Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Tadawul: Petchem stocks continue advance  Join our daily free Newsletter

MENAFN - Arab News - 29/08/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) JEDDAH: Saudi Arabia's petrochemical stocks continued their advance on Thursday fueled by hopes for strong product demand from key markets. The sector's index added 0.7 percent.

The Tadawul All-Share Index (TASI) added just 0.1 percent dragged down by profit-taking in banks which had earlier jumped on expectations of wider interest margins thanks to the projected increase of US interest rates.

Alinma Bank fell 2.3 percent Al-Rajhi Bank slipped 0.3 percent and Bank Albilad was down 1.2 percent.

The value of traded shares nearly reached SR10 billion.

Qatar's bourse dropped sharply on Thursday as selling by retail investors and frontier market funds more than offset inflows related to the country's increased weighting in MSCI's emerging market index.

The Doha index fell 3.1 percent its biggest daily decline since February 2011. Mobile phone operators were hit hardest: shares in both Ooredoo and Vodafone Qatar VFQS.QA tumbled their daily 10 percent limits.

Islamic lenders Masraf Al-Rayan and Qatar Islamic Bank dropped 7.8 and 4.4 percent respectively. The only gainers were Qatar National Bank and Qatar Insurance Company up 1.8 and 2.0 percent.

Qatar's bourse had risen 3.4 percent to a fresh all-time high since index compiler MSCI said on Aug. 17 that it would increase the weight of several Qatari stocks in its emerging market index at the end of August.

'A lot of traders took positions in the market expecting a strong closing due to the MSCI adjustment' said Sebastien Henin head of asset management at The National Investor in Abu Dhabi.

They were expecting a jump similar to the one seen at the end of May when Qatar was first included in the MSCI benchmark and the bourse jumped 2.0 percent as many passively managed funds moved in on the same day.

But the volume of speculative buying seems to have surpassed actual fresh demand from passive funds which EFG Hermes estimated at only about 100 million.

At the same time funds tracking the MSCI frontier market index to which Qatar and the UAE previously belonged such as US-based exchange-traded fund iShares MSCI Frontier were due to sell part of their UAE and Qatari investments on Thursday according to the index methodology published on MSCI's website.

The Qatar market's traded value rose to 1.68 billion riyals (461 million) on Thursday and foreign institutions were the main buyers. Foreign holdings in Qatar National Bank and Industries Qatar which are having their MSCI weights increased rose by 0.05 and 0.08 percent respectively working out to inflows of 19 million and 25 million.

At the same time foreigners were net sellers of stocks such as Oooredoo and Vodafone Qatar according to bourse data.

Selling by frontier funds also appeared to affect markets in the UAE on Thursday.

Dubai's bourse fell 1.2 percent with most stocks in the red. Builder Arabtec which dominated trading fell 1.7 percent to 4.71 dirhams even though its biggest shareholder and former CEO Hasan Ismaik said on Wednesday the stock was worth over 5 dirhams.

Investors may have been disappointed by the fact that Ismaik who made his comments after Arabtec shares jumped 13 percent to 4.79 dirhams over the previous four trading days did not confirm rumors of an imminent deal to sell part of his stake to Abu Dhabi state fund Aabar Investments.

DP World one of the world's largest port operators sank 3.5 percent even though it reported a 26 percent rise in net profit for the first half of the year to 332 million; analysts had expected 290-300 million.(Full Story)

Abu Dhabi's bourse slid 1.1 percent and three large banks all parts of the MSCI index were the main drags on the index.

Abu Dhabi Commercial Bank Adropped 5.8 percent National Bank of Abu Dhabi fell 2.1 percent and First Gulf Bank was down 1.4 percent.

MSCI's transition plan for frontier funds includes three more adjustments at the end of September October and November.

Some of the money freed up this way will go to Kuwait which remains a frontier market. Kuwait's main index added 0.1 percent on Thursday.


Arab News

  MENA News Headlines
 Oct 28 2016 - Egypt, Poland 2016 trade exchange to reach USD600mnMENAFN
(MENAFN) The volume of trade between Egypt and Poland is predicted to reach USD600mn by the end of this year.Furthermore, trade exchange increased by 3 percent to surpass more than USD350mn amid the ...

 Oct 28 2016 - UAE, Oman ink transport agreementMENAFN
(MENAFN) The UAE and Oman signed an international road transport of passengers and goods deal.Moreover, the deal aims to enhance cooperation in this field for the benefit of the two fraternal peoples ...

 Oct 28 2016 - Viva Kuwait Q3 revenue down by 14pctMENAFN
(MENAFN) Viva Kuwait recorded a 14 percent decline in Q3 net profit, as the impact of lower oil prices on the Kuwaiti economy dragged on revenue generation.Moreover, the Saudi Telecom Co. subsidiary ...

 Oct 28 2016 - Qatar- Labour Minister elected Chairman of ALO boardGulf Times
(MENAFN - Gulf Times) The 85th session of the Arab Labour Organisation (ALO), which began its meetings in Doha yesterday, has elected HE the Minister of Administrative Development, Labour and Social ...

 Oct 28 2016 - Qatar- PM meets ALO officialGulf Times
(MENAFN - Gulf Times) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani met a senior Arab Labour Organisation (ALO) official who is currently visiting ...

 Oct 28 2016 - Qatar- Host of activities at 'Family Fun Fridays' todayGulf Times
(MENAFN - Gulf Times) The ‘Family Fun Fridays"; series continues today at The Pearl-Qatar. Organised by United Development Company (UDC), master developer of The Pearl-Qatar, today";s ...

 Oct 28 2016 - Bangladesh envoy hosts Asian ambassadors' dinnerGulf Times
(MENAFN - Gulf Times) Bangladesh";s ambassador to Qatar, Ashud Ahmed, and his wife recently hosted an Asian Ambassadors"; Group Dinner in Doha. The event was attended by the ambassadors of different ...

 Oct 28 2016 - Apple Fest begins at LuLu outletsGulf Times
(MENAFN - Gulf Times) The Apple Fest was launched at all LuLu Hypermarket outlets in Qatar yesterday. The week-long festival features more than 20 varieties of apple from Spain, France, Italy, New ...

 Oct 28 2016 - Qatar- 28 trucks seized in crackdownGulf Times
(MENAFN - Gulf Times) In a crackdown on overloaded and uncovered trucks, Al Khor and Al Thakhira Municipality has seized 28 such vehicles from the Umm Al Baraka area, the Ministry of Municipality and ...

 Oct 28 2016 - Qatar National Day Barwa Sports Championship setGulf Times
(MENAFN - Gulf Times) The Barwa Group, in association with the Qatar National Day Celebrations Associated Activities Organising Committee, will hold sports competitions at the Barwa Workers ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help