Foreigners returned to pump more money into equity markets in the Middle East and North Africa region in November following steep outflows a month earlier, according to a report from EFG-Hermes.
Net foreign flows into Mena reached $411 million in November compared with $1.5 billion in outflows in October, the Cairo-based investment bank said in a report on Monday.
Qatar, UAE and Kuwait attracted most foreign inflows in November, while Saudi Arabia saw only outflows of $83m compared with $1.7bn in October. GCC investors were net sellers of $131m, but were net buyers in Kuwait ($39m), UAE ($8m) and Oman ($7m).
The top 10 most net sold stocks by foreigners included six Saudi names with Sabic, Samba and Savola among them. GCC investors favoured UAE banks DIB and ADIB in November, while they were net sellers of Dubai developer Emaar, and First Abu Dhabi Bank.
Kuwait is expected to attract $473m of passive inflows after its weighting in the FTSE Emerging Markets All Cap index is increased on December 20, EFG-Hermes said.
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Read more:
[ Exclusive: Kuwait bourse expects wave of IPOs and 15% more capital inflows post-FTSE upgrade ]
[ Kuwait Finance House third quarter net profit rises 31.4%, beating estimates ]
[ Kuwait joins FTSE Russell, affirming ‘safe haven’ for foreign inflows ]
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Boursa Kuwait was the only GCC market to outperform the Mena region, up 1.6 per cent, while Mena stock markets lost 1.9 per cent overall in November, according to EFG-Hermes.
Kuwaiti stocks entered FTSE in September with 50 per cent of their weightings, with the remaining 50 per cent to be added this month, FTSE Russell said in September. Kuwait will have a 0.51 per cent weighting in the index. A total of 12 companies joined the benchmark in September, including National Bank of Kuwait, Kuwait Finance House and Agility, among others.
Kuwait is one of the best performing stock markets in the region and is up 15.4 per cent year to date.
Turning waste into fuel
Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres
Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)
Time required for one full cycle of production from used cooking oil to biofuel: One day
Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres
Guardians of the Galaxy Vol 3
Director: James Gunn
Stars: Chris Pratt, Zoe Saldana, Dave Bautista, Vin Diesel, Bradley Cooper
Rating: 4/5
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
Read more from Kareem Shaheen
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
MATCH INFO
Liverpool v Manchester City, Sunday, 8.30pm UAE
