Quotes: 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
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help