SHANGHAI: Foreign buying of Chinese stocks was tepid on Thursday as benchmark indexes rose on the last trading day before mainland shares join MSCI’s emerging markets index.
The rebalancing of portfolios by global fund managers, as well as from some active investors, had led to expectations that there could be a jump in foreign investment to China’s capital markets.
The June 1 inclusion will see around 230 Chinese large-cap stocks, known as A shares, added to MSCI’s emerging markets benchmark index with a 2.5 percent partial inclusion factor. The second phase of the inclusion will take place on Sept. 3.
China’s MSCI entry will integrate the world’s second-biggest equity market, with a total stock market capitalization of more than $8 trillion, into the global financial system.
On Wednesday, MSCI tweaked the final list of companies, dropping embattled Chinese telecommunications gear maker ZTE Corp. and four other firms whose shares have been suspended from trading.
Over the past two months, foreign investors have been ramping up investment in Chinese shares, including retailer Wangfujing Group, Shanghai Flyco Electrical Appliance and spirit maker Sichuan Swellfun , despite rising volatility triggered by fears of a Sino-US trade war.
ZTE has been caught in the crossfire of the dispute and trading in its shares has been halted for two weeks.
While fund manager strategies are hard to predict, many analysts have forecast inflows of $10 billion around June 1. Passive fund managers seeking to replicate the index are widely expected to buy some $1 billion of A-shares during the final hour of trading on Thursday.
By the midday trading break, northbound flows into Shanghai and Shenzhen amounted to about 3.85 billion yuan ($601.2 million) — a fraction of the more than 100 billion allowed each day, but still higher than in recent days.
“I expect foreign inflows will pick up toward the end of trading day as passive funds are obliged to buy China stocks ahead of the inclusion,” said Yang Hai, strategist at Kaiyuan Securities.
“To some extent, it would help lift sentiment in a weak market,” he said, noting that foreign demand may have guided some domestic money into banking and consumer stocks.
Although the MSCI-related inflows will initially be small compared to the size of China’s stock market, inclusion in the global index will spawn other funds and boost interest in Chinese companies.
“On a longer-term basis, the opening of China’s capital markets represents a once-in-a-lifetime market event and will be one of the primary ongoing themes in the region for many years to come,” said Will Stephens, Deutsche Bank equity strategist.
More foreign participation in Chinese stocks could help improve investment culture, and press China-listed firms to bolster their corporate governance, said Bin Shi, head of China Equities at UBS Asset Management.
“Index inclusion will bring more long-term institutional investors into the A-shares market...which will change the market structure,” Shi said, noting that the market is currently dominated by retail investors.
“As overseas investors become more active in the market, so listed companies in China will be under tougher scrutiny and they’ll have to bring their disclosure and governance practices into line with international standards.”
Foreign flows into China stocks tepid ahead of MSCI inclusion
Foreign flows into China stocks tepid ahead of MSCI inclusion
- Inclusion in the global index will spawn other funds and boost interest in Chinese companies
- More foreign participation in Chinese stocks could help improve investment culture, and press China-listed firms to bolster their corporate governance
Saudi Arabia’s crude production rose to 8.99m bpd in April: JODI
RIYADH: Saudi Arabia’s crude production increased by 13,000 barrels per day in April to reach 8.99 million, according to an analysis from the Joint Organizations Data Initiative.
The data indicated that exports over the same month saw a decline despite this growth, dipping by 445,000 bpd to 6 million compared to March.
The Kingdom’s direct burn of crude oil, which involves using oil without substantial refining processes, increased by 93,000 bpd in April compared to the previous month – an 11 percent year-on-year growth.
The decline in the Kingdom’s crude exports and a marginal rise in production can be attributed to the voluntary cuts adopted by members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
In March, Saudi Arabia announced the extension of its 1 million bpd cut, initially implemented in July 2023, until the end of 2024.
Earlier this month, the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman said Saudi Arabia will increase its oil production capacity from 2025 to 2027 before returning to a production level of 12.3 million bpd in 2028.
“In 2025, we will have an incremental increase. We will have a bigger incremental increase in 2026 and 2027. And then we will go back to our 12.3 million bpd production in 2028,” said the energy minister.
According to JODI Data, total oil demand in India, one of the largest crude consumers in Asia, slipped by 156,000 bpd in April compared to March.
Similarly, the Asian nation’s total product exports also edged down by 85,000 bpd in April.
On the other hand, India’s overall crude imports rose by 510,000 bpd, marking an 8.1 percent year-on-year increase.
Earlier this month, OPEC said that oil demand globally would rise by 2.25 million bpd in 2024, driven by growth in markets such as China, India, the Middle East and Latin America.
On June 6, speaking at the International Economic Forum in St. Petersburg, Haitham Al-Ghais, secretary-general of OPEC, said that the world will witness continued oil demand growth in the coming years.
“Last year, OPEC’s forecast for oil demand was the best. And all those who criticized OPEC’s forecast kept adjusting their number throughout the year,” said Al-Ghais.
However, the International Energy Agency forecast oil demand growth to slow as the world continues its energy transition journey, although it noted that there would be growth of 1 million bpd in 2024.
On Eid in Karachi, surge in orders for specials made using sacrificial meat from customers
- On Eid in Karachi, surge in orders for specials made using sacrificial meat from customers
- Slow cooked meats like sajji and roast, malai boti, and all kind of kebabs are among favorites customers get restaurants to prepare
KARACHI: While sweets and desserts steal the spotlight during Eid Al-Fitr around the world, on Eid Al-Adha the focus shifts to savory delights, especially dishes prepared with the mutton and beef of animals sacrificed to mark the annual religious holiday.
Things are no different in Karachi, Pakistan’s commercial and culinary center, where restaurants on the iconic Burns Road and other food streets start preparing meat specials for Eid.
“People don’t realize it’s Eid-Al-Adha if they don’t get spicy dishes,” said Agha Owais, the owner of Agha Sajji, a restaurant that specializes in slow cooked meats in various forms as well as spicy biryani rice.
After the Eid sacrifice, Owais said, his restaurant got busy preparing hundreds of orders from people who brought over sacrificial meat to the eatery for special dishes to be prepared using it.
“The women at home are often tired during Eid so they prefer to entertain guests by opting for good, spicy, and clean food from reputable places with high-quality ingredients,” Owais said.
A resident of Karachi civil lines, Sadiq Abubakar, said he preferred to have biryani and dried meat dishes prepared at home on Eid but ordered BBQ specials from restaurants.
Among favorites are malai boti, melt-in-the-mouth chunks of boneless chicken, lamb or beef marinated in a mildly flavored cream sauce made with fresh herbs, seekh kebabs made with spiced minced or ground meat formed into cylinders on skewers and grilled, and dhaga kebabs, made without a binding agent like eggs, chickpea or maize flour, but in which a dhaga, or thread, is wrapped around the kebab to hold it better over the grill while cooking.
“Sometimes we give a goat’s leg to a restaurant and get karahi made out of it,” Abubakar said.
“IT’S THE TASTE”
S.M. Iqbal, the owner of New Delhi Gola Kebab House, said his restaurant was closed for Eid dining in order to complete takeaway orders, especially made using people’s own sacrificial meat.
“People also invite us [for catering] to their homes, but we don’t go very often because our outdoor work is at a large scale,” Iqbal said. “We can’t go for 10-15 kgs [of meat], we only go if there’s an order for at least 100 people.”
He said most customers got dhaga and fried kebabs made, which were a specialty at his restaurant.
“It’s the taste that pushes people to bring sacrificial meat to our restaurants,” Iqbal said. “Allah has given us the taste that attracts people.”
Customer Mustafa Tahir said offering guests a mix of homemade dishes and food prepared by restaurants created a good balance during Eid.
“Have them [restaurants] prepare dishes too, they’ll make good food,” he said. “Combine three or four flavours, invite guests at home, and truly enjoy Eid-Al-Adha as it should be enjoyed.”
In India, Muslims and Hindus come together to celebrate Eid Al-Adha
- Hindu-majority India has the world’s largest Muslim-minority population, comprising 200 million people
- Muslim and Hindus traditionally get together during religious festivals to celebrate each other’s holidays
NEW DELHI: Indian Muslims and Hindus celebrated Eid Al-Adha on Monday in the spirit of togetherness, as they shared meals to mark the Feast of Sacrifice.
With over 200 million people professing Islam, Hindu-majority India has the world’s largest Muslim-minority population.
Indian Muslims joined in communal prayers across the country on Monday to start their celebrations of Eid Al-Adha, the second of the two main holidays observed in Islam.
“Eid is the most sacred festival for us. The day starts with morning prayer in the mosque nearby, then we prepare the sacrifice of the goat,” Mohammed Altaf, who lives in Delhi, told Arab News.
Eid Al-Adha commemorates the Prophet Ibrahim’s test of faith when he was commanded by God to sacrifice his son. To reflect his readiness to do so, Muslims around the world slaughter an animal, usually a goat, sheep or cow, and distribute the meat among relatives and the poor.
The holiday is also a time of unity and togetherness for Muslims, with many looking forward to spending the day with friends of different faiths.
“I cherish (welcoming) my Hindu neighbors to my home when they come for a special meal,” Altaf said. “I live in a mixed-housing society, and it has been custom for many years to invite my Hindu friends from the community and outside to partake in the food that we prepare on this special occasion.”
Altaf’s household usually makes several preparations of mutton and at least one sweet dish to serve the guests.
“Not only that, we distribute the raw meat of the sacrificed animals to our relatives and Hindu friends, too. This meat is very sacred, and everyone understands that,” he added.
Indian Muslims have faced increasing discrimination and challenges in the past decade, accompanied by tensions and riots ignited by the majoritarian policies of the Hindu right-wing Bharatiya Janata Party, which rose to power in 2014.
Despite incidents of communal violence, Altaf believes that there are people “who know the value of celebrating the festival together,” in order to keep “the secular spirit of India alive.”
The spirit of togetherness binds India’s diverse communities, said Naser Khan, a resident of Malerkotla city in Punjab.
“Eid Al-Adha means happiness … This is a very pure festival, and we celebrate it with lots of joy,” Khan said.
“In India, Eid is not a one-religion festival. Here, people from all faiths participate in each other’s festivals. On Eid, we invite our Hindu and Sikh friends to dine with us and partake whatever we prepare. It becomes an occasion to assert our sense of community and strengthen our communal bonding.”
Prof. Espita Halder, a Hindu woman from Kolkata, was also joining the festivities with her Muslim friends this Eid.
“We need to create a narrative of harmony. People come close to each other during this festival,” she said.
Meha Dhondiyal, another Hindu woman based in Lucknow, said Eid has always been “a part of our lives.” She learned the tradition of joining Eid feasts from her father and has since carried it forward with her own Muslim friends.
“A nation that celebrates together stays together. Festivals are not only religious but of shared culture. And it makes us happy to celebrate Diwali and Holi festivals with Muslim friends,” Dhondiyal told Arab News.
“It’s also important that in this time of provoked hate due to politics, we keep alive the real alternate narrative of harmony and togetherness. It’s the best way we can think of telling our Muslim friends that they’re not alone. We are together.”
In picturesque Saidpur village, nearly 60-year-old goat market is go-to on Eid and beyond
- Traders raise goats throughout the year at market in 500-year-old Saidpur village to sell during Eid Al-Adha holiday and beyond
- Unlike other cattle markets specifically set up ahead of Eid, the Saidpur bazaar is busy even during and after the religious festival
ISLAMABAD: Underneath a large canopy in the luscious Margalla Hills of Islamabad, the sound of goats munching on dried grass and hay filled the air earlier this month as eager buyers jostled around them.
This is Islamabad’s famous goat, lamb and sheep market in the 500-year-old Mughal-era Saidpur village, famous for its cobblestone streets, ancient temples, handicraft stores and quaint eateries.
But before, during and after the Muslim holiday of Eid Al-Adha, Saidpur is also the go-to for anyone in the market for the best quality goats and sheep.
Traders set up shop here in large tents around the year but ahead of the annual Eid Al-Adha holiday, hordes of buyers frequent the market in search of the cattle of their choice.
“During Eid days, most of the work happens in 4-5 days, a few days before Eid, then on Eid day and during Hajj,” Malik Naseer, a trader at the market, told Arab News. “In four days, god willing, we are able to sell up to 300 animals.”
Unlike other cattle markets specifically set up ahead of Eid in Islamabad and other cities in Pakistan, the Saidpur bazaar is busy throughout the year and even during and after Eid.
“After Eid sacrifice, people buy goats for charity, to cook at home, for weddings,” a resident of the area, Chaudhry Yamin, said. “Almost all the residents of Islamabad purchase goats from here. You can get good animals from here and get them cheaper also compared to other markets. And its also close [to residential areas].”
“AS OLD AS ISLAMABAD”
Trader Malik Jahangir said the market was as old as Islamabad itself.
“We have been in this business for the last 60 to 65 years,” he told Arab News as a customer inspected a goat at Jahangir’s tent. “Since the establishment of Islamabad [in 1967], we have been providing animals to the people of the city for their benefit.”
Goats at the Saidpur market are brought there from various Pakistani cities such as Bahawalpur, Talagang, Khushab, Swat and the Azad Kashmir region and different breeds come with different price tags.
And raising them is an expensive affair, Jahangir said, as feed alone cost Rs200-300 [$0.72-1.08] daily.
But prices this year were still lower than previous years, he contended, with the consumer price index (CPI) in May rising 11.8 percent from a year earlier, the lowest reading in 30 months and below the finance ministry’s projections.
“Previously, people were selling at around Rs. 1400 to Rs. 1500 ($5) per kilogram but this year we are selling at Rs. 1200 to Rs. 1300 ($4.5) per kilogram,” Jahangir said.
Customers disagreed about the low prices.
“The traders are good here as they bring goats from regular markets to sell here and we have a good experience here but this time I am feeling that prices are very high,” customer Khalid Paracha said.
“As meat rates are also high and animal prices are also high, we have come here on two visits but not been able to make a deal.”
Marcos wishes Muslims jubilant celebration as Philippines observes Eid Al-Adha
- Muslims constitute around 10 percent of the nearly 120 million population
- June 17 was declared a national holiday to observe Eid Al-Adha in the Philippines
MANILA: President Ferdinand Marcos Jr. wished Muslims a fruitful celebration on Monday as the Catholic-majority Southeast Asian nation observed Eid Al-Adha.
Muslims make up around 10 percent of the nearly 120 million, predominantly Catholic population, according to 2024 data from the National Commission for Muslim Filipinos.
The minority community is collectively referred to as the Moro people, in reference to the 13 ethnolinguistic groups that form the largest non-Christian group in the country. Most live on the island of Mindanao and the Sulu archipelago in the Philippines’ south, as well in the capital Manila and the central-western province of Palawan.
Earlier this month, Marcos declared June 17 a national holiday to observe Eid Al-Adha, the second of the two main holidays observed in Islam.
“As we observe Eid Al-Adha, let us embrace the lessons of sacrifice and unconditional faith. May this celebration inspire us to uplift lives and create a Bagong Pilipinas rooted in righteousness and peace,” Marcos said in a statement issued on Monday, referring to his New Philippines slogan.
“I wish you a jubilant celebration of your faith and vows of sacrifice. Eid Mubarak!”
Eid Al-Adha commemorates the Prophet Ibrahim’s test of faith when he was commanded by God to sacrifice his son, and also marks the culmination of Hajj, the annual pilgrimage that is one of the five pillars of Islam.
For Muslim Filipinos, like other Muslims across the world, Eid is an “opportunity to learn to rekindle the spirit of faith, self-sacrifice, kindness and generosity,” said former NCMF commissioner Yusoph Mando.
Mando said he spent the holiday with family and friends, as Eid for many was about learning to cherish the time spent with loved ones.
Though much of Asia, including Indonesia, Malaysia, India and Bangladesh, observed Eid Al-Adha on Monday, Filipinos joined Muslims in other parts of the globe, including in Saudi Arabia, Libya, Egypt and Yemen, in starting the celebrations on Sunday.
Ebra Moxsir, a retired police colonel and national president of the Imam Council of the Philippines, said that Eid Al-Adha was “a time for unity and solidarity among Muslims.”
But for others, Eid celebrations are quieter this year as they reflect on the sufferings of Palestinians in Gaza.
“We did not spend time with a lot of relatives like before because we could not feel complete happiness with the genocide going on in Gaza,” Enisha Alin Guro, a resident of Marawi City, told Arab News.
Guro said her celebrations are muted “out of sympathy for the people of Gaza who will not be celebrating Eid as a complete family or with food on the table or a home to go home to.”
