Monday, 30 March 2015 17:37
DUBAI: Middle East stock markets were mixed by midday on Monday, driven by weaker oil and company-specific news as well as stocks going ex-dividend.
Oil prices extended losses from the previous session as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. The two sides aim to reach a preliminary agreement by Tuesday.
The main Saudi index slipped 0.2 percent as petrochemicals giant Saudi Basic Industries Co edged down 0.4 percent. Another major drag was ex-dividend Savola Group, which dropped 2.0 percent.
Al Hassan Ghazi Ibrahim Shaker Co surged 7.1 percent after its board proposed a bonus share issue.
Elsewhere in the region, Dubai’s index slipped 0.1 percent as heavyweight Emaar Properties edged down 0.2 percent. Abu Dhabi climbed 0.7 percent on the back of First Gulf Bank, which rose 1.8 percent.
Qatar’s benchmark rose 0.8 percent despite ex-dividend Barwa Real Estate and Ooredoo dropping 2.9 percent each. Qatar National Bank was the main support, gaining 2.7 percent.
Kuwait’s market fell 1.0 percent as logistics firm Agility fell 1.3 percent after it trimmed its proposed cash dividend for 2014 to 0.035 dinar from 0.04 dinar a year earlier.
But National Industries Group surged 4.4 percent after nearly tripling its 2014 profit and proposing a cash dividend of 0.012 dinar per share, its first payout since 2008.
Egypt’s index was nearly flat as heavyweight Commercial International Bank slipped 0.4 percent, offsetting gains made by other stocks.
Copyright Reuters, 2015
