Saudi stock index tails off while rest of GCC mixed


05/01/2017 07:15 AST

Stock markets in the Middle East where foreign funds are most active outperformed for a second straight day on Wednesday, with Egypt’s index hitting a record high while Saudi Arabia was dragged lower by profit-taking.

Saudi Arabia’s stock market, which has little exposure to international funds, continued to underperform the region and the index lost 0.7 percent to 7,198 points, its largest decline since Dec. 19. Trading volume was the lowest this week.

The petrochemical sector was the main drag after oil prices fell about 2 percent overnight; the sector’s index slipped 1.1 percent.

Mid-sized Advanced Petrochemical, however, rose 0.2 percent after the company, the first to publish fourth- quarter earnings in the kingdom, reported quarterly net income of 210 million riyals ($56 million), up 44 percent from a year ago and beating NCB Capital’s estimate of 198 million riyals.

Egypt’s main index gained 1.5 percent to 12,608 points in the highest trading volume this week, surpassing the intra-day record high of 12,534 points hit on Dec. 22.

Palm Hills Development jumped 8.5 percent after saying it signed an agreement with the Ministry of Housing to buy a major plot in West Cairo to build a new project close to the company’s existing developments.

Foreign investors, who have been net buyers of Egyptian shares since Egypt floated its currency two months ago, remained buyers on Wednesday, bourse data showed.

Qatar’s index gained for a second session in row, closing 0.8 percent higher with 80 percent of shares in the index advancing. Real estate developer United Development was the top performer, jumping 4.9 percent in heavy trade.

A monthly Reuters survey of leading Middle East fund managers at the end of December found them bullish on regional equities in general, especially the United Arab Emirates and Qatar, where they intend to capture high annual dividend yields.

Dubai’s index recouped early losses to close 0.4 percent higher as some of the largest listed shares were bid up. Emirates NBD, which is usually thinly traded, gained 2.9 percent.

Dubai Islamic Bank rose 0.4 percent after saying it had completed the sale of its stake in Jordan Dubai Islamic Bank to Bank Al Etihad and Etihad Islamic Investment Co. DIB held 20.8 percent in the Jordanian bank; the value of the sale was not disclosed.

Saudi Gazette
Market News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 153.6 156,445
SABIC 97.75 759,143
EEC 22.35 834,923
ZAIN 480 4,306,810
RJHI 64.75 950,876
DANA 0.45 17,092,585
MMG 12.55
Recent News

Zain Trials 'Advanced' 4.5G Tech
Also in today's EMEA regional roundup: Teléfonica sells 40% of Telxius to investment group; OBS lands smart cities deal in Qatar; 3 enters the Matrixx; balloon goes up for EE.

Nokia Corp.

Bahri Bulk joint venture agreement with Koninklijke Bunge B.V.
The National Shipping Company of Saudi Arabia (Bahri) announces that its subsidiary Bahri Dry Bulk Company (owned 60% by Bahri) (BDB) has signed today 22 Feb 2017 a joint venture agreement with Konin

Bahri Dry Bulk signed joint venture with Koninklijke Bunge B.V.
The National Shipping Company of Saudi Arabia (Bahri) announces that its subsidiary Bahri Dry Bulk Company (owned 60% by Bahri) (BDB) has signed today 22 Feb 2017 a joint venture agreement with Konin

Mobily announces the issuance of a Unified License
Etihad Etisalat Company (Mobily) announces that on 21-02-2017 the Communications and Information Technology Commission (CITC) has awarded Mobily a Unified License to provide all licensed telecommunic

Sterling hits 2-month high vs euro on Le Pen poll gain
Sterling rose almost 1 percent to its highest in two months against the euro on Tuesday, profiting from broad sales of the single currency after another opinion poll showed far-right French president

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?