09/06/2016 02:09 AST

Saudi Arabia’s Tadawul All-Share Index rose 1.1 percent on Wednesday as investors accumulated shares in companies set to benefit from economic reform plans, while oil hitting fresh 2016 highs buoyed investor mood across the region.

Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. jumped 9.2 percent to SR5.95, surging by its daily limit for a second straight day.

After the market close on Tuesday, the developer said it was in talks with the government to provide housing under the Kingdom’s economic reform plan. Emaar Economic City also said it was in talks with the Housing Ministry to build homes for Saudi citizens, and its shares surged 8.6 percent.

The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as “Vision 2030.”

The plan, which sets targets for government agencies and also includes spending on new initiatives in health care, mining and renewable energy, will cost an estimated SR270 billion ($72 billion) to implement. Finance Minister Ibrahim Al-Assaf said on Tuesday it will partly be paid for by making public sector efficiency savings and cutting spending on existing projects. It also targets increasing the percentage of Saudi families that own homes to 52 percent by 2020 from the current 47 percent and cutting the waiting period to obtain housing financing to five years by 2020 from 15 years at present.

Also benefiting from the planned economic reforms, Al-Tayyar Travel Group jumped 3.1 percent to SR39.70. The company, which offers religious tourism services in the kingdom, is set to benefit from a push to expand the role of tourism and hospitality sector in the economy, as outlined in the plan.

Petrochemical shares were also strong, with the sub-index gaining 1.4 percent as Brent crude prices hit fresh 2016 highs.

Dubai’s Shuaa Capital jumped 5.7 percent after it confirmed in a bourse statement on Wednesday that Abu Dhabi Financial Group had reached an agreement to buy the 48.36 percent stake of the investment bank held by Dubai Banking Group.

Dubai’s main index rose 0.8 percent as winners outnumbered losers 18-to-four. Blue chips Emaar Properties and DAMAC Properties closed up 1.3 and 3 percent respectively.


Arab News

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683

TASI 7,871.67 71.90 (0.92%)

Market
P/E
Price/BookValue
Dividend Yield (%)
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
SABIC 114.77 0.02 (0.01%)
STC 83.41 2.09 (2.57%)
NCB 64.98 0.35 (0.54%)
RJHI 76.03 0.78 (1.03%)
SECO 20.62 0.12 (0.58%)
Foreign investors pile into Saudi Arabia in March amid kingdom's FTSE upgrade

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

Muscat bourse gains lifted by activity in financial shares

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

Dubai bourse takes a hit in traded value

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

Financial blue chips drive Muscat bourse recovery

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

Emaar Properties stock hits new one-year low

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