GulfBase Live Support
Dubai blue chip Emaar Properties continued to rebound in heavy trade on Thursday but regional stock markets were mostly lacklustre, partly because of weak global bourses and oil prices.
Emaar, which had been trading near 14-month lows, surged 3.2 percent on Wednesday as some funds returned to the stock, apparently attracted by undemanding valuations compared to emerging market peers.
On Thursday the stock climbed a further 1.8 percent in its heaviest volume this year. However, this failed to lift Dubai’s stock index, which was flat as declining issues outnumbered gainers by 20 to nine.
Saudi Arabia’s index edged up 0.3 percent. Al Jazira Bank closed 0.5 percent lower after the securities regulator approved its request to conduct a 3 billion riyal ($800 million) rights issue.
Saudi Industrial Export Co, which had soared 77 percent in highly speculative trade over the past six days, fell back 10 percent in its heaviest volume since 2013.
In Qatar, the index dropped 0.3 percent as Qatar Islamic Bank went ex-dividend, tumbling 4.1 percent. But Commercial Bank jumped 5.8 percent. Sources told Reuters on Tuesday that the bank had agreed in principle to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank to United Arab Emirates-based Tabarak Investment.
The sale will be finalized shortly with a formal announcement to be made next month, the sources said, declining to be named as the matter is not yet public.
Saudi insurance stocks surged on Sunday, with investors expecting the sector to reap significant dividends following the lifting of the ban on female drivers.
Insurance stocks — one of the
The MSM30 index ended lower on Sunday and closed at 4593.87 points, down by 0.36 per cent. MSM Sharia Index closed at 658.87 points, down by 0.12 per cent. Galfar Engineering and construction was the
Times of Oman
Saudi Arabia’s Tadawul index jumped on Sunday after the MSCI said it would add the kingdom to its emerging market index, a move that is expected to attract billions of dollars in funds.
Khalid Al-Hussan seemed to be enjoying himself last Thursday at the Riyadh headquarters of Tadawul, the Saudi Arabia stock exchange, of which he is chief executive. In fact, a quiet smile of satisfac
Last week the Dubai Financial Market General Index (DFMGI) got hit hard, falling 110.06 or 3.62 per cent to end at 2,928.17. That’s its largest one-week decline since early November 2017. Weakness wa