Dubai made positive gains while the Egyptian market has witness a positive pick-up since the End of June
In regional markets last week, Saudi was down by 0.9%, driven to a large extent by a majority of companies reporting Q2 earnings below market expectations. Saudi Arabia Mining Co, Saudi Hollandi Bank, Saudi Electricity, Dar Al Arkan Real Estate, Saudi Ceramic and Yamama Cement all significantly surprised the market to the downside with their quarterly earnings releases according to alternative asset management and advisory firm Al Masah Capital's weekly investment report.
On a positive note, Al Marai and Yanbu National Petrochemical Co beat analyst estimates by 19% and 66% respectively. A spokesperson at Al Masah Capital said, "Since the end of June the Egyptian market has witnessed a pick-up, rising by more than 10%, driven by rumours of further currency devaluation, however this past week saw the stock market decline by 1.9% with Ezz Steel reporting Q2 EPS in the red."
Dubai made further gains last week, rising by 2% on the back of Emaar, Air Arabia, Dubai Parks & Resorts and Aramex having strong weekly price performance, rising by 4.5%, 4.4%, 3.1% and 10.6% respectively while Emirates NBD beat earnings expectations modestly by 6% and rose by 1.4% for the week.
Abu Dhabi was flattish rising by just 0.3% for the week with ADCB reporting strong earnings coming in 12.8% above estimates giving the stock reason to rise by 3.6% for the week. Qatar ended the week higher by 1% on the back of strong earnings releases, namely Qatar Islamic Bank, Doha Bank and Gulf Warehousing Co which each beat consensus earnings estimates by double digit figures. Kuwait was flat for the week with not much action. The ICE Brent Futures active contract fell by 2.5% over the past week with news of US oil producers continuing to add rigs, the fourth week in a row and longest consecutive additions since August of last year.
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About Al Masah Capital
Al Masah Capital is one of the fastest growing alternative asset management and advisory firms focused on the MENA and SEA regions. Established in 2010 Al Masah Capital provides tailored solutions to a broad investor base, offering private equity advisory (across Healthcare, Education, Food & Beverages, Logistics and other consumer driven sectors), asset management, corporate and real estate advisory as well as public market research services.
With operations in Dubai, Abu Dhabi and Singapore, Al Masah advises qualifying investors on growth opportunities in 13 focus markets in MENA and South East Asia.
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© Press Release 2016
