Saudi stocks gain; Gulf indices mixed


03/01/2017 05:13 AST

Gulf stock markets were mixed on Monday as most reopened after the New Year, with Oman falling after the release of an austere state budget for 2017. Egypt edged down although foreign investors remained net buyers of stocks.

Saudi Arabia›s index ended 0.1 percent higher to 7,247 points, but 0.7 Oman dropped 0.8 percent after the government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices. Dubai’s index rose 0.2 percent as much activity focused on speculative stocks with prices below 1 dirham. Islamic Arab Insurance, the most heavily traded stock, rocketed 15 percent in its largest volume since April.

Abu Dhabi fell 0.3 percent, partly due to a 7.6 percent slide in Abu Dhabi National Energy. Qatar edged down 0.1 percent. Islamic bank Masraf Al Rayan dropped that much after saying it would suspend its brokerage business, Al Rayan Financial Brokerage Co. It said the brokerage›s paid-up capital represented just 0.06 percent of the bank›s total assets.

Oman Telecommunications lost 2.1 percent after tumbling 4.3 percent on Sunday in response to an increase in the royalty that it must pay the government. Rival Ooredoo Oman fell 2.0 percent

Bahrain listed its first sharia-compliant retail real estate investment trust, Eskan Bank Realty Income Trust. The REIT rose 7 percent in very thin trade.

In Egypt, the index pulled back 0.4 percent but exchange data showed non-Arab foreign investors remained net buyers of stocks by a small margin, continuing a streak that began with the floating of the Egyptian pound.

Saudi Gazette
Market News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 168 343,508
BKMB 0.47 499,506
SABIC 92.86 4,825,956
ALMARAI 68.48 63,678
RIBL 10.71 540,366
BATELCO 0.28
EEC 20.38 2,195,251
Recent News

Selling in bank stocks pulls down share index
Local selling in banking stocks dragged down the MSM30 Index, which ended the session at 5,720.77 points, down by 0.29 per cent. The MSM Sharia Index declined by 0.08 per cent to close at 857.64 poi

Stocks hover near 3-month highs; pound in spotlight
Asian stock markets stabilised near three-month highs on Wednesday, helped by Hong Kong and Chinese shares, as investors judged US President-elect Donald Trump’s concerns over a stronger dollar to be

Saudi National Commercial Bank Q4 profit up 7.5%
Saudi Arabia’s National Commercial Bank (NCB) reported a 7.5% rise in fourth-quarter net profit yesterday as the kingdom’s largest lender was boosted by higher income from commission and investments.

Al Khaliji earns QR427mn profit
Al Khalij Commercial Bank (Al Khaliji) has posted a net profit of QR427mn in 2016, it was announced yesterday.

The bank’s net operating income for 2016 reached QR1.2bn and was 1% higher tha

QIB profit grows by 10.3% to QR2.15bn
QIB has recorded a net profit of QR2.15bn for the fiscal year 2016, up 10.3 percent compared to QR1.95bn for the year 2015. The bank’s basic earnings per share reached QR8.55 compared to QR 8.06 a ye

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?