Tadawul flat: Petchem and bank shares mixed

JEDDAH: Qatar’s stock market outperformed the Gulf on Monday as large-caps carried the index higher, but other bourses were little changed as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.

Saudi Arabia’s Tadawul AllShare index ended flat at 6,071 points as petrochemicals and banks were mixed.

Saudi International Petrochemical (Sipchem) jumped 5.5 percent but Advanced Petrochemical fell 0.8 percent.

Al-Rajhi Bank rose 1.4 percent while Samba Financial Group and National Commercial Bank each lost 0.6 percent.

Saudi Telecom Co. (STC) retreated 1.3 percent. An Egyptian official said representatives from Saudi Telecom were in Egypt this week to discuss the possibility of obtaining a fourth-generation mobile phone license there.

Qatar’s main index added 0.6 percent, taking its gains over the past month to 5.4 percent. Qatar National Bank rose 1.0 percent and petrochemical producer IndustriesId ti QatarQt climbedli b d 2.52 5 percent.

Both stocks are on a provisional list of about 20 which index compiler FTSE has said may be included in its secondary emerging markets index. A final list of stocks to be included will be announced after the close on Wednesday.

Dubai’s index edged up 0.1 percent. Courier Aramex climbed 2.3 percent to AED4.09 in a second straightih dayd of f unusuallyll heavyh trade; it has jumped 7.5 percent over the past week, and is now trading close to the median fair value of 4.02 dirhams estimated by six analysts polled by Reuters.

Other mid-cap shares also outperformed, with Dubai Parks and Resorts rising 1.9 percent and Gulf Navigation Holding adding 2.7 percent.