Sunday , June 24 2018

Petchems, banks support Saudi, Qalaa surges in Egypt


Stock markets in the Middle East were mixed in narrow ranges on Sunday, with banks and petrochemicals supporting Saudi Arabia while Qatar edged down to a fresh 18-month closing low.
The Saudi index rose 0.2 percent. All but two of the 14 listed petrochemical shares advanced after a pick-up in oil prices at the end of last week, with small polymer maker Nama Chemicals surging 9.5 percent in unusually heavy trade.
Two-thirds of the 12 listed banks rose with Banque Saudi Fransi, climbing 3.8 percent. Qatar’s index edged down 0.1 percent to 8,667 points, its fifth straight session of decline; foreign funds were net sellers, bourse data showed. Doha Bank slipped 0.6 percent.
Dubai’s index edged up 0.1 percent, as builder Drake & Scull rose 1.1 percent in active trade after news that the company’s chairman, Majid al Ghurair, had resigned for “personal reasons”.
DSI will elect a new chairman at board of directors meeting on Tuesday, and investors may hope the change could help the company rebound from losses caused by a slump in the construction industry.
In Abu Dhabi, Dana Gas added 1.2 percent and was again Abu Dhabi’s most heavily traded stock, accounting for almost two-thirds of trading volume.
Abu Dhabi National Energy climbed 6.4 percent but most other shares fell, dragging the main Abu Dhabi index down 0.2 percent.

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