Saudi Rises, Most of Gulf Moves Little in Early TradeSource: www.export-egypt.com 1/26/2017, Location: Middle East |
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Saudi Arabia's Stock Market Continued its uptrend of the past few days in early trading while other Gulf bourses moved little, with Kuwait's bull run stalling in heavy trade.
The Saudi index climbed 0.5 percent in the first hour as petrochemical giant Saudi Basic Industries rose 0.8 percent. Nama Chemicals jumped 9.6 percent after announcing the main elements of a recovery plan after accumulated losses exceeded 75 percent of its capital. The plan includes eventually increasing capital to finance production of specialty chemical products and boost capacity, and the sale of assets of an investment affiliate, with proceeds to be used to finance operations, repay debt or distribute dividends. Kuwait, which has been rising sharply for most of this month as regional investors seek to catch the market's momentum, edged down 0.1 percent, although the blue chip National Bank of Kuwait rose 1.4 percent after reporting strong fourth-quarter earnings this week. Dubai's index edged up 0.1 percent as real estate firm Deyaar, which dropped 5.0 percent after its fourth-quarter profit more than halved, rebounded 0.8 percent. Qatar's index edged down 0.2 percent. Qatar International Islamic Bank rose 2.7 percent despite reporting a 7 percent fall in fourth-quarter net profit to 118.4 million riyals ($32.5 million), slightly below QNB Financial Services' forecast of 126.2 million riyals. Qatar Cement climbed 3.3 percent after annual net profit expanded to 475.1 million riyals from 463.6 million. Its board proposed an annual cash dividend of 40 percent, and a 10 percent bonus share issue. |
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