saudi stocks up 14
Last Updated : GMT 12:34:34
Arab Today, arab today
Arab Today, arab today

Saudi stocks up 1.4%

Arab Today, arab today

Arab Today, arab today Saudi stocks up 1.4%

Telecommu-nications firm Zain Saudi led Riyadh’s stock market up on Sunday
Jeddah - Arab Today

Telecommu-nications firm Zain Saudi led Riyadh’s stock market up on Sunday, while Egypt’s bourse stalled after soaring last week in response to a currency devaluation. Most Gulf markets moved little, digesting strong rallies since mid-February.
The Saudi Tadawul All-Share Index climbed 1.4 percent in active trade to 6,482 points, testing technical resistance on its 100-day average, now at 6,470 points. Sunday saw the index close above that average for the first time since June last year, when the slide in oil prices was pushing the bourse into a downtrend.
Zain Saudi jumped 9.4 percent in its heaviest trade since last September, bringing its gains to 23 percent since Reuters reported on Wednesday that its Kuwaiti parent Zain was narrowing the field of potential bidders for its mobile transmitter towers in Saudi Arabia and Kuwait.
In a brief statement after the close on Sunday, the parent Zain said there were no fresh developments in its plans to sell the towers.
Another Saudi telecommunications firm, Mobily, rose in sympathy with Zain, gaining 4.5 percent; it is also trying to offload its towers.
Elsewhere in the Saudi market, most blue chips moved little but some second-tier stocks favored by local speculators jumped, with Tihama Advertising rising 5.2 percent.
Dubai’s index edged up 0.1 percent as blue chip Emaar properties lost 1.4 percent but Arabtec surged 6.8 percent. After the close, the construction firm said it had won a AED1.7 billion ($463 million) contract from the UAE government to build 1,100 houses in the eastern emirate of Fujairah.
Abu Dhabi dropped 2.4 percent as First Gulf Bank , which went ex-dividend last week, fell a further 6.6 percent.
Telecommunications firm Etisalat sank 1.9 percent. At the end of last week, international index compiler FTSE Russell added Etisalat to its All-World and other indexes; the stock dropped 4.0 percent on Thursday in very heavy trade, and Sunday’s decline suggested traders who had bought in anticipation of the inclusion, hoping to sell to passive funds entering the stock, were continuing to unload it.
Egypt’s index fell back 0.3 percent after leaping 14 percent last week because of the devaluation, which raised hopes that the country could attract more foreign capital and end its endemic foreign exchange shortage.
Late on Thursday, the central bank raised key interest rates by 150 basis points to fight the inflationary pressure which the devaluation is expected to create. The hike was bigger than expected — the market had been anticipating between 50 and 100 bps — but investors have been focusing on the potential of higher rates to attract foreign exchange inflows, so higher rates did not do much damage to stocks.
The majority of the 10 most heavily traded Egyptian stocks moved little but there was profit-taking in real estate firms, which soared last week on the belief that the sector was a hedge against any inflation produced by the devaluation.
Palm Hills Development lost 1.5 percent and Emaar Misr sank 3.7 percent.
SourcE: Arab News

arabstoday
arabstoday

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance

GMT 02:48 2017 Saturday ,11 November

European stock markets fall further
Arab Today, arab today
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*

saudi stocks up 14 saudi stocks up 14

 



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*

saudi stocks up 14 saudi stocks up 14

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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