GulfBase Live Support
03/11/2016 05:21 AST
Gulf stock markets fell on Wednesday after drops in global bourses and oil prices, but banking shares limited the decline in Saudi Arabia. In the nine days through Monday, Tadawul All-Share Index rocketed 10.1 percent in response to the success of Riyadh’s international bond issue, which eased concern about tight liquidity in the banking system.
On Tuesday, the index pulled back slightly, and it fell a further 0.1 percent on Wednesday. The banking sector edged up 0.04 percent, suggesting positive sentiment due to the bond issue has not yet faded. National Commercial Bank fell back 3.2 percent but Al-Rajhi climbed 0.9 percent.
The petrochemical sector dropped 0.5 percent, and many gainers were second- or third-tier stocks favored by local retail investors, such as air conditioner maker and retailer Shaker, which rose 1.5 percent after its board approved a 0.75 riyal nine-month dividend to shareholders registered this Thursday.Dubai’s index fell 0.9 percent with Emaar Properties losing 1.6 percent, while a 1.6 percent slide in telecommunications operator Etisalat helped to pull Abu Dhabi’s index down 1.0 percent.
Qatar’s index slipped 1.3 percent to 10,073 points as petrochemicals and metals blue chip Industries Qatar sagged 1.6 percent.
The index broke technical support at 10,153-10,160 points, where its September low coincided with its 200-day average. That broke the consolidation range of the past six weeks, pointing down to around 9,800 points. A Reuters poll of Middle East fund managers published this week found only 7 percent of managers expected to raise Qatar equity allocations in the next three months, and 50 percent expected to reduce them — the most bearish balance for Qatar since the survey was launched in September 2013. They cited high valuations relative to the rest of the region.
Kuwait’s stock index edged down 0.1 percent but Kuwait Finance House, the country’s biggest Islamic lender, rose 2.1 percent after reporting a 20.5 percent rise in third-quarter net profit to 52.3 million dinars ($172.9 million).
Arab News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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