Oil price slide hits Saudi market; QSE index up

 12 Mar 2017 - 20:16

Reuters

Dubai  : Major Gulf stock market indexes mostly closed lower yesterday after oil prices plunged at the end of last week to a three-month low, but shares in Dubai’s Shuaa Capital and Saudi Arabia’s Bank Aljazira surged in response to company-specific news.
Saudi Arabia’s index dropped 1.2 percent as the share prices of all 14 listed petrochemical makers declined, with Saudi Kayan Petrochemical falling 3.1 percent.
Banque Saudi Fransi lost 2.1 percent after Credit Agricole, which owns 31 percent, said it was satisfied with the performance of the business and would not try to prevent rumours about the sale of its stake from circulating. Meanwhile, the share price of Bank Aljazira jumped by its 10 percent daily limit after proposing a three-for-10 bonus share issue.
Dubai’s index fell 1.1 percent to 3,481 points, a fresh three-month low. The index is down almost 7 percent since this year’s peak on Feb. 9. Sell orders accelerated in the final hour with Dubai Investments sinking 6.5 percent.
But Shuaa Capital jumped by its 15 percent daily limit after saying it had agreed to acquire Integrated Capital and Abu-Dhabi based brokerage Integrated Securities. The two targets are controlled by Abu Dhabi Financial Group, which last November bought 48.36 percent of Shuaa.
In Kuwait, National Bank of Kuwait fell 2.7 percent as trading in the shares went ex-dividend. The main market index firmed to close 0.5 percent higher. Egypt’s index added 0.5 percent in its eighth straight session of gains, mainly because of a 2.9 percent climb in Commercial International Bank.
HIGHLIGHTS
SAUDI ARABIA:  The index fell 1.2 percent to 6,834 points.
DUBAI: The index declined 1.1 percent to 3,481 points.
ABU DHABI: The index edged down 0.5 percent to 4,436 points.
QATAR: The index added 0.2 percent to 10,491 points.
KUWAIT: The index rose 0.5 percent to 6,742 points.
EGYPT: The index gained 0.5 percent to 12,920 points.
OMAN: The index lost 0.9 percent to 5,741 points.
BAHRAIN: The index added 0.9 percent to 1,366 points.