Tadawul index jumps by 7% in July

28/07/2014 08:28 AST

Saudi Stock Exchange (Tadawul) index closed at 10214.73 on the last trading day in July, up 7.38 percent compared to June, which is the highest rate since 2008.

The exchange’s monthly statistical report showed that the index achieved returns by 19.67 percent from the beginning of the year 2014 until the end of July.

It pointed out that the market value of the shares issued at the end of the month of July amounted to SR2100.25 billion, equivalent to $ 560.06 billion, a rise of 7.97 percent compared to the previous month.

Elsewhere, stock markets in the United Arab Emirates rose on Sunday on the back of some strong second-quarter earnings reports and expectations for more of them, while Qatar and Egypt pulled back in thin trade before long breaks for Eid Al Fitr holidays.

Dubai's benchmark rose 1.9 percent as blue-chip lenders Dubai Islamic Bank and Emirates NBD added 4.4 and 2.0 percent respectively.

Dubai Islamic Bank posted a 59.6 percent jump in second-quarter net profit on Thursday. The bank made 667.5 million dirhams ($181.8 million) in the quarter, beating analysts' average forecast of 627.3 million dirhams.

Emirates NBD also beat analysts' estimates on Thursday when it reported a 34.8 percent jump in quarterly profit.

Builder Arabtec closed up 1.3 percent after dropping as much as 6.5 percent early in the session on disappointing results. Arabtec earned 103 million dirhams ($28.1 million) in the second quarter, while analysts polled by Reuters had on average forecast 111 million dirhams.

Shares in Emaar Properties, Dubai's largest listed developer, rose 1.9 percent. The company is expected to announce its quarterly results after the Eid break.

Abu Dhabi's top listed developer Aldar Properties also jumped ahead of expected earnings. The stock rose 2.6 percent, helping the emirate's benchmark add 1.1 percent.

Qatar's benchmark slid 0.6 percent, largely because of Barwa Real Estate, which tumbled 6.8 percent.

The stock had plunged its 10 percent daily limit on Thursday after the company posted a quarterly net loss of 42.9 million riyals ($11.8 million) compared to a profit of 40.6 million riyals in the year-earlier period.

Egypt's bourse slipped 0.1 percent. Commercial International Bank (CIB) was one of the main drags, pulling back 0.6 percent. The stock had jumped 4.4 percent on Thursday after CIB's second-quarter results came in ahead of analysts' estimates.

Bahrain's bourse edged down 0.4 percent. Bahrain Telecommunications Co (Batelco) fell 1.6 percent after posting a 22.4 percent drop in second-quarter profit on Sunday.

Saudi Gazette