Investors go running back to Saudi Arabia: Foreign investors have bought SAR 12.7 bn (USD 3.4 bn) worth of Saudi stocks in just the first two weeks of the month, after having sold SAR 26 bn (USD 6.9 bn) last month when they rushed to exit the Saudi market, Bloomberg reported. Mounting concerns that the Israel-Hamas war could escalate into a regional conflict and volatility in the oil market scared off investors from the Saudi market, but investors are returning on the back of promising equity valuations, according to the outlet.

One of MENA’s biggest asset managers is going to get even bigger: Abu Dhabi’s Chimera Investment and ADQ are in reportedly talks to add another USD 50 bn worth of assets to an existing USD 50 bn joint fund Lunate, Bloomberg reported, citing unnamed sources it says are in the know. Lunate was announced in September and plans to invest in “private equity, venture capital, private credit, real assets, public equities, and public credit,” according to a statement (pdf).

ALSO WORTH NOTING-

  • Dangers remain for China’s economic recovery despite promising October figures: Analysts are still concerned about China’s economic health despite industrial output and retail y-o-y figures for October beating expectations, pointing to the struggling property sector and lack of reforms. (Reuters)
  • Morocco’s Neo Motors eyes IPO: Morocco’s first carmaker Neo Motors is targeting a domestic listing on the Casablanca Stock Exchange to help it expand into EV production. (Bloomberg)

EGX30

24,139

+1.0% (YTD: +65.4%)

USD (CBE)

Buy 30.83

Sell 30.96

USD atCIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,023

+1.5% (YTD: +5.2%)

ADX

9,566

+0.4% (YTD: -6.3%)

DFM

3,961

-0.3% (YTD: +18.7%)

S&P 500

4,503

+0.2% (YTD: +17.3%)

FTSE 100

7,487

+0.6% (YTD: +0.5%)

Euro Stoxx 50

4,316

+0.6% (YTD: +13.8%)

Brent crude

USD 81.18

-1.6%

Natural gas (Nymex)

USD 3.15

-1.4%

Gold

USD 1,964.30

-0.1%

BTC

USD 37,654.40

+5.8% (YTD: +126.8%)

THE CLOSING BELL-

The EGX30 rose 1.0% at yesterday’s close on turnover of EGP 3.4 bn (29.9% above the 90-day average). Local investors were net buyers. The index is up 65.4% YTD.

In the green: Palm Hills Development (+5.7%), Alexandria Containers and Cargo Handling (+5.1%) and E-Finance (+5.0%).

In the red: Telecom Egypt (-2.9%), Eastern Company (-2.0%) and Ezz Steel (-1.9%).

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