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Stock markets in the region were mixed in narrow ranges on Sunday, with banks and petrochemicals supporting Saudi Arabia, while Qatar edged down to a fresh 18-month closing low.
The Saudi stock benchmark Tadawul All Share Index rose 0.2 percent to 7,378 points. All but two of the 14 listed petrochemical shares advanced after a pick-up in oil prices at the end of last week, with small polymer maker Nama Chemicals surging 9.5 percent in unusually heavy trade.
Two-thirds of the 12 listed banks rose with Banque Saudi Fransi, the best performer, climbing 3.8 percent.
However, Qatar’s index edged down 0.1 percent to 8,667 points, its fifth straight session of decline; foreign funds were net sellers, bourse data showed. Doha Bank slipped 0.6 percent.
Elsewhere, Dubai’s index edged up 0.1 percent, as builder Drake & Scull rose 1.1 percent in active trade after news that the company’s chairman, Majid al Ghurair, had resigned for “personal reasons”.
DSI will elect a new chairman at board of directors meeting on Tuesday, and investors may hope the change could help the company rebound from losses caused by a slump in the regional construction industry.
In Abu Dhabi, Dana Gas added 1.2 percent and was again Abu Dhabi’s most heavily traded stock, accounting for almost two-thirds of trading volume.
Last week it surged 28 percent in response to the company’s deal to receive hundreds of millions of dollars in payments from the government of Iraqi Kurdistan. The deal clears the way for Dana to resume expanding gas production in the area over the long term.
Abu Dhabi National Energy climbed 6.4 percent but most other shares fell, dragging the main Abu Dhabi index down 0.2 percent.
In Egypt, the index rose 0.2 percent with investment firm Qalaa Holdings jumping 7.5 percent to a 16-month high. Shares in the company have been strong since last week when one of its mining subsidiaries sold its stake in an Ethiopian company.
Last week the Dubai Financial Market General Index (DFMGI) advanced by 39.85 or 1.26 per cent to close at 3,197.30, the first positive week in four. There were only nine advancing issues against 31 d
Qatar stock market made a significant recovery during the last week, lifting the Qatar Stock Exchange’s (QSE) main index by 6.49 percent, or 539.45 points, to finish at 8,847.79 points.
Kuwait Stock Exchange plans to divide its stock market into three market segments from April 1 in a bid to boost liquidity for investors, a regulatory official said on Thursday.
UAE traders resorted to brisk buying in property stocks in the last one hour of trade on Thursday removing the sluggishness witnessed in the market in the past few weeks.
The Dubai Financia
Nasdaq Dubai on Thursday welcomed the listing of a $1 billion Sukuk issued by the Emirate of Sharjah. It is the first sovereign Sukuk to be issued in the GCC in 2018, as well as the Sharjah’s third a
The Gulf Today