Saudi stock rose on Wednesday, supported by the rise of oil prices, which changed its direction in the middle of the day in addition to the positive news from the companies, while new plans for the establishment of Dubai Parks paid market to rise. And variations in the performance of other stock markets in the Gulf region.
Futures contracts of global ore measurement Brent compensated its early losses to climb to $ 55.50 for a barrel, with the extension of talks on Iran's nuclear program, which limit expectations of an imminent agreement that would allow Tehran to pump more oil in the market.
The main index of the Saudi market rose with a 0.4 percent with the rise of Saudi Basic Industries Corp (SABIC), the largest petrochemical producer in the Kingdom and to 80.75 riyals.
The National Petrochemical Company (Petrochem) shares jumped 7.1 percent after the company announced that its Saudi unity for Polymers completed all its obligations under the financing agreements with local and foreign banks and will not need financial guarantees from a third party.
Saudi Arabian Mining shares (metals) Rose 1.7 percent after the restart of the ammonia factory, which the company shut it down last week due to technical glitch in the facility for cooling.
The share of Saudi cement increased 1.5 percent after the company announced that it has signed a deal to build a new line at its plant in Rabigh.
The banking sector also recovers after a wave of selling in the previous two sessions and the sector index rose 0.6 percent.
The Dubai index rose 0.5 percent, with the rise of Dubai shares for parks and resorts 8.6 to 0.93 dirhams, recording its highest close since its inclusion in December.
The company - which is building an amusement park center worth 2.9 billion $ - said on Tuesday that it entered into a partnership with Lionsgate Entertainment for film production in Hollywood to build an amusement park.
Also most other stocks in Dubai rose, but trading volume dropped by nearly a quarter, which indicates that, the climb that the market witnessed this week probably began losing its driving steam.
The main index of Abu Dhabi rose with 0.6 percent with rise of both shares of Abu Dhabi Commercial Bank and Union National Bank with 2.9 and 3.5 percent respectively.
But national Abu Dhabi's share for power (energy) fell 8.8 percent after the company reported a net loss of 3.01 billion dirhams (820 million $) in 2014, compared with a loss of 2.52 billion dirhams in 2013 and said it will not pay a dividend for last year and will reduce its capitalist spending this year.
And Qatar's index fell 1.5 percent, erasing some of the gains made in the past few days. Trading fell by more than half the size.
The decline in the main index of the Egyptian Stock Exchange with a 0.4 percent with decline in overall stock again. The Egyptian Edita for Food Industries shares begin trading on Thursday after covering the initial public offering heavily and perhaps investors sold shares for financial liquidity to buy shares of the company.
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