Middle East stock markets moved little in modest trading volumes on Sunday as uncertainty over oil prices and the global market environment kept many investors away. The Saudi stock index climbed 0.4 percent as real estate developer Dar Al Arkan gained 1.5 percent after news that the government planned to convert a state-owned housing fund into a bank, which could boost provision of housing finance in the kingdom.
Several insurance stocks were again among the top gainers after a bullish report on the sector last week by Standard & Poor's, which said gross insurance premiums in Saudi Arabia could rise nearly 25 percent this year, mainly because of tariff increases.
Al Alamiya jumped 9.9 percent and Al Sagr Insurance surged 5.8 percent.
But miner Ma'aden continued a downward trend which has pushed it 13 percent lower in the past three weeks as commodity-related equities around the world have sagged. The stock fell 1.4 percent to a nine-month low of 27.80 riyals.
Qatar outperformed the region, rising 0.5 percent, after the central bank governor said he would not imitate any US interest rate hike. He signalled that he wanted monetary conditions to stay loose after an unexpected jump in Qatari short-term market rates last Thursday.
United Development was particularly strong, adding 2.3 percent after saying on Thursday that it had signed a deal to borrow 738 million riyals ($203 million) from two local banks to fund its Medina Centrale property project.
Dubai's stock index fell 0.7 percent with activity focusing on low-priced stocks favoured by local retail investors. Builder Arabtec, the most heavily traded stock, slid 2.1 percent.
Abu Dhabi edged down 0.1 percent with volume once again concentrated in second-tier stocks. Bank of Sharjah jumped 3.8 percent in its heaviest trade since April 20. Egypt's index dropped 0.7 percent because of profit-taking in a wide range of stocks. But Arab Polavara rose 0.5 percent after trading disclosure statements in the last few days showed major shareholders buying about a million shares in the company.
Comments
Comments are closed.