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09/05/2017 04:37 AST
The Tadawul All Share Index (TASI) added 0.1 percent in low turnover as 104 shares advanced and 45 declined on Monday.
Medical provider Mouwasat rose 2.8 percent after it reported first-quarter net income of SR85.1 million, up 24.2 percent from a year ago and above analysts’ forecast of SR79.42 million.
The largest telecom provider, Saudi Telecom Co. (STC) rose 0.7 percent, taking its gains over two sessions to 1.6 percent, outperforming most other blue chips.
STC’s shares have reacted positively to its first-quarter net profit coming in ahead of expectations and on the board’s recommendation to distribute SR1 per share for the period.
Also, investors have taken the recent announcement made by STC that it has signed onto a project with the government to fit 1.3 million homes with fiber optic broadband services in both urban and rural areas by 2020. The total cost of the upgrade will be SR7.3 billion.
The shares of three other telecom operators rose; Mobily added 1 percent.
Elsewhere in the region, markets recovered some of the previous session’s losses on Monday. Shares of Dubai’s Drake & Scull (DSI) rose in the final hour of trade as retail investors reacted to some potentially positive news from the company.
DSI, which fell by a little more than 5 percent earlier in the session, closed 0.8 percent higher. The retail arm of Emaar Properties, Emaar Malls rose 0.3 percent after it reported a 1.9 percent rise in first-quarter net profit to 539 million dirhams.
The Dubai index rose 0.2 percent on Monday.
In neighboring Abu Dhabi, a rebound in some of the previous session’s top losers helped lift the index 0.2 percent. Dana Gas climbed 2.4 percent and Abu Dhabi Commercial Bank gained 3.5 percent.
Qatar’s index added 0.2 percent, staying near a 5 month low. Petrochemicals giant Industries Qatar rebounded 1.3 percent, recovering from the 0.9 percent made on Sunday.
Arab News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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