saudi stocks edge up as brent futures rebound
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Saudi stocks edge up as Brent futures rebound

Arab Today, arab today

Arab Today, arab today Saudi stocks edge up as Brent futures rebound

Dubai - Arab Today

The Tadawul All Share Index (TASI) edged up 0.1 percent on Wednesday boosted mainly by a jump in National Industrialization Company’s (Tasnee) shares. Tasnee exceeded its 10 percent daily limit in heavy trade after saying it entered into an agreement with American chemicals maker Tronox to sell its titanium dioxide business, Cristal, for $1.673 billion in cash and 37.6 million new shares in Tronox.
Analysts at Riyadh-based NCB Capital said that despite the capital loss from the sale — the difference between the selling price and the book value of Cristal — which will be recorded in the income statement, they believe the deal will help Tasnee in the long run as it improves margins and the balance sheet.
The deal is expected to happen within 15 months and is subject to regulatory approvals.
Other petrochemical shares also rose as Brent futures rebounded overnight and were trading near $56.50 a barrel. Advanced Petrochemical added 4.9 percent.
Dubai’s share index rose as builder Arabtec surged after getting approval from the securities regulator to increase its capital. The positive mood spilled into other stocks, helping the main index rebound 2.4 percent to 3,646 points. It was the largest single day gain since Dec. 12. Emaar Properties added 2.8 percent.
Abu Dhabi’s index rose 0.7 percent on the back of a 4.7 percent rise in shares of Dana Gas. Earlier this week the commodities producer came under pressure after a downward revision to its net earnings for 2016.
Qatar’s index added 0.2 percent to 10,953 points, bouncing from a session low of 10,683 points. Real-estate developer Ezdan Holding Group was the top performer, adding 2.4 percent.
Commercial Bank, however, dropped 4.3 percent after reporting a large fall in 2016 full-year net profit.
The bank made a net profit of QAR500.8 million ($137.56 million) in 2016, down 64 percent from what it made in the prior year.
Egypt’s index succumbed to profit taking and fell 2.1 percent as the Egyptian pound steadied near a three-month peak against the US dollar.
Foreign funds were net sellers of shares, bourse data showed. They have been selling in recent days as appreciation of the pound has made local stocks more expensive in dollar terms and offered currency gains.
Global Telecom Holding slumped 7.9 percent in heavy trade after the mobile phone operator was fined $60 million in a lawsuit over its previously owned Iraqi unit.
Analysts at Naeem Research said that although the amount is small relative to company’s size of around $2.5 billion, as of Tuesday’s close, it is expected to shave off around 10 percent from its cash balance, and the provision is expected to be reflected in fourth-quarter earnings, due to be announced on Feb. 28.

 

Source: Arab News

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