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Saudi- Tadawul surges on economic reform plans
(MENAFN- Arab News) DUBAI: Saudi Arabia's stock market led the region higher on Wednesday because of optimism over the government's economic reform efforts while other markets were buoyed by a more positive global mood.
The main Tadawul All-Share Index gained 0.8 percent to 11081 points with major mining company Maaden rising 3.1 percent.
Saudi food maker Savola rose 1.5 percent after Kuwait Food Co. (Americana) asked for its shares to be suspended because its main shareholder a firm owned by the Al-Kharafi family was reviewing its stake.
It was the first time that either Americana or the Kharafis had publicly disclosed the possibility of a change in the company's ownership. Savola is a potential bidder for the business.
Elsewhere in the region markets edged up in line with global stocks and commodity prices which were boosted by speculation that the US Federal Reserve would maintain a pledge on low interest rates later in the day.
In Dubai a spate of profit-taking by retail investors to raise money for the initial public offer of Emaar Properties' malls unit eased and the market index closed flat. Emaar shares rose 0.5 percent.
After the close Emaar said its existing shareholders would be allocated one share in the malls unit for every 36 held in the parent firm; 10 percent of the entire offer has been earmarked for Emaar shareholders in this way.
In Abu Dhabi Waha Capital climbed 1.9 percent and was the most heavily traded stock; its board was to discuss a share buyback program on Wednesday. The company has not said how big the program might be.
In Kuwait telecommunications firm Zain Kuwait fell 1.5 percent after its unit Zain Bahrain said it was extending the subscription period for its IPO on the Bahraini bourse by two weeks.
The main Tadawul All-Share Index gained 0.8 percent to 11081 points with major mining company Maaden rising 3.1 percent.
Saudi food maker Savola rose 1.5 percent after Kuwait Food Co. (Americana) asked for its shares to be suspended because its main shareholder a firm owned by the Al-Kharafi family was reviewing its stake.
It was the first time that either Americana or the Kharafis had publicly disclosed the possibility of a change in the company's ownership. Savola is a potential bidder for the business.
Elsewhere in the region markets edged up in line with global stocks and commodity prices which were boosted by speculation that the US Federal Reserve would maintain a pledge on low interest rates later in the day.
In Dubai a spate of profit-taking by retail investors to raise money for the initial public offer of Emaar Properties' malls unit eased and the market index closed flat. Emaar shares rose 0.5 percent.
After the close Emaar said its existing shareholders would be allocated one share in the malls unit for every 36 held in the parent firm; 10 percent of the entire offer has been earmarked for Emaar shareholders in this way.
In Abu Dhabi Waha Capital climbed 1.9 percent and was the most heavily traded stock; its board was to discuss a share buyback program on Wednesday. The company has not said how big the program might be.
In Kuwait telecommunications firm Zain Kuwait fell 1.5 percent after its unit Zain Bahrain said it was extending the subscription period for its IPO on the Bahraini bourse by two weeks.
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