GulfBase Live Support
Leave a message and our representative will contact you soon
19/10/2010 00:00 AST
The Saudi bourse rose yesterday, buoyed by Saudi Basic Industries Corp (Sabic) which climbed after reporting a 46% jump in quarterly earnings.
Regional markets were mixed yesterday. Saudi Arabia’s benchmark rose 0.4% to 6,285 points.
Dubai’s index retreated 0.3% to 1,739 points. Abu Dhabi’s benchmark advanced 0.6% to 2,778 points.
Kuwait’s index climbed 0.2% to 7,046 points. Oman’s benchmark ended 0.3% higher at 6,545 points. Bahrain’s measure inched up 0.06% to 1,462 points.
Sabic, the world’s largest chemical firm by market value, rose 2.3%, reaching its highest value since October 10. The company beat analyst estimates with its third-quarter results.
“Sabic’s third-quarter result will be the major driving force for the Saudi market in the coming days,” said Hesham Tuffaha, head of research for Bakheet Investment Group.
The index, which slipped last week after banks reported lower-than-expected quarterly earnings, climbed 0.4%.
“Investors have been waiting for Sabic to release its earnings so that the market improves. The Sabic earnings will offset the bank earnings result that brought the market down.”
The petrochemical index climbed 1.1%.
The index slipped 0.4%.
In Dubai, most property-related stocks fell as the emirate’s index slipped for a third session in a row, with investors booking profits.
“We are seeing some short term profit-taking,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
“Global markets are not providing any catalysts. So many investors are on the sidelines waiting for third-quarter results and some are booking profits.”
Analysts said third-quarter results are not expected to have much impact. Emaar Properties dropped 0.8%.
Arabtec defied the trend, ending 0.5% higher after chief financial officer Ziad Makhzoumi said the Dubai builder expects third-quarter profits to be in-line with the previous quarter and that the firm will not need to take provisions.
Reuters
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
05/04/2018
Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r
The National
05/04/2018
Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti
Times of Oman
05/04/2018
Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s
Gulf News
04/04/2018
Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank
Times of Oman
04/04/2018
Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b
Gulf News