Saudi’s MBC taps HSBC and JPMorgan as advisors for upcoming IPO: The region’s largest broadcaster MBC Group has hired HSBC Holdings and JPMorgan Chase & Co as financial advisors ahead of its initial public offering in Saudi Arabia, Bloomberg reported. In what could be one of the most prominent IPOs in the kingdom this year, MBC will offer up 10% of its company to public investors, or 33.3 mn shares.

ALSO WORTH NOTING-

  • Three quarters of foreign funds invested in Chinese stocks left in 2023,marking outflows of nearly USD 25 bn, according to the Financial Times. The dumping of shares has pushed the CSI 300 down 11% in USD terms in 2023 as foreign investors lost faith in the economy as it struggled with a precarious real estate sector and slow post-covid recovery.

ADX

9,541.76

-0.4% (YTD: +6.6%)

DFM

3,985.04

-0.4% (YTD: +19.5%)

Nasdaq Dubai UAE20

3,786.74

-0.8% (YTD: 5.6%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.11% o/n

5.55% 1 yr

TASI

11,129.10

+0.1% (YTD: +0.1%)

EGX30

24,774

+0.1% (YTD: +69.4%)

S&P 500

4,538.19

-0.2% (YTD: +18.2%)

FTSE 100

7,481.99

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Euro Stoxx 50

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Brent crude

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Natural gas (Nymex)

USD 2.85

+0.2%

Gold

USD 2,018.30

-0.2%

BTC

USD 36,786.20

-1.7% (YTD: +123.4%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday turnover of AED 830.8 mn.

In the green: Emirates Driving Company (+12.7%), Al Khaleej Investment (+12.0%) and Chimera (+4.9%).

In the red: Hayah Ins. Company (-4.6%), Bildco (-3.2%) and Aram Group (-2.8%).

Meanwhile, the DFM closed down 0.4% yesterday. The index is up 19.5% YTD.

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