India’s stock market is on track to eclipse Hong Kong: Recent surges in Indian share prices have put the country’s stock exchange on track to surpass Hong Kong and become one of the world’s largest trading centers, according to the Financial Times. The National Stock Exchange of India’s total market cap stood at USD 3.7 tn at the end of October, and with strong earnings and growth projections pushing share prices higher in the weeks since, the Mumbai-based market is poised to take the place of the Hong Kong stock exchange (October market cap: USD 3.9 tn) as the world’s seventh-largest exchange.

The hometown angle: Egypt is looking to raise (debt) finance in the Indian capital markets for the first time ever next year with an INR-denominated bond sale.

BIG US M&A NEWS-

  • US health ins. firm Cigna pulled out of a planned merger with Humana — a transaction that would’ve created a USD 140 bn ins. giant. (Financial Times)
  • An investor consortium has submitted a USD 5.8 bn bid for American department store company Macy’s. (Wall Street Journal)

TASI

11,296.72

+0.6% (YTD: +7.8%)

MSCI Tadawul 30

1,448.38

+0.6% (YTD: -13.8%)

USD : SAR (SAMA)

3.75

–

Interest rates

6% repo

5.5% reverse repo

EGX30

24,189.83

-2% (YTD: +65.7%)

ADX

9,400.75

-0.7% (YTD: -7.9%)

DFM

3,951.52

-0.1% (YTD: +18.5%)

S&P 500

4,604.37

+0.4% (YTD: +19.9%)

FTSE 100

7,554.47

+0.5% (YTD: +1.4%)

Euro Stoxx 50

4,523.31

+1.1% (YTD: +19.2%)

Brent crude

USD 75.84

+2.4%

Natural gas (Nymex)

USD 2.58

-0.2%

Gold

USD 2,014.50

-1.6%

BTC

USD 43,785.98

-0.5% (YTD: +154.5%)

THE CLOSING BELL-

The TASI rose 0.6% yesterday on turnover of SAR 5 bn. The index is up 7.8% YTD.

In the green: Amiantit (+9.9%), Naseej (+9.8%) and Maharah (+8.4%).

In the red: APC (-2%), Saptco (-1.9%) and Bindawood (-1.9%).

Asian markets are largely up this morning as investors welcome Chinese inflation falling at its fastest pace since 2020, according to CNBC. Equities futures suggest Europe will largely open in the green later today, while Wall Street could be looking at a mixed open.

CORPORATE ACTIONS-

Tadawul-listed Northern Region Cement Company has agreed to sell its assets in Iraq in a transaction worth USD 44 mn.

Industrial investment firm Alujain Corporation said it has closed the acquisition of shares of its subsidiary National Petrochemical Industrial Company (NAPTET), bringing its ownership in NAPTET to 97.6% from 88.6%, according to a disclosure to Tadawul yesterday.

Shareholders of Development Works Food (DWF) have rejected the board’s recommendation to go ahead with a SAR 216 mn capital increase via rights issue.

Dar Almarkabah’s Board of Directors has dismissed board member Iyad Muhammed Amin Bakhsh at the request of a shareholder that owns over 10% of the company’s capital.

Acwa Power said Al Rajhi Holding — one of its major shareholders with a 11.2% stake — is restructuring how it holds its Acwa shares.

Tags: