Arab Today, arab today saudi construction stocks jump ahead of budget optimism
Last Updated : GMT 02:55:40
Arab Today, arab today
Arab Today, arab today

Saudi construction stocks jump ahead of budget optimism

Arab Today, arab today

Arab Today, arab today Saudi construction stocks jump ahead of budget optimism

Riyadh - Arabstoday

Saudi Arabia\'s building and construction stocks made sharp gains as investors picked up shares in sectors expected to benefit from the 2012 budget. Saudi Steel Pipes and Arabian Pipes jumped 8.3 and 9.7 percent respectively. Construction firm Al Khodari climbed 5 percent. \"The budget will be announced soon and there is optimism that the government will give a boost to housing and infrastructure,\" says Mohammad Omran, financial analyst based in Riyadh. The budget is expected in the coming days and may be as early as Monday evening. The kingdom\'s index advanced 0.5 percent to 6,414 points, its highest close since Aug 3. Bank stocks dragged down Qatar\'s index as investors booked profits from recent gains driven by dividend hopes, while volumes fell to their lowest in 12 days. Heavyweight Qatar National Bank shed 0.7 percent, Masraf Al Rayan and Commercial Bank of Qatar dipped 0.2 percent each. \"Investors are waiting for the new year to add risk and build positions,\" said Ali Al Enin, equity trader at Qatar National Bank. \"They are also looking for more cues from economic data from US\" The index slipped 0.4 percent to 8,785 points, trimming 2011 gains to 1.2 percent. Doha\'s market was the only regional bourse recording year-to-date gains. Abu Dhabi\'s Aldar Properties fell after saying its board will discuss asset sales at a Dec 28 meeting, while UAE markets edged higher in muted trade. Shares in Aldar shed 2.4 percent, not far from the record low plumbed on Wednesday when talk of delisting hit the shares. The company denied this speculation. \"I don\'t think this should be surprising - there was an assumption that Aldar would sell over AED4bn worth of land in 2011, and so far there has been AED2.6bn,\" says a real estate analyst who asks not to be identified. \"There would be a concern if they weren\'t doing something. To a large extent, the company is paralysed by the state of its balance sheet,\" the analyst added. The share price is expected to be held back by a lack of projects in the pipeline. Other property stocks were also lower with Sorouh Real Estate falling 3.7 percent and RAK Properties shedding 3.6 percent. Abu Dhabi\'s index ended 0.09 percent higher at 2,352 points, moving sideways from Wednesday\'s 33-month closing low. Food firm Agthia Group climbed 3.6 percent after acquiring Pelit Su, a Turkey based spring water company. Dubai\'s benchmark ended 0.1 percent higher at 1,330 points, rising from Sunday\'s seven-year low. \"People are wondering why global markets and regional ones are doing well, while UAE is getting worse,\" said Talal Touqan, head of equity research at Al Ramz Securities. \"At some point people lose hope and switch to those winning markets, which makes the situation worse.\" Mashreq Bank was the main support, climbing 8.6 percent. The usually illiquid stock made the jump in three trades, positioning it well for the year-end close. In Oman, the index extends gains for a third session, rising 0.5 percent to close at 5,678 points. Heavyweight Bank Muscat gained 1.4 percent and Bank Sohar rose 0.7 percent. Kuwait\'s market ended nearly flat.

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 saudi construction stocks jump ahead of budget optimism Arab Today, arab today saudi construction stocks jump ahead of budget optimism

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 18:36 2017 Monday ,20 February

Heavy selling drags Oman shares lower

GMT 06:16 2017 Monday ,20 February

Bank shares lift Tadawul

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
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