11/08/2015 05:17 AST
JEDDAH — Gulf stock markets edged up on Monday, tracking oil prices, which crept higher after declining for six weeks. The main Saudi index added 1.6 percent to close at 8,835 points and petrochemicals giant Saudi Basic Industries rose 1.5 percent. Prices for many of its products move in line with oil prices.
The best performers of the session on the Tadawul All Share were Knowledge Economic City, which rose 7.58% or 1.69 points to trade at 24.00 at the close.
Meanwhile, Bupa Arabia for Coop. Insurance added 5.21% or 13.54 points to end at 273.50 and Etihad Etisalat Co was up 5.14% or 1.51 points to 30.90 in late trade.
The worst performers of the session were Alinma Tokio Marine Co, which fell 7.80% or 2.15 points to trade at 25.40 at the close.
Trade Union Cooperative Insurance declined 3.18% or 1.20 points to end at 36.50 and Al Alamiya Cooperative Insurance was down 2.31% or 1.61 points to 68.00.
Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 153 to 13. Telecommunications operator Mobily surged 5.5 percent.
The stock has drawn bargain hunters in the past two days after shedding 17 percent since it resumed trade on Aug. 3.
It had been suspended for two months during which it reviewed its earlier financial statements. Mobily hit six-year lows this month after the telecom operator restated earnings for 27 months on July 30 and posted a second-quarter loss on Aug. 2.
Most other blue chips also gained as market sentiment was lifted by data on Sunday showing a jump in consumer spending during the holy month of Ramadan.
National Commercial Bank, the kingdom's biggest lender, rose 1.4 percent. Dubai's index, down 0.7 percent to 4,068 points, was the only loser in the Gulf as property stocks in the emirate fell. Union Properties led losses, tumbling 4.3 percent.
The firm reported a 96 percent slump in second-quarter net profit on Sunday as revenue from property management and home sales shrank and its year-earlier earnings were swelled by property revaluations.
Emaar Properties, the emirate's largest listed developer, edged down 0.3 percent and another real estate firm, DAMAC Properties, fell 1.1 percent.
Financial services firm Shuaa Capital fell 1.6 percent after it posted a 73 percent drop in quarterly profit. Abu Dhabi's benchmark egded up 0.3 percent to 4,823 points and Abu Dhabi National Energy Co was one of the main supports, jumping 3.0 percent.
The firm's board plans to review its second-quarter results on Wednesday. Qatar edged up 0.6 percent as Industries Qatar, another stock sensitive to oil prices, rose 1.4 percent to 11,680 points.
Kuwait index edged up 0.4 percent to 6,299 points, while Oman index added 0.2 percent to 6,420 points. Bahrain index was flat at 1,333 points.
Egypt's benchmark index climbed 0.2 percent to 8,029 points after the country's urban consumer price index fell to a one-year low, opening the way for a potential interest rate cut.
"We think interest rate cuts are likely to come onto the agenda," Capital Economics said in a research note. "We have pencilled in a 50 bp reduction in the overnight deposit rate, to 8.25 percent by year-end."
Telecom Egypt rose 1.6 percent after it reported a 55 percent rise in second-quarter profit after tax to 378 million pounds ($48.28 million.
Saudi Gazette
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