{"id":547794,"date":"2022-07-06T04:19:02","date_gmt":"2022-07-06T04:19:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/boomtime-over-tecom-shares-fall-in-dubai-debut\/"},"modified":"2022-07-06T04:19:02","modified_gmt":"2022-07-06T04:19:02","slug":"boomtime-over-tecom-shares-fall-in-dubai-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/boomtime-over-tecom-shares-fall-in-dubai-debut\/","title":{"rendered":"Boomtime over? Tecom shares fall in Dubai debut"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Another sign that the Gulf IPO boom may have peaked: <\/strong>Dubai business park operator Tecom Group dropped as much as 17% in its trading debut in Dubai yesterday, in a fresh sign that Gulf markets are finally feeling the same headwinds as the rest of us. Tecom\u2019s IPO was massively oversubscribed, drawing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b54b384-c686-4c70-8bf6-a08897085e58\">USD 9.6 bn in orders<\/a> for its USD 454 mn IPO. But in a reversal of fortunes yesterday, the real estate firm suffered major selling pressure when the markets opened, and ended the day 8.6% in the red at AED 2.44.<\/p>\n<p><strong>Gulf public offerings had for some time been one of 2022\u2019s only bright spots for global equities<\/strong>, which have been battered by soaring inflation, rising interest rates, and geopolitical uncertainty. The Gulf IPO market had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7624e7df-d79a-4108-a437-abdedf63727b\">a record first half of the year<\/a> as surging oil prices buoyed the region\u2019s financial markets.<\/p>\n<p><strong>But that could now be starting to change:<\/strong> Shares in Saudi Arabia, the UAE and Qatar have fallen back dramatically over the past two months as concerns over the global economic outlook overshadow oil revenues. Another indication that the market is running out of steam came earlier this week, when Saudi Arabia\u2019s Al Othaim family said it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76b138c4-26fd-47e3-8547-d3c92d26b827\">cancel plans<\/a> to sell a 30% stake in its malls business to the public.<\/p>\n<p><strong>A rare event:<\/strong> Shares rarely fall on debut in the Gulf. The last stock to suffer opening day losses in Dubai was Emaar Development back in November 2017, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-05\/dubai-business-park-operator-opens-flat-in-sign-of-waning-demand?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>ALSO IN PLANET FINANCE- <\/strong><\/p>\n<ul>\n<li><strong>Riyadh + Abu Dhabi announce new social support amid soaring inflation:<\/strong> Saudi Arabia and the UAE have set aside a combined USD 13 bn to support low-income citizens struggling with rising living costs. (<a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=en&newsid=2367807#2367807\">SPA<\/a> | <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303063434\">WAM<\/a>)<\/li>\n<li><strong>You win some:<\/strong> Shell has bought a 6.25% stake in Qatar Energy\u2019s USD 29 bn gas megaproject, following the likes of Total, Exxon, and Eni. (<a href=\"https:\/\/www.shell.com\/media\/news-and-media-releases\/2022\/shell-to-participate-in-qatars-lng-expansion.html\">Shell<\/a> | <a href=\"https:\/\/twitter.com\/qatarenergy\/status\/1544332155639193600\">Qatar Energy<\/a>)<\/li>\n<li><strong>You lose some: <\/strong>Shell may be forced to exit its USD 4.1 bn stake in a major Russian oil and gas project after the Kremlin announced plans to transfer ownership to a Russian company. (<a href=\"https:\/\/www.theguardian.com\/business\/2022\/jul\/01\/shell-may-have-to-abandon-3bn-investment-in-russian-gasfield\">The Guardian<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>8,686<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -27.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.83<\/p>\n<\/td>\n<td>\n<p>Sell 18.91<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.85<\/p>\n<\/td>\n<td>\n<p>Sell 18.91<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,345<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,270<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,122<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,831<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -19.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,025<\/p>\n<\/td>\n<td>\n<p>-2.9% (YTD: -4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,360<\/p>\n<\/td>\n<td>\n<p>-2.7% (YTD: -21.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 104.84<\/p>\n<\/td>\n<td>\n<p>-7.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.65<\/p>\n<\/td>\n<td>\n<p>-3.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,768.40<\/p>\n<\/td>\n<td>\n<p>-2.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,210<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -56.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.33% at yesterday\u2019s close<\/strong> on turnover of EGP 953.9 mn (13.4% above the 90-day average). Local investors were net buyers. The index is down 27.6% YTD.<\/p>\n<p><strong>In the green: <\/strong>Madinet Nasr Housing (+8.0%), MM Group (+5.2%) and Orascom Construction (+5.1%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-7.8%), Ibnsina Pharma (-6.5%) and Cleopatra Hospitals (-5%).<\/p>\n<p><strong>It\u2019s a sea of red in Asia this morning<\/strong> as stocks sell-off on fears of an oncoming recession. Things aren\u2019t looking that much better in Europe and the US, where futures are pointing to heavy losses when markets open later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another sign that the Gulf IPO boom may have peaked: Dubai business park operator Tecom Group dropped as much as 17% in its trading debut in Dubai yesterday, in a fresh sign that Gulf markets are finally feeling the same headwinds as the rest of us. Tecom\u2019s IPO was massively oversubscribed, drawing USD 9.6 bn [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[163,93,72,119,78,91,122,296,270,594,9132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547794","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dubai","tag-energy","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-oil-and-gas","tag-planet-finance","tag-qatar","tag-russia","tag-shell","tag-tecom","wpautop","entry"],"acf":{"mongo_id":"3857eea6-1c5a-4a0c-9ed1-1f1562d6d7d5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547770],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Boomtime over? Tecom shares fall in Dubai debut - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/boomtime-over-tecom-shares-fall-in-dubai-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boomtime over? Tecom shares fall in Dubai debut\" \/>\n<meta property=\"og:description\" content=\"Another sign that the Gulf IPO boom may have peaked: Dubai business park operator Tecom Group dropped as much as 17% in its trading debut in Dubai yesterday, in a fresh sign that Gulf markets are finally feeling the same headwinds as the rest of us. 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Gulf stocks are on track to deliver a 36% return for 2021 in their best annual performance since 2007, thanks in no small part to the global oil squeeze \u2014 and the\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547602,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/new-sharia-compliant-etfs-from-chimera-etfs-at-large-expose-ems-to-shocks\/","url_meta":{"origin":547794,"position":1},"title":"New sharia-compliant ETFs from Chimera + ETFs at large expose EMs to shocks","author":"enterpriseam admin","date":"28 June 2022","format":false,"excerpt":"Our friends at Chimera Capital have launched two US sharia-compliant exchange-traded funds (ETFs), one for value stocks and the other for growth stocks listed on the S&P, according to a statement (pdf). The first of the Abu Dhabi-based investment management firm\u2019s new indices will track the S&P Composite 1500\u2019s 30\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549671,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/everyone-wants-a-piece-of-salik\/","url_meta":{"origin":547794,"position":2},"title":"Everyone wants a piece of Salik","author":"enterpriseam admin","date":"26 September 2022","format":false,"excerpt":"Salik IPO more than 49x oversubscribed: Dubai\u2019s toll gate operator pulled in over USD 50 bn of orders during the subscription period for its market debut, according to a statement (pdf) to the Dubai Financial Market. 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