{"id":549825,"date":"2022-10-02T04:12:39","date_gmt":"2022-10-02T04:12:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/surprising-no-one-us-stocks-close-3q-in-the-red-a-sparkling-debut-for-salik\/"},"modified":"2022-10-02T04:12:39","modified_gmt":"2022-10-02T04:12:39","slug":"surprising-no-one-us-stocks-close-3q-in-the-red-a-sparkling-debut-for-salik","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/surprising-no-one-us-stocks-close-3q-in-the-red-a-sparkling-debut-for-salik\/","title":{"rendered":"Surprising no one, US stocks close 3Q in the red + A sparkling debut for Salik"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>US stocks closed in the red for the day, the week, the month and the quarter by <\/strong><strong>the end <\/strong><strong>of Friday\u2019s trading session<\/strong>, closing another terrible three months for financial markets that have been roiled by rising interest rates and the fallout from the war in Ukraine, <a href=\"https:\/\/www.cnbc.com\/2022\/09\/29\/stock-futures-are-flat-following-thursdays-broad-sell-off.html\">CNBC<\/a> reports. The S&P 500 had its worst month since March 2020 in September (-9.3%), while the Nasdaq is now at its lowest level since July 2020 after losing another 1.5% on Friday and 10.5% during the month. Meanwhile, the Dow Jones closed below 29k for the first time since November 2020 after falling 1.7% on Friday, leaving it 8.8% in the red for September.<\/p>\n<p><strong>Salik shares pop in first day of trading:<\/strong> Dubai\u2019s toll gate operator Salik\u2019s share price rose as much as 20% in its trading debut last week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-29\/dubai-s-salik-soars-in-trading-debut-after-huge-ipo-order-book?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports, after pulling in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82b555f0-b8b4-47c8-95c3-2d08973ea93c\">over USD 50 bn<\/a> of orders during subscription. Initially priced at AED 2.00 per share, Salik shares rose to a high of AED 2.40 at the market open last Thursday before closing at AED 2.22. The offering was Dubai\u2019s third IPO of the year.<\/p>\n<p><strong>Advisors:<\/strong> Our friends at <a href=\"https:\/\/ent.news\/2022\/10\/Salik-IPO-PRL-English.pdf\">EFG Hermes (pdf)<\/a> and HSBC were joint bookrunners alongside Citigroup, while Emirates NBD, Goldman Sachs and Merrill Lynch were global coordinators.<\/p>\n<p><strong>Porsche shares closed flat on their first day of trading<\/strong> on Thursday, completing their blockbuster EUR 75 bn listing in Frankfurt. Shares rose as much as 2.9% but fell back to close at the listing price of EUR 82.50 amid a 1.7% decline in the benchmark DAX index. The listing was Germany\u2019s second-largest IPO; shares closed on Friday essentially unchanged at EUR 82.52, according to market data. (<a href=\"https:\/\/www.reuters.com\/markets\/europe\/porsche-debut-amid-market-tumult-historic-ipo-2022-09-28\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-29\/porsche-set-for-bold-trading-debut-after-pricing-at-top-end?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/11d7258d-9344-4aa3-94a0-e729a10d6c79\">FT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/09\/29\/porsche-shares-rise-in-frankfurt-market-debut.html\">CNBC<\/a>)<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,827<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: -17.8%)<\/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 19.51<\/p>\n<\/td>\n<td>\n<p>Sell 19.59<\/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<\/strong> <strong>CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.53<\/p>\n<\/td>\n<td>\n<p>Sell 19.59<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,405<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: +1.1%)<\/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>9,751<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +14.9%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,339<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +4.5%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,586<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: -24.8%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,894<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -6.7%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,318<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: -22.8%)<\/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 85.14<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.77<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,672.00<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,310.25<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -58.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.3% at Thursday\u2019s close<\/strong> on turnover of EGP 1.19 bn (20.5% above the 90-day average). Local investors were net buyers. The index is down 17.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Qalaa Holdings (+6.1%), Eastern Company (+2.8%) and Telecom Egypt (+2.4%).<\/p>\n<p><strong>In the red: <\/strong>Juhayna (-1.4%), EFG Hermes (-1.1%) and Credit Agricole (-0.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US stocks closed in the red for the day, the week, the month and the quarter by the end of Friday\u2019s trading session, closing another terrible three months for financial markets that have been roiled by rising interest rates and the fallout from the war in Ukraine, CNBC reports. The S&#038;P 500 had its worst [&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":[163,72,119,481,78,122,2455,2232],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549825","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-germany","tag-ipo-watch","tag-planet-finance","tag-porsche","tag-salik","wpautop","entry"],"acf":{"mongo_id":"9afcca08-c7bb-4182-a51a-dfb19a35ca90","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549804],"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>Surprising no one, US stocks close 3Q in the red + A sparkling debut for Salik - 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\/10\/02\/surprising-no-one-us-stocks-close-3q-in-the-red-a-sparkling-debut-for-salik\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Surprising no one, US stocks close 3Q in the red + A sparkling debut for Salik\" \/>\n<meta property=\"og:description\" content=\"US stocks closed in the red for the day, the week, the month and the quarter by the end of Friday\u2019s trading session, closing another terrible three months for financial markets that have been roiled by rising interest rates and the fallout from the war in Ukraine, CNBC reports. 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