Saudi: WSM plans to trade 20% of shares on Nomu
WSM Digitalization and Transformation Company intends to float 390,000 ordinary shares, representing 20% of its total shares, on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul).
KASB Capital Company is acting as the financial advisor and lead manager for the potential transaction, according to a bourse filing.
The offering period will take place from 25 January to 1 February 2024, while the price of the final offering will be announced following the book-building period.
Tadawul greenlighted WSM’s request to trade on Nomu in January 2023, while the Capital Market Authority (CMA) granted its approval on 25 September this year.
Tuesday 26 December 2023
Most Gulf markets in black on US rate cut bets | Reuters
Most Gulf markets in black on US rate cut bets | Reuters
Most stock markets in the Gulf ended higher on Tuesday as cooling U.S. inflation supported the view that the Federal Reserve could cut borrowing costs next year.
The market expectations grew after U.S. data released on Friday showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.5% jump in Etihad Atheeb Telecommunication (7040.SE) and a 1.9% rise in Alinma Bank (1150.SE).
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.3% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai stock market continued to see limited movement and could remain in an uncertain direction for the remaining trading sessions this year, said George Khoury, Global Head of Education and Research at CFI.
"However, the market could benefit from the expectations of improving monetary policy conditions in the coming months."
In Abu Dhabi, the index (.FTFADGI) reversed early losses to close 0.3% higher.
The Qatari benchmark (.QSI) inched 0.1% higher, rising for an eighth consecutive session, with Qatar Islamic Bank (QISB.QA) gaining 2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1%, weighed down by a 1.5% fall in Commercial International Bank (COMI.CA).
Separately, a drone was downed near the Egyptian Red Sea resort city of Dahab on Tuesday, in the second such incident in a month, Reuters reported citing two security sources.
Most stock markets in the Gulf ended higher on Tuesday as cooling U.S. inflation supported the view that the Federal Reserve could cut borrowing costs next year.
The market expectations grew after U.S. data released on Friday showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.5% jump in Etihad Atheeb Telecommunication (7040.SE) and a 1.9% rise in Alinma Bank (1150.SE).
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.3% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai stock market continued to see limited movement and could remain in an uncertain direction for the remaining trading sessions this year, said George Khoury, Global Head of Education and Research at CFI.
"However, the market could benefit from the expectations of improving monetary policy conditions in the coming months."
In Abu Dhabi, the index (.FTFADGI) reversed early losses to close 0.3% higher.
The Qatari benchmark (.QSI) inched 0.1% higher, rising for an eighth consecutive session, with Qatar Islamic Bank (QISB.QA) gaining 2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1%, weighed down by a 1.5% fall in Commercial International Bank (COMI.CA).
Separately, a drone was downed near the Egyptian Red Sea resort city of Dahab on Tuesday, in the second such incident in a month, Reuters reported citing two security sources.
Oil steadies as investors eye Middle East tensions and US rate cut | Reuters
Oil steadies as investors eye Middle East tensions and US rate cut | Reuters
Oil steadied on Tuesday, finding support from geopolitical tensions in the Middle East and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand.
While hopes of rate cuts and conflict in the Red Sea have led to a rebound in crude prices, Maersk's announcement of a restart of shipping routes through the waterway has alleviated supply concerns to a certain extent, said CMC Market analyst Leon Li.
Brent crude futures slipped 7 cents, or 0.1%, to $79.00 a barrel by 1030 GMT while U.S. West Texas Intermediate crude fell 28 cents, or 0.4%, to $73.28.
"The lack of oil supply disruptions is offsetting the support to prices from ongoing geopolitical tensions in the Middle East," said UBS analyst Giovanni Staunovo, adding that trade was thin and in a narrow range typical of holiday periods.
Volume is light because some markets are closed for public holidays.
Oil steadied on Tuesday, finding support from geopolitical tensions in the Middle East and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand.
While hopes of rate cuts and conflict in the Red Sea have led to a rebound in crude prices, Maersk's announcement of a restart of shipping routes through the waterway has alleviated supply concerns to a certain extent, said CMC Market analyst Leon Li.
Brent crude futures slipped 7 cents, or 0.1%, to $79.00 a barrel by 1030 GMT while U.S. West Texas Intermediate crude fell 28 cents, or 0.4%, to $73.28.
"The lack of oil supply disruptions is offsetting the support to prices from ongoing geopolitical tensions in the Middle East," said UBS analyst Giovanni Staunovo, adding that trade was thin and in a narrow range typical of holiday periods.
Volume is light because some markets are closed for public holidays.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Tuesday on optimism that the U.S. Federal Reserve would cut interest rates while geopolitical tensions in the Middle East weighed on investor sentiment.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 2.5% increase in Al Rajhi Bank (1120.SE) and a 2.6% increase in Alinma Bank (1150.SE).
Market expectations that the Fed would cut interest rates next year grew after U.S. data released on Friday showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the Federal Reserve, as most regional currencies are pegged to the dollar.
Dubai's main share index (.DFMGI) added 0.2%, helped by a 0.4% increase in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Israeli Prime Minister Benjamin Netanyahu has vowed to keep fighting in Gaza until Hamas is destroyed, defying global calls for a ceasefire amid concerns the conflict could spread with U.S. and Iran-aligned forces again attacking each other.
Meanwhile, shipping firms had suspended the passage of vessels through the Red Sea that connects with the Suez Canal, which handles about 12% of world trade, and imposed surcharges for re-routing ships.
The Qatari benchmark (.QSI) retreated 0.5%, on course to snap seven sessions of gains, dragged down by a 0.9% fall in petrochemical maker Industries Qatar (IQCD.QA).
Major stock markets in the Gulf were mixed in early trade on Tuesday on optimism that the U.S. Federal Reserve would cut interest rates while geopolitical tensions in the Middle East weighed on investor sentiment.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 2.5% increase in Al Rajhi Bank (1120.SE) and a 2.6% increase in Alinma Bank (1150.SE).
Market expectations that the Fed would cut interest rates next year grew after U.S. data released on Friday showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the Federal Reserve, as most regional currencies are pegged to the dollar.
Dubai's main share index (.DFMGI) added 0.2%, helped by a 0.4% increase in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Israeli Prime Minister Benjamin Netanyahu has vowed to keep fighting in Gaza until Hamas is destroyed, defying global calls for a ceasefire amid concerns the conflict could spread with U.S. and Iran-aligned forces again attacking each other.
Meanwhile, shipping firms had suspended the passage of vessels through the Red Sea that connects with the Suez Canal, which handles about 12% of world trade, and imposed surcharges for re-routing ships.
The Qatari benchmark (.QSI) retreated 0.5%, on course to snap seven sessions of gains, dragged down by a 0.9% fall in petrochemical maker Industries Qatar (IQCD.QA).