The Tadawul All Share Index (TASI) edged up on the back of modest gains in the banking sector on Sunday while Egypt imitated world markets’ strong finish at the end of last week. Most other Middle Eastern bourses fell.
The Tadawul index added 0.1 percent, remaining near a six-week low, as Samba Financial Group jumped 3.4 percent after its board recommended a cash dividend of SR0.75 ($0.20) for the first half of the year. The proposed cash outlay is two-thirds more than Samba’s interim payout in 2016.
Gulf General Cooperative Insurance jumped 4.6 percent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.7 percent after announcing a 24 percent jump in net income.
Emaar, the Economic City dropped 3.1 percent after it reported an 85.4 percent drop in second-quarter net profit, citing lower residential sales and higher financial charges. Al-Andalus Property fell 1.2 percent. It reported second-quarter net profit of SR27.6 million, up 11 percent from the same period last year.
Qatar’s index dropped 0.6 percent with 15 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3.0 percent. In the UAE, Dana Gas lost 1.5 percent, helping drag Abu Dhabi’s index 0.2 percent lower. Dubai’s index fell 0.3 percent, snapping five straight sessions of modest gains. Union Properties, the most heavily traded stock, lost 1.3 percent and Emaar Malls Group fell 0.4 percent ahead of the release of its quarterly earnings.
In Egypt, private equity firm Qalaa Holdings added 2.7 percent; the stock has risen 10.7 percent in the past four days after a Kenyan court ended the company’s troubled Rift Valley Railways’ concession and ordered that assets and employees be handed over to Kenya Railways.
The company said its investment has been amortized so the transfer would not affect its consolidated earnings. Some investors believe terminating the investment could reduce a financial drain on Qalaa and help it focus management attention on more profitable areas. Most other Egyptian shares were also strong, taking their cue from the positive mood in global equities. The index rose 1.1 percent.
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
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
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
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
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