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Saudi shares more stable in early trade, rest of Gulf mixed

Saudi shares more stable in early trade, rest of Gulf mixed

DUBAI: Saudi Arabia’s stock market was relatively stable in early trade on Sunday after swinging widely last week in response to the government’s anti-corruption investigation. Other Gulf markets were mixed.

The Saudi index was down only 0.5 percent after an hour. Last week, it dropped steeply in early trade each day before rebounding towards the close as state-linked funds bought stocks to support the market.

On Sunday morning, the number of rising stocks marginally outnumbered decliners. Stocks related to people detained in the investigation partly recovered: Al Tayyar Travel added 1.5 percent and Kingdom Holding crept up 0.4 percent.

Real estate developer Dar Al Arkan surged 3.6 percent and was the most heavily traded stock. On Thursday, it had jumped its 10 percent daily limit after reporting third-quarter net profit almost doubled from a year ago to 209.6 million riyals ($55.9 million), as sales more than doubled.

Mecca real estate developer Jabal Omar fell 1.8 percent after announcing it swung to a 60.8 million riyal loss in the latest quarter.

But MedGulf jumped 6.4 percent after reporting a flat third-quarter profit before zakat; for the second quarter, it had posted a net loss that widened from a year earlier.

Dubai’s index climbed 0.6 percent as GFH Financial , the most heavily traded stock, surged 4.1 percent. Amusement park operator DXB Entertainments fell 2.0 percent after reporting its third-quarter loss more than doubled from a year earlier to 284.1 million dirhams ($77.4 million).

Kuwait’s stock index slid 0.9 percent as KAMCO Investment, which rarely trades, plunged 19.4 percent after saying its chief financial officer, Ruben Omar Fernandez, had resigned for personal reasons.

Qatar’s index dropped 0.5 percent as Qatar National Cement tumbled 5.9 percent to 58.23 riyals, its lowest level since 2010, falling below technical support at 60 riyals, which had held since June.

Copyright Reuters, 2017

Source: Brecorder.com

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