Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Markaz DubaiEgypt are top Performers in February 2014  Join our daily free Newsletter

MENAFN Press - 04/03/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN Press) Kuwait Financial Centre "Markaz" recently released its Monthly Market Research report. In this report, Markaz examines and analyzes the performance of equity markets in the MENA region as well as the global equity markets.

Equity markets from the MENA region continued to increase as nearly all indices ended the month on a positive note. Dubai and Egypt led the region rising by 12 and 9 per cent respectively, while Jordan registered the only decline at 2.5 per cent in February.

The S&P GCC index moved up 3.3 per cent in the month of February to close at 127 points. The S&P Pan Arabian Composite LargeMid Cap Index rose by 4.1 per cent to close at 175 points. Abu Dhabi, Bahrain and Qatar recorded returns of over 5 per cent. While overall market liquidity improved in the region, value traded declined in Abu Dhabi, Kuwait and Jordan.

P/E of Jordan remained unmoved, while valuations of the rest of the MENA countries increased. The Dubai index has the highest P/E ratio of 19.6x followed closely by the Kuwait Weighted Index at 18.2x. Jordan, Qatar, Abu Dhabi and Bahrain have dividend yields over 4%. With relatively low P/E values and high dividend yields, Bahrain, Jordan and Abu Dhabi markets might be offering value. Morocco, Saudi Arabia and Qatar have high price-to-book ratios (around 2x), while Jordan and Bahrain have low P/B ratios.

The value traded in the MENA markets rose by 10.5 per cent in February, to USD 55.5billion compared to USD 50.2billion in January. Saudi Arabia and UAE together account for 83 per cent of the total value traded in the MENA region. Bahrain, Jordan, and Morocco together contributed less than 1 per cent to the total value traded in February. Oman and Morocco witnessed the biggest month-on-month increase in value traded at 223 and 146 per cent, respectively

IPO: Shares of Takaful Oman Insurance, constituting a 40 per cent stake worth OMR 4.08million, were listed in the first week of February The company's share offer was oversubscribed to the tune of five-and-a-half times - four times in the case of retail segment and seven times by institutional investors. The Dubai Financial Market is close to gaining its first new listing since 2009 after Marka, a retailer, announced plans to launch an AED 500million initial public offering that would make it the country's first publicly listed retailer. Marka has already received preliminary approval from the Securities and Commodities Authority (SCA) and is expected to launch the IPO on the DFM as per schedule. 55 per cent stake representing 275 million shares would be offered to the public in an IPO at a price of Dh1 per share. The Saudi Arabian government has planned to sell 15 per cent stake in the country's largest lender, the Jeddah-based National Commercial Bank (NCB), in an IPO. This would be the country's first IPO since 2008. The market regulator's approval for the IPO is expected to be sought in the third quarter of this year

Global equities rallied in February, as the MSCI world index rose by close to 5 per cent. Despite contraction in manufacturing growth in China, emerging markets showed some signs of recovery, as the MSCI EM index ended the month at 966, rising by 3 per cent. The news of strong lending growth in January buoyed the markets, as banks circulated the highest number of new loans in almost four years in January. But this prompted the central bank to drain almost USD 8bn out of money markets, to control lending activity. Emerging markets improved marginally as Shanghai Index rose 0.4 per cent and BSE Sensex (India) grew by 2.3 per cent

IPE Brent declined by 1.6 per cent in the month of February, as energy consumption in the US was down to its lowest level since last June, despite a cold winter. Oil prices continued to remain above USD 100/bbl at month's close, closing at USD 109.1/bbl, despite the drop in value. Gold prices continued to rise, closing at USD 1326 up 6.6 per cent from January close

About Markaz
Kuwait Financial Centre 'Markaz', with total assets under management of over 975 million as of December 31, 2013, was established in 1974 has become one of the leading asset management and investment banking institutions in the Arabian Gulf Region. Markaz was listed on the Kuwait Stock Exchange (KSE) in 1997.



  MENA News Headlines
 Nov 30 2015 - Kuwait oil minister leaves post days before Opec meetingGulf Times
(MENAFN - Gulf Times) Kuwait named Deputy Prime Minister Anas al-Saleh as acting oil minister to replace Ali al-Omair (pictured) who became minister of public affairs and retained his role as state ...

 Nov 30 2015 - Dana Gas wins $1.98bn Kurdistan judgementGulf Times
(MENAFN - Gulf Times) ...

 Nov 30 2015 - India's SpiceJet 'receives' interest from Gulf airlinesGulf Times
(MENAFN - Gulf Times) Indian budget carrier SpiceJet Ltd, which has surged more than 280% this year, said it's received interest from Gulf airlines looking to acquire a stake."Some of the Gulf ...

 Nov 30 2015 - Qatar- Investment in healthcare makes for a healthy economyGulf Times
(MENAFN - Gulf Times) Under the wise and dynamic leadership of His Highness the Emir, Sheikh Tamim bin Hamad al-Thani, the growth and improvement in quality of Qatar's health sector has been a major ...

 Nov 30 2015 - GCC should adopt a holistic approach to managing urban water supply: ExpertGulf Times
(MENAFN - Gulf Times) The GCC (Gulf Cooperation Council) region should adopt a holistic approach to managing urban water supply, according to an expert at the Qatar Environment and Energy Research ...

 Nov 30 2015 - Brent crude dips on firm dollar ahead of OPEC meetingGulf Times
(MENAFN - Gulf Times) Brent crude futures dipped on Monday as traders remained cautious ahead of an OPEC meeting later this week and as a widely expected US interest rate hike strengthened the ...

 Nov 30 2015 - India- Kerala expects more tourists from the GulfGulf Times
(MENAFN - Gulf Times) Encouraged by the response it received at the Arabian Travel Mart held in Dubai in May, Kerala Tourism is conducting a series of roadshows in the Gulf region.The tourism board ...

 Nov 30 2015 - Carson meets Syrian refugees, opposes them coming to USGulf Times
(MENAFN - Gulf Times) Republican presidential candidate Ben Carson, who last week compared Syrian refugees to "rabid dogs," met with refugees in Jordan on Saturday and urged the US government to do ...

 Nov 30 2015 - IS executes 3,500 in Syria since declaring 'caliphate'Gulf Times
(MENAFN - Gulf Times) The Islamic State group has executed more than 3,500 people in Syria, including nearly 2,000 civilians, since declaring its 'caliphate' in June last year, a monitor said ...

 Nov 30 2015 - 16 killed in fighting for south Yemen provinceGulf Times
(MENAFN - Gulf Times) Yemeni loyalists supported by a Saudi-led coalition battled on Sunday to oust Iran-backed rebels from a southern province where they have made gains in recent weeks, with at ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help