Latest news with #ProfitTaking
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed; Dubai at 17-year high
Stock markets in the Gulf ended mixed on Monday with some including the Saudi index hit by profit-taking, while those in the United Arab Emirates continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high. Dubai's main share index rose for sixth consecutive session to close 0.4% higher, at its highest since June 2008, with blue-chip developer Emaar Properties rising 1.1%. In other sectors, National Central Cooling Co (Tabreed) advanced 1.8%. Tabreed and private equity firm CVC's infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's district cooling business. CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion). Multiply Group shares were up 2.6%. The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, Managing Director for MENA at Traze. In Abu Dhabi, the index gained 0.7%. Saudi Arabia's benchmark index dropped 0.4%, snapping a five-session winning streak, weighed down by a 2.5% fall in Al Rajhi Bank. The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi. "However, the potential for lower oil prices remains a headwind," he said. On the other hand, oil giant Saudi Aramco added 0.1%. Oil prices - a catalyst for the Gulf's financial markets - held steady as Middle East risks eased, while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market. The Qatari benchmark lost 0.2%, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar declining 1%. Outside the Gulf, Egypt's blue-chip index retreated 1.1%, with Talaat Moustafa Group Holding dropping 2.3%. Meanwhile, Egypt's economy grew by 4.77% in the third quarter of its 2024/25 fiscal year, up from 2.2% in the same quarter a year earlier, as manufacturing activity recovered, the planning ministry said on Monday. SAUDI ARABIA fell 0.4% to 11,204 Abu Dhabi rose 0.7% to 9,958 Dubai gained 0.4% to 5,706 QATAR eased 0.2% to 10,750 EGYPT lost 1.1% to 32,858 BAHRAIN was up 0.3% to 1,944 OMAN eased 0.1% to 4,501 KUWAIT added 0.4% to 9,188 ($1 = 3.6724 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Aidan Lewis)
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets mixed in early trade, Dubai at 17-year high
Major Gulf stock markets were mixed in early trade on Monday with the Saudi index easing on profit-taking, while the Dubai bourse hit its highest level in seventeen years. Dubai's main share index gained 0.7%, trading at its highest since May 2008, with blue-chip developer Emaar Properties rising 0.8%. Elsewhere, National Central Cooling Co (Tabreed) advanced 2.1%. Tabreed and private equity firm CVC's infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's district cooling business. CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion). Multiply Group shares jumped more than 6% to 2.52 dirhams, hitting the highest in over a year. In Abu Dhabi, the index was up 0.6%. The market's attention also turned to the revival of trade talks between the United States and Canada. Canada has rescinded its digital services tax in a bid to advance trade negotiations with the U.S., Canada's finance ministry said in a statement on Sunday. Saudi Arabia's benchmark index eased 0.1%, on course to snap a five-day winning streak, hit by a 1.4% fall in Al Rajhi Bank and a 0.2% decrease in oil giant Saudi Aramco. Oil prices - a catalyst for the Gulf's financial markets - continued to struggle on concerns about plans for increased output from OPEC+, which contributed to a 12% slide last week. The Qatari index fell 0.2%, with Qatar Navigation losing 1.3%.
Forbes
06-06-2025
- Business
- Forbes
China Market Update: Meituan Receives Outsized Mainland Flow, Week In Review
CLN KraneShares Asian equities ended a positive week mixed, led by India following a larger-than-expected rate cut (0.50% vs. 0.25%). South Korea was closed for Memorial Day, and Indonesia, Pakistan, and the Philippines were closed for Eid al-Adha, also known as the Feast of Sacrifice, 'a festival to honor the willingness of the Prophet Ibrahim to follow the command of Allah to sacrifice his son.' Hong Kong and Mainland China saw profit taking in recent growth and technology outperformers despite the Trump-Xi call, as some pointed to a lack of details, though President Trump confirmed the US would be represented by Bessent, Lutnick, and Greer at a yet-to-be-determined location. The markets had risen on the chatter of a call in another example of markets' forward-looking nature, i.e., buy the rumor and sell the news. Short-video platform Kuaishou Technology gained +8.44% as the company announced its Kling AI, an AI online video generator, will generate $100 million in revenue by February of 2026. E-commerce names, including Alibaba and which fell -1.44% and -1.45%, as several provinces, including Jiangsu and Chongqing, announced they had run out of home appliance subsidies to be used in the 618 (June 18) E-Commerce sales event. I suspect the issue will be resolved in short order. Electric vehicle (EV) stocks, including BYD, which fell -2.18%, Xiaomi, which fell -2.12%, Li Auto, which was flat, and XPeng, which fell -1.77%, were mostly lower on yesterday's news of the Ministry of Industry and Information Technology's (MIIT) price war warning. It seems like a positive to me! Value plays such as telecom and precious metals outperformed. Mainland investors bought the dip in Hong Kong, with $862 million worth of net buying via Southbound Stock Connect. Meituan saw another day of strong net inflow, as 13.54% of shares are now held by Mainland investors, up from only 11% earlier this year. I don't know what's driving Mainland investors' significant Meituan inflows, at 200 million shares bought, but it is interesting. Like Hong Kong, value stocks outperformed growth stocks in Shanghai and Shenzhen, as oil, precious metals, and aerospace stocks rallied. May's consumer price index (CPI) and producer price index (PPI) will be reported on Sunday. The US Treasury did not label China a currency manipulator, though it does highlight the strength of the Renminbi versus the US dollar, recently. CNY hit a low of 7.34 CNY per USD on April 9th following Liberation Day, though CNY has rallied to 7.18 (CNY is quoted USD per CNY, so a decline is appreciation versus the US dollar). More surprising is that Hong Kong and US-listed China stocks haven't rallied more due to the appreciation of the underlying businesses, as their revenues are denominated in Renminbi. Hopefully, we'll see this move soon! New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read Chart1 KraneShares Chart2 KraneShares Chart3 KraneShares Chart4 KraneShares Chart5 KraneShares Chart6 KraneShares
