Wednesday, 8 April 2015

Moody’s upgrades Egypt. Abdellatif outlines vision for Tahya Misr. Capital gains showdown looming. Three oil & gas companies to list on EGX. Shell looks to acquire BG. Toyota to invest USD 1.5 bn in oil + energy projects.

WHAT WE’RE TRACKING TODAY

If it’s Wednesday, it’s time for a meeting of the Cabinet of Ministers. We’ll have our customary recap tomorrow morning.

Weather is front-page news once again today. Nobody seems to be able to agree on whether the sandstorm expected yesterday will hit tomorrow (or not at all), but all agree the mercury will rise to above 38C today before plunging into the low 20s on Thursday. Check out Al-Masry Al-Youm or Ahram Online as you prefer.

Only 48 hours left until we begin a four-day weekend: Banks, businesses and markets will be closed 12-13 April in observance of Coptic Easter and Sham El-Nessim. Enterprise is off both days and back in your inboxes on 14 April.

We expect news today or tomorrow on the choice of a consultant to evaluate the impact of Ethiopia’s Grand Ethiopian Renaissance Dam after news that Water Resources Minister Hossam Moghazi left Cairo in the wee hours of this morning, heading a delegation bound for Addis Ababa for the latest round of talks over the dam.

LAST NIGHT’S TALK SHOWS

Last night, one talk show in particular returned to an often-recurring theme in Egyptian media which needs to be abolished immediately and forever: the embrace of completely unverified scientific claims. Before getting into all of that, let’s first take a quick look at Amr Adeeb and Lamees El Hadidy before getting to the offending third host.

Adeeb is adopting an increasingly hostile and impatient tone when speaking to government officials. Keeping close tabs on Egypt news in general and the government’s various initiatives in particular can be stressful, and the cracks are beginning to show. Adeeb lambasted Minister of Electricity Dr. Mohamed Shaker in a call-in to the program, during the course of which the host yelled at the minister repeatedly to give a firm answer as to the frequency and duration of expected power outages this summer.

Adeeb: “For example, last summer the power would cut about three times a day, for two hours each time. How about this summer?”

Minister Shaker: “The situation will improve this summer, but there will be cuts. However, I can’t honestly state with absolute certainty the number and duration of cuts.”

Finally, after complaining about what he perceived as the government’s sluggishness in a number of pending issues, Adeeb began daydreaming aloud: “I’m tired. I need to retire to a hut in Sharm El Sheikh. Rent out a ranch, use the money to buy fish to eat.”

Lamees El Hadidy likewise blasted Gen. Rifaat Omsan, the Prime Minister’s advisor on parliamentary affairs, in his call-in to the program. He fired back at critical comments El Hadidy had made immediately before his call, stating that the government has thus far met twice with political figures regarding the election law, and that contrary to what El Hadidy reported, the majority of parties have not pulled out of talks, citing the continued participation of the Free Egyptians, Wafd, and Social Democratic parties. He stated that there is still no set date for when the elections will take place.

El Hadidy took a much different and congratulatory tone when Finance Minister Hany Kadry Dimian called in, with the two discussing Moody’s recent upgrading of Egypt’s government bond rating and outlook. El Hadidy also briefly asked the minister about the proposed eventual introduction of VAT. Dimianreplied that the ministry has been sitting down with various stakeholders, and hopes that VAT will be implemented before the end of the current fiscal year.

Last night, Youssef El Hosseiny decided to further destroy this country’s intellectual culture, its understanding of how scientific progress actually works, and its international standing by featuring a young guest named John Magdi. Magdi has theories on quantum mechanics, spacetime, parallel universes, and previously unidentified particles — but has yet to publish a single peer-reviewed paper.

Hosseiny didn’t let that tiny detail stop him from getting up from his chair and bowing to Magdi, then ordering everyone offscreen in his studio shower Magdi with a round of applause.

A request to Hosseiny, the Egyptian media, and everyone: stop doing this, please. Scientific progress is not made through people simply saying they have ideas — those ideas need to be submitted to rigorous review by real experts in respected publications. The entire incident reeks of AIDSkoftagate, where the Egyptian media’s ignorance on how scientific discoveries are made, verified — and most importantly, reported — were laid bare.

As we’ve stated before in Enterprise back in mid-January, when it was announced that military prosecutors were investigating the frauds behind the koftagate device (by the way: What’s the progress on that investigation?) the Egyptian media’s uncritical embrace of the obviously fake device was only matched by their vehement attacks on Dr. Essam Heggy, the respected NASA scientist and presidential scientific advisor to former President Adly Mansour.

Heggy was name-dropped by John Magdi in Hosseiny’s episode last night. Magdi said he had reached out to the scientist to ask how he can present his findings to and join NASA. He says that Heggy has suggested that he first present his findings to a panel of experts at Caltech for actual evaluation. Articles are already appearing linking Magdi to Heggy as some sort of implicit endorsement of his ideas (Read in Arabic, with an embedded video of John Magdi on Hosseiny’s show, running time: 2:13)

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SPEED ROUND

A spot of good news: Moody’s upgrades Egypt to B3 with a stable outlook. Moody’s Investors Services upgraded yesterday Egypt’s issuer and senior unsecured bond ratings to B3 from Caa1, with a stable outlook, citing improving macroeconomic performance; reduction in external vulnerabilities; and the government’s ongoing commitment to fiscal and economic reform. With regard to the B3 government bond rating, Moody’s stated: “While government effectiveness has improved and risks to policy making are diminishing, Moody’s still sees elevated security risks, as reflected in ongoing terrorist attacks — particularly in North Sinai — and due to Egypt’s exposure to regional sectarian violence. In addition, declining yet high unemployment rates create social pressure which translates into ongoing demand for comparatively high levels of recurrent government spending.” Read the release or head over to the Wall Street Journal’s Frontiers blog to read Egypt’s Reforms Bear Fruit as Moody’s Upgrades Credit Rating‘. (h/t Omar E.)

Listing state-owned petroleum companies on the EGX is expected to raise more than EGP 8.5 bn, Mohamed Omran, the bourse’s chairman said, according to Ahram Online. Three companies will be listed:

  • MIDOR, which plans to raise USD 1.1 bn
  • GasCool, which plans to raise EGP 125.5 mn
  • PetroNeel, which plans to raise EGP 50 mn

Shell in talks to acquire BG Group: The Wall Street Journal was the first to break the news that Royal Dutch Shell PLC is in talks to buy BG Group, which the newspaper states could see a deal announced as early as Wednesday at a valuation above USD 50 bn. In response to the WSJ’s story, BG Group issued a statementconfirming that talks were ongoing but that nothing was confirmed as of yet, and that Shell has, in accordance with UK regulations, until 5 May to declare whether or not it has a firm intention to make an offer. The FT has more, as does Reuters on what is being touted as the first mega-merger among IOCs since xx more than a decade ago. At the time, Reuters notes: “BP acquired rival Amoco and Arco, Exxon bought Mobil and Chevron merged with Texaco.” The merged entity could be worth north of USD 250 bn, leaving ExxonMobil still the largest player in the field with a market cap of more than USD 360 bn. As we noted late last year, analysts have been speculating since December that the fall in oil prices could spark a new wave of larger-scale mergers in the field.

The CBE announced that net international reserves slightly declined to USD 15.290 bn for March compared to USD 15.456 bn from the previous month. This marks the first foreign reserve decline in 2015 after increases in January and February. Also yesterday, CBE Governor Hisham Ramez confirmed that USD 6 bn in GCC deposits are expected to arrive in 10 days. Ramez added that the deposits will be returned in three tranches at the three, four and five-year marks. (Read in Arabic)

A second FSRU will arrive to Egypt in August, Oil Minister Sherif Ismail said. The first FSRU, the Höegh Gallant, is already docked at the Ain Sokhna Port and awaits receiving the first shipment of LNG shipment. The second FSRU will double Egypt’s regasification capacity to 1 bcf per day, Reuters‘ Arabic service says. The Gallant will begin operations within 10 days using a trial LNG cargo it carried onboard, as we suggested yesterday, Al Shorouk quotes Ismail as saying. The regasified cargo will be pumped into the national grid once the Gallant is fully connected to grid.

Abdellatif outlines vision for Tahya Misr. In his new role as head of Tahya Misr, veteran banker Mahmoud Abdellatif, who rose to national prominence for leading the turnaround and privatization of the Bank of Alexandria, was on national radio explaining that he aims to turn the fund into a sustainable institution that can make ongoing contributions to both national development initiatives and state megaprojects. This will, in part, involve the hiring of a team of seasoned asset managers to help lead the fund’s transformation into a “major financial institution,” Al-Borsa quotes Abdellatif as saying. Although longer-term priorities include investments in the nation’s healthcare and education systems as well as critical infrastructure, the fund will begin with a mandate from President Abdel Fattah El Sisi to invest some EGP 500 mn in infrastructure for some of the nation’s poorest villages. If, like us, you had questions as to what was to become of Tahya Misr, the wide-ranging interview is worth a read, covering the functions, operations, management, and priorities of the fund.

Capital gains tax showdown looming? A number of brokers are girding for battle with the Finance Ministry after minister Hani Dimian reportedly confirmed to Reuters’ Arabic service in a text message yesterday that executive regulations amending the mechanism and specifics of the capital gains tax had been issued. No analysis of the executive regs has been published (so far as we can tell; Al-Mal has a scan of a document summarizing the amendments), and industry association types are up in arms. Egyptian Capital Markets Association board member Ahmed Adel issuing a statement criticizing what he characterized as a “unilateral move” that came just two days after officials apparently promised during consultations that they would sit-down one final time once the executive regulations were ready. Al-Mal appears to be leading the charge on the story, carrying not just Adel’s statement, but the same type of reaction from Prime’s Mohamed Maher in a separate piece. Al-Borsa’s take is here.

Toyota to invest USD 1.5 bn in Egypt, says Egypt’s ambassador in Japan: Japan’s Toyota will investing USD 1.5 bn in Egypt, Egyptian Ambassador to Japan Ismail Khairat told Al Ahram. The investments will be directed to two mega-projects: one in renewable energy and the other in an E&P project to produce offshore gas from the Mediterranean.

Mahlab’s election dialogue with political parties ends in shouting match: The prime minister walked away from the table after two hours of reasoned debate on Tuesday devolved into a screaming match after a Social Justice Party leader went on a tear about barring Salafis and ex-Brotherhood figures from running. Mahmoud Farghal’s remarks sparked the fury of Salafist Nour Party deputy chair Ashraf Thabet, setting the brouhaha into motion. Parliamentary Affairs Minister Ibrahim El-Heneidy says Mahlab walked out shortly thereafter and will try to convene the parties once more on Thursday before the holiday weekend.Ahram Online‘s Gamal Essam El-Din has the blow-by-blow, or head on over to the mothership if you want a take in Arabic.

Ex-military men fire up Islamist insurgency, says Reuters: “A small but highly dangerous succession of former Egyptian army officers are joining Islamist militant groups, complicating President Abdel Fattah al-Sisi’s efforts to counter what he calls an existential threat from extremism. ‘We can’t talk about a mainstream or a large scale defection toward extremism. We are talking about individual cases that could escape and find a safe haven in Sinai. Yet their attacks are fatal and costly,’ said Khalil al-Anani, adjunct professor with the School of Advanced International Studies at Johns Hopkins University.” (Read)

The Kuwait Fund for Arab Economic Development (KFAD) plans to lend Egypt USD 1.5 bn over the next five years on equal tranches of USD 300 mn annually. The fund’s director-general did not give details of the loans,  the fund’s director-general Abdulwahab al-Bader told Reuters on Tuesday. It isn’t clearly stated if this is separate from the funds pledged at the EEDC, but it is safer to assume that it is part of the package offered by the Kuwaiti Emir at the gathering

EFSA amends executive regulation governing intraday trading: EFSA announced yesterday amendments to the executive regulations governing intraday trading on the EGX. Section 5 of Article 1 now stipulates that shareholders wishing to engage in same-day trading must own at least EGP 5 mn worth of shares of the company they wish to trade. (Read in Arabic)

EFSA Chairman Sherif Sami had a two-hour meeting with Prime Minister Ibrahim Mahlab yesterday. The two discussed the role of non-bank financial institutions in funding national projects, reviewed amendments to the Capital Markets Law and its executive regulations (particularly those focused on private insurance funds) and talked over expected changes to the insurance supervisory law. (Read in Arabic in Al-Mal, and Al-Borsa)

Tourist arrivals were up 3% in 1Q2015, per brief remarks by Tourism Minister Khaled Ramy.

Yemen Updates: The Red Cross’ attempts to land 8 tons of urgently-needed medical aid have thus far been confounded due to the logistical difficulties and ongoing fighting, but is hoping to make another attempt on Wednesday, as they warned of a pending “catastrophe,” especially in Aden, The Guardian reports. Meanwhile, the U.S. has stepped up its contribution of military aid to the Saudi-led coalition, according to a U.S. diplomaton Tuesday to Reuters, which has a thorough summary of the latest developments.

** Save us from the tyranny of the calendar: Name the New Capital. Enterprise has opened nominations for naming the newly proposed administrative capital, as we’ve nearly exhausted the calendar while naming the rest of Egypt. In fact, a calendar-based name would be just about the only thing worse than calling it The Capital Cairo.  The best nominations will be shortlisted and put up for a straw poll on our website soon. We’ll keep nominations open until next week — 16 April, to be exact. Shoot us your suggestions on editorial@enterprise.press with the subject line #downwiththecalendar. (h/t Hassan B. for the contest idea and Hussein B. for the hashtag).

WORTH READING

Dissenting viewpoint- Michael Bröning in Foreign Affairs magazine argues that while the joint Arab force is a good idea in theory, the way it is currently being implemented is highly exclusionary, confrontational and sectarian — and will only exacerbate regional conflicts: “At first glance, the Arab League’s decision seems laudable. Egyptian President Abdel Fattah al-Sisi hailed the decision as a historic step to fight extremism and “to protect Arab national security.” Arab League General Secretary Nabil Elaraby celebrated the resolution as a watershed given the “unprecedented unrest and threats endured by the Arab world,” and U.S. Defense Secretary Ashton Carter endorsed the plan as “a good thing.” The Saudi pro-government daily al-Riyadh even proclaimed the rebirth of the Arab League as a “resurrected breathing, speaking, acting body.” However, the envisioned Arab League military force would have severe negative repercussions for sectarian relations in the greater Middle East.” (Read The All-Arab Army?)

Eric Trager in The National Review lays the bulk of the blame on the deteriorating U.S.-Egypt relationship at President Obama’s feet: “So as bombs exploded in major Egyptian cities, and as hundreds of security forces were killed in Sinai and the Western Desert, and as the broader region continued its descent into unprecedented chaos, Cairo had one question for Washington: are you with us or against us? The Egyptian government, in other words, didn’t view the Obama administration’s withholding of F-16 fighter jets as an affirmation of Washington’s commitment to democracy. Rather, Cairo saw the move as a significant blow to its long-term security at perhaps the most dangerous moment in contemporary Middle Eastern history.” (Read Obama Wrecked U.S.-Egypt Ties)

WORTH WATCHING

DAYDREAMING IS THE SOLUTION (to information overload): Neuroscientist Dr. Daniel Levitin says daydreaming, not multitasking — which he calls “illusory” — is the way to process the unprecedented amount of information we now face. (Watch, running time: 7 minutes)

***
A MESSAGE FROM PHAROS HOLDING

NBE posts record-high net profit for FY14, but lags behind in corporate and retail loan growth.

Egypt’s largest bank, the National Bank of Egypt (“NBD”), recorded 23% growth in its bottom line, posting a Net Profit after Tax of EGP 3.7 bn in 2014. NBE, however, lagged behind private-sector banks in terms of the recovery in core corporate operations. Pitted against Commercial International Bank (“CIB”), for example, NBE recorded only 3% growth in its corporate loan portfolio compared to CIB’s 14.7%. Meanwhile, retail loan growth stood at 18% for NBE, almost half of CIB’s 30.8%. We believe that this falls back to the bulk of NBE’s deposit growth being channeled  to government-issued securities, owing to its historic role of funding both the budget deficit and state-owned corporations. (continue reading here)
***

EGYPT IN THE NEWS

Charles Tiefer, legal expert on U.S. on government contracting and Congressional legislating, writes in Forbes that there is little to no oversight or evaluation of U.S. military assistance to Egypt in: ‘As U.S. Resumes Military Aid To Egypt, Reports Show How Little We Know On How It’s Being Used.’

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Arab Fund to lend Egypt USD 216 mn to finance building the West Cairo Power Station
Amwal Al Ghad | 06 April 2015
The Arab Fund for Social and Economic Development is lending Egypt USD 216 mn to finance the construction of the West Cairo Power Station, international cooperation minister Naglaa El Ahwany announced. The fund is also extending Egypt a USD 500k grant to be directed to the Ain Shams specialized hospital to finance the purchase of equipment. (Read in Arabic)

JICA to finance the expansion of the Gebel El Zeit transformers
Al Shorouk | 07 April 2015
The Japan International Cooperation Agency (JICA) signed an agreement with the Egyptian Electricity Transport Company to expand the capacity of the transformers at Gebel El Zeit. The agreement involves expanding the transformer stations in a 16-month project financed by JICA. The domestic components will be finance by the Egyptian Electricity Transport Company. (Read in Arabic)

OIL & GAS

BP never stopped investing in Egypt over the past few years – Hesham Mekawi
Al Shorouk | 07 April 2015
Al Shorouk published an in depth interview with BP’s North Africa regional president, Hesham Mekawi. He said Egypt continues to be a strategic market for BP and that the company continued to invest in Egypt during the past few years despite the economic and political uncertainty. Mekawi said the WDM project is based on a new type of agreement implemented in Egypt where all the risk is borne by BP and Egypt has the right to purchase gas quantities at a set price with the company incurring penalties if production is delayed. Mekawi praised the new transparent initiatives to repay IOCs and the drive to reform fuel subsidies. (Read in Arabic)

Information exchange between Egypt and Cyprus on Aphrodite activated
Daily News Egypt | 06 April 2015
EGAS chairman, Khaled Abdel Badie, visited Cyprus to activate information exchange to start the technical and economic studies for the proposed pipeline to import gas from the Aphrodite gas field. DNE says Cypriot gas is expected to reach Egypt by 2017. The Minister of Petroleum said that the cost of the pipeline will be distributed on the suppliers represented by CHC and Noble Energy, and the importers in Egypt BG Group and UFG. (Read)

EGPC finalizing procedures for IDB USD 3 bn loan
Daily News Egypt | 06 April 2015
Work is being finalized to secure a USD 3 bn loan from the Islamic Development Bank (IDB) to EGPC, chairman Tarek El Molla said, who added that the procedures are set to be completed by June. The loan will have to be approved by the Presidency as it will be treated as a direct loan from the bank to the state. The loan will be used to fund energy imports. (Read)

Oil ministry issues shallow water E&P tender
Akhbar El Yom | 06 April 2015
The Minister of Petroleum said the ministry has issued an E&P tender for a shallow water concession that expires in May. He added that the biggest challenge facing the ministry is the production lifetime of the wells, which ranges from 16-23 years. The minister said that the government’s initiative to repay IOCs has driven the most recent increase in E&P activities. The minister added that the most significant discoveries in the last five years were 10 tcf of gas in deep-water fields in the Mediterranean. The remarks came during the PM and the minister’s inauguration of BG’s production from the 9A wells. (Read in Arabic)

Kuwait Energy announces discovery from the Abu Sennan concession in the Western Desert
Oil & Gas Technology | 07 April 2015
Kuwait Energy announced “the first discovery from the deep horizons at the Abu Sennan area with a good flow rate,” Oil & Gas Technology reports. Kuwait Energy holds a 50% revenue of the concession, which is located in the Western Desert, in a joint operation with EGPC where Dover controls 28% and Beach holds 22%. The concession has 12 producing wells from different formations. This discovery adds a new producing horizon to the stream and opens a window for deeper exploration targets,” Kuwait Energy’s CEO said. (Read)

MANUFACTURING

Suez Steel to build USD 150 mn steel rolling mill this year
Amwal Al Ghad | 07 April 2015
Suez Steel is building a USD 150 mn steel rolling mill this year after obtaining a license for a new plant from the IDA, the group’s CEO Gamal El Garhy said. The mill will have a production capacity of one mn tons and is expected to be running before the end of the year. El Garhy stressed that it is imperative that the government continues to supply factories with natural gas, noting that production shortfalls are usually driven by energy shortages. The group is operating at 25% capacity now due to the energy shortage and had registered a loss of EGP 600 mn last year. (Read in Arabic)

REAL ESTATE & HOUSING

Arab Contractors to finish Cairo Conference Centre repairs in three months
Amwal Al Ghad | 07 April 2015
The Arab Contractors said repairs to two halls of the Cairo Conference Centre, which experienced significant damage last months, in three months’ time. The new repairs will include installing of fireproof ceilings and equipping the halls with modern fire detection and containment technologies. Amwal Al Ghad notes that an estimated cost of repairs isn’t set yet given the extent of the damage. (Read in Arabic)

Minister of Housing, Utilities and Urban Development outlines plan to eradicate “unsafe informal settlements”
Al Borsa | 07 April 2015
Minister of Housing, Utilities and Urban Development Mostafa Madbouli announced an agreement with the Ministry of Urban Development dedicated to tackle the problem of Egypt’s informal housing units deemed unsafe, including a schedule for their development, in addition to eradicating 77 informal settlements deemed unsafe to their inhabitants. Cooperation will extend to municipalities and provinces, particularly Cairo and Giza. (Read in Arabic)

TOURISM

EgyptAir offers customers additional flights during holiday season
Youm7 | 07 April 2015
In an effort to support tourism, EgyptAir will be flying 456 additional domestic flights from April 7-18, to destinations including Hurghada, Sharm El Sheikh, and  Luxor. This period coincides with a number of national and religious holidays, namely Sham El Nessim and Coptic Easter. (Read in Arabic)

TELECOMS & ICT

Mobile operators accuse TE Data of “stealing” their internet customers
Al Masry Al Youm | 07 April 2015
Mobile operators have reported TE Data to NTRA accusing it of “stealing” their customers that had their phone numbers changed and were told to subscribe to TE’s ISP service instead. As TE replaced copper wires with fiber-optic cables, users’ phone numbers were changed causing service disruptions and driving the telecom operators’ clients to subscribe to TE Data. It is estimated that mobile operators lost 30% of their internet clients due to this disruption, a source told AMAY. (Read in Arabic)

Reduction in internet prices to be decreed next week
Amwal Al Ghad | 07 April 2015
The CIT Minister said NTRA will begin contacting local ISPs to reduce the prices they charge clients as well as introduce new offers. NTRA will discuss the potential offers over the week, and the Minister told Amwal Al Ghad he expects a price reduction next week. The Minister said that 54% of the population now has access to the internet. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Metito participates in water projects worth EGP 222 mn in Egypt
Zawya | 07 April 2015
Metito announced its participation in four strategic municipal water projects in Egypt worth EGP 222 mn. Metito said economic reforms and the success of EEDC drove the increased investments. The company was assigned the “Arymon Waste Water Treatment Plant (WWTP) and the Shahidy Sewage Treatment Plant (STP), which are expected to be completed in 2016” Zawya notes along with a “reconstruction and extension of the Muhalla Water Treatment”. (Read)

Egypt-Emirates Group plans land reclamation in Kom Ombo
Al Masry Al Youm | 07 April 2015
According to representative from Egypt-Emirates Group, the company has put forth a plan to reclaim 220,000 acres of land in Kom Ombo utilizing solar power and water wells. The Ministry of Irrigation will assist with the drilling of the wells, added the source. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

President El Sisi to charitable foundations: state budget will not pay for the new administrative capital
Al Ahram | 07 April 2015
We ran an Al Mal article yesterday on President El Sisi’s meeting with a number of leading NGOs and charitable foundations where he announced that EGP 500 mn of Tahya Masr would go to developing rural villages. This article in Ahram discussing the meeting delves further into the president’s plan for social development. After stressing the need for these organizations to help the government expand its capacity to address many of these much needed program, he stated that the new administrative capital city would not be paid for by state or public funds. Construction of the city will be primarily funded through investments. (Read in Arabic)

BY THE NUMBERS

USD CBE auction (last sale Monday, 06 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 07 April): 7.64 (unchanged from Sunday, 05 April)

EGX30 (Tuesday): 8,716.37 (+2.45%)
Turnover: EGP 402.1 mn (28% below the 90-day average)

WTI: USD 52.95 (-1.91%)
Brent: USD 58.44 (-1.12%)

TASI: 8,802.4 (+2.1%)
ADX: 4,559.7 (+0.1%)
DFM: 3,777.5 (+1.8%)
KSE Weighted Index: 426.4 (+0.8%)
QE: 11,833.8 (+0.9%)
MSM: 6,297.4 (flat)

 

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