The Tadawul All-Share Index (TASI) on Wednesday continued to underperform the region and the index lost 0.7 percent, 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 SR210 million ($56 million), up 44 percent from a year ago and beating NCB Capital’s estimate of SR198 million.
Other stock markets in the region where foreign funds are most active outperformed for a second straight day on Wednesday, with Egypt’s index hitting a record high.
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 (UAE) 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.
Dividend announcements drive Muscat bourse
Recovery on the Muscat Securities Market (MSM) is expected to gather momentum, thanks to better dividend announcements of the corporate sector and a firm trend in crude oil prices.
Ooredoo net profit rises 4% to QR2.2bn in 2016
Driven by strong contributions from Qatar and certain other markets, the Ooredoo Group posted a net profit of QR2.2bn in 2016, up 4% on the previous year.
Group revenue stood at QR33bn, an improveme