SABIC’s shares focus of Tadawul trading

JEDDAH: Saudi stocks rose on Thursday amid investor bets that the Kingdom was making solid progress toward an inclusion into MSCI’s emerging markets index.

“This is benefiting the market as a whole in terms of sentiment,” said Marwan Shurrab, head of high net worth and retail equities brokage at AlRamz Capital.

Dar Al-Arkan declined 0.8 percent after it said it raised $500 million, the fourth tranche of its international sukuk program.

Trading was mostly focused on Saudi Basic Industries Corp. (SABIC), which rose 1 percent, as SR422.77 million worth of shares changed hands. The Tadawul All-Share Index rose 0.35 percent.

Gulf shares were marginally lower on Thursday amid caution from investors ahead of companies reporting first quarter results.

Dubai insurance companies made strong gains by the close, lifted by investor bets on good results from the sector and market speculation on consolidation.

Dar Al-Takaful Insurance jumped 14.84 percent at the closing bell, while Dubai Islamic Insurance and Re-insurance was up 9.64 percent. Islamic Arab Insurance rose 3.21 percent.

“We noticed the gains are happening across most of the insurance companies, mostly in Dubai. It could be driven by better Q1 expectations of results for the sector, or because of the compulsory insurance in Dubai,” said Mohammed Ali Yasin, CEO of NBAD Securities.