Latest news with #GeorgePavel
Business Recorder
a day ago
- Business
- Business Recorder
UAE gains on trade optimism, earnings hopes
DUBAI: Gulf equities were mixed on Monday, with UAE markets tracking global gains on trade optimism, while Saudi markets edged down amid mixed earnings and several blue-chip stocks trading ex-dividend. The United States and the European Union on Sunday struck a framework trade agreement that will impose a 15% import tariff on most EU goods, half the previously threatened rate. Meanwhile, senior US and Chinese officials will meet in Stockholm later on Monday to try to extend their tariff truce before an August 12 deadline. Saudi Arabia's benchmark index retreated 0.7%. Banque Saudi Fransi and Arab National Bank dropped 5.3% and 3.8%, respectively, after their shares traded ex-dividend. Petrochemical giant Saudi Kayan reversed early gains to close slightly lower as its second-quarter loss, though halved from a year earlier, was wider than analysts expected. Arabian Cement slid more than 3% after its second-quarter profit fell short of estimates. 'A potential rebound hinges on continued positive earnings announcements and a recovery in oil prices', said George Pavel, general manager at Middle East. Dubai's benchmark index rose as much as 1.4%, before paring gains to end up 0.3% at its highest close in 17-1/2 years. That was the fourth straight day of gains, supported by strong second-quarter earnings and global trade optimism, led by a 2.3% gain in Emirates NBD Bank.
Business Recorder
2 days ago
- Business
- Business Recorder
UAE gains on trade optimism, earnings hopes; Saudi slips in volatile trade
Gulf equities were mixed on Monday, with UAE markets tracking global gains on trade optimism, while Saudi markets edged down amid mixed earnings and several blue-chip stocks trading ex-dividend. The United States and the European Union on Sunday struck a framework trade agreement that will impose a 15% import tariff on most EU goods, half the previously threatened rate. Meanwhile, senior U.S. and Chinese officials will meet in Stockholm later on Monday to try to extend their tariff truce before an August 12 deadline. Saudi Arabia's benchmark index retreated 0.7%. Banque Saudi Fransi and Arab National Bank dropped 5.3% and 3.8%, respectively, after their shares traded ex-dividend. Petrochemical giant Saudi Kayan reversed early gains to close slightly lower as its second-quarter loss, though halved from a year earlier, was wider than analysts expected. Arabian Cement slid more than 3% after its second-quarter profit fell short of estimates. 'A potential rebound hinges on continued positive earnings announcements and a recovery in oil prices', said George Pavel, general manager at Middle East. Gulf stocks firm as markets brace for pivotal week Dubai's benchmark index rose as much as 1.4%, before paring gains to end up 0.3% at its highest close in 17-1/2 years. That was the fourth straight day of gains, supported by strong second-quarter earnings and global trade optimism, led by a 2.3% gain in Emirates NBD Bank. The Abu Dhabi index edged up 0.2%, supported by a nearly 2% jump in heavyweight ADNOC Gas. Qatar's benchmark index eased 0.4%, as traders locked in profits following a recent rally, with most sectors closing in the red, led by a 2.3% decline in Qatar Islamic Bank. Investors are now looking ahead to the next wave of corporate results this week, after a strong run in bank earnings helped lift sentiment across the region, Pavel noted. Outside the Gulf, Egypt's blue-chip index edged down 1.4% following a record peak in the previous session, with Talaat Moustafa Group declining over 3.5%. ------------------------------------------ SAUDI ARABIA dipped 0.7% to 10,885 ABU DHABI added 0.2% to 10,362 DUBAI rose 0.3% to 6,168 QATAR retreated 0.4% to 11,205 EGYPT fell 1.4% to 34,076 BAHRAIN gained 0.1% to 1,951 OMAN advanced 0.1% to 4,743 KUWAIT slid 0.7% to 9,174 ------------------------------------------
Reuters
2 days ago
- Business
- Reuters
UAE gains on trade optimism, earnings hopes; Saudi slips in volatile trade
July 28 (Reuters) - Gulf equities were mixed on Monday, with UAE markets tracking global gains on trade optimism, while Saudi markets edged down amid mixed earnings and several blue-chip stocks trading ex-dividend. The United States and the European Union on Sunday struck a framework trade agreement that will impose a 15% import tariff on most EU goods, half the previously threatened rate. Meanwhile, senior U.S. and Chinese officials will meet in Stockholm later on Monday to try to extend their tariff truce before an August 12 deadline. Saudi Arabia's benchmark index (.TASI), opens new tab retreated 0.7%. Banque Saudi Fransi ( opens new tab and Arab National Bank ( opens new tab dropped 5.3% and 3.8%, respectively, after their shares traded ex-dividend. Petrochemical giant Saudi Kayan ( opens new tab reversed early gains to close slightly lower as its second-quarter loss, though halved from a year earlier, was wider than analysts expected. Arabian Cement ( opens new tab slid more than 3% after its second-quarter profit fell short of estimates. "A potential rebound hinges on continued positive earnings announcements and a recovery in oil prices", said George Pavel, general manager at Middle East. Dubai's benchmark index (.DFMGI), opens new tab rose as much as 1.4%, before paring gains to end up 0.3% at its highest close in 17-1/2 years. That was the fourth straight day of gains, supported by strong second-quarter earnings and global trade optimism, led by a 2.3% gain in Emirates NBD Bank ( opens new tab. The Abu Dhabi index (.FTFADGI), opens new tab edged up 0.2%, supported by a nearly 2% jump in heavyweight ADNOC Gas ( opens new tab. Qatar's benchmark index (.QSI), opens new tab eased 0.4%, as traders locked in profits following a recent rally, with most sectors closing in the red, led by a 2.3% decline in Qatar Islamic Bank ( opens new tab. Investors are now looking ahead to the next wave of corporate results this week, after a strong run in bank earnings helped lift sentiment across the region, Pavel noted. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged down 1.4% following a record peak in the previous session, with Talaat Moustafa Group ( opens new tab declining over 3.5%.
Zawya
18-06-2025
- Business
- Zawya
Israel–Iran conflict could impact GCC IPO pipeline and valuations, warn analysts
The escalating tensions between Israel and Iran will likely hit business confidence in the GCC region, according to the latest geopolitical risk report by S&P Global Ratings, while analysts have warned of a trickle-down effect that could impact the region's IPO pipeline and put valuations at risk. While no IPO has been delayed since the conflict escalated last week, analysts are braced for choppy markets. Nishit Lakhotia, Group Head of Research at Bahrain's Sico Bank, told Zawya that 'it makes prudent sense to not list in a hurry if the macro environment is not conducive and TASI [Tadawul All-Shares Index] itself is trading at June 2021 levels.' Lakhotia's comment comes in wake of the Saudi Exchange closing on Sunday at its lowest level in 20 months, at 10,731.59. It opened almost 4% lower, at 10,429.67, before recovering most of its losses. George Pavel, General Manager at trading platform added that the uncertainty markets have faced in 2025, triggered by April's US tariff turmoil, coupled with recession fears, could result in a deferred IPO pipeline in the region. 'The direct Iran–Israel conflict has acted as an acute shock on top of this fragile environment. Its immediate effect was to trigger sharp market sell-offs and extreme volatility. This instability is making new IPOs more challenging as investor confidence declines,' he stated. All eyes are currently on two major listings coming out of Saudi Arabia: Specialized Medical Company, which closed its retail offering for 15 million shares on the Main Market at 25 Saudi riyals ($6.66) per share on Monday, and budget carrier flynas, which will start trading on Tadawul from June 18. Kate Leaman, Chief Market Analyst at AvaTrade, said the current escalation has introduced fresh uncertainty into the region's IPO plans and that the tone has shifted. 'For large, state-backed deals in particular, this conflict is forcing a rethink,' she said. 'Some issuers may delay. Not indefinitely, but enough to wait for volatility to ease. Deals planned for Q3 may slip into Q4, and a few could even push into 2026, depending on how this unfolds.' According to Leaman, it's not a total freeze, as several smaller IPOs, 'especially those focused on local markets, are moving forward' as they are less exposed to global capital flows and investor sentiment tied to geopolitics. 'In essence, the IPO window isn't shut; it's just narrowed. Big-ticket deals may hold off for stability. But domestic, sector-resilient names could still see strong demand. Unless the conflict escalates further, expect IPO activity to continue in a more cautious, targeted fashion,' she said. Investor sentiment Valuations have also come under scrutiny, with Lokhatia noting this will play a 'central role' in determining the success of the IPOs hitting the market in the coming weeks. Pavel cautioned as well that investors could also use their position to negotiate pricing. 'The conflict forces an immediate and rational repricing of risk, making investors more price-conscious. Investors could demand a significant 'geopolitical discount' to compensate for the new risks of wider tensions. This means issuers must accept lower valuations to attract capital. Speculative, high-growth companies, particularly in tech, could find private market valuations intensely scrutinised and likely unattainable in the current market.' Vijay Valecha, CIO at Century Financial, had a different take, drawing parallels with US President Donald Trump's 'back-and-forth trade policies threatening global supply chains', which sparked expectations of an inflationary environment and caused analysts to expect valuations of IPOs to be affected. 'Despite that, Dubai's Holdings' REIT was priced at the top end of the range and listed at a market valuation of 14.3 billion UAE dirhams ($3.9 billion), firmly positioning it as the largest listed REIT in the GCC,' he said. According to Valecha, GCC markets have become habituated to geopolitical escalations, 'with market participants seeing them as short-term interruptions to rallies and using the dips to enter the market.' (Reporting by Bindu Rai, editing by Seban Scaria)
Zawya
16-06-2025
- Business
- Zawya
Omani market declines amid regional geopolitical tensions
Muscat: The Omani stock market posted a negative performance during the week, declining by 0.78%. Its performance was similar to other markets in the region, with a fall on the last day of trading impacted by the latest geopolitical developments, according to an industry expert. 'This led to a risk-off behaviour, prompting investors to move towards safe-haven assets,' said George Pavel, General Manager at Middle East. This week's performance came after six consecutive weeks of positive recovery in the market, which followed a long period of decline. 'While this week's losses were limited, the escalations in the regional geopolitical sphere indicate potential for continued fear and pressure in the market next week,' said George Pavel. 'Oil prices experienced a strong jump this week, especially following military operations in Iran. While a higher oil price could be beneficial to the economies in the region, geopolitical risks could continue to weigh on stocks,' he added. The downturn was felt across all sectors, with the Industrial sector leading the losses with a 1.44% decline. Significant drops were seen in Al Anwar Ceramic, which plunged 6.09%, and Al Maha Ceramics, which decreased by 4.21%. Gulf Mushroom Products also contributed to the sector's negative performance with a 0.45% fall. Similarly, the Services sector registered a 0.79% loss. Among its constituents, OQ Gas Networks was notably active as one of the week's most traded stocks, closing 1.27% lower. Other decliners included National Gas with a steep 6.45% drop, Asyad Shipping which fell by 1.6%, and Oman Telecom which was down 0.71%. The Financial sector also contributed to the market's negative trend, recording a 0.56% decline. This drop was influenced by a 6.21% fall in Bank Dhofar's shares. Other notable losses in the sector included Oman Emirates, which decreased by 4.05%, and Global Financial Investment, which fell by 0.94%. © Muscat Media Group Provided by SyndiGate Media Inc. (
