JEDDAH: Saudi Arabia’s Tadawul All-Share Index edged up 0.1 percent Thursday as petrochemical shares rebounded; Saudi Basic Industries added 0.6 percent.
SABIC fell 1.5 percent over the week.
Retailer Jarir Marketing, which fell as much as 1.2 percent during the day as it went ex-dividend, recovered to close up 1.0 percent.
Banks and Financial Services gained 0.54 percent.
The value of traded shares reached SR 3.39 billion with a volume of 186,724,545.
Bourses in the other Gulf states firmed as oil prices came off multi-month lows and global equities firmed.
Dubai’s main index rebounded 1.2 percent as large and mid-cap stocks outperformed, with Emaar Properties climbing 1.4 percent.
In Abu Dhabi the index closed up 0.4 percent as some blue-chip lenders advanced; First Gulf Bank added 1.7 percent. Telecommunications firm Etisalat dropped 0.5 percent as it went ex-dividend.
Qatar’s main index climbed 1.3 percent to 10,681 points, its highest close since November 2015.
Petrochemical and metals producer Industries Qatar jumped 3.3 percent after its second-quarter net profit beat analysts’ estimates; profit fell 13.6 percent to 1.27 billion riyals ($350 million) but exceeded an average forecast of 799.9 million riyals.
Other blue chips also advanced with the largest listed lender, Qatar National Bank, adding 1.5 percent.
Egypt’s stock market closed at a 13-month high on Thursday amid optimism over Cairo’s talks with the International Monetary Fund.
The main Egyptian index jumped 1.9 percent in its highest trading volume for seven weeks as institutional funds bought shares, bourse data showed.
The index rose 2.8 percent over the week on hopes that an IMF team visiting Cairo would agree on a three-year, $12 billion loan that would stimulate economic growth and ease a hard currency shortage.
Oriental Weavers jumped 10.0 percent on Thursday after it announced a five-year plan to boost production capacity across all product lines, predicting sales would grow by 20 percent in the second half of the current year compared to the first half. On Wednesday it reported a 43.5 percent increase in second-quarter net profit.
But Global Telecom fell 0.5 percent to 4.15 Egyptian pounds after it reported a 3.3 percent year-on-year drop in quarterly net profit to $26.5 million, while revenues also shrank.
Naeem brokerage attributed the profit fall to weakness in the Algerian unit, $21 million of transformation costs and $14 million of non-tax provisions. It recommended a “hold” on the stock with a target price of 4.00 pounds.
Juhayna Food Industries sank 3.3 percent to 5.50 pounds after Renaissance Capital cut the stock to a “hold” from a “buy,” lowering its target price to 6 pounds from 9 pounds.
SABIC fell 1.5 percent over the week.
Retailer Jarir Marketing, which fell as much as 1.2 percent during the day as it went ex-dividend, recovered to close up 1.0 percent.
Banks and Financial Services gained 0.54 percent.
The value of traded shares reached SR 3.39 billion with a volume of 186,724,545.
Bourses in the other Gulf states firmed as oil prices came off multi-month lows and global equities firmed.
Dubai’s main index rebounded 1.2 percent as large and mid-cap stocks outperformed, with Emaar Properties climbing 1.4 percent.
In Abu Dhabi the index closed up 0.4 percent as some blue-chip lenders advanced; First Gulf Bank added 1.7 percent. Telecommunications firm Etisalat dropped 0.5 percent as it went ex-dividend.
Qatar’s main index climbed 1.3 percent to 10,681 points, its highest close since November 2015.
Petrochemical and metals producer Industries Qatar jumped 3.3 percent after its second-quarter net profit beat analysts’ estimates; profit fell 13.6 percent to 1.27 billion riyals ($350 million) but exceeded an average forecast of 799.9 million riyals.
Other blue chips also advanced with the largest listed lender, Qatar National Bank, adding 1.5 percent.
Egypt’s stock market closed at a 13-month high on Thursday amid optimism over Cairo’s talks with the International Monetary Fund.
The main Egyptian index jumped 1.9 percent in its highest trading volume for seven weeks as institutional funds bought shares, bourse data showed.
The index rose 2.8 percent over the week on hopes that an IMF team visiting Cairo would agree on a three-year, $12 billion loan that would stimulate economic growth and ease a hard currency shortage.
Oriental Weavers jumped 10.0 percent on Thursday after it announced a five-year plan to boost production capacity across all product lines, predicting sales would grow by 20 percent in the second half of the current year compared to the first half. On Wednesday it reported a 43.5 percent increase in second-quarter net profit.
But Global Telecom fell 0.5 percent to 4.15 Egyptian pounds after it reported a 3.3 percent year-on-year drop in quarterly net profit to $26.5 million, while revenues also shrank.
Naeem brokerage attributed the profit fall to weakness in the Algerian unit, $21 million of transformation costs and $14 million of non-tax provisions. It recommended a “hold” on the stock with a target price of 4.00 pounds.
Juhayna Food Industries sank 3.3 percent to 5.50 pounds after Renaissance Capital cut the stock to a “hold” from a “buy,” lowering its target price to 6 pounds from 9 pounds.
