Tadawul in­dex falls 1.1%; SABIC shares drop 1.8%

Arab News - - BUSINESS & ECONOMY -

JED­DAH: Shares in the Gulf fell in a broad sell-off on Mon­day as in­vestors booked prof­its af­ter a dip in oil prices. Egypt was lower as for­eign funds ex­ited po­si­tions.

Saudi Ara­bia’s Tadawul Al-Share In­dex lost 1.1 per­cent, its low­est close since April 11, before the King­dom an­nounced plans to di­ver­sify away from hy­dro­car­bon dol­lars. Eighty-eight per­cent of the shares closed down.

Petro­chem­i­cal shares were the main drag with Saudi Ba­sic In­dus­tries Corp, the largest listed pro­ducer, drop­ping 1.8 per­cent, tak­ing its losses to 3.0 per­cent since Brent prices fell back be­low $50 a bar­rel.

Bank­ing shares failed to hold onto ear­lier gains, with the sub-in­dex edg­ing down 0.4 per­cent. Banque Saudi Fransi fell 2.5 per­cent, its sixth ses­sion of losses out of the last seven.

Else­where, Dubai’s in­dex fell 1.6 per­cent, end­ing five ses­sion of gains as in­vestors lacked im­pe­tus to build fur­ther po­si­tions.

Emaar Prop­er­ties lost 2.2 per­cent and Dubai Is­lamic Bank, which was a top gainer on Sun­day, slumped 4.1 per­cent.

Abu Dhabi’s in­dex erased ear­lier gains and dropped 0.9 per­cent in the heav­i­est vol­umes in seven weeks. Abu Dhabi Is­lamic Bank and First Gulf Bank, whose com­bined mar­ket value is a fifth of the to­tal mar­ket, fell 1.1 and 2.0 per­cent re­spec­tively.

Qatar’s in­dex dropped 1.3 per­cent to close at a 3 1/2month low. Oil-linked shares Gulf In­ter­na­tional Ser­vices and Qatar Gas Trans­port fell 3.4 and 1.9 per­cent.

In Egypt, the main in­dex edged down 0.4 per­cent, as for­eign­ers ex­ited po­si­tions, stock ex­change data showed. Last week, in­ter­na­tional in­vestors were net buy­ers of Egyp­tian shares.

Real-es­tate de­vel­op­ment stocks were the main drag, with Amer Group Hold­ing and Porto Group Hold­ing slump­ing 5.9 and 3.5 per­cent.

But in­vest­ment firm Pi­o­neers Hold­ing added 0.8 per­cent af­ter the com­pany re­ported a 46.9 per­cent rise in first-quar­ter profit of 354.5 mil­lion Egyp­tian pounds ($39.92 mil­lion).

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