Saudi aluminium producer Talco to list 30% on local stock exchange
Saudi Arabia aluminium producer Al Taiseer Group Talco Industrial Company (Talco) has announced plans to list 30% stake, or 12 million shares, on the local stock exchange (Tadawul) at a nominal value of SAR 10 ($2.67).
The IPO price will be determined after the book-building period, which will run from May 20 to 23, 2024.
The retail tranche will take place from May 28 to 29.
The Capital Market Authority, the market regulator, approved the company’s IPO in December 2023.
Thursday 16 May 2024
Mideast Stocks: Most Gulf markets rise on US rate cut optimism; #Dubai slips
Mideast Stocks: Most Gulf markets rise on US rate cut optimism; Dubai slips
Most stock markets in the Gulf ended higher on Thursday, amid rising hopes for interest rate cuts by the U.S. Federal Reserve, while the Dubai index fell for a third straight session. Milder-than-expected U.S. Consumer Price Index data for April fueled optimism that inflation was easing, prompting investors to raise bets that the Fed will cut its policy rate in September and December.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark stock index bounced back after two straight sessions of losses and advanced 0.8%, with ACWA Power rising 6.2% and Saudi National Bank, the kingdom's largest lender, adding 1.7%. Among other gainers, MBC Group climbed 4.7% after the Middle East's largest private media firm reported a quarterly profit.
The Qatari benchmark index was up 0.8%, lifted by gains in most sectors with Qatar Navigation rising 4% and Qatar National Bank, the region's largest lender, climbing 1.5%.
In Abu Dhabi, the benchmark index rose 0.2%, supported by a 2.2% gain in conglomerate Alpha Dhabi and a 1.7% increase in Abu Dhabi Islamic Bank . Among other gainers, Agility Global surged 7% after the multi-business operator and investor reported a more than 300% surge in its first-quarter net profit.
Dubai's benchmark index fell 0.2% to 4,086, its lowest level in nearly four months, pressured by losses in real estate and industry stocks. The low-cost flyer Air Arabia slipped 1.6%, and the blue-chip developer Emaar Properties and its unit Emaar Development dropped 2.7% and 2.2% respectively.
Outside the Gulf, Egypt's blue-chip index was up 3.3%, with all constituents posting gains, led by materials, industry, and healthcare sectors. El Sewedy Electric jumped 8.9% and E-Finance for Digital surged 9.6% after the state-controlled payments firm posted a 64% increase in its first-quarter net profit. Meanwhile, Egypt received $14 billion from the United Arab Emirates on Wednesday as a second payment for the development of the Ras al-Hikma peninsula, a cabinet statement said.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark stock index bounced back after two straight sessions of losses and advanced 0.8%, with ACWA Power rising 6.2% and Saudi National Bank, the kingdom's largest lender, adding 1.7%. Among other gainers, MBC Group climbed 4.7% after the Middle East's largest private media firm reported a quarterly profit.
The Qatari benchmark index was up 0.8%, lifted by gains in most sectors with Qatar Navigation rising 4% and Qatar National Bank, the region's largest lender, climbing 1.5%.
In Abu Dhabi, the benchmark index rose 0.2%, supported by a 2.2% gain in conglomerate Alpha Dhabi and a 1.7% increase in Abu Dhabi Islamic Bank . Among other gainers, Agility Global surged 7% after the multi-business operator and investor reported a more than 300% surge in its first-quarter net profit.
Dubai's benchmark index fell 0.2% to 4,086, its lowest level in nearly four months, pressured by losses in real estate and industry stocks. The low-cost flyer Air Arabia slipped 1.6%, and the blue-chip developer Emaar Properties and its unit Emaar Development dropped 2.7% and 2.2% respectively.
Outside the Gulf, Egypt's blue-chip index was up 3.3%, with all constituents posting gains, led by materials, industry, and healthcare sectors. El Sewedy Electric jumped 8.9% and E-Finance for Digital surged 9.6% after the state-controlled payments firm posted a 64% increase in its first-quarter net profit. Meanwhile, Egypt received $14 billion from the United Arab Emirates on Wednesday as a second payment for the development of the Ras al-Hikma peninsula, a cabinet statement said.
#Saudi Wealth Fund PIF Slashes Reported Holdings of US Stocks, 13F Shows - Bloomberg
Saudi Wealth Fund PIF Slashes Reported Holdings of US Stocks, 13F Shows - Bloomberg
Saudi Arabia’s sovereign wealth fund slashed the number of US stocks it reported owning at the end of the first quarter, roughly halving its direct holdings in those equities.
The Riyadh-based Public Investment Fund held US-traded stocks with a market value of about $18 billion as of March 31, down from $35 billion at year-end, according to an analysis of a Form 13F filed Wednesday with the US Securities and Exchange Commission.
The report shows the Saudi fund no longer holds numerous tech stocks, including stakes of $600 million or more in each of Amazon.com Inc., Microsoft Corp. and Salesforce Inc. The wealth fund replaced its direct holdings in these and other tech stocks with call options on a lesser number of shares, a move that allows it to maintain some exposure to the companies with less capital at risk.
The Saudi report also dropped entire stakes in US financial and travel companies that it held at year-end. These included a $602 million stake in BlackRock Inc., a $942 million investment in Carnival Corp. and a $757 million position in Booking Holdings Inc.
The PIF is funded through a mixture of borrowing, cash and asset transfers from the government, along with retained earnings from its investments. Institutional investors such as sovereign wealth funds that oversee $100 million or more of equities traded on a US exchange are required to disclose their holdings at the end of each quarter through a Form 13F.
Saudi Arabia’s sovereign wealth fund slashed the number of US stocks it reported owning at the end of the first quarter, roughly halving its direct holdings in those equities.
The Riyadh-based Public Investment Fund held US-traded stocks with a market value of about $18 billion as of March 31, down from $35 billion at year-end, according to an analysis of a Form 13F filed Wednesday with the US Securities and Exchange Commission.
The report shows the Saudi fund no longer holds numerous tech stocks, including stakes of $600 million or more in each of Amazon.com Inc., Microsoft Corp. and Salesforce Inc. The wealth fund replaced its direct holdings in these and other tech stocks with call options on a lesser number of shares, a move that allows it to maintain some exposure to the companies with less capital at risk.
The Saudi report also dropped entire stakes in US financial and travel companies that it held at year-end. These included a $602 million stake in BlackRock Inc., a $942 million investment in Carnival Corp. and a $757 million position in Booking Holdings Inc.
The PIF is funded through a mixture of borrowing, cash and asset transfers from the government, along with retained earnings from its investments. Institutional investors such as sovereign wealth funds that oversee $100 million or more of equities traded on a US exchange are required to disclose their holdings at the end of each quarter through a Form 13F.
#AbuDhabi's Lunate launches ETF tracking Japan equities | Reuters
Abu Dhabi's Lunate launches ETF tracking Japan equities | Reuters
Abu Dhabi investor Lunate Capital is launching an exchange-traded fund (ETF) tracking Japanese equities that will be listed on the Abu Dhabi securities exchange (ADX), the firm said in a statement on Thursday.
Lunate said the Chimera S&P Japan UCITS ETF, its third ETF so far this year, will list on May 29 and give investors access to the top 30 most liquid Japanese stocks listed on the Tokyo Stock Exchange including Toyota (7203.T), opens new tab and Sony (6758.T), opens new tab.
Lunate, which manages $105 billion of assets, is part of a business empire steered by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' (UAE) national security adviser and brother of UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The firm's investments, which include the acquisition announced last month of a 40% stake in the entity that leases ADNOC's oil pipelines, shed a light on how Abu Dhabi is creating a new national champion in alternative investments.
Abu Dhabi investor Lunate Capital is launching an exchange-traded fund (ETF) tracking Japanese equities that will be listed on the Abu Dhabi securities exchange (ADX), the firm said in a statement on Thursday.
Lunate said the Chimera S&P Japan UCITS ETF, its third ETF so far this year, will list on May 29 and give investors access to the top 30 most liquid Japanese stocks listed on the Tokyo Stock Exchange including Toyota (7203.T), opens new tab and Sony (6758.T), opens new tab.
Lunate, which manages $105 billion of assets, is part of a business empire steered by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' (UAE) national security adviser and brother of UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The firm's investments, which include the acquisition announced last month of a 40% stake in the entity that leases ADNOC's oil pipelines, shed a light on how Abu Dhabi is creating a new national champion in alternative investments.
Gulf markets join global rally as US rate cut hopes rise | Reuters
Gulf markets join global rally as US rate cut hopes rise | Reuters
Most stock markets in the Gulf tracked global equities higher in early trading on Thursday, after a smaller-than-expected rise in U.S inflation bolstered investors' hopes for interest rate cuts by the Federal Reserve.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.4% with most of its constituents posting gains, led by utilities, communication and industry stocks.
ACWA Power (2082.SE), opens new tab was up 2.3%, and MBC Group climbed 4% after the Middle East's largest private media firm reported a quarterly profit.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, lifted by gains in consumer staples, utilities and finance sectors with Mashreqbank (MASB.DU), opens new tab rising 2.1%, and Emirates Central Cooling (EMPOWER.DU), opens new tab adding 1.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1% with conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab gaining 2.2% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab climbing 3.7%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, helped by a 6.1% gain in United Development Co (UDCD.QA), opens new tab and a 1.8% rise in Barwa Real Estate Co (BRES.QA), opens new tab.
Milder-than-expected U.S. Consumer Price Index data for April fuelled optimism that inflation was easing, prompting investors to raise bets that the Fed will cut its policy rate in September and December.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Most stock markets in the Gulf tracked global equities higher in early trading on Thursday, after a smaller-than-expected rise in U.S inflation bolstered investors' hopes for interest rate cuts by the Federal Reserve.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.4% with most of its constituents posting gains, led by utilities, communication and industry stocks.
ACWA Power (2082.SE), opens new tab was up 2.3%, and MBC Group climbed 4% after the Middle East's largest private media firm reported a quarterly profit.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, lifted by gains in consumer staples, utilities and finance sectors with Mashreqbank (MASB.DU), opens new tab rising 2.1%, and Emirates Central Cooling (EMPOWER.DU), opens new tab adding 1.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1% with conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab gaining 2.2% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab climbing 3.7%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, helped by a 6.1% gain in United Development Co (UDCD.QA), opens new tab and a 1.8% rise in Barwa Real Estate Co (BRES.QA), opens new tab.
Milder-than-expected U.S. Consumer Price Index data for April fuelled optimism that inflation was easing, prompting investors to raise bets that the Fed will cut its policy rate in September and December.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.