It’s a big morning for cryptobros: BTC is on a tear, breaking past USD 40k for the first time since May 2022. The rally is prompting some pundits to call the start of a bull run that could go as far as USD 100k in 2024, CNBC adds.

What gives? “Broad enthusiasm about [the possibility of] US interest rate cuts and [anticipation of] the imminent approval of US-stockmarket traded BTC funds,” Reuters suggests.

MEANWHILE- Healthcare giant Pure Health is planning to offer up to 10% of the company’s shares in an IPO on the ADX, according to the prospectus published on Friday. The shares will debut at AED 3.26 per share, expecting to raise as much as AED 3.62 bn.

Selling shareholders: Alpha Dhabi Holding, AH Capital, Ataa Financial investments, International Holding Company, and ADQ.

The book-building process starts Wednesday: The six-day subscription period for both retail and institutional investors is between 6-11 December. The company will sell 4.5% to retail investors and 95.5% to institutional investors. Pure Health expects to be listed on the ADX on 20 December.

AND- ADX-listed Aldar Properties has made its first acquisition outside the MENA region with an AED 1.07 bn (SAR 1.09 bn) acquisition of UK property developer London Square, a residential and mixed-used developer primarily focused on Greater London.

TASI

11,219.02

+0.4% (YTD: +7.1%)

MSCI Tadawul 30

1,445.89

+0.3% (YTD: -16.3%)

USD : SAR (SAMA)

3.75

–

Interest rates

6% repo

5.5% reverse repo

EGX30

24,571.98

-0.7% (YTD: +68.3%)

ADX

9,539.08

-0.2% (YTD: -6.6%)

DFM

3,987.75

-0.1% (YTD: +19.5%)

S&P 500

4,594.63

+0.6% (YTD: +19.7%)

FTSE 100

7,529.35

+1% (YTD: +1%)

Euro Stoxx 50

4,418.51

+0.8% (YTD: +16.5%)

Brent crude

USD 78.88

-2.5%

Natural gas (Nymex)

USD 2.81

+0.4%

Gold

USD 2,089.70

+1.6%

BTC

USD 40,023.22

+0.7% (YTD:+130.7%)

THE CLOSING BELL-

The TASI rose 0.4% yesterday on turnover of SAR 4.1 bn. The index is up 7.1% YTD.

In the green: Saudi German Health (+10%), Naqi (+6.3%) and Cenomi Retail (+6%).

In the red: DWF (-5.6%), Al Rajhi Takaful (-5.4%) and Naseej (-3%).

EARNINGS WATCH-

The Saudi Cable Company (SCC) reported a 202% y-o-y rise in losses on the back of a lingering liquidity crisis, it said in a disclosure to Tadawul. The company, which is now bidding to restructure, aims to return to profitability in 2025.

CORPORATE ACTIONS-

Saudi Enaya Cooperative Ins. Co.’s merger with United Cooperative Assurance will improve solvency, Enaya chairman Amr Khashoggi told Argaam last week. Shareholders of the two companies are scheduled to vote on the lash-up tomorrow Enaya said in a regulatory filing last month.

Tags: