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Saudi Exchange marks 400th listing across all securities 

Saudi Exchange marks 400th listing across all securities 
According to the statement, Tadawul consistently ranks in the top 10 exchanges globally for IPO proceeds. File
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Updated 01 April 2024
ARAB NEWS 
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Saudi Exchange marks 400th listing across all securities 

Saudi Exchange marks 400th listing across all securities 
Updated 01 April 2024
ARAB NEWS 
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RIYADH: Saudi Exchange has welcomed its 400th listing across all securities, underlining the growing prominence of the bourse in the capital market. 

As of March 27, the exchange has 216 securities listed on the Tadawul All Share Index, with the parallel market Nomu featuring 83 listings. 

Additionally, there are 71 sukuk and bonds, followed by 19 real estate investment trusts, nine exchange-traded funds, and two closed-end funds. 

In a press statement, Tadawul highlighted that this achievement underscores the exchange’s pivotal role in bolstering the Kingdom’s economy, supported by strong international investor interest. 

Nasser Al-Ajaji, chief of listing at Saudi Exchange, said: “The 400th listed security on the Saudi Exchange marks a significant milestone and is a clear testament to the Kingdom’s dynamic capital market and its growing appeal to investors globally.”   

He said that Tadawul has quickly grown to become one of the top ten largest exchanges in the world and the largest in the Middle East and North Africa region since its establishment 16 years ago. 

Al-Ajaji added: “These achievements are more than just a number; they are symbolic of the economic diversity and growth spurred by Saudi Arabia’s Vision 2030, the Financial Sector Development Program, and the support of the CMA (Capital Market Authority) to accelerate the IPO (initial public offering) pipeline. All of this reflects the potential we are poised to realize.”  

According to the statement, Tadawul consistently ranks in the top 10 exchanges globally for IPO proceeds.  

Moreover, it accounted for over 70 percent of IPOs in the Gulf Cooperation Council region in 2023, with 35 out of the 46 offerings happening in the Kingdom.  

Last year, Saudi Arabia’s parallel market Nomu witnessed 27 IPOs in 2023, while TASI saw 8 deals.  

“With a substantial SR11.9 billion raised through IPOs on the main market in 2023, the Saudi Exchange has firmly established itself as a significant contributor to the global IPO landscape, a key driver of its continued growth in scope and scale,” said Tadawul.  

It added: “In 2023, furthermore, the Tadawul All Share Index grew by 14.2 percent, outpacing the 9.8 percent growth of the benchmark MSCI Emerging Market Index.” 

Topics: Saudi exchange Tadawul All Share Index (TASI)

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Pakistan stock market crosses 111,000 points on hopes of interest rate cut 

Pakistan stock market crosses 111,000 points on hopes of interest rate cut 
Updated 21 sec ago
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Pakistan stock market crosses 111,000 points on hopes of interest rate cut 

Pakistan stock market crosses 111,000 points on hopes of interest rate cut 
  • KSE-100 index climbed 1,482.06 points, or 1.35 percent, to reach 111,452.44 points
  • Pakistan slashed interest rates by 250 basis points in November to revive economy
Updated 21 sec ago
Hasaan Ali Khan

ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed 111,000 points during intra-day trading on Tuesday, analysts said, amid hopes of an interest rate cut.
The benchmark KSE-100 index climbed 1,482.06 points, or 1.35 percent, to reach 111,452.44 points from the previous close of 109,970.38 points, making it the 10th consecutive session when shares traded in green at the market.
Analysts credited the rally to positive sentiment prevailing in the market amid an optimistic overall outlook.
“Not unusual to see profit-taking come through after the steep recent increase,” Raza Jafri, head of equities at Intermarket Securities, told Arab News. “The overall outlook remains bullish though on reducing interest rates and the government’s commitment to reforms.”
Pakistan had slashed interest rate by 250 basis points in November to help revive a sluggish economy, amid a major drop in the annual inflation rate. The State Bank has slashed interest rate by 700 basis points (bps) in four consecutive meetings since June, bringing it to 15 percent.
According to a poll by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps at the upcoming Monetary Policy Committee meeting on Dec. 16.
Arif Habib Corporation CEO Ahsan Mehanti said stocks remained bullish after National Savings Schemes rates were cut, amid speculation of further reductions.
“Robust economic indicators, rupee stability and recovery in global equities on receding geo-political tensions played a catalyst role in record surge at the PSX,” he told Arab News.
Pakistan’s annual consumer inflation also dropped to 4.9 percent in November below government projections, primarily due to a high base from the previous year. This marked a decline from 7.2 percent in October and a significant fall from the nearly 40 percent multi-decade high recorded in May 2023.

Topics: Pakistan Interest Rate Pakistan Stock Exchange

UAE to impose 15% minimum top-up tax on large multinationals from January

UAE to impose 15% minimum top-up tax on large multinationals from January
Updated 3 min 28 sec ago
Reuters
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UAE to impose 15% minimum top-up tax on large multinationals from January

UAE to impose 15% minimum top-up tax on large multinationals from January
  • DMTT is part of the OECD’s global minimum corporate tax agreement which has 136 signatories
  • UAE’s finance ministry said it is also considering introducing several corporate tax incentives
Updated 3 min 28 sec ago
Reuters

DUBAI: The UAE will impose a minimum top-up tax (DMTT) of 15 percent on large multinational companies operating in the country starting in January, the finance ministry said on Monday as the government seeks to boost non-oil revenue.
The DMTT is part of the OECD’s global minimum corporate tax agreement which has 136 signatories, including the UAE, to ensure big companies pay a minimum 15 percent and to make tax avoidance harder.
In amendments to the corporate tax law, the UAE’s finance ministry said the DMTT will apply to companies with consolidated global revenue of 750 million euros ($793.50 million) or more in at least two out of the four financial years preceding the ones in which the tax comes into effect.
The UAE, including Dubai, is a hub for multinationals in the Middle East and the tax amendments come a year after the UAE began rolling out a 9 percent business tax, with exemptions for the many free zones that power it's economy.
The DMTT comes under the Organization for Economic Co-operation and Development’s Two-Pillar Solution, which stipulates that large multinational enterprises pay a minimum effective tax rate of 15 percent on profits in each country where they operate.
The UAE’s finance ministry said it is also considering introducing several corporate tax incentives, including one for research and development that would apply for tax periods starting in 2026.
The expenditure-based incentive would offer a potential 30 percent to 50 percent refundable tax credit depending on the size of the company’s operations in the UAE and revenue, the ministry added.
A refundable tax credit for high-value employment activities that would be granted to companies as a percentage of eligible income costs for employees is also being considered and could be applied as early as Jan. 1 2025, the ministry said.
Such proposed incentives remain subject to legislative approval.

Topics: UAE tax Organization for Economic Cooperation and Development (OECD)

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Oil Update – prices ease, but China policy stance checks losses

Oil Update – prices ease, but China policy stance checks losses
Updated 6 min 24 sec ago
Reuters
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Oil Update – prices ease, but China policy stance checks losses

Oil Update – prices ease, but China policy stance checks losses
Updated 6 min 24 sec ago
Reuters

LONDON: Oil prices slipped on Tuesday as concerns eased about the fallout from Syrian President Bashar Assad’s overthrow, but the market found support in China’s vow to ramp up policy stimulus, which could boost the top global crude buyer’s demand.

Brent crude futures fell 26 cents, or about 0.4 percent, to $71.88 per barrel. US West Texas Intermediate crude futures were down 30 cents, also 0.4 percent lower, at $68.07 at 10:07 a.m. Saudi time. Both benchmarks climbed more than 1 percent on Monday.

“The tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption,” said IG market strategist Yeap Jun Rong.

Syria’s rebels were working to form a government, restore order after Assad ouster with the country’s banks and oil sector set to resume work on Tuesday.

While Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran, and regime change could raise regional instability.

The power transfer followed 13 years of civil war and brought an end to over 50 years of brutal rule by the Assad family.

The market is also focused on the likelihood of a rate cut by the US Federal Reserve next week, which could boost oil demand in the world’s biggest economy.

The Fed is expected to cut rates by 25 basis points at the conclusion of its meeting on Dec. 17-18, but traders are waiting to see if inflation data this week could derail that outlook.

“Oil markets have been a function of demand more than supply-side narratives this year and as a result, investors are hesitant to take speculative positions in oil ahead of key policy decisions from the Fed,” said Phillip Nova senior market analyst Priyanka Sachdeva.

Declines were capped by positive expectations on China’s economy, following reports the country will adopt an “appropriately loose” monetary policy next year — the first easing of its stance in some 14 years, to spur economic growth in the world’s top oil importer.

While market hopes are high for aggressive policy stimulus, oil price gains may be limited until there is more clarity on what impact Beijing’s measures will have on the country’s crude demand outlook, IG’s Yeap said.

In a positive sign, China’s crude oil imports jumped in November from a year earlier in the first annual growth in seven months, data showed on Tuesday, as lower prices of Middle East supplies and stockpiling demand boosted buying.
 

Topics: oil update oil prices

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Egypt’s annual urban consumer price inflation at 25.5% in November 

Egypt’s annual urban consumer price inflation at 25.5% in November 
Updated 2 min 23 sec ago
REUTERS 
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Egypt’s annual urban consumer price inflation at 25.5% in November 

Egypt’s annual urban consumer price inflation at 25.5% in November 
Updated 2 min 23 sec ago
REUTERS 

DUBAI: Egypt’s annual urban consumer price inflation rate was 25.5 percent in November, slowing from 26.5 percent in October, data from statistics agency CAPMAS showed on Tuesday. 

Inflation began climbing precipitously in early 2022 following the Russian invasion of Ukraine, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. 

Headline inflation climbed to a record high of 38.0 percent in September 2023. By October 2024 it had fallen to 26.5 percent. 

The median forecast of 15 analysts in a Reuters poll had been for annual inflation to inch down to 26.4 percent last month. 

On a monthly basis, headline inflation rose by 0.5 percent in November, down from 1.1 percent in October, CAPMAS data showed.  

Food prices dropped by 2.8 percent on the month compared with 1.1 percent in October to stand 23.3 percent higher than they were a year earlier.  

Inflation has been fueled largely by an expansion of the money supply. Egypt’s M2 money supply grew by 29.54 percent year on year in October, central bank data showed. 

Topics: Egypt Inflation CPI CAMPAS

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Saudi Arabia remains top contributor as Pakistan workers remittances increase 29% year on year

Saudi Arabia remains top contributor as Pakistan workers remittances increase 29% year on year
Updated 10 December 2024
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Saudi Arabia remains top contributor as Pakistan workers remittances increase 29% year on year

Saudi Arabia remains top contributor as Pakistan workers remittances increase 29% year on year
  • Pakistan received $2.9 billion in remittances during November, with $729 million sourced from Saudi Arabia
  • Cumulatively, Workers’ remittances increased by 33.6% from July till November, with an inflow of $14.8 billion
Updated 10 December 2024
KASHIF IMRAN

ISLAMABAD: Pakistan recorded an increase of 29.1% year on year in workers remittances in the month of November, the Pakistani central bank said on Monday, with Prime Minister Shehbaz Sharif expressing his gratitude to overseas Pakistanis for sending a record $2.9 billion.
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan’s economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.
Remittance inflows in November were mainly sourced from Saudi Arabia ($729.2 million), United Arab Emirates ($619.4 million), United Kingdom ($409.9 million) and the United States ($288.2 million), according to the State Bank of Pakistan (SBP).
“Overseas Pakistanis are our precious asset, who are highlighting Pakistan’s name in the entire world through their talent and potential,” Sharif said in a statement issued from his office.
Cumulatively, with an inflow of $14.8 billion, workers’ remittances increased by 33.6% from July till November, compared to $11.1 billion received during the same period last year, the SBP said.
Sharif said the surge in remittances was welcoming and would yield “promising results” for the economy.
The South Asian country narrowly avoided a sovereign default last year by clinching a last-gasp $3 billion loan program from the International Monetary Fund (IMF).
Pakistan has made some economic gains since then, most notably slowing the annual consumer inflation to 4.9% in November, lower than the government’s forecast and the lowest in nearly six years. This was down from 38% in May last year.
Data released by the Pakistan Bureau of Statistics also supported positive investor sentiment as the trade deficit narrowed by 7.39% during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57% to hit $13.69 billion, while imports increased by 3.90% to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60% year-on-year to $1.589 billion compared to $1.952 billion in November 2023.
Pakistan’s government has vowed to undertake economic reforms mandated by the IMF which include tightening fiscal policies, privatizing loss-making state-owned enterprises and enhancing tax revenues.

Topics: Pakistan Saudi Ties Saudi remittances Pakistan economy

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