AGL 39.94 Decreased By ▼ -0.06 (-0.15%)
AIRLINK 129.04 Decreased By ▼ -0.02 (-0.02%)
BOP 6.85 Increased By ▲ 0.10 (1.48%)
CNERGY 4.68 Increased By ▲ 0.19 (4.23%)
DCL 8.60 Increased By ▲ 0.05 (0.58%)
DFML 41.00 Increased By ▲ 0.18 (0.44%)
DGKC 82.85 Increased By ▲ 1.89 (2.33%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 73.50 Decreased By ▼ -0.93 (-1.25%)
FFL 11.92 Increased By ▲ 0.18 (1.53%)
HUBC 109.40 Decreased By ▼ -0.18 (-0.16%)
HUMNL 14.26 Increased By ▲ 0.51 (3.71%)
KEL 5.25 Decreased By ▼ -0.06 (-1.13%)
KOSM 7.62 Decreased By ▼ -0.10 (-1.3%)
MLCF 39.20 Increased By ▲ 0.60 (1.55%)
NBP 64.44 Increased By ▲ 0.93 (1.46%)
OGDC 193.25 Decreased By ▼ -1.44 (-0.74%)
PAEL 25.69 Decreased By ▼ -0.02 (-0.08%)
PIBTL 7.35 Decreased By ▼ -0.04 (-0.54%)
PPL 153.89 Decreased By ▼ -1.56 (-1%)
PRL 25.45 Decreased By ▼ -0.34 (-1.32%)
PTC 17.40 Decreased By ▼ -0.10 (-0.57%)
SEARL 78.39 Decreased By ▼ -0.26 (-0.33%)
TELE 7.72 Decreased By ▼ -0.14 (-1.78%)
TOMCL 33.41 Decreased By ▼ -0.32 (-0.95%)
TPLP 8.39 Decreased By ▼ -0.01 (-0.12%)
TREET 16.40 Increased By ▲ 0.13 (0.8%)
TRG 56.60 Decreased By ▼ -1.62 (-2.78%)
UNITY 27.50 Increased By ▲ 0.01 (0.04%)
WTL 1.38 Decreased By ▼ -0.01 (-0.72%)
BR100 10,539 Increased By 94 (0.9%)
BR30 31,128 Decreased By -61.3 (-0.2%)
KSE100 98,467 Increased By 668.8 (0.68%)
KSE30 30,728 Increased By 246.8 (0.81%)

Higher oil prices helped Saudi Arabia's stock market to offset some of this week's losses on Thursday, though other Gulf markets were down as geopolitical concerns continued to weigh on investors in the region. Trading activity was also slow because of the Muslim fasting month of Ramadan, traders said.
The Saudi index gained 0.7 percent as Brent crude futures hit $80 a barrel for the first time since November 2014 on concerns Iranian exports could fall, reducing supply in an already tightening market. The prospects of a sharp drop in Iranian oil exports in the coming months due to renewed US sanctions have been good to oil prices, but they also raise concerns of instability in an already conflict-torn region.
Foreign investors have been selling Saudi Arabian equities, exchange data showed, partly because of geopolitical tensions since US President Donald Trump said he was pulling out of the Iran nuclear deal.
Shares in the energy and petrochemical sectors rose in Saudi Arabia, led by companies with big capitalisations including Saudi Basic Industries (SABIC) which gained 1.3 percent and Saudi Kayan Petrochemical Company which rose 1.2 percent. National Petrochemical Co was up 1.5 percent.
Shares of Saudi Arabia's Alawwal Bank stayed on a positive trend with another 0.6 percent gain to 14.00 riyals in heavy volume, after a 10 percent jump on Wednesday.
Alawwal has reached a preliminary, non-binding agreement to merge with HSBC-backed Saudi British Bank to create Saudi Arabia's third-biggest bank with assets of about $77 billion.
Other Saudi bank shares were mixed with the kingdom's biggest lender, National Commercial Bank, gaining 4.2 percent and Saudi British Bank falling by 3.3 pct to 30.88 riyals, extending losses for a second day. Alinma Bank was also up 1.1 percent.
In Abu Dhabi, real estate developers Eshraq Properties and Aldar Properties were the most heavily traded shares, with Aldar giving up 0.9 percent. Dana Gas was also heavily traded but the price held steady.
Abu Dhabi's index lost 0.8 percent.
In Dubai, the index was down 0.6 percent, dragged lower by Emaar Properties and subsidiary Emaar Development, down 1.2 percent and 0.7 percent respectively. GFH Financial helped reduce the market losses and rose 2.1 percent.
In Qatar, the main index, which rose earlier this week after it was buoyed by MSCI's decision to increase the weightings of several blue chips, was also in negative territory, losing 0.7 percent.
Qatar Islamic Bank gained 0.9 percent but Masraf al Rayan and telecommunications group Ooreedoo were down 2.3 percent and 1.3 percent respectively.
In Egypt, the main index was dragged down by the telecommunication sector, closing down 0.7 percent. Global Telecom dived 2.8 percent after HSBC cut its target price to 6.1 from 7.9 Egyptian pounds, while Orascom Telecom fell 1.2 percent in heavy trade.

Copyright Reuters, 2018

Comments

Comments are closed.