Tadawul slides 0.7 percent


05/01/2017 07:09 AST

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.

Arab News
Market News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 155.5 188,465
SABIC 97.37 2,673,609
OOREDOO 1200 76,670
BAHRI 36.79 613,161
ZAIN 480 2,421,444
MMG 12.55
EEC 21.89 592,684
Recent News

Sterling slips after weak UK business investment data
Sterling fell on Wednesday after data showed UK business investment fell in the fourth quarter of 2016 and indicated tougher economic times lie ahead, despite overall growth hitting its fastest pace

Food consumption in Oman to grow at 4.5% to 3.9m tonnes in 2021
Food consumption in Oman is likely to grow at a compounded annual growth rate (CAGR) of 4.5 per cent to 3.9 million tonnes in 2021 from an estimated 3.1 million tonnes in 2016. This growth is attribu

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.

Dividen

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

Saudi Aramco recruits JPMorgan,Morgan Stanley for IPO,HSBC a contender
Oil giant Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source

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?