Gulf IPOs pulled back slightly in 1H, raising a combined USD 3.4 bn across 24 listings — a 6% y-o-y drop from the same period last year, according to a report (pdf) by Kuwaiti research firm Markaz.

Saudi remained the region’s IPO powerhouse, accounting for the lion’s share with USD 2.8 bn raised across 22 offerings — a 36% increase in value over 1H 2024 and representing 85% of total GCC IPO proceeds in the first six months of the year. The largest Saudi listing of the period came from Flynas, followed by Umm Al Qura.

A slow 1H for the rest: The UAE saw only one listing in the first half of the year, with IT services firm Alpha Data raising USD 163 mn, excluding Dubai Holding’s blockbuster AED 2.2 bn (USD 600 mn) listing of Dubai Residential REIT. Oman also contributed a single listing via Asyad Shipping, which raised USD 333 mn. Kuwait, Qatar, and Bahrain saw no listings in 1H.

Cyclicals dominated: The industrial sector led the way, accounting for 43% of total IPO proceeds with USD 1.4 bn raised. That included listings from Asyad, Nass, and several logistics and consultancy firms. Real estate followed with 17% of total proceeds, led by Umm Al Qura. Meanwhile, Specialized Medical Company contributing the bulk of USD 505 mn raised by healthcare IPOs

Kuwait’s bourse topped the region in performance, rising 18.1% YTD, followed by Dubai (10.6%), Abu Dhabi (5.7%), and Qatar (1.7%). In contrast, Tadawul ended H1 down 7.6%, and Bahrain’s Bourse lost 2.1%.

MARKETS THIS MORNING-

Asian markets are seeing yet another mixed morning, following gains for Asian chip stocks after the US lifted export curbs to China. Hong Kong’s Hang Seng is up 0.5%, while Japan’s Nikkei and the Shanghai Composite are both inching down 0.1%. Meanwhile, Wall Street futures are indicating a lower opening as the bank earnings season kicks into gear.

EGX30

33,935

+0.6% (YTD: +14.1%)

USD (CBE)

Buy 49.34

Sell 49.48

USD (CIB)

Buy 49.36

Sell 49.46

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

11,095

-1.1% (YTD: -7.8%)

ADX

10,151

+0.9% (YTD: +7.8%)

DFM

5,914

+1.0% (YTD: +14.6%)

S&P 500

6,244

-0.4% (YTD: +6.2%)

FTSE 100

8,938

-0.7% (YTD: +9.4%)

Euro Stoxx 50

5,354

-0.3% (YTD: +9.4%)

Brent crude

USD 68.86

-0.5%

Natural gas (Nymex)

USD 3.52

+1.6%

Gold

USD 3,337

-0.7%

BTC

USD 116,821

-2.7% (YTD: +24.7%)

S&P Egypt Sovereign Bond Index

879.37

-0.1% (YTD: +13.1%)

S&P MENA Bond & Sukuk

145.63

-0.2% (YTD: +4.1%)

VIX (Volatility Index)

17.38

+1.1% (YTD: +0.2%)

THE CLOSING BELL-

The EGX30 rose 0.6% at yesterday’s close on turnover of EGP 5.2 bn (5.3% above the 90-day average). International investors were the sole net sellers. The index is up 14.1% YTD.

In the green: ADIB (+4.5%), Egypt Aluminum (+4.2%), and Abou Qir Fertilizers (+3.6%).

In the red: Fawry (-3.7%), Eastern Company (-2.7%), and Rameda (-2.2%).

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