Saudi index rises; Qatar drops

29/03/2016 07:32 AST

Strong petrochemical shares lifted Saudi Arabia’s stock market in early trade on Monday, while Orascom Telecom Media pulled Egypt lower again because of concern about its deal to acquire CI Capital.

Saudi Basic Industries climbed 2.3 percent, helping the Saudi index rise 0.9 percent. Saudi Telecom rebounded 2.4 percent after sliding for several days in response to regulators cutting regional roaming fees in the Gulf. The Qatar Exchange down 83.63 points or 0.82% as it closed yesterday at 10,145.39 points down from the previous closing of 10,229.02.

The volume of shares traded up to 10,189,517 from 8,847,314 Sunday, and the value of shares increased to QR370,786,003.69 from QR273,949,395.28. Among the top losers were Qatar Insurance whose share dropped 3.05% to QR79.50 and Qatar Islamic Bank with 1.89% fell to QR103.60 per share. Qatar Navigation was lost 3.01% to QR90.20 and Ooredoo down 2.19% to QR85.00 Egypt’s index fell 0.6 percent as Egyptian billionaire Naguib Sawiris’s Orascom Telecom, the most heavily traded stock, lost 1.3%.

Orascom Telecom had dropped 3.8 percent on Sunday after Sawiris said its bid to acquire CI Capital, the investment arm of Commercial International Bank (CIB), was being held up by national security concerns. Sawiris also criticised state meddling in business that he said would put off investors.


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