Gemischte Performance der MENA-Märkte

Trading was generally subdued with the Eidal-Fitr holiday, marking the end of the holy month of Ramadan, falling in the early part of the month. Egypt suffered falls as the interim government appeared to harden its position against the Muslim Brotherhood though progress is being made on a stimulus package and a new constitution. Exposure to Egypt in the portfolio has been pared back further as the risk premium has increased with the position in the leading bank CIB reduced following recent share price strength helped by positive first half results. Amongst notable share price performers during the month, NMC Healthcare, the UAE’s largest healthcare provider, put on 12% following the release of first half results that showed a 17% rise in net profit thanks to higher occupancy levels at its hospitals. The company will be investing close to USD 100 million over the second half, with a new medical centre due to open later this year and two new hospitals to follow early in 2014. Results from its peer, Al Noor Hospitals Group, also listed in London, were also positive, helping its share price to a rise of 7% on the month. Elsewhere, Milaha, the Qatari maritime transport and logistics group, continued to benefit from encouraging results released in July as its share price rose a further 3%. The downside was concentrated on profit taking amongst real estate companies with, for example, the Saudi-based Dar Al-Arkan off 13% and Aldar Properties, the UAE’s leading property developer, 9% lower. The latter’s share price has more than doubled over the past year, propelled higher by its recent merger with Sorouh Real Estate. A holding in the general insurance company Qatar Insurance has been added to the portfolio. The company has a dominant position in Qatar and a strong presence in Kuwait and the United Arab Emirates. A recent rights issue has helped bolster in balance sheet and paved the way for future growth.

Magna MENA Fund