Cor­po­rate news gives Tadawul ex­tra lift

The National - News - - BUSINESS | IN DEPTH -

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

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