Corporate news gives Tadawul extra lift

Corporate announcements lifted the Saudi stock market yesterday but most major Gulf bourses were driven lower by losses in financial stocks.

The main Saudi index added 0.7 per cent, with Sabic gaining 1.5 per cent and Saudi Arabian Mining jumping 5 per cent. Sabic rose for a sixth consecutive day.

Saudi Aramco in its initial public offering prospectus said it expected to close its acquisition of Sabic in the first half of next year. Saudi Paper Manufacturing rose 6.3 per cent after it said that accumulated losses declined to 7.84 per cent of capital.

Abdullah Al Othaim rose 3.5 per cent and Dallah Healthcare gained 1.9 per cent as both proposed cash dividends for the nine months and first half respectively. Apparel retailer Fawaz Abdulaziz AlHokair

fell 4 per cent after reporting a quarterly loss which it blamed on an increase in depreciation and amortisation expenses.

Eastern Company was the main drag on Egypt’s bluechip index, which was down 0.7 per cent 4,670 points. The cigarette maker plunged 5 per cent as it traded ex-dividend. Sidi Kerir Petrochemicals closed 7.8 per cent lower for its biggest fall since September 22. The company reported a fall in nine-month profit to 521 million Egyptian pounds from 922m Egyptian pounds a year earlier.

In Dubai, the index slipped 0.4 per cent to 2,663 points as Emirates NBD dropped 2.2 per cent and blue-chip developer Emaar Properties fell 0.5 per cent. The latter had gained in previous session, a day after reporting a 20 per cent rise in third-quarter net profit.

Abu Dhabi’s index edged down 0.2 per cent to 5,075 points, extending losses for a fifth straight session. The market heavyweight First Abu Dhabi Bank eased 0.5 per cent, while Aldar Properties fell 1.3 per cent.

The property developer posted a decline in third-quarter profit to Dh387 million dirhams, compared with Dh420m a year earlier.

Saudi Aramco in its IPO prospectus said it expected to close its acquisition of Sabic in the first half of next year