TASI up as Qatari, Kuwaiti stocks fall

06/10/2010 00:00 AST

Egypt's Orascom Telecom (OT) defied a regional market decline on Tuesday, soaring 5 percent after its executive chairman agreed to merge most of his telecom assets with Russia's Vimpelcom.

Orascom surged in more than double its recent average trading volume of 17.6 million shares after the stock was suspended on Monday before the deal was announced.

Egypt's top mobile firm by subscribers Mobinil, which is owned 34.7 percent by Orascom, climbed 1.3 percent.

The Egypt index closed 0.1 percent higher to 6,845 points, with around three stocks falling for each that rises, after reaching its highest intraday level since May 13.

Saudi Arabia's Almarai climbed to an all-time high after posting a 17-percent rise in third-quarter net profit and offering a one-for-one bonus share.

The index inched up, as Almarai ended with gains of 4.7 percent, having surged up to 8.1 percent intraday on its results.

The Tadawul All-Share Index (TASI) closed 0.01 percent higher at 6,396 points. The sector activity for the day was mostly negative with 3 out of 15 sectors closing with gains namely 0.42 percent by the Telecommunication & Information Technology sector, 0.46 percent by the Petrochemical Industries sector and 1.91 percent by the Agriculture & Food Industries sector. On the other hand losing sectors ranged from 0.09 percent losses by the Energy & Utilities sector and the Transport sector to 1.90 percent losses by the Real Estate Development sector. The overall market breadth for the day was negative with 34 advancers against 99 decliners giving it an AD ratio of 0.34, the Financial Transaction House (FTH) said in its daily market report.

The liquidity for the day reached SR2.82 billion.

The banking index fell 0.2 percent as Al-Rajhi declined 0.6 percent.

In Dubai, Arabtec jumped to a 16-week high, lifting the index after the construction firm received a $1.33 billion order in Saudi Arabia.

Arabtec gained 5 percent, accounting for half of the trade volume in the market. The Dubai index gained 0.2 percent to 1,690 points.

Property shares also gained, with Emaar Properties up 1.1 percent and Union Properties climbing 1.5 percent.

The Abu Dhabi benchmark fell 0.2 percent to 2,660 points.

The Qatari index slipped 0.08 percent to 7,707 points.

The Kuwaiti index fell 0.01 percent to 6,946 points.

Arab News