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26/01/2016 06:19 AST
Major Gulf bourses retreated on Monday, erasing some of the previous day’s gains with investors unconvinced markets can mount a sustainable rebound.
Saudi stock index was near-flat, slipping 0.02 percent to 5,610 points as day traders booked quick profits to take its 2016 losses to 18.8 percent. It had gained 2.7 percent on Sunday after oil prices rallied late last week, but crude’s renewed weakness has again sapped Saudi market confidence.
The petrochemical sector, the main influence on market direction of late, dropped 0.2 percent.
Al Rajhi Bank fell 0.8 percent after surging 5.9 percent on Sunday.
The lender, which was one of the last banks to report earnings, made a fourth-quarter net profit of SR1.95 billion ($519.6 million) than forecasts.
Samba Financial Group, another lender to post better-than-expected results, slid 1.3 percent.
Saudi Arabia’s fourth-quarter earnings season has ended. The combined profits of the kingdom’s listed companies shrunk 16.1 percent from the same period last year, according to Riyadh’s NCB Capital. The firm said results were also 29 percent below analysts’ average forecasts.
Petrochemical companies were the worst performers, while banking and food sectors were the best.
Many stocks in the Gulf are considered cheap by traders and fund managers, even after Sunday’s rally. But investors have become skittish, gripped by uncertainty over whether markets have truly turned a corner and so they could not retain Monday’s initial gains.
Elsewhere, Dubai’s index fell 1.9 percent to 2,704 points, 82 points away from Thursday’s 28-month low.
Abu Dhabi’s index also failed to hold onto gains, dropping 0.6 percent. It also hit a 28-month low on Thursday.
Qatar’s benchmark gave back early-session gains to end 1.5 percent lower. It is down 15.2 percent this year.
Egypt’s bourse was closed for a holiday.
Saudi Gazette
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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