Mideast Markets Trade Mixed With Focus on Earnings: Inside EM - Bloomberg:
Stock markets in Abu Dhabi, Kuwait, Bahrain and Egypt advanced, while those in Saudi Arabia, Dubai, Oman, Qatar and Israel retreated as investors wait for earnings season to build up.
“Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, senior financial analyst at Mena Corp in Dubai. “Real estate names should remain on focus, with recurring income seen pressured.”
In Saudi Arabia, the biggest stock market in the Middle East and Africa, dairy producer Almarai Co. fell by the most in almost a month after second-quarter profit was slightly below forecasts. In Kuwait, the main index had its seventh session of increase with lenders contributing the most.
Sunday, 7 July 2019
MIDEAST STOCKS- #Saudi stocks fall as Almarai disappoints, #Kuwait extends gains - Reuters
MIDEAST STOCKS-Saudi stocks fall as Almarai disappoints, Kuwait extends gains - Reuters:
Saudi stocks fell on Sunday in
response to a fall in profits at food company Almarai and
weakness in blue-chip stocks, while the Kuwait index rose for
the seventh straight session buoyed by the recent MSCI move to
upgrade Kuwaiti stocks to emerging market.
The Saudi market had opened slightly higher on selective
buying in financials, but quickly lost momentum after Almarai's
shares plunged.
Almarai Co fell 2.5% after it reported a nearly
12% drop in second-quarter profit and also announced the
resignation of its Chief Executive Alois Hofbauer.
Saudi stocks fell on Sunday in
response to a fall in profits at food company Almarai and
weakness in blue-chip stocks, while the Kuwait index rose for
the seventh straight session buoyed by the recent MSCI move to
upgrade Kuwaiti stocks to emerging market.
The Saudi market had opened slightly higher on selective
buying in financials, but quickly lost momentum after Almarai's
shares plunged.
Almarai Co fell 2.5% after it reported a nearly
12% drop in second-quarter profit and also announced the
resignation of its Chief Executive Alois Hofbauer.
#Saudi airline flyadeal to operate all Airbus fleet in the future - Reuters
Saudi airline flyadeal to operate all Airbus fleet in the future - Reuters:
Saudi Arabian budget airline flyadeal will operate an all Airbus (AIR.PA) A320 fleet in the future, it said in a statement on Sunday, months after it announced it was reconsidering a Boeing (BA.N) order.
The airline is to take delivery from 2021 of 30 A320neo jets that were ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June, it said in the statement.
“This order will result in flyadeal operating an all- Airbus A320 fleet in the future,” it said.
Saudi Arabian budget airline flyadeal will operate an all Airbus (AIR.PA) A320 fleet in the future, it said in a statement on Sunday, months after it announced it was reconsidering a Boeing (BA.N) order.
The airline is to take delivery from 2021 of 30 A320neo jets that were ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June, it said in the statement.
“This order will result in flyadeal operating an all- Airbus A320 fleet in the future,” it said.
China & Gulf expansion to boost Trade Bank of Iraq's revenues: chairman - Reuters
China & Gulf expansion to boost Trade Bank of Iraq's revenues: chairman - Reuters:
State-owned Trade Bank of Iraq (TBI) is expanding into China and the Gulf, seeking to lift its revenues from retail banking and international operations to 30% by 2022 from 25% now, its chairman said on Sunday.
The bank plans to open a representative office in China next year and is upgrading its license in Abu Dhabi to an asset management company from a representative office.
TBI’s revenues totalled $550 million in 2018 with trade finance contributing the lion’s share. Its retail and international operations business accounts for 25% of its revenues.
State-owned Trade Bank of Iraq (TBI) is expanding into China and the Gulf, seeking to lift its revenues from retail banking and international operations to 30% by 2022 from 25% now, its chairman said on Sunday.
The bank plans to open a representative office in China next year and is upgrading its license in Abu Dhabi to an asset management company from a representative office.
TBI’s revenues totalled $550 million in 2018 with trade finance contributing the lion’s share. Its retail and international operations business accounts for 25% of its revenues.
Mideast Markets Trade Mixed With Focus on Earnings: Inside EM - Bloomberg
Mideast Markets Trade Mixed With Focus on Earnings: Inside EM - Bloomberg:
Stock markets in Dubai, Abu Dhabi, Kuwait and Bahrain advanced, while those in Saudi Arabia, Oman, Qatar and Israel retreated as investors wait for earnings season to build up.
“Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, a senior financial analyst at Mena Corp in Dubai. “Real-estate names should remain on focus, with recurring income seen pressured.”
In Saudi Arabia, the biggest stock market in the Middle East and Africa, dairy producer Almarai Co. fell after second-quarter profit was slightly below forecasts. In Kuwait, the main index is poised for its seventh session of increases with lenders contributing the most.
Stock markets in Dubai, Abu Dhabi, Kuwait and Bahrain advanced, while those in Saudi Arabia, Oman, Qatar and Israel retreated as investors wait for earnings season to build up.
“Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, a senior financial analyst at Mena Corp in Dubai. “Real-estate names should remain on focus, with recurring income seen pressured.”
In Saudi Arabia, the biggest stock market in the Middle East and Africa, dairy producer Almarai Co. fell after second-quarter profit was slightly below forecasts. In Kuwait, the main index is poised for its seventh session of increases with lenders contributing the most.
#UAE to Allow 100% Foreign Ownership of Maritime Businesses - Bloomberg
U.A.E. to Allow 100% Foreign Ownership of Maritime Businesses - Bloomberg:
The United Arab Emirates is preparing a draft law that would allow foreigners to own up to 100% of businesses in the maritime industry in accordance with specific criteria, Infrastructure and Development Minister Abdullah Al Nuaimi said Sunday in Abu Dhabi.
The legislation, which is expected to pass in the first half of 2020, will address areas ranging from vessel ownership to dispute resolution, according to Al Nuaimi, who’s also chairman of the U.A.E Federal Transport Authority. The minister referred to a cabinet decision on July 2 that allows each of the country’s seven emirates to set foreign ownership limits in various sectors.
The United Arab Emirates is preparing a draft law that would allow foreigners to own up to 100% of businesses in the maritime industry in accordance with specific criteria, Infrastructure and Development Minister Abdullah Al Nuaimi said Sunday in Abu Dhabi.
The legislation, which is expected to pass in the first half of 2020, will address areas ranging from vessel ownership to dispute resolution, according to Al Nuaimi, who’s also chairman of the U.A.E Federal Transport Authority. The minister referred to a cabinet decision on July 2 that allows each of the country’s seven emirates to set foreign ownership limits in various sectors.
How #Dubai's Marka missed its mark | ZAWYA MENA Edition
How Dubai's Marka missed its mark | ZAWYA MENA Edition:
The flotation of retail group Marka on the Dubai Financial Market (DFM) five years ago generated a real buzz among capital markets participants in the United Arab Emirates, and with good reason.
Marka’s initial public offering (IPO) in April 2014 was the first to take place on the Dubai Financial Market (DFM) in more than five years and the company counted many of the UAE’s business elite among its 151 founding shareholders, such as Aldar Properties chairman Abubaker Al Khoori and Khaled Almheiri, founder of Evolvence Capital. The company raised a total of around 500 million dirhams ($133.4 million) - 225 million dirhams from founding shareholders and 275 million via the IPO.
Starting from scratch, Marka vowed to become an international player in dining and retail, but it would be an understatement to say that things haven’t worked out as planned. Five years on from going public, its shareholders want to liquidate the loss-making firm after it defaulted on debts that total six times its dwindling annual revenue.
The flotation of retail group Marka on the Dubai Financial Market (DFM) five years ago generated a real buzz among capital markets participants in the United Arab Emirates, and with good reason.
Marka’s initial public offering (IPO) in April 2014 was the first to take place on the Dubai Financial Market (DFM) in more than five years and the company counted many of the UAE’s business elite among its 151 founding shareholders, such as Aldar Properties chairman Abubaker Al Khoori and Khaled Almheiri, founder of Evolvence Capital. The company raised a total of around 500 million dirhams ($133.4 million) - 225 million dirhams from founding shareholders and 275 million via the IPO.
Starting from scratch, Marka vowed to become an international player in dining and retail, but it would be an understatement to say that things haven’t worked out as planned. Five years on from going public, its shareholders want to liquidate the loss-making firm after it defaulted on debts that total six times its dwindling annual revenue.
#Saudi Almarai shares plunge after Q2 profit drop, management changes | ZAWYA MENA Edition
Saudi Almarai shares plunge after Q2 profit drop, management changes | ZAWYA MENA Edition:
Shares of Saudi food company Almarai dropped 2% in morning trade after it reported a nearly 12% drop in quartery net profit and announced top management changes.
Almarai posted a net profit of 582.5 million riyals ($155.46 million) in the quarter ended June 30, down from 661.41 million in same period a year earlier.
Arqaam Capital said the result was in line with its expectations, but reflected downward pressure on pricing and volumes as demand is hit by more Saudi expats leaving the country.
Shares of Saudi food company Almarai dropped 2% in morning trade after it reported a nearly 12% drop in quartery net profit and announced top management changes.
Almarai posted a net profit of 582.5 million riyals ($155.46 million) in the quarter ended June 30, down from 661.41 million in same period a year earlier.
Arqaam Capital said the result was in line with its expectations, but reflected downward pressure on pricing and volumes as demand is hit by more Saudi expats leaving the country.
MIDEAST STOCKS- #Kuwait extends gains on MSCI upgrade, #Saudi up on banks - Reuters
MIDEAST STOCKS-Kuwait extends gains on MSCI upgrade, Saudi up on banks - Reuters:
Kuwait extended gains for the seven straight session on Sunday amid sustained investor interest after index compiler MSCI last month decided to upgrade Kuwaiti equities to its main emerging markets index in 2020.
Other Gulf markets were trading higher, albeit in a narrow range, supported by a rise in oil prices on Friday, aided by tensions over Iran and an extension to output cuts by OPEC and its allies.
Kuwait’s index rose 1.1% to 6,615 points, taking the index to a new high this year.
Kuwait extended gains for the seven straight session on Sunday amid sustained investor interest after index compiler MSCI last month decided to upgrade Kuwaiti equities to its main emerging markets index in 2020.
Other Gulf markets were trading higher, albeit in a narrow range, supported by a rise in oil prices on Friday, aided by tensions over Iran and an extension to output cuts by OPEC and its allies.
Kuwait’s index rose 1.1% to 6,615 points, taking the index to a new high this year.
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