Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Saudi, Iranian foreign ministers discuss Oman-mediated talks with US    Prince Sultan University launches first bachelor's program in language and media    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Crown Prince donates SR1 billion to support housing for eligible families    Pakistani military says it killed 54 militants attempting to cross border from Afghanistan    Suspect charged after Vancouver car ramming leaves 11 dead    Eight hundred Houthi targets hit after weeks of strikes, says US    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Saudi stocks continue uptrend
Published in The Saudi Gazette on 26 - 01 - 2017

Stock markets in Saudi Arabia and Kuwait continued uptrends on Wednesday, attracting regional investors' money away from the United Arab Emirates, which pulled back.
Saudi stocks were higher after the gains in the Energy & Utilities, Retail and Financial Services sectors led shares higher. At the close, stock benchmark Tadawul All Share Index added 0.51% to 7,128 points, climbing for a fifth straight day.
It has been buoyed by hopes for better conditions in the non-oil sector this year as government austerity measures slow.
Builder Khodari, which has been strong in the past week on expectations for a partial recovery of the Saudi construction market, gained 2.6 percent.
Mouwasat Medical Services, which jumped 3.5 percent on Tuesday after its board recommended a higher cash dividend for 2016, added a further 3.7 percent to 147.50 riyals.
HSBC raised its target for the stock to SR152 from SR144, with a "buy" rating. The petrochemical sector was firm with industry leader Saudi Basic Industries climbing 1.6 percent.
The best performers of the session were National Gas & Industrialization Co, which rose 9.65% or 3.30 points to trade at 37.50 at the close. Meanwhile, Buruj Cooperative Insurance Co added 5.05% or 1.50 points to end at 31.20 and Alkhaleej Training & Education Co was up 4.72% or 0.90 points to 19.95 in late trade.
The worst performers of the session were Gulf Union Cooperative Insurance, which fell 3.01% or 0.40 points to trade at 12.90 at the close. Yanbu Cement Co. declined 2.46% or 0.90 points to end at 35.70 and Saudi Arabian Cooperative Insurance was down 2.24% or 0.50 points to 21.85.
Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 76 to 76 and 18 ended unchanged.
Elsewhere in the region, Kuwait's index, which has surged nearly 19 percent this month as idle local and regional funds have poured into the market to catch its momentum, rose 1.1 percent in heavy trade.
Activity focused on real estate companies; Abyaar Real Estate jumped 6.9 percent.
The fireworks in Saudi Arabia and Kuwait left Dubai and Abu Dhabi neglected. Dubai's index slipped 1.1 percent to 3,679 points, failing a test of technical resistance on its January peak of 3,737 points. Abu Dhabi sank 1.6 percent.
Real estate firm Deyaar dropped 5.0 percent after its fourth-quarter profit more than halved. Builder Drake & Scull was another big loser, falling 4.9 percent in volatile trade.
The most heavily traded Dubai stock, speculative favorite GFH Financial, plunged 9.7 percent to 2.43 dirhams after opening sharply higher.
The company's Bahrain-listed shares soared 9.5 percent to $0.695, however, moving to a slight premium to the Dubai-listed shares from a sizeable discount.
Dubai Islamic Bank added 0.5 percent after posting a 58.4 percent increase in fourth-quarter net profit to AED1.37 billion ($373 million), well above analysts' average forecast of AED850.4 million.
In Qatar, the index fell 0.2 percent as Qatar Insurance lost 1.8 percent after reporting a 9 percent fall in fourth-quarter net profit.
Egypt's market was closed for a national holiday. — SG/Agencies


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