Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Tadawul: Petchem stocks continue advance  Join our daily free Newsletter

MENAFN - Arab News - 29/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) JEDDAH: Saudi Arabia's petrochemical stocks continued their advance on Thursday fueled by hopes for strong product demand from key markets. The sector's index added 0.7 percent.

The Tadawul All-Share Index (TASI) added just 0.1 percent dragged down by profit-taking in banks which had earlier jumped on expectations of wider interest margins thanks to the projected increase of US interest rates.

Alinma Bank fell 2.3 percent Al-Rajhi Bank slipped 0.3 percent and Bank Albilad was down 1.2 percent.

The value of traded shares nearly reached SR10 billion.

Qatar's bourse dropped sharply on Thursday as selling by retail investors and frontier market funds more than offset inflows related to the country's increased weighting in MSCI's emerging market index.

The Doha index fell 3.1 percent its biggest daily decline since February 2011. Mobile phone operators were hit hardest: shares in both Ooredoo and Vodafone Qatar VFQS.QA tumbled their daily 10 percent limits.

Islamic lenders Masraf Al-Rayan and Qatar Islamic Bank dropped 7.8 and 4.4 percent respectively. The only gainers were Qatar National Bank and Qatar Insurance Company up 1.8 and 2.0 percent.

Qatar's bourse had risen 3.4 percent to a fresh all-time high since index compiler MSCI said on Aug. 17 that it would increase the weight of several Qatari stocks in its emerging market index at the end of August.

'A lot of traders took positions in the market expecting a strong closing due to the MSCI adjustment' said Sebastien Henin head of asset management at The National Investor in Abu Dhabi.

They were expecting a jump similar to the one seen at the end of May when Qatar was first included in the MSCI benchmark and the bourse jumped 2.0 percent as many passively managed funds moved in on the same day.

But the volume of speculative buying seems to have surpassed actual fresh demand from passive funds which EFG Hermes estimated at only about 100 million.

At the same time funds tracking the MSCI frontier market index to which Qatar and the UAE previously belonged such as US-based exchange-traded fund iShares MSCI Frontier were due to sell part of their UAE and Qatari investments on Thursday according to the index methodology published on MSCI's website.

The Qatar market's traded value rose to 1.68 billion riyals (461 million) on Thursday and foreign institutions were the main buyers. Foreign holdings in Qatar National Bank and Industries Qatar which are having their MSCI weights increased rose by 0.05 and 0.08 percent respectively working out to inflows of 19 million and 25 million.

At the same time foreigners were net sellers of stocks such as Oooredoo and Vodafone Qatar according to bourse data.

Selling by frontier funds also appeared to affect markets in the UAE on Thursday.

Dubai's bourse fell 1.2 percent with most stocks in the red. Builder Arabtec which dominated trading fell 1.7 percent to 4.71 dirhams even though its biggest shareholder and former CEO Hasan Ismaik said on Wednesday the stock was worth over 5 dirhams.

Investors may have been disappointed by the fact that Ismaik who made his comments after Arabtec shares jumped 13 percent to 4.79 dirhams over the previous four trading days did not confirm rumors of an imminent deal to sell part of his stake to Abu Dhabi state fund Aabar Investments.

DP World one of the world's largest port operators sank 3.5 percent even though it reported a 26 percent rise in net profit for the first half of the year to 332 million; analysts had expected 290-300 million.(Full Story)

Abu Dhabi's bourse slid 1.1 percent and three large banks all parts of the MSCI index were the main drags on the index.

Abu Dhabi Commercial Bank Adropped 5.8 percent National Bank of Abu Dhabi fell 2.1 percent and First Gulf Bank was down 1.4 percent.

MSCI's transition plan for frontier funds includes three more adjustments at the end of September October and November.

Some of the money freed up this way will go to Kuwait which remains a frontier market. Kuwait's main index added 0.1 percent on Thursday.

 


Arab News




  MENA News Headlines
 Oct 31 2014 - MC4-1 Rambowleros Zuhair Fayez 1 rule 10th KAMC Friendship GamesArab News
(MENAFN - Arab News) In keeping with tradition the Employee Social Club and Recreation Services of King Abdulaziz Medical City-Jeddah Western Region held its 10th KAMC Friendship Bowling Games at ...

 Oct 31 2014 - Saudi- Guardians overcome Absar host team Maskan Arabia bounces backArab News
(MENAFN - Arab News) RIYADH: JOEY JULATON SALEMPowerhouse Guardians (Diablo) got the better of equally talented Absar team 108-104 in a high-scoring game during the second week of action in the 2nd ...

 Oct 31 2014 - Saudi- Majid rolls perfect 300 Gilas back-to-back Team of Week in FTBJ-ICBL eventArab News
(MENAFN - Arab News) For the second time in three weeks in leagues organized by Filipino Tenpin Bowlers of Jeddah perfect 300 game found a new owner in Majid Aslani.Following the lead of Randy Mata ...

 Oct 31 2014 - Saudi- Al Faisaliah captures Inter-Hotels crownArab News
(MENAFN - Arab News) Al Faisaliah coached by Francis Balanquit finished off Sheraton Riyadh Hotel & Towrs by winning Game 3 of the best-of-three championship series 75-72 in a pulsating contest ...

 Oct 31 2014 - Saudi- Lahore Lions win thriller against KFSHArab News
(MENAFN - Arab News) RIYADH: Lahore Lions scored a thrilling six-wicket win over King Faisal Specialist Hospital in a seventh round match of the American Express Twenty20 cricket tournament organized ...

 Oct 31 2014 - Saudi- Desert Warriors goes down fighting to ARM Afroz slams ton for TamerArab News
(MENAFN - Arab News) JEDDAH: Desert Warriors went down fighting to ARM by six runs in the Ace Travel Premier League division morning session week-seven match organized by the Jeddah Cricket ...

 Oct 31 2014 - Amman accuses Israel of 'state terrorism' in JerusalemArab News
(MENAFN - Arab News) AMMAN: Jordan on Thursday accused Israel of 'state terrorism' after it closed Jerusalem's flashpoint Al-Aqsa mosque compound the third holiest site in Islam.Israel said its ...

 Oct 31 2014 - Saudi- Most erring doctors have master's Ph.D. degreesArab News
(MENAFN - Arab News) A whopping 70 percent of medical practitioners who have committed medical errors over the last five years hold master's and doctoral degrees local media said quoting a report ...

 Oct 31 2014 - Saudi- Energy efficient appliances and insulated houses can save powerArab News
(MENAFN - Arab News) Uninsulated buildings cars and industrial activity consume 90 percent of the energy produced in Saudi Arabia an expert from the Saudi Energy Efficiency Center (SEEC) said ...

 Oct 31 2014 - Saudi- Conference encourages media voluntarismArab News
(MENAFN - Arab News) A media volunteer group held its second media volunteers conference on Wednesday night at the Dar Al-Uloom University's auditorium in the Saudi capital.'This conference aims to ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help