Commerce

Mubasher – Mahmoud Jamal: Most of the Gulf stock exchanges declined significantly during the week’s trading, affected by the decline in global markets amid the stumbling of the US debt ceiling talks, in addition to the decline in oil prices in light of the conflicting positions of the OPEC + coalition on reducing crude production.

Over the course of the week, the main market index in Saudi Arabia, “TASI”, recorded its largest daily loss in more than two months, falling by regarding 1.4%.

This was affected by the decline in Aramco’s share for the fourth consecutive session, in conjunction with the sharp decline in oil prices.

The Gulf stock exchanges were affected by the decline in the global stock exchanges, following negotiations over the US debt ceiling faltered on investor sentiment.

During the week, negotiations on raising the US debt ceiling of $31.4 trillion between US President Joe Biden’s administration and members of Congress from the Republican Party stumbled, prompting Fitch to put the US credit rating under surveillance for a possible downgrade.

In Qatar, the general stock index fell by 1.8%, recording the second consecutive weekly loss.

The first index of the Kuwaiti Stock Exchange decreased by 0.5%, recording the fourth consecutive weekly loss, and in the Sultanate of Oman, the main index of the Stock Exchange fell by 0.2%.

On the level of trading on Thursday, the FTSE index of the Abu Dhabi Stock Exchange recorded its lowest closing in 10 months, under pressure from the decline in major stocks, while the Dubai Financial Market index fell slightly.

It is noteworthy that the Gulf markets were also affected by the drop in oil prices, which ended Thursday’s trading with losses in light of the conflicting positions of the OPEC + coalition on reducing production, as Brent contracts fell by 2.68% to $76.26 a barrel, and US light crude contracts fell by 3.38% to $71.83 a barrel. the one.

In Egypt, the 30-year-old main index of the Egyptian Stock Exchange rose by 1.8% following 3 consecutive weeks of losses, and the 70-year-old index achieved the highest weekly gain in 7 weeks following rising by 4.7%.

Cairo – Mubasher: The Financial Supervisory Authority said that it has no objection to the Arab Dairy Products Company – Panda publishing an invitation to old shareholders to subscribe to shares to increase the issued capital.

The Financial Supervisory Authority stated, in a statement today, Tuesday, that the number of the increase shares amounted to 210 million shares, at a nominal value of EGP 1 per share, with a total value of the issue amounting to EGP 210 million, with the right to be traded separately from the original share.

According to the prospectus, the right to subscribe to the old shareholders and share holders ends with the closing of the trading session on Thursday, June 1.

The subscription door is scheduled to open from Tuesday, corresponding to June 6, and end on Thursday, July 6, 2023, and it may be closed in case the full subscription value is covered.

The company’s shareholders have the right to trade the subscription right separately from the original share, starting from Tuesday, June 6, until Monday, July 3.

The subscription will be received through Qatar National Bank Al Ahli.

It is indicated that Arabian Dairy Products Arab Dairy – Panda, It recorded a net profit of 22.11 million pounds from the beginning of January until the end of March 2023, compared to 3.18 million pounds in profits during the same period last year, taking into account minority interests.

The company’s sales rose during the first three months of this year, recording 470.95 million pounds at the end of March, compared to 292.79 million pounds during the same period last year.

With regard to the independent lists, the company’s profits increased during the first quarter of this year, recording EGP 22m at the end of March, compared to EGP 3.42m during the same period of 2022.

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