The Saudi bourse TASI advanced on higher oil
prices, and despite investors taking a cautious stance on
financial stocks.
Oil prices rose on Friday, a third straight weekly rise as
investors speculated that weaker-than-expected US jobs data
bolsters the case for more monetary easing by the Federal
Reserve.
The index advanced 0.5 percent to 6,421 points. Sahara
Petrochem and Petro Rabigh climbed 5.8 percent
and 1.9 percent respectively. Heavyweight Saudi Basic Industries
(SABIC) gained 2.2 percent.
Banks declined as investors awaited third-quarter results for
guidance. Samba Financial Group declined 2 percent.
Dubai developer Arabtec surged to a
near five-month high as investors anticipated
better-than-expected third-quarter earnings and as two projects
boosted the company’s outlook.
The shares rose “because of the approval of the Russian
government” to build what could become Europe’s tallest
skyscraper for which Arabtec has the building contract, saids
Mohamed Khaled, risk manager at Prime Emirates, referring to a
Russian newspaper report.
Arabtec officials were not immediately available to comment.
The stock gained 5.1 percent on the Dubai bourse.
“Besides there is also the recent Saudi contract,” says
Khaled. Arabtec recently won a 5 billion riyal ($1.33 billion)
order for a four-year housing project in Saudi Arabia.
Emaar Properties gained 3.1 percent.
Investors are betting on better-than-expected results for
the property sector, said Khaled.
Abu Dhabi’s index ADI gained 0.7 percent to 2,704 points.
Oman’s index MSI continued to move sideways amid
thin volumes, as investors remained on the sidelines until
third-quarter earnings give more direction.
The Muscat index edged 0.05 percent higher to 6,509 points.
National Bank of Oman advanced 0.9 percent.
Banks helped Qatar’s benchmark end 0.04 percent higher at
7,769 points. Doha Bank gained 1.5 percent and accounted
for a third of all shares changing hands. Non-financial stocks
declined.
“There has been loss in momentum in the Qatari market lately
which requires shifting the focus to protecting the gains,” said
Shuaa Capital.
Kuwait’s index KWSE edged 0.3 percent higher at 7,013
points, led by banks. Heavyweight National Bank of Kuwait
gained 1.4 percent. (Reuters)
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