Arab Today, arab today largecaps help lift saudi index
Last Updated : GMT 10:46:21
Arab Today, arab today
Arab Today, arab today

Large-caps help lift Saudi index

Arab Today, arab today

Arab Today, arab today Large-caps help lift Saudi index

Riyadh - Arabstoday

Saudi Arabia\'s large-caps recovered in late trade and insurance stocks spiked, helping the index make small gains as investors shrugged off Iran\'s threat to halt oil shipments through the Strait of Hormuz. Al Rajhi Bank ticked up 0.7 percent and heavyweight Saudi Basic Industries Corp (SABIC) climbed 0.8 percent. The benchmark ended 0.3 percent higher at 6,418 points, trimming year-to-date losses to 3.1 percent. Most of the turnover was in petrochemical stocks with analysts expecting a boost in 2011 earnings. \"There is room for upside in petrochemical stocks,\" said Hesham Abo-Jamee, chief executive officer at Bakheet Investment Group. \"Their value will increase after geopolitical issues [in the region] are solved.\" Abo-Jamee said he expects an estimated 20 percent increase in the annual profit of petrochemical companies\' profit. Iran\'s first vice-president warned on Tuesday that the flow of crude will be stopped from the crucial Strait of Hormuz in the Gulf if foreign sanctions are imposed on its oil exports. Oil industry sources said late Tuesday that top oil exporter Saudi Arabia and other Gulf OPEC states are ready to replace Iranian oil if further sanctions halt Iranian crude exports to Europe. Wataniya Insurance and Ace Arabia Cooperative Insurance surged 10 percent each. Al Rajhi Takaful jumped 9 percent. Dubai\'s index made its largest one-day gain in two months and Abu Dhabi also ended higher but activity was muted in holiday-season trade. Dubai\'s benchmark climbed 2 percent to 1,347 points, up from Tuesday\'s seven-year low. Emaar Properties was the main support, rising 2.8 percent and heavyweight Emirates NBD gained 3.7 percent. Illiquid stock Mashreq bank jumps 7.4 percent, in year-end sporadic trade. \"There wasn\'t a major reason for the shares to drop and it wasn\'t due to companies\' performances but investor sentiment,\" said Marie Salem, equity trader at Al Mal Capital. \"Investors might be taking the chance to improve closing prices without really increasing the cost, which means higher commissions and fees.\" Abu Dhabi\'s Aldar Properties advanced 3.7 percent, lifting from Tuesday\'s record low and accounting for nearly a quarter of the market\'s trades. The board will meet to discuss asset sales, which analysts say could be land sales, as the developer struggled with financials amid a property downturn. \"People are starting to consider that the sale of assets isn\'t such a negative thing since it might be the action which stabilises things for the company,\" Salem added. Abu Dhabi\'s benchmark ended 0.6 percent higher at 2,366 points, moving sideways since slumping to a 33-month low last week. Elsewhere, Oman\'s market ended 0.3 percent higher at 5,679 points, while Kuwait and Qatar\'s bourses ended little changed. Shares in Doha-listed United Development Company were temporarily suspended to give investors \"sufficient opportunities\" to view an earlier company disclosure. \"United Development Company (UDC) has been approached to enter into serious negotiation in order to add a strategic Qatari shareholder through issuance of new shares, the number and price of which will be announced later,\" the company said in a bourse statement earlier this month.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today largecaps help lift saudi index Arab Today, arab today largecaps help lift saudi index

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today largecaps help lift saudi index Arab Today, arab today largecaps help lift saudi index

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday