocks slumped across the Gulf, with Saudi Arabia’s benchmark index dropping the most since the Khashoggi crisis, after the kingdom said two oil tankers were damaged in a “sabotage attack” on Sunday. The heightened geopolitical tension added to an already bad day across global markets.
Gauges in Riyadh, Dubai, Abu Dhabi and Doha were among Monday’s biggest losers globally. News of the incident led to increased trading volatility as the U.S. ratcheted up pressure on Iran, with investors also trying to price in a potential full-blown trade war between the U.S. and China. Turkey’s benchmark index also lost about 3%.
Saudi Arabia’s Tadawul All Share Index closed 3.6 percent lower, the steepest drop since the crisis triggered by the killing of journalist Jamal Khashoggi in October. Not even a pending announcement by index compiler MSCI Inc., which will say which stocks it will upgrade to its main emerging-market index after U.S. markets close, was enough to pump trading and help the index recover.
Stocks slumped across the Gulf, with Saudi Arabia’s benchmark index dropping the most since the Khashoggi crisis, after the kingdom said two oil tankers were damaged in a “sabotage attack” on Sunday. The heightened geopolitical tension added to an already bad day across global markets.
Gauges in Riyadh, Dubai, Abu Dhabi and Doha were among Monday’s biggest losers globally. News of the incident led to increased trading volatility as the U.S. ratcheted up pressure on Iran, with investors also trying to price in a potential full-blown trade war between the U.S. and China. Turkey’s benchmark index also lost about 3%.
Saudi Arabia’s Tadawul All Share Index closed 3.6 percent lower, the steepest drop since the crisis triggered by the killing of journalist Jamal Khashoggi in October. Not even a pending announcement by index compiler MSCI Inc., which will say which stocks it will upgrade to its main emerging-market index after U.S. markets close, was enough to pump trading and help the index recover.
Crypto asset exchange BitOasis receives 'in-principle' approval from #AbuDhabi regulator | ZAWYA MENA Edition
Crypto asset exchange BitOasis receives 'in-principle' approval from Abu Dhabi regulator | ZAWYA MENA Edition:
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted digital asset exchange BitOasis regulatory in-principle approval (IPA) to carry out specific regulated activities within ADGM once it receives a license on satisfaction of the IPA’s requirements.
Launched in 2015, BitOasis is attempting to become the first licensed and regulated crypto asset exchange and custodian in the Middle East.
“In terms of expansion, our focus in the next 12 months is the Middle East, with focus on GCC and Saudi Arabia in particular,” Ola Doudin, CEO and co-founder of BitOasis told Zawya in emailed comments.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted digital asset exchange BitOasis regulatory in-principle approval (IPA) to carry out specific regulated activities within ADGM once it receives a license on satisfaction of the IPA’s requirements.
Launched in 2015, BitOasis is attempting to become the first licensed and regulated crypto asset exchange and custodian in the Middle East.
“In terms of expansion, our focus in the next 12 months is the Middle East, with focus on GCC and Saudi Arabia in particular,” Ola Doudin, CEO and co-founder of BitOasis told Zawya in emailed comments.
#UAE's Finablr extends IPO closing by a day to May 14: sources - Reuters
UAE's Finablr extends IPO closing by a day to May 14: sources - Reuters:
United Arab Emirates-based payments and foreign exchange company Finablr has extended the closing of books for its initial public offering (IPO) to May 14 due to volatile market conditions, two sources familiar with the deal said on Monday.
The books were supposed to close on Monday for a London public offering, which will now close on Tuesday, they said.
The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, has been seeking to raise $200 million from the sale of new stock ahead of a flotation on the London Stock Exchange (LSE).
United Arab Emirates-based payments and foreign exchange company Finablr has extended the closing of books for its initial public offering (IPO) to May 14 due to volatile market conditions, two sources familiar with the deal said on Monday.
The books were supposed to close on Monday for a London public offering, which will now close on Tuesday, they said.
The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, has been seeking to raise $200 million from the sale of new stock ahead of a flotation on the London Stock Exchange (LSE).
Oil prices fall with Wall Street on trade war, give back early gains - Reuters
Oil prices fall with Wall Street on trade war, give back early gains - Reuters:
Oil futures fell on Monday with Wall Street, as the negative turn in the U.S.-Chinese trade talks spooked investors, who had sent oil higher in early trade on concerns about reports of sabotage attacks on tankers in the Middle East that could disrupt supplies.
Brent crude futures for July delivery fell 39 cents to settle at $70.23 a barrel. The global benchmark earlier hit a session high of $72.58 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 62 cents to settle at $61.04 a barrel, after previously hitting $63.33 a barrel.
Oil futures fell on Monday with Wall Street, as the negative turn in the U.S.-Chinese trade talks spooked investors, who had sent oil higher in early trade on concerns about reports of sabotage attacks on tankers in the Middle East that could disrupt supplies.
Brent crude futures for July delivery fell 39 cents to settle at $70.23 a barrel. The global benchmark earlier hit a session high of $72.58 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 62 cents to settle at $61.04 a barrel, after previously hitting $63.33 a barrel.
MIDEAST STOCKS-Trade tensions, tanker attacks darken mood in Gulf markets - Reuters
MIDEAST STOCKS-Trade tensions, tanker attacks darken mood in Gulf markets - Reuters:
Dubai and Abu Dhabi stock markets suffered their biggest
single-day decline in years on Monday after several commercial ships were
attacked off the coast of the United Arab Emirates.
Saudi shares had their worst day since mid-October after Riyadh said two of
its oil tankers were among the vessels hit in the attacks.
Saudi Arabia's index declined 3.6%, with Al Rajhi Bank
dropping 4.6% and petrochemical group Saudi Basic Industries falling
5.1%. The index is down nearly 10% since the start of May.
Dubai and Abu Dhabi stock markets suffered their biggest
single-day decline in years on Monday after several commercial ships were
attacked off the coast of the United Arab Emirates.
Saudi shares had their worst day since mid-October after Riyadh said two of
its oil tankers were among the vessels hit in the attacks.
Saudi Arabia's index declined 3.6%, with Al Rajhi Bank
dropping 4.6% and petrochemical group Saudi Basic Industries falling
5.1%. The index is down nearly 10% since the start of May.
#UAE oil tanker attacks - what we know | Financial Times
UAE oil tanker attacks - what we know | Financial Times:
Two Saudi tankers were among four vessels 'sabotaged' off a key port in the United Arab Emirates amid rising tensions between the US, its allies and Iran
Two Saudi tankers were among four vessels 'sabotaged' off a key port in the United Arab Emirates amid rising tensions between the US, its allies and Iran
#Dubai Banks Are Said to Hire HSBC and Barclays for Merger Talks - Bloomberg
Dubai Banks Are Said to Hire HSBC and Barclays for Merger Talks - Bloomberg:
Dubai Islamic Bank PJSC hired HSBC Holdings Plc to advise on its possible acquisition of smaller rival Noor Bank PJSC, according to people with knowledge of the matter.
Noor Bank is working with Barclays Plc on the deal, the people said, asking not to be identified because the discussions are private. An acquisition would create a lender with 278 billion dirhams ($76 billion) in assets.
Dubai Islamic Bank can see “a lot of synergies with an acquisition of Noor,” Chief Executive Officer Adnan Chilwan said last month after Bloomberg reported that the companies had held initial talks.
Dubai Islamic Bank PJSC hired HSBC Holdings Plc to advise on its possible acquisition of smaller rival Noor Bank PJSC, according to people with knowledge of the matter.
Noor Bank is working with Barclays Plc on the deal, the people said, asking not to be identified because the discussions are private. An acquisition would create a lender with 278 billion dirhams ($76 billion) in assets.
Dubai Islamic Bank can see “a lot of synergies with an acquisition of Noor,” Chief Executive Officer Adnan Chilwan said last month after Bloomberg reported that the companies had held initial talks.
Oil prices up as Middle East tanker attacks heighten supply concerns - Reuters
Oil prices up as Middle East tanker attacks heighten supply concerns - Reuters:
Oil futures rose on Monday on increasing concerns about supply disruptions in the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-U.S. trade talks.
Brent crude futures were at $71.71 a barrel by 0912 GMT, up $1.09.
U.S. West Texas Intermediate (WTI) futures were at $62.45 per barrel, up 79 cents.
Oil futures rose on Monday on increasing concerns about supply disruptions in the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-U.S. trade talks.
Brent crude futures were at $71.71 a barrel by 0912 GMT, up $1.09.
U.S. West Texas Intermediate (WTI) futures were at $62.45 per barrel, up 79 cents.
Mideast Stocks: #UAE markets down on regional geopolitical tensions | ZAWYA MENA Edition
Mideast Stocks: UAE markets down on regional geopolitical tensions | ZAWYA MENA Edition:
Stocks in the United Arab Emirates fell sharply in early trade on Monday amid rising geopolitical tensions after the UAE said that four commercial vessels were hit by sabotage near the emirate of Fujairah on Sunday.
The Dubai index was down 1.5% and Abu Dhabi's index was down 1.7% in early morning trade.
"Regional geopolitical tensions and the US-China trade row are affecting market sentiment," said Nishit Lakhotia, head of research at Bahrain-based SICO.
Stocks in the United Arab Emirates fell sharply in early trade on Monday amid rising geopolitical tensions after the UAE said that four commercial vessels were hit by sabotage near the emirate of Fujairah on Sunday.
The Dubai index was down 1.5% and Abu Dhabi's index was down 1.7% in early morning trade.
"Regional geopolitical tensions and the US-China trade row are affecting market sentiment," said Nishit Lakhotia, head of research at Bahrain-based SICO.
How will #Dubai's potential three-year rent freeze affect the property sector? - The National
How will Dubai's potential three-year rent freeze affect the property sector? - The National:
News that the UAE government has started to issue five-year residency visas to entrepreneurs this month is music to the ears of property developers. So too the pronouncement from the International Monetary Fund that the local economy may have turned the corner and be recovering from a five-year slowdown precipitated by a sudden fall in oil prices.
Last month Abu Dhabi introduced freehold rather than leasehold-only ownership for the first time for foreign buyers, and in a new report, the Institute of International Finance has become the latest to spot the green shoots of recovery in the Gulf real estate market.
With Brent crude trading as high as $75 a barrel for the first time in many years the buzz in the business community this Ramadan is more optimistic. The two would-be residential investors cited in this column recently have actually just completed purchases in the secondary market.
News that the UAE government has started to issue five-year residency visas to entrepreneurs this month is music to the ears of property developers. So too the pronouncement from the International Monetary Fund that the local economy may have turned the corner and be recovering from a five-year slowdown precipitated by a sudden fall in oil prices.
Last month Abu Dhabi introduced freehold rather than leasehold-only ownership for the first time for foreign buyers, and in a new report, the Institute of International Finance has become the latest to spot the green shoots of recovery in the Gulf real estate market.
With Brent crude trading as high as $75 a barrel for the first time in many years the buzz in the business community this Ramadan is more optimistic. The two would-be residential investors cited in this column recently have actually just completed purchases in the secondary market.