{"id":612397,"date":"2023-12-21T00:00:00","date_gmt":"2023-12-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/2023-was-good-to-tadawul\/"},"modified":"2023-12-21T00:00:00","modified_gmt":"2023-12-21T00:00:00","slug":"2023-was-good-to-tadawul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/2023-was-good-to-tadawul\/","title":{"rendered":"2023 was good to Tadawul"},"content":{"rendered":"

Traders are feeling grumpy in Asia this morning. <\/strong>But first: A look at Tadawul, which is closing the books on a year that sees international institutional investors finally giving a second look to one of the world\u2019s most compelling equities markets. <\/p>\n

Saudi\u2019s Tadawul is piquing the interest of fund managers from across the globe<\/strong>, with its benchmark index rallying 11% this year on the back of its economic diversification program, Bloomberg<\/a> reports.<\/p>\n

Diversification has helped change investor perceptions<\/strong>. <\/strong>Banks and petrochemical players are now joined on the bourse by listings from healthcare, retail, and power companies as well as (most recently) the broadcaster MBC<\/a>. A string of IPOs since January 2022 has seen IPOs worth USD 11.5 bn go to market.<\/p>\n

There\u2019s also simply a lack of alternative EMs in which to invest:<\/strong> China\u2019s economic slowdown and Russia\u2019s exclusion from the MSCI index have played to the advantage of KSA, and Egypt belongs to domestic and retail investors right now thanks to a currency overhang.<\/p>\n

One stumbling block to Tadawul\u2019s growth:<\/strong> The market is still geared for local investors, with foreign ownership limits set at just under 50% for most stocks. Passive inflows alone would deliver USD 7.3 bn in additional inflows if those were scrapped, Arqaam Capital\u2019s Elia Alchaar told Bloomberg. <\/p>\n

SPEAKING OF IPOs- Low-cost airline Flynas has tapped Goldman Sachs<\/strong>, Morgan Stanley, and Saudi Fransi Capital for a potential IPO in Riyadh next year. (Bloomberg<\/a>)<\/p>\n

AND- PureHealth shares made their debut on the ADX yesterday<\/strong>, closing up 84% at AED 6.00 after opening the day at AED 3.26. Selling shareholders raised some AED 1 bn in the heavily oversubscribed sale. It was the second-largest IPO in the UAE this year after ADNOC Gas. <\/p>\n

ADVISORS- <\/strong>FAB was lead manager and lead receiving bank of the transaction.<\/p>\n

\n

\n

Asian shares are <\/strong>selling off<\/a><\/strong> this morning<\/strong>, with indexes across the region following New York into the red. A late selloff on Wall Street set the tone<\/a> for this morning\u2019s selling: The three big Wall Street benchmarks all posted yesterday their biggest daily losses since October. Shares in Europe look set to dip at the opening bell later today, putting them on track to trim the gains they\u2019ve made in the past 10 days, futures suggest. <\/p>\n

But: <\/strong>Futures suggest the Santa rally could resume later today in New York and Toronto.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

24,838<\/p>\n<\/td>\n

\n

-1.0% (YTD: +70.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,703<\/p>\n<\/td>\n

\n

+0.1% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,482<\/p>\n<\/td>\n

\n

-0.1% (YTD: -7.11%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,014<\/p>\n<\/td>\n

\n

+0.4% (YTD: +20.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,698<\/p>\n<\/td>\n

\n

-1.5% (YTD: +22.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,716<\/p>\n<\/td>\n

\n

+1.0% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,534<\/p>\n<\/td>\n

\n

0.0% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.70<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.45<\/p>\n<\/td>\n

\n

-1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,048<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 43,402<\/p>\n<\/td>\n

\n

+2.3% (YTD: +163.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (10.7% below the 90-day average). Regional investors were net buyers. The index is up 70.1% YTD.<\/p>\n

In the green: <\/strong>Alexandria Containers and Cargo Handling (+3.7%), E-finance (+1.6%) and Telecom Egypt (+1.4%).<\/p>\n

In the red: <\/strong>Edita (-3.2%), Credit Agricole (-2.8%) and B Investments Holding (-2.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Traders are feeling grumpy in Asia this morning. But first: A look at Tadawul, which is closing the books on a year that sees international institutional investors finally giving a second look to one of the world\u2019s most compelling equities markets. Saudi\u2019s Tadawul is piquing the interest of fund managers from across the globe, with […]<\/p>\n","protected":false},"author":1,"featured_media":612398,"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":[115,72,119,122,219,1134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-saudi-arabia","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"50d67fcb-9296-4f7b-be84-f5c3304950c6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1463.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Tadawul has risen 11% this year","related_issue":[612366],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.9a663e57-8ccb-4223-9a04-dd7c967a2ea0.mp3"},"yoast_head":"\n2023 was good to Tadawul - 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\/2023\/12\/21\/2023-was-good-to-tadawul\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023 was good to Tadawul\" \/>\n<meta property=\"og:description\" content=\"Traders are feeling grumpy in Asia this morning. But first: A look at Tadawul, which is closing the books on a year that sees international institutional investors finally giving a second look to one of the world\u2019s most compelling equities markets. 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The 12 mn shares were sold at SAR 191 apiece, 8.9%\u2026","rel":"","context":"In "PLANET FINANCE"","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":577577,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/aramcos-luberef-to-make-its-tadawul-debut-in-transaction-worth-as-much-as-usd-1-bn\/","url_meta":{"origin":612397,"position":1},"title":"Aramco\u2019s Luberef to make its Tadawul debut in transaction worth as much as USD 1 bn","author":"enterpriseam admin","date":"28 November 2022","format":false,"excerpt":"Saudi Aramco subsidiary Luberef plans to go public by selling a c.30% stake on the Tadawul, according to the company\u2019s intention to float (pdf). Jadwa Industrial Investment Company is the selling shareholder, while Saudi Aramco will retain its 70% stake in the company, the ITF reads. Luberef plans to announce\u2026","rel":"","context":"In "PLANET FINANCE"","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":556125,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/12\/acwa-opens-strong-on-tadawul-share-price-skyrockets-to-upper-limit\/","url_meta":{"origin":612397,"position":2},"title":"ACWA opens strong on Tadawul, share price skyrockets to upper limit","author":"enterpriseam admin","date":"12 October 2021","format":false,"excerpt":"It was a fast start for ACWA Power on the Tadawul, with its share price shooting up its 30% limit to SAR 72.80 within ten minutes of the company\u2019s debut yesterday. The price stayed there until the closing bell. ACWA\u2019s debut comes as the Gulf appears to be beckoning a\u2026","rel":"","context":"In "PLANET FINANCE"","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":556092,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/uae-market-regulator-gets-female-chief-executive-acwa-power-shares-make-tadawul-debut-this-morning\/","url_meta":{"origin":612397,"position":3},"title":"UAE market regulator gets female chief executive + ACWA Power shares make Tadawul debut this morning","author":"enterpriseam admin","date":"11 October 2021","format":false,"excerpt":"UAE gets first woman market regulator: Maryam Butti Al Suwaidi was appointed chief executive of the UAE\u2019s market regulator \u2014 the Securities and Commodities Authority \u2014 in what is a significant step for the representation of women in finance in the Gulf, Bloomberg reports. The UAE market regulator is leading\u2026","rel":"","context":"In "PLANET FINANCE"","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":543795,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/","url_meta":{"origin":612397,"position":4},"title":"Planet Finance: UK inflation hits a fresh three-decade high, spurring fears of half-point rate hike","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Against expectations, UK inflation accelerated for a fourth consecutive month in January to reach 5.5%, marking a fresh 30-year high, according to the Office of National Statistics. Economists and the Bank of England (BoE) had expected inflation to hold steady at 5.4%. The uptick in prices may push the BoE\u2026","rel":"","context":"In "PLANET FINANCE"","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":555272,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/has-the-global-coal-market-topped-out\/","url_meta":{"origin":612397,"position":5},"title":"Has the global coal market topped out?","author":"enterpriseam admin","date":"8 November 2021","format":false,"excerpt":"Egyptian cement companies could get some respite from sky-high coal prices amid signs that the energy supply crises in China and India are abating. Global coal prices have soared to record highs this year as two of the world\u2019s biggest economies faced serious fuel shortages, but the crises are beginning\u2026","rel":"","context":"In "PLANET FINANCE"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=612397"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612397\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612366"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612398"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612397"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612397"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}