US stocks closed in the red for the day, the week, the month and the quarter by the end of Friday’s trading session, closing another terrible three months for financial markets that have been roiled by rising interest rates and the fallout from the war in Ukraine, CNBC reports. The S&P 500 had its worst month since March 2020 in September (-9.3%), while the Nasdaq is now at its lowest level since July 2020 after losing another 1.5% on Friday and 10.5% during the month. Meanwhile, the Dow Jones closed below 29k for the first time since November 2020 after falling 1.7% on Friday, leaving it 8.8% in the red for September.

Salik shares pop in first day of trading: Dubai’s toll gate operator Salik’s share price rose as much as 20% in its trading debut last week, Bloomberg reports, after pulling in over USD 50 bn of orders during subscription. Initially priced at AED 2.00 per share, Salik shares rose to a high of AED 2.40 at the market open last Thursday before closing at AED 2.22. The offering was Dubai’s third IPO of the year.

Advisors: Our friends at EFG Hermes (pdf) and HSBC were joint bookrunners alongside Citigroup, while Emirates NBD, Goldman Sachs and Merrill Lynch were global coordinators.

Porsche shares closed flat on their first day of trading on Thursday, completing their blockbuster EUR 75 bn listing in Frankfurt. Shares rose as much as 2.9% but fell back to close at the listing price of EUR 82.50 amid a 1.7% decline in the benchmark DAX index. The listing was Germany’s second-largest IPO; shares closed on Friday essentially unchanged at EUR 82.52, according to market data. (Reuters | Bloomberg | FT | CNBC)

THE CLOSING BELL-

The EGX30 rose 1.3% at Thursday’s close on turnover of EGP 1.19 bn (20.5% above the 90-day average). Local investors were net buyers. The index is down 17.8% YTD.

In the green: Qalaa Holdings (+6.1%), Eastern Company (+2.8%) and Telecom Egypt (+2.4%).

In the red: Juhayna (-1.4%), EFG Hermes (-1.1%) and Credit Agricole (-0.5%).