Saudi construction-related stocks jump

Author: 
REUTERS
Publication Date: 
Tue, 2011-12-27 01:48

Saudi Steel Pipes and Arabian Pipes surged 8.3 and 9.7
percent respectively. Construction firm Al-Khodari climbed 5 percent and
Yamamah Saudi Cement gained 2.8 percent.
The Tadawul All-Share Index (TASI) advanced 0.5 percent
to 6,414.47, in turnover of SR6.25 billion. 
Yanbu Cement Co. gained 4.3 percent after saying it has
restarted three of four production lines almost two months after a fuel
shortage forced the firm to halt operations.
National Company for Glass Industries advanced 4.6
percent after proposing a cash dividend of SR2.25 per share for 2011. 
Shares in Saudi Chemical declined 4.8 percent to a 12-day
low as it went ex-dividend, with a cash dividend of SR2 per share for the
third-quarter.
In Qatar, the index slipped 0.4 percent from Sunday's
37-week high in a session of light profit-taking as volumes fell to their
lowest in 12 days.
Heavyweight Qatar National Bank shed 0.7 percent, while
Masraf Al-Rayan and Commercial Bank of Qatar dipped 0.2 percent and 0.1
percent.
"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."
Doha's market is the only regional bourse recording
year-to-date gains, at 1.2 percent.
In Egypt, the main index fell 1.3 percent to 3,635
points, retracing Sunday's gains as investors cut positions ahead of holidays.
Talaat Moustafa Group shed 2.6 percent and Pioneer
Holdings dropped 3.8 percent.
"There is a question mark as to what will happen in
Egypt," said Osama Moura at Arab Finance Brokerage. "Investors are
reducing their stock holdings because they need the money and would rather wait
to see what 2012 will bring."
Elsewhere, Abu Dhabi's Aldar Properties fell 2.4 percent
to 82 fils after saying its board would discuss asset sales at a Dec. 28
meeting.
"I don't think this should be surprising — there was
an assumption that Aldar would sell over 4 billion dirhams worth of land in
2011, and so far there has been 2.6 billion," said a real estate analyst
who asked not to be identified.
"There would be a concern if they weren't doing
something. To a large extent, the company is paralyzed by the state of its
balance sheet," the analyst added.
Its shares slumped to a record low last Wednesday amid
talk it might delist from the exchange, which was dismissed by management.
Food firm Agthia Group climbed 3.6 percent after
acquiring Pelit Su, a Turkey-based spring water company.  
Abu Dhabi's index ended 0.09 percent higher at 2,352
points, moving sideways from Wednesday's 33-month closing low.

Taxonomy upgrade extras: