Tadawul: Petchem shares remain firm

The Tadawul All Share Index (TASI) finished 0.1 percent higher at a fresh 21-month closing high after a late rise, posting its fourth consecutive session of gains on Monday.
It had lost as much as 1.7 percent during the day. Some of the previous session’s top gainers diverged; dairy maker Almarai dropped 1.5 percent on profit-taking but Banque Saudi Fransi added 3 percent.
Petrochemical shares were firm as Brent oil headed back near $50 a barrel. Nine of the 14 listed producers rose; National Industrialization (Tasnee) was the best performer, adding 2 percent.
In Dubai, the index rose 1.2 percent. Shares favored by short-term retail traders were the most active, with GFH Financial soaring 6.3 percent and property developer DAMAC jumping 7.5 percent.
In Abu Dhabi, Dana Gas, the most heavily traded share, surged 6.1 percent after saying it had rescheduled to Thursday a telephone call with investors on restructuring its outstanding $700 million of sukuk. A previously planned call did not go ahead after Dana said a media report had “mischaracterized” the event.
Dana is claiming it must exchange the instruments for new ones at lower profit rates, which could be positive for its earnings as coupon cash outlays fall.
Blue-chip banks, however, dragged the Abu Dhabi index 0.7 percent lower. First Abu Dhabi Bank lost 2.4 percent.
Egypt’s index fell 0.4 percent as property management company Amer Group lost 2.6 percent.
Regional funds have turned slightly bearish toward Egyptian equities, according to a monthly poll published by Reuters last Thursday. Asset managers said the market lacked a fresh catalyst to take it beyond the record high, which it hit in June.

Source: Arab News