saudi stocks rise in volatile trade
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Saudi stocks rise in volatile trade

Arab Today, arab today

Arab Today, arab today Saudi stocks rise in volatile trade

Saudi Arabia’s stock market
JEDDAH - Arab Today

Saudi Arabia’s stock market edged higher in volatile trade on Thursday but suffered its worst weekly decline since September.
The Tadawul All-Share Index closed 0.4 percent higher at 6,922 points; it remains near a six-week low and lost 3.8 percent over the week.
Investors bought shares after Brent oil futures rebounded 2.7 percent on Wednesday and traded above $55.50 on Thursday. Eight of the 14 listed petrochemical producers rose with Saudi Arabia Fertilizers climbing 2.5 percent.
But Yanbu National Petrochemical dropped 2.3 percent to SR54.00. On Wednesday, it closed flat after reporting stronger fourth-quarter net income that was in line with analysts’ expectations; its gross profit margin declined.
Yansab is trading at a 5 percent premium to analysts’ estimated fair value, according to Reuters data.
A little over half of Saudi banks gained, with Al-Rajhi Bank, the sector’s chief gainer, up 1.2 percent.
Blue chips dragged on Dubai. The main index edged down 0.03 percent but was up 2.6 percent for the week.
Amusement park operator DXB Entertainments dropped 2.3 percent. DAMAC Properties lost 1.5 percent after the developer confirmed that US President-elect Donald Trump had declined a $2 billion development deal which DAMAC had proposed over the weekend.
However, some small and mid-sized shares continued to be snapped up; builder Arabtec jumped 6.4 percent and Gulf General Investment climbed 1.3 percent.
“Dubai’s strong performance last year helped build confidence in that market and because it is diversified from oil relative to other Gulf economies, investors have been focusing on growth stocks,” said Muhammed Shabbir, an independent Dubai-based investment adviser.
Abu Dhabi swung 0.4 percent higher after a weak start. Union National Bank jumped 4.3 percent; it has surged 12.8 percent since the start of the year on speculation it may be the next bank to undergo a merger this year, after National Bank of Abu Dhabi and First Gulf Bank , which are set to merge in coming months. NBAD closed flat and FGB added 0.8 percent.
In Egypt, the blue-chip index gained 1.0 percent to yet another all-time high of 13,224 points as foreign funds were net buyers of shares, according to exchange data.
Arabian Cement jumped its 10 percent daily limit for a second consecutive session to 9.06 Egyptian pounds. Analysts believe the company is trading at a discount to its estimated fair value.
Cairo-based Pharos have placed an “overweight” rating on the stock with a fair value of 11.5 pounds, citing a rebalancing in local cement supply, healthy demand growth outlook and higher sales prices.

Source :Arab News

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*

saudi stocks rise in volatile trade saudi stocks rise in volatile trade

 



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 rise in volatile trade saudi stocks rise in volatile trade

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 12:26 2017 Friday ,03 February

Woman in Portugal swept away by sea wave

GMT 10:29 2016 Monday ,29 August

Singapore wages war on Zika-bearing mosquitoes

GMT 10:37 2017 Wednesday ,11 January

Offers services to Trump

GMT 01:36 2017 Wednesday ,06 September

Saudi minister slams Hezbollah as ‘party of Satan’

GMT 23:52 2017 Tuesday ,17 October

3 mosques shut down in France on radicalism grounds

GMT 07:57 2016 Saturday ,19 November

Garcia, Molinari top in Dubai golf

GMT 09:42 2017 Wednesday ,18 October

Ahmed Mekki aspires to present a new song

GMT 10:35 2016 Saturday ,15 October

Agreement in Kigali on phaseout of HFC gases
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday