UAE’s DGCX trades $52.72bln contracts in August | ZAWYA MENA Edition:
The Dubai Gold and Commodities Exchange (DGCX) announced it has traded 3.22 million contracts in August at a value of $52.72 billion, versus 2.38 million contracts traded in July.
This is the first time for the DGCX to trade over 3 million contracts in a month, according to a press release.
The exchange has also marked its all-time high daily volume on 5 August after trading over 220,000 contracts with a notional value of $3.86 billion, the release noted.
Sunday 1 September 2019
MIDEAST STOCKS-Banks drag down #Saudi; Financials drive Egypt gains - Agricultural Commodities - Reuters
MIDEAST STOCKS-Banks drag down Saudi; Financials drive Egypt gains - Agricultural Commodities - Reuters:
Banks led Saudi Arabia's stock market
sharply lower on Sunday for a third session in a row, while
gains in financial shares helped keep Egypt's benchmark index at
a four-month high.
Investment bank EFG Hermes said last Wednesday that the
investment case for Saudi banks was no longer "compelling"
against a backdrop of receding passive fund flows and the
emergence of credit quality concerns among others.
The Saudi index lost a further 1.3% on Sunday,
reaching its lowest Since January, and driven down by a 2.6%
fall in Al Rajhi Bank and a 3.5% drop in National
Commercial Bank.
Banks led Saudi Arabia's stock market
sharply lower on Sunday for a third session in a row, while
gains in financial shares helped keep Egypt's benchmark index at
a four-month high.
Investment bank EFG Hermes said last Wednesday that the
investment case for Saudi banks was no longer "compelling"
against a backdrop of receding passive fund flows and the
emergence of credit quality concerns among others.
The Saudi index lost a further 1.3% on Sunday,
reaching its lowest Since January, and driven down by a 2.6%
fall in Al Rajhi Bank and a 3.5% drop in National
Commercial Bank.
Saudis Sharpen Oil Policy Focus With Energy Ministry Reshuffle - Bloomberg
Saudis Sharpen Oil Policy Focus With Energy Ministry Reshuffle - Bloomberg:
With oil trading below Saudi Arabia’s break-even level, energy policy is a top priority for the world’s biggest crude exporter. Following the loss of most of his domestic portfolio, Energy Minister Khalid Al-Falih will now have more time to work on balancing the market.
Saudi Arabia will split the vast energy, industry and mining portfolio that Al-Falih had run since 2016 into two separate ministries. The reshuffle, announced as part of a raft of royal decrees on Friday, sees Al-Falih keeping responsibility over energy policy and losing the industry and mining aspects of the role.
Al-Falih has been the face of OPEC diplomacy over the past three years as the producer group has sought to counter the rising tide of U.S. shale oil that flooded markets. The ministry reshuffle won’t change Saudi oil policy as the kingdom remains focused on curtailing production to balance crude markets and prop up prices, said Edward Bell, commodities analyst at lender Emirates NBD PJSC in Dubai.
With oil trading below Saudi Arabia’s break-even level, energy policy is a top priority for the world’s biggest crude exporter. Following the loss of most of his domestic portfolio, Energy Minister Khalid Al-Falih will now have more time to work on balancing the market.
Saudi Arabia will split the vast energy, industry and mining portfolio that Al-Falih had run since 2016 into two separate ministries. The reshuffle, announced as part of a raft of royal decrees on Friday, sees Al-Falih keeping responsibility over energy policy and losing the industry and mining aspects of the role.
Al-Falih has been the face of OPEC diplomacy over the past three years as the producer group has sought to counter the rising tide of U.S. shale oil that flooded markets. The ministry reshuffle won’t change Saudi oil policy as the kingdom remains focused on curtailing production to balance crude markets and prop up prices, said Edward Bell, commodities analyst at lender Emirates NBD PJSC in Dubai.
Boursa #Kuwait IPO gets CMA nod, set for Q4 launch | ZAWYA MENA Edition
Boursa Kuwait IPO gets CMA nod, set for Q4 launch | ZAWYA MENA Edition:
Kuwait’s Capital Markets Authority (CMA), the regulatory body for securities and current owner of 50% of Boursa Kuwait Securities Company (Kuwait’s only stock exchange operator), today (August 31) announced plans to launch an initial public offering (IPO) of its shares in the exchange during the fourth quarter of 2019.
The IPO is the second and final phase of the privatization process of Boursa Kuwait and follows the sale of 44% of the company to strategic investors in February 2019. Upon conclusion of the transaction, 94% of Boursa Kuwait will be owned by private investors (corporate and individual investors).
Kuwait’s Capital Markets Authority (CMA), the regulatory body for securities and current owner of 50% of Boursa Kuwait Securities Company (Kuwait’s only stock exchange operator), today (August 31) announced plans to launch an initial public offering (IPO) of its shares in the exchange during the fourth quarter of 2019.
The IPO is the second and final phase of the privatization process of Boursa Kuwait and follows the sale of 44% of the company to strategic investors in February 2019. Upon conclusion of the transaction, 94% of Boursa Kuwait will be owned by private investors (corporate and individual investors).
REFILE- #AbuDhabi plans first dollar bond issue in two years - sources - Reuters
REFILE-Abu Dhabi plans first dollar bond issue in two years - sources - Reuters:
Abu Dhabi plans to issue U.S. dollar-denominated bonds this year, three sources familiar with the matter said, its first since 2017, as the oil-rich emirate seeks to take advantage of low rates to offset the impact of falling oil prices.
The government has updated its bond programme documentation and plans to raise the financing before the end of the year, said one of the sources, adding that a bond deal of at least $1 billion was likely.
Abu Dhabi’s Department of Finance did not immediately respond to a request for comment.
Abu Dhabi plans to issue U.S. dollar-denominated bonds this year, three sources familiar with the matter said, its first since 2017, as the oil-rich emirate seeks to take advantage of low rates to offset the impact of falling oil prices.
The government has updated its bond programme documentation and plans to raise the financing before the end of the year, said one of the sources, adding that a bond deal of at least $1 billion was likely.
Abu Dhabi’s Department of Finance did not immediately respond to a request for comment.
#Kuwait Airways to spend $2.5 billion on new aircraft - Reuters
Kuwait Airways to spend $2.5 billion on new aircraft - Reuters:
Kuwait Airways plans to spend about $2.5 billion on 28 new aircraft due to be delivered by 2026, Kuwait Airways Chairman Yousef A. M. J. Alsaqer said.
The planes will be financed with bank debt, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Alsaqer said, declining to disclose how much it will borrow.
“So far we don’t have an agreement with a particular bank or a certain funding body, but everything is planned,” Alsaqer said, adding that Kuwait Airways has already paid installments for the purchase of the aircraft.
Kuwait Airways plans to spend about $2.5 billion on 28 new aircraft due to be delivered by 2026, Kuwait Airways Chairman Yousef A. M. J. Alsaqer said.
The planes will be financed with bank debt, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Alsaqer said, declining to disclose how much it will borrow.
“So far we don’t have an agreement with a particular bank or a certain funding body, but everything is planned,” Alsaqer said, adding that Kuwait Airways has already paid installments for the purchase of the aircraft.
Emerging Markets Are Often Bad in August, But Rarely This Bad - Bloomberg
Emerging Markets Are Often Bad in August, But Rarely This Bad - Bloomberg:
Argentina imploded. Beijing let the yuan slip to the lowest in at least a decade. Global central banks signaled they’re spooked about slowing growth by rushing to cut rates. By almost any measure, August was a month to forget for emerging-market investors.
Consider the following: Developing-nation currencies had their worst August in at least 22 years, puncturing a carry trade bet that had just begun to turn positive. Investors yanked so much cash from exchange-traded funds that flows are poised to turn negative for the year. On top of that, dollar-bond sales fell to a 42-month low.
Malcolm Dorson, who helps manage $640 million of emerging-market funds at Mirae Asset Global Investments in New York, says it’s a good thing he took time off with his family earlier in the summer.
Argentina imploded. Beijing let the yuan slip to the lowest in at least a decade. Global central banks signaled they’re spooked about slowing growth by rushing to cut rates. By almost any measure, August was a month to forget for emerging-market investors.
Consider the following: Developing-nation currencies had their worst August in at least 22 years, puncturing a carry trade bet that had just begun to turn positive. Investors yanked so much cash from exchange-traded funds that flows are poised to turn negative for the year. On top of that, dollar-bond sales fell to a 42-month low.
Malcolm Dorson, who helps manage $640 million of emerging-market funds at Mirae Asset Global Investments in New York, says it’s a good thing he took time off with his family earlier in the summer.
Mideast Markets Are Mixed as Trade Remains in Focus: Inside EM - Bloomberg
Mideast Markets Are Mixed as Trade Remains in Focus: Inside EM - Bloomberg: MIDDLE EASTERN MARKETS:
- Saudi Arabia’s Tadawul All Share Index lost 0.6% as of 10:25am in Riyadh
- Index dropped 5% last week, extending decline in August to 8.2%
- Abu Dhabi’s ADX General Index fell 0.4%, while peers Dubai and Doha climb as much as 0.3% in volatile trading
- Telecom operator Etisalat falls 1.3% and contributes the most to the decrease in Abu Dhabi
- Kuwait’s gauge bucks the trend to rise as much as 1%, boosted by lenders
- Ahli United Bank and Kuwait Finance House gain 2.1% and 0.7%, respectively, after AUB said that due diligence for a merger with KFH has been completed
Stock markets in - Oman and Bahrain are closed due to a local holiday
New #Saudi anti-corruption chief to target public servants - Reuters
New Saudi anti-corruption chief to target public servants - Reuters:
The new head of Saudi Arabia’s anti-corruption commission said he plans to go after graft by ordinary government employees, following a high-profile campaign two years ago that netted princes, ministers and top businessmen.
Members of the kingdom’s economic and political elite were detained for months at Riyadh’s Ritz-Carlton Hotel in a crackdown in 2017 that unsettled some foreign investors Riyadh needs to diversify its economy. Critics said it amounted to a power play and shakedown of the crown prince’s political rivals.
Mazen al-Khamous told Saudi-owned Al Arabiya TV after his appointment on Friday that he had been directed to focus on ending bureaucratic corruption in the world’s top oil exporter and follow up with Crown Prince Mohammed bin Salman on a monthly basis.
The new head of Saudi Arabia’s anti-corruption commission said he plans to go after graft by ordinary government employees, following a high-profile campaign two years ago that netted princes, ministers and top businessmen.
Members of the kingdom’s economic and political elite were detained for months at Riyadh’s Ritz-Carlton Hotel in a crackdown in 2017 that unsettled some foreign investors Riyadh needs to diversify its economy. Critics said it amounted to a power play and shakedown of the crown prince’s political rivals.
Mazen al-Khamous told Saudi-owned Al Arabiya TV after his appointment on Friday that he had been directed to focus on ending bureaucratic corruption in the world’s top oil exporter and follow up with Crown Prince Mohammed bin Salman on a monthly basis.
MIDEAST STOCKS- #Saudi index pressured by banks; other markets mixed - Reuters
MIDEAST STOCKS-Saudi index pressured by banks; other markets mixed - Reuters:
The Saudi Arabian stock market fell for a third straight session on Sunday as banks extended losses while other major Gulf markets were mixed.
Investment bank EFG Hermes had said on Wednesday that the investment case for Saudi banks is no longer “compelling” against a backdrop of receding passive fund flows and the emergence of credit quality concerns among others.
All Saudi banks closed lower in the two sessions after that assessment, dragging the index close to an eight-month low.
The Saudi Arabian stock market fell for a third straight session on Sunday as banks extended losses while other major Gulf markets were mixed.
Investment bank EFG Hermes had said on Wednesday that the investment case for Saudi banks is no longer “compelling” against a backdrop of receding passive fund flows and the emergence of credit quality concerns among others.
All Saudi banks closed lower in the two sessions after that assessment, dragging the index close to an eight-month low.
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