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

Tadawul surges as Qatar rally falters  Join our daily free Newsletter

MENAFN - Arab News - 14/12/2010

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) Pipe-making firms lifted the Saudi index on Monday as traders bet on likely infrastructure spending ahead of the Kingdom's 2011 budget, while petrochemical shares rebounded following renewed oil price gains.

But most Middle East markets fell, with few new catalysts to spur investors to increase risk as the year-end nears.

Saudi Arabian Amiantit Co. climbed 5.3 percent and Arabian Pipe jumped 10 percent.

"There's no actual news, so we'll have to see if there's residual buying tomorrow, although volumes suggest it's an ongoing move in the sector," said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.

Saudi Arabia is expected to soon release its 2011 budget, while the Kingdom is slated to spend 400 billion in five years to 2013 to enhance its infrastructure.

Saudi Basic Industries Corp. (SABIC) ended flat, rebounding after slumping to a two-week intraday low.

"Oil climbing above 89 helped petrochemicals claw back most of their earlier losses, having been under pressure for much of the session," added Wakeman.

The Tadawul All-Share Index (TASI) closed 0.74 percent higher to 6,508.93 on Monday. The sector activity for the day was mostly positive with 9 out of 15 closing with gains ranging from 0.05 percent by the Real Estate Development sector to 2.08 percent by the Building & Construction sector. On the other hand the losing sectors ranged from 0.26 percent by the Petrochemical Industries sector to 1.75 percent by the Hotel & Tourism sector. The overall market breadth for the day was positive with 60 advancers against 62 decliners giving it an AD ratio of 0.96, the Financial Transaction House (FTH) said in its daily market commentary.

The stock market turnover reached SR4.13 billion on Monday.

Qatar's index fell 0.6 percent to 8,742 points, its second decline in three session as a World Cup rally faltered. It is up 6.8 percent since Qatar was chosen to host the 2022 soccer event.

"Only in the stock market can you have a significant reaction to an event that is 12 years from now," said Akram Annous, MENA strategist at Al-Mal Capital.

"Buying Qatar equities because you think this bid will lead to 100 billion in infrastructure and MSCI emerging status is probably not the best trade idea."

Industries Qatar fell 0.7 percent and Barwa Real Estate dropped 1.5 percent.

Annous pointed to a pre-World Cup rally as a reason to get out of Doha.

"Investors should have been buying two months ago when oil was 75 and Saudi and Qatari industrial names were the big underperformers," said Annous. "Now is not the time to become a long-term investor in these names. The World Cup news is a great opportunity to sell."

Hani Girgis, assistant chief dealer at Dlala brokerage, was more upbeat, forecasting Qatar would resume its rally.

"Now 9,000 points has changed from a medium- to long-term target to a short- to medium-term target following the World Cup win - we see buying power in the market," said Girgis.

Qatar, along with the United Arab Emirates, is on review for potential upgrade by index compiler MSCI to emerging market status from frontier market.

Oman made its largest drop in six weeks. The benchmark fell 0.8 percent to 6,661 points. Raysut Cement fell 2.1 percent, Galfar Engineering dropped 2.7 percent and Bank Muscat lost 1.5 percent.

"There was strong profit-taking - some brokers are pressuring traders to close positions before the year-end," said Adel Nasr, United Securities brokerage manager.

"The market will rebound this week - there has been strong accumulation by foreigners and institutions on Omantel, Bank Muscat, Nawras, Galfar and others and this continued today despite the profit taking."

Nawras rose 1.5 percent, but Omantel slipped 0.08 percent. The Omani index fell 0.8 percent to 6,661 points.

The Dubai index dropped 1.4 percent to 1,654 points. The Abu Dhabi index fell 0.8 percent to 2,745 points.

The Kuwaiti index fell 0.3 percent to 6,787 points.

The Bahraini index ended unchanged at 1,424 points.


  MENA News Headlines
Apr 16 2014Air Arabia takes over as RAK official carrier ,MENAFN
(MENAFN) Air Arabia said that it will commence flights from Ras Al Khaimah (RAK) early next month, Arabian Business reported. The Sharjah-based carrier said that it will take over from RAK ...

Apr 16 2014Dubai Metro passengers hit 40.5m in Q1 ,MENAFN
(MENAFN) Passenger traffic on Dubai's Metro increased to more than 40.5 million in the January-March period of this year, Arabian Business repoted. The Roads and Transport Authority (RTA) said ...

Apr 16 2014Etihad, Fiji Airways ink codeshare deal ,MENAFN
(MENAFN) Etihad Airways and Fiji Airways have signed a codesharing agreement which allows reciprocal ticket sales between them, Arabian Business reported. Etihad said that the revenue from ...

Apr 16 2014Qatar's investments in infrastructure worth USD182.21 b ,MENAFN
(MENAFN) Qatar is planning to invest USD182.21 billion in infrastructure, avoiding projects in oil and gas sector, in the next five years, Minister of Economy and trade said yesterday, The Peninsula ...

Apr 16 2014Kuwait- GIC chief participates in ABANA Summit panel discussions ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Shafic Ali, head of the Principal Investments Group at Gulf Investment Corporation (GIC) late Tuesday participated in a panel discussion on (Emerging Trends in ...

Apr 16 2014Today in Kuwait's history ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) 1961 -- First edition of "Al-Rai Al-Aam" newspaper hit the stands. 1962 -- Kuwait joined the United Nations (UN) Commission on Narcotic Drugs. 1972 -- The Amir ...

Apr 16 2014EU voices concern over increase of terrorist attacks in Nigeria ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) EU High Representative for foreign affairs and security policy Catherine Ashton late Tuesday "strongly condemned" the abduction of more than 100 school girls in ...

Apr 16 2014Reporters Without Borders says three more pressmen killed in Syria ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Three more journalists have been killed by gunfire in the Syrian town of Maaloula, north of the capital Damascus, press freedom organisation Reporters Without ...

Apr 16 2014Three-day Sports Media Seminar begins in Doha ,The Peninsula
(MENAFN - The Peninsula) A group photograph of Arab sports journalists seen with TV personality Saad Al Rumaihi, Mohammed Al Malki, President of Qatar Press Sports Committee (QPSC), at Marriott Hotel ...

Apr 16 2014Prisoner's freedom sought for abducted Jordan ambassador ,Arab News
(MENAFN - Arab News) Tripoli: jordan's ambassador to libya was kidnapped on tuesday by gunmen who demanded a radical militant be released from a jordanian jail in exchange for the diplomat's ...

Apr 16 2014Saudi- Qur'an contest to be held in Jeddah next month ,Arab News
(MENAFN - Arab News) The saudi society of the holy qur'an and its sciences (tibyan) is going to hold a qur'an contest involving 60 universities from the public and private sectors next month in ...

Apr 16 2014Saudi- Philippines participates in Riyadh Travel Fair ,Arab News
(MENAFN - Arab News) The riyadh travel fair kicks off here in the kingdom tower on tudesday.the philippines will be represented by the department of tourism (dot) representatives glenn raymond ...

Apr 16 2014Saudi- New arbitration center hailed by leading figures ,Arab News
(MENAFN - Arab News) Lawyers legal arbitrators and businessmen described the decision to establish a saudi commercial arbitration center which was approved by the council of ministers in its ...

Apr 16 2014Saudi- Prices of fruits vegetables in Jeddah rise ,Arab News
(MENAFN - Arab News) There has been a 50-percent increase in the price of fruits and vegetables over the past 10 days due to an imbalance in supply and demand said esmat abuzinada head of ...

Apr 16 2014Private schools urged to use fingerprint systems ,Arab News
(MENAFN - Arab News) A number of public schools have applied the biometrics attendance system on students in line with the ministry of education's new regulation.the new system electronically ...

Apr 16 2014Saudi- Exhibit to showcase 1000 paintings ,Arab News
(MENAFN - Arab News) Arabian wings (aw) will kick off fiesta 1000 a display of 1000 paintings in jeddah on thursday at the al-furusya yacht club. 'the project has received support from different ...

Apr 16 2014Saudi- Technology remains core criteria for university education ,Arab News
(MENAFN - Arab News) Technology has become a core component at higher education institutions said higher education minister khaled al-anqari on tuesday during the opening address of the fifth ...

Apr 16 2014Saudi- Sponsors to pay fines for illegals ,Arab News
(MENAFN - Arab News) The labor ministry on tuesday announced extra measures to stop illegal visa trade and streamline the labor market. a senior official said saudi sponsors involved in the ...

Apr 16 2014Mentally ill kills family of 4 before ending life ,Arab News
(MENAFN - Arab News) A sudanese man his wife and three children were found dead in their apartment in riyadh on monday the police said.'preliminary investigations showed that the 46-year-old head ...

Apr 16 2014'My Saudi posting was a blessing from God' ,Arab News
(MENAFN - Arab News) Outgoing indian consul general faiz ahmed kidwai who is leaving after serving here for three years says it was a 'blessing from god" to have had a posting in saudi arabia.in a ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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