Mixed trading day for Middle East stocks
Abu Dhabi National Energy climbed 6.4% but most other shares fell, dragging the main Abu Dhabi index down 0.2%
Stock markets in the Middle East were mixed in narrow ranges yesterday, with banks and petrochemicals supporting Saudi Arabia while Qatar edged down to a fresh 18-month closing low.
The Saudi index rose 0.2 per cent. All but two of the 14 listed petrochemical shares advanced after a pick-up in oil prices at the end of last week, with small polymer maker Nama Chemicals surging 9.5 per cent in unusually heavy trade.
Two-thirds of the 12 listed banks rose with Banque Saudi Fransi, the best performer, climbing 3.8 per cent.
Qatar’s index edged down 0.1 per cent to 8,667 points, its fifth straight session of decline; foreign funds were net sellers, bourse data showed. Doha Bank slipped 0.6 per cent.
Dubai’s index edged up 0.1 per cent, as the builder Drake & Scull International (DSI) rose 1.1 per cent in active trade after news that the company’s chairman, Majid Al Ghurair, had resigned for “personal reasons”.
DSI will elect a new chairman at board of directors meeting today, and investors may hope the change could help the company rebound from losses caused by a slump in the regional construction industry.
In Abu Dhabi, Dana Gas added 1.2 per cent and was again Abu Dhabi’s most heavily traded stock, accounting for almost two-thirds of trading volume. Last week it surged 28 per cent in response to the company’s deal to receive hundreds of millions of dollars in payments from the government of Iraqi Kurdistan.
The deal clears the way for Dana to resume expanding gas production in the area over the long term.
Abu Dhabi National Energy climbed 6.4 per cent but most other shares fell, dragging the main Abu Dhabi index down 0.2 per cent.
In Egypt, the index rose 0.2 per cent with investment firm Qalaa Holdings jumping 7.5 per cent to a 16-month high. Shares in the company have been strong since last week when one of its mining subsidiaries sold its stake in an Ethiopian company.