Saudi rises, most mar­kets fall on Tur­key-Rus­sia row

MIDEAST STOCK MAR­KETS

Kuwait Times - - BUSINESS -

DUBAI: Buy­ing in some blue-chips lifted Saudi Ara­bia’s stock mar­ket yes­ter­day but most Mid­dle East­ern mar­kets fell in thin trade be­cause of a lack of pos­i­tive cor­po­rate news and Tur­key’s shoot­ing down of a Rus­sian war­plane. The Saudi stock in­dex ended 0.7 per­cent higher at 7,202 points. Oil ship­per Bahri climbed 2.8 per­cent and petro­chem­i­cal pro­ducer Saudi Ba­sic In­dus­tries gained 0.6 per­cent.

Real es­tate de­vel­oper Dar Al Arkan, which had dropped 2.3 per­cent on Mon­day af­ter the cab­i­net an­nounced plans for a tax on un­de­vel­oped land, closed flat yes­ter­day. How­ever, the Saudi in­dex ended well off its in­tra-day high of 7,242 points af­ter news of the down­ing of the Rus­sian plane caused buy­ers to be­come more cau­tious. Other ma­jor Gulf bourses dropped. The Dubai stock in­dex fell 1.4 per­cent as builder Arabtec, the most heav­ily traded stock, sank 4.3 per­cent. Arabtec rose as much as 2.6 per­cent in open­ing trade af­ter the com­pany, con­firm­ing a Reuters story pub­lished late on Mon­day, said its board had ac­cepted the res­ig­na­tion of act­ing chief ex­ec­u­tive Mo­hamed Al-Fahim and re­placed him with board mem­ber Saeed Al-Me­hairbi. But the stock quickly pulled back.

Abu Dhabi’s in­dex fell 0.8 per­cent as Al­dar Prop­er­ties lost 2.1 per­cent. Qatar’s in­dex slipped 0.6 per­cent as Doha Bank slid 3.8 per­cent. Egypt’s in­dex sank 2.0 per­cent as Oras­com Tele­com Me­dia, which plunged 7.6 per­cent on Mon­day af­ter EFG Her­mes down­graded it and the com­pany de­scribed dif­fi­cul­ties at its North Korean unit, dropped a fur­ther 4.8 per­cent to 0.59 of an Egyp­tian pound. EFG Her­mes put the stock’s fair value at 0.53 of a pound.

Com­mer­cial In­ter­na­tional Bank dropped 1.2 per­cent. EFG Her­mes di­rec­tor for re­search in re­gional strate­gies, Si­mon Kitchen, said the stock was widely held by for­eign in­vestors who had be­come more con­cerned about the pos­si­bil­ity of de­pre­ci­a­tion of the Egyp­tian pound since the Rus­sian plane crash in Si­nai last month, which was de­ter­ring tourist in­flows and hurt­ing hard cur­rency earn­ings.

Man­soura Poul­try jumped 4.1 per­cent af­ter the gov­ern­ment said it would stick to buy­ing its poul­try do­mes­ti­cally, turn­ing its back com­pletely on in­ter­na­tional ten­ders, fol­low­ing pres­sure from lo­cal pro­duc­ers. But Egypt Poul­try dropped 1.6 per­cent, Cairo Poul­try was flat and Is­malia Poul­try fell 2.6 per­cent. — Reuters

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