We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 17 Nov 2009 10:05 AM

Font Size

- Aa +

Saudi stocks gain, industrials strong

UPDATE 6: Kuwait's index posts its biggest single-day decline since July 6.

Saudi's stockmarket TASI edged 0.3 percent higher to 6,332 points, posting a gain for a second trading session in a row, as global stocks retreat.

Industrial stocks in particular boosted the market.

Saudi Kayan

,
Cement East

and
Qassim Cement

advanced 4.8 percent, 3.8 percent and 3.5 percent respectively.

Savola Group

was among the strongest performers, climbing 2.4 percent, after announcing it would build a pasta plant in Egypt.

Property stocks were among the worst hit in the UAE markets, leading Dubai's main index DFM to end 0.9 percent lower to 2,179 points.

Abu Dhabi ADI edged 0.1 percent lower to points. In Dubai,
Deyaar

declined 2.7 percent, while
Union Properties

retreated two percent.

In Abu Dhabi,
Aldar Properties

and
Sorouh Real Estate

each fell around 1.5 percent. Gains for
Abu Dhabi Commercial Bank

, up 0.9 percent, and
Union National Bank

, up 2.2 percent, helped limit losses for the market.

Agility

ended 8.3 percent lower, leading Kuwait's index to post its biggest single-day decline since July 6.

Kuwait's index fell 2.9 percent to 6,776 points, its lowest point since March 31.

Agility

was indicted by US grand jury on charges of fraud and conspiracy alleging it overcharged the US Army on $8.5bn worth of contracts to provide food to soldiers in Iraq, Kuwait and Jordan.

Zain

fell 5.9 percent and
National Bank of Kuwait

7.6 percent.

Bahrain's benchmark BAX ended one percent lower to 1,443 points, its lowest point since at least June 2007.

Banks in Qatar helped lift the main index to close 1.4 percent higher to 6,989 points.

Qatar Islamic Bank

gained 2.7 percent and
Masraf Al Rayan

advanced 2.4 percent.

Bank Muscat

fell 2 percent, but despite the decline of Oman's largest bank, the main index MSI gained 0.4 percent to 6,381 points.

Another heavyweight,
Omantel

fell 0.8 percent, but most other stocks rose in line with a postive finish on Wall Street on Monday. (Reuters)

Arabian Business: why we're going behind a paywall