12/09/2017 06:01 AST

The Saudi stock benchmark Tadawul All Share Index gained 0.5 percent to 7,411 points at close of trade on Monday, while Qatar’s stock market sank to a 19-month low and other regional bourses were mixed in mostly quiet trade.

Saudi British Bank surged on Tadawul at close of trade. The Saudi index gained 0.5 percent in rising trading volume as Nama Chemicals, which had surged 9.5 percent in unusually heavy trade on Sunday, added a further 2.1 percent to 21.90 riyals, though it pulled back from near technical resistance at its May peak of 23.22 riyals.

Saudi British Bank climbed 2.6 percent to 28.15 riyals after Morgan Stanley raised the stock to “overweight” from “equal-weight” and lifted its target price to 32.50 riyals from 31 riyals.

However, the Qatari stock index dropped 1.6 percent to 8,532 points, its lowest finish since January 2016, in a broad sell-off that saw declining stocks outnumber gainers by 27 to nine.

Qatar National Bank, the biggest lender, slid 2.0 percent and Qatar Gas Transport dropped 4.4 percent. The market has been depressed by the diplomatic dispute between Qatar and its neighbors that erupted in early June.

Although wealthy Qatar is believed to have the financial resources to cope with its isolation, banks face higher funding costs as other Gulf states withdraw deposits.

The withdrawals have been pushing down the Qatari central bank’s foreign reserves, which shrank $10.4 billion in June to $24.4 billion. The central bank usually releases each month’s reserves data late in the following month but has not yet published July data; it has not given a reason for the delay.

Elsewhere, the Dubai index edged up 0.2 percent. Union Properties, the most heavily traded stock, added 0.9 percent and Deyaar gained 0.8 percent.

Direct sales of United Arab Emirates properties are being allowed at this year’s annual Cityscape exhibition in Dubai for the first time in a decade. Deyaar said in a stock exchange statement on Monday that it was launching a new 1 billion dirham ($272 million) residential and hotel project at Cityscape.

In Abu Dhabi, the index slipped 0.2 percent but Abu Dhabi National Insurance Co (ADNIC) climbed 4.1 percent in thin trade. On Sunday, Reuters quoted sources as saying Abu Dhabi Investment Council was weighing a sale of its nearly 24 percent stake in ADNIC, with Allianz among groups showing initial interest in buying it.

In Egypt, the index climbed 0.6 percent in active trade after news that annual urban consumer price inflation dipped to 31.9 percent year-on-year in August from 33.0 percent in July. If inflation continues to drop, it could permit the central bank to ease policy late this year.


Saudi Gazette

Ticker Price Volume
QNBK 123.30 103,897
MMG 0.00 0
SABIC 100.87 2,504,855
STC 71.32 119,991
CHEMANOL 7.11 932,192
RIBL 11.97 465,866
TRADEUNION 20.69 200,872

TASI 7,326.32 6.48 (0.09%)

Market
P/E
Price/BookValue
Dividend Yield (%)
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
SABIC 100.87 0.11 (0.10%)
STC 71.32 -0.26 (-0.37%)
RJHI 67.88 0.29 (0.42%)
NCB 51.47 -0.96 (-1.84%)
SECO 23.65 0.12 (0.50%)
CMA approves Awazel Initial Public Offering

21/09/2017

The CMA has issued its resolution approving the prospectus of Arabian Waterproofing Industries Company and the initial public offering of (8,189,994) shares representing (30%) of the Company’s share

Tadawul

Oman shares end higher on strong buying by retail investors

21/09/2017

A smart recovery was witnessed on the Muscat bourse after retail investors entered the market to purchase blue chip stocks.

Also, strong movement in telecom and banking stocks lifted the M

Times of Oman

Lack of traded volumes weighs on Dubai bourse

21/09/2017

The UAE markets continued to remain sluggish on Wednesday awaiting fresh triggers, but maintained their overall positive outlook.

Traded value dwindled to Dh162 million, down from an average

Gulfnews

Oman shares recover on better support from local investors

20/09/2017

Shares on the Muscat bourse recovered on better support from local investors. The benchmark MSM30 Index increased and closed at 4,997.53 points on Tuesday, higher by 0.21 per cent. The MSM Sharia Ind

Times of Oman

QSE breaks losing streak

20/09/2017

Qatar’s stock index came slightly off a five-year low yesterday as local funds intensified their buying of those shares, snapping the 11-straight sessions of losses.r> Local investors have been net

The Peninsula