Hezbollah fires rocket barrages into Israel after deadly Beirut strikes    British man captured while fighting with Ukraine    Far-right candidate takes shock lead in Romania presidential election    Indians risk it all to chase the American Dream    Al Ittihad claims top spot in Saudi Pro League after victory over Al Fateh    Do cigarettes belong in a museum?    Saudi Arabia joins international partnership initiative to boost hydrogen economy    Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Saudi delegation participates in the 7th U20 Deans Summit in Brazil    Al-Jubeir discusses with EU officials enhancing bilateral cooperation    GASTAT: Non-oil exports up 22.8% in September 2024    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Saudi Arabia allows licensed flour milling companies to export flour    Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    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    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SABIC heads Saudi losers as rally stalls
Published in The Saudi Gazette on 29 - 07 - 2010

Saudi Basic Industries Corp (SABIC) was the main drag as the Kingdom's index TASI declined, while other bluechips also fell as traders book gained from the Tuesday's month-high.
SABIC ended 0.9 percent lower, falling for a third day in four. On Sunday, affiliate Saudi Kayan Petrochemical Co said it needed more money to cover a $2.4 billion rise in building costs for a new plant. Kayan ended flat.
Etihad Etisalat dropped 1.4 percent, easing from Tuesday's 29-month high. SABB fell 0.9 percent.
The TASI fell 0.13 percent to 6,266.81 points, only its second decline in six sessions.
Dubai's index DFM ended higher to claw back the previous day's losses as Emaar Properties halted a three-day losing streak.
Emaar climbed 1.3 percent to AED3.25, trimming its losses to 3.6 percent since reporting disappointing second-quarter results.
Morgan Stanley on Wednesday started coverage of Emaar, giving the developer an overweight rating and a price target of AED4.30, saying it offered strong recurring revenue through malls and hotels in Dubai as well as exposure to non-UAE property markets.
The index climbed 0.9 percent to 1,513 points.
“This is just a technical move - we are largely decoupled from international factors and have our own worries,” said Mohamed Khaled, Prime Emirates relationship manager.
“Yesterday's close was slightly below 1,500 points, which is a critical support, so there's buying at these levels. If the market can hold above 1,500, it will target 1,560, with a break above 1,530 a bullish move.”
National Bank of Abu Dhabi hit a two-month closing high after its earnings beat estimates, but the emirate's index ADI ended lower as property stocks weighed.
NBAD climbed 3.2 percent to its highest finish since May 23. The lender, the UAE's largest by market capitalisation, reported a 10 percent rise in second-quarter profit, helped by higher revenues and lower provisions.
Sorouh Real Estate fell 1.7 percent, declining for a second day since its results missed forecasts, while rival Aldar Properties dropped 3.2 percent to a 16-month low. The latter is likely to make a second-quarter loss of AED130m, according to analysts polled by Reuters.
The index fell 0.5 percent to 2,547 points.
Commercial Bank of Qatar hit a two-month closing high after its earnings beat expectations, helping Doha's index end higher for a sixth session in eight.
CBQ climbed 2.7 percent to 69.50 riyals, its highest finish since May 20. The lender's second-quarter profit rose 23 percent.
Credit Suisse on Wednesday cut its price target for CBQ to 90 riyals from 93 riyals, keeping an outperform rating.
Qatar Gas Transport Co (Nakilat) rose 1.1 percent.
“We believe there are some stocks that have seen their bottom prices for the year and now provide a big buying opportunity,” said Robert Pramberger, acting head of asset management at Doha-based investment company The First Investor.
“We're looking at companies with stable revenues that enable us to model future earnings. There's a good opportunity to buy stocks related to the gas sector. These have long-term contracts and Qatar's gas exports are increasing.”
The index climbed 1.1 percent to 7,016 points, a two week high.
“Volumes will continue to be low except when results come out as investors reshuffle their portfolio, so trading will briefly increase on a stock specific basis,” added Pramberger.
Kuwait's index slipped 0.3 percent to 6,668 point, its first decline in six sessions as investors booked profits.
Oman's index hit a five-week high as investor demand pushes up bank stocks and other bluechips. Bank Muscat climbed 1.2 percent, Bank Dhofar added 3.2 percent and Raysut Cement gained 3.9 percent. The index climbed 0.9 percent to 6,262 points, its highest close since June 22 and biggest gain for three weeks.
“Despite mixed results, Oman's index continued its upward trend,” said Gunjan Gupta, head of research at Oman Arab Bank.
“We expect the next resistance level will be under 6,267 points. The liquidity is higher as buyers are superior compared to sellers by 61 percent, which is pushing the market up.
“For the past two days we've noticed more speculative activity on Al Anwar Holding.” Al Anwar climbed 1.8 percent and is the most active stock, accounting for almost a sixth of all shares changing hands.


Clic here to read the story from its source.