DOMICILIATION

Kuwait – Mubasher: For the third month in a row, local liquidity in the State of Kuwait decreased at the end of September 2023 by about 0.16% on a monthly basis, according to the monetary bulletin issued by the Central Bank of Kuwait, today, Monday.

Domestic liquidity in the banking sector “Money Supply 2” recorded about 39.107 billion dinars ($126.749 billion) in the previous month of September, compared to 39.169 billion dinars ($126.950 billion) during the previous month of the same year.

Compared to the level of local liquidity in Kuwait during September 2022, which amounted to 37.621 billion dinars, local liquidity increased by 3.95%.

It is noteworthy that the money supply in its broad sense includes: current money, accounts, term deposits, and savings accounts.

The data revealed a decrease in the value of cash in circulation in Kuwait last September by 0.91% to 1.959 billion dinars, compared to 1.977 billion dinars in the same month in 2022, while it grew monthly by 0.62%.

The cash in circulation last month was distributed between 1.928 billion dinars in banknotes of various denominations and 31.386 million dinars in coins.

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2023-10-23 10:54:07
#Local #liquidity #Kuwait #declines #month

Kuwait – Mubasher: The profits of Umm Al Quwain General Investments Company, listed on the Kuwait and Abu Dhabi stock exchanges, multiplied by about 19 times in the third quarter of 2023, recording an annual growth of 1864.86%.

According to a statement on the Kuwait Stock Exchange, today, Sunday, the company’s profits for the three months ending on September 30 amounted to 1.76 million dinars (21.35 million dirhams), compared to 89.81 thousand dinars (1.09 million dirhams) in the third quarter of 2022.

The matter was different in the first nine months of this year. The company’s profits fell by 29.59% to 2.88 million dinars (34.94 million dirhams), compared to 4.10 million dinars (49.62 million dirhams) in the same period of the previous year.

The statement attributed the achieved results to the return received from cash dividends, and the result of revaluation of investments through profits and losses. Shares held for trading were sold and achieved profit returns in 2022, and they were sold in the last quarter of the previous year. The company also obtained bonus shares in the same year.

The company recorded a profit in the first half of the current year of 1.12 million dinars (13.59 million dirhams), compared to 4.01 million dinars (48.54 million dirhams) in the first six months of the previous year, a decline of 72%.

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2023-10-22 05:56:42
#Umm #Quwains #quarterly #profits #multiply #times

direct: Excess liquidity at the Central Bank of Jordan increased by 12 million dinars, including funds deposited overnight in the deposit window.

Surplus liquidity at the Central Bank of Jordan today, Wednesday, October 18, amounted to 3.697 billion dinars, compared to 3.685 billion dinars yesterday, Tuesday, October 17, including funds deposited overnight in the deposit window.

The Central Bank explained in a statement that the value of mandatory reserves stabilized at 1.499 billion dinars.

The Central Bank indicated that no overnight repurchase agreements were concluded with the bank yesterday, Tuesday, October 17.

The Central Bank pointed out that tomorrow, Thursday, October 19, new government bonds worth 125 million dinars will be issued, and next Sunday, October 22, the “payment” of government papers worth 100 million dinars will be extinguished.

The central bank’s cash liquidity represents its ability to pay all its obligations in cash, respond to credit requests or grant new loans, and this requires the availability of liquid cash or the possibility of obtaining it by liquidating some of its assets.

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2023-10-18 13:34:36
#Central #Bank #Jordan #Excess #liquidity #rises #million #dinars

Muhammad Shaker – Mubasher: UAE financial market indices declined at the end of Wednesday’s trading session, amid escalating geopolitical tensions in the Middle East, coinciding with the start of the corporate results season in the third quarter of 2023.

According to data from the UAE financial markets, the Dubai Financial Market incurred losses amounting to 8.690 billion dirhams, and the losses of the Abu Dhabi Securities Market amounted to 37 billion dirhams, with a total loss of 45.690 billion dirhams.

At the end of today’s trading, the Dubai and Abu Dhabi stock exchanges attracted liquidity amounting to 1.474 billion dirhams, distributed over 25,519 thousand transactions.

The Dubai Financial Market index fell by 1.38 percent to the level of 3883 points, amid transactions of 222.728 million shares worth 437.313 million dirhams.

This came amid a decline in the shares of Commercial Bank of Dubai by 1.06 percent, Dewa by 1.22 percent, Deyaar Development by 3.74 percent, and Dubai Financial Market by 2.74 percent.

The market value of Dubai shares reached 656.966 billion dirhams at the close of trading today, compared to 665.656 billion dirhams at the close of trading on Tuesday, with losses of 8.690 billion dirhams.

The Abu Dhabi Securities Market index also fell by 0.72 percent to the level of 9483 points, amid transactions of 181.066 million shares worth 1.037 billion dirhams.

This came amid a decline in shares of 0.72 percent, ADNOC Drilling 5.33 percent, ADNOC Gas 1.56 percent, and Agthia Group 0.43 percent.

The market value of Abu Dhabi shares reached 2.733 billion dirhams at the close of trading today, compared to 2.770 billion dirhams at the close of trading on Tuesday, with losses amounting to 37 billion dirhams.

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2023-10-18 11:54:54
#UAE #stock #exchanges #lost #billion #dirhams #market #close #trading #Wednesday

Noha Makram – Mubasher – A new report by Reuters stated that the escalation of the war between Israel into a broader conflict could deal another blow to global growth and hinder efforts to reduce inflation.

Market reaction has been modest so far, but this may change.

Hamza Medib, director of the Political Economy Program at the Malcolm H. Kerr Carnegie Center for the Middle East, said that whether the conflict remains confined to Israel and Hamas or escalates into a broader regional conflict will have enormous repercussions.

He added that the escalation of the conflict could lead to higher oil prices, black gold supply concerns, and the possibility of a slowdown in the global economy.

Here are some of the repercussions of the escalation of the Israel-Gaza war into a regional conflict, according to a Reuters report:

1- Iran and oil

All eyes are on the possibility of Iran becoming directly involved in the conflict and the US response, which could include tightening sanctions on Iranian oil.

Brent Bilott, founder of Kyler Capital, said that the crackdown on Iranian exports could lead to a decrease in supply in the oil market by between one and two million barrels per day immediately.

In the event that the United States sends forces to the Middle East, which is unlikely, Bilott expects oil prices to jump by about $20, if not more, which recorded $92 today, Wednesday, and rose by 7.5% last week.

Nadia Martin Wigen, director of commodity investment firm Sveland Capital, said that the regional conflict would lead to the disruption of oil tanker routes in the Mediterranean, the Black Sea and around Turkey.

2- Inflation jump

The report indicated that the rise in inflation has subsided and the end of the cycle of raising global interest rates is approaching, but the jump in oil prices, which briefly recorded $139 after Russia’s invasion of Ukraine last year, would halt the declining trend in inflation.

It is worth noting that gas prices jumped by 45% last week, which is another worrying sign.

Alicia Berad, head of emerging markets macroeconomics at Amundi, said that Iran’s involvement in the conflict would mean higher commodity prices and greater external shocks, reducing expectations of lower inflation.

Long-term market indicators in the United States and the Eurozone indicate that inflation will remain above its target of 2%.

Bond investors are also likely to suffer further losses, as the S&P Bond Index, which measures the performance of Treasuries and corporate bonds, has declined by about 14% to its peak in January.

3- The strength of the dollar

The dollar was boosted by demand for safe-haven assets, rising towards 150 against the yen and Swiss franc.

Berardi said at Amundi that the dollar may not be a good bet if high oil prices and inflation trigger a recession in the United States.

Trevor Greetham, head of the multi-asset department at Royal London, believes that any risk aversion would strengthen the Japanese yen.

4- Emerging markets

Bond and stock markets were affected by the turmoil in the Middle East, as happened in Egypt, Jordan and Iraq, and to a lesser extent in Saudi Arabia, Qatar and Bahrain.

Omutunde Lawal, head of emerging markets corporate debt at Barings, said that after two difficult years, the war between Israel and Gaza has weakened emerging market sentiment.

Lawal takes a cautiously optimistic view that most other emerging markets are ignoring the tensions for now. Morgan Stanley rules out the spread of market turmoil.

But Jeff Grills, at Aegon Asset Management, warned that regional escalation could easily lead to a 20% rise in oil prices, harming dozens of poor oil-importing countries.

5- The collapse of technology stocks

What’s good for oil stocks can be bad for tech giant stocks; The Morgan Stanley index of global technology stocks moved inversely with oil and gas stocks in 2022 after the war in Ukraine pushed oil prices higher, which reinforced inflation fears and benefited bond yields.

Greetham said at Royal London that the same scenario may be repeated if the United States raises interest rates again to curb the repercussions of inflation resulting from the conflict.

Potential disruption of infrastructure is another risk. Deutsche Bank indicated that Egypt is one of the locations where many intercontinental cables cross, as no less than 17% of global Internet traffic flows through the Suez Canal.

2023-10-18 11:23:58
#Oil #inflation #stocks…the #future #global #growth #light #escalation #Israels #war #Gaza

Direct: US Treasury bond yields continued to rise during Tuesday’s trading, driven by an assessment of the economic prospects in the United States and the possibilities of maintaining a monetary tightening policy for a long period.

The yield on two-year Treasury bonds rose by more than 14 basis points to 5.239%, at 09:20 pm Mecca time, which is its highest level since at least 2006.

The yield on 10-year bonds increased by 14.5 points to 4.855%, while the yield on 30-year bonds increased by 8.5 points to 4.951%.

Official data today showed that retail sales in America rose by 0.7% during September on a monthly basis, while analysts’ expectations indicated an increase of only 0.3%.

2023-10-17 19:11:43
#bond #yields #rise #highest #level