All Saudi stock indices close higher

29/02/2016 05:46 AST

Petrochemical stocks led Saudi Arabia’s stock market higher on Sunday after oil prices rose sharply last week, while Egypt’s bourse rose on the back of Global Telecom, a favorite of foreign investors.

The Saudi stock benchmark Tadawul All Share Index gained 1.94 percent to 6,092.01 points at close of trading as Saudi Basic Industries and the petrochemical sector as a whole both surged 2.1 percent.

All 15 sectoral indices registered gains with Hotel & Tourism registering the biggest climb at 4.30 percent, followed by Retail at 4.17 percent. Petrochemical Industries came third with 3.20 percent improvement. Alujain Corp, an industrial investment company focused on petrochemicals, jumped 5.7 percent despite reporting a 36 percent drop in last year’s net profit.

The index is now close to technical resistance on the early February and end-January peaks of 6,056-6,099 points; any break would turn it short-term bullish.

Egypt’s index added 0.9 percent as Global Telecom gained 2.0 percent to 2.02 Egyptian pounds. In a report on Thursday, AlphaMena Research rated the stock a “buy” with a six-month target price of 6.75 pounds, citing attractive valuations.

The Dubai Financial Market General Index rose by 1.6 per cent at 3,1736.63, while Abu Dhabi’s headline index closed 0.5 per cent higher at 4,275.69. Arabtec Holding surged 10.5 percent.


Saudi Gazette

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