Saudi shares up by 11.8 on the week

Kuwait stocks closed above 10,000 points on Saturday for the first time in almost a month, helped by fresh reports of government injection of cash into the market.

The main index rose 0.99 per cent to 10,019 points, its first time clearing the 10,000 points mark since May 6.

Arabic daily Al Qabas quoted sources as saying unspecified portfolios received $691.6 million at the end of last week from state investment arm Kuwait Investment Authority to invest in the bourse.

Some analysts said the timing of the injection was politically motivated to boost market sentiment ahead of June 29 parliamentary elections.

Shares in Al Mal Investment registered the highest volume, with 11.92 million shares changing hands.

Look beyond what you see!

Stock Fall Shatters Dreams of Gulf Investors


04/Jun/2006
Arab News
These are great times for the Gulf economy. Spiraling oil prices, the new construction boom and ever expanding business activities have been making headlines in recent months. The region is blessed with precious natural resources, oil and gas in particular, and therefore the residents are untouched by the negative consequences of ever-rising prices of petroleum products ? a major bone of contention for those living in the rest of the world. Unlike those in the East or the West, Gulf residents do not have to pay through their nose for their day-to-day energy requirement ? be it electricity or transport. 

Artikel. 

Look beyond what you see!

Saudi shares pushed through the 12,000-point psychological barrier yesterday as investors snapped up speculative stocks amid hopes of a liquidity boost from a planned 20% cut in stock trading commissions. The all-share index Sasi finished up 1.98% at 12,181.88 points after hitting a session low of 11,808.18 points. Gainers led decliners 71-7 on turnover of 27.5bn riyals ($7.3bn).

Largest-listed firm Saudi Basic Industries Corp (Sabic) gained 1.69% to 165.25 riyals. Savola was among the highest risers, gaining 9.95% to 135.75 riyals. But small caps dominated the highest rises on the bourse, as opposed to blue-chips. Arabian Pipe rose 9.95% to 116 riyals.

In Abu Dhabi, banks led the decline in stocks as investors booked profits from the previous week?s rally, but Abu Dhabi Islamic Bank (ADIB) bucked the trend with a 9% rise. The Dubai bourse closed 0.2% down at 494.58 points, having spent much of the past two weeks in the shadow of the smaller Abu Dhabi market, which has been rallying since a major pension fund announced plans to invest in local stocks.

Heavy weight Emirates Telecommunications (Etisalat), one of last week?s big gainers, dropped 3.25% to 17.85 dirhams ($4.86). Banking stocks, which led the rally last week, also gave up their gains. Abu Dhabi Commercial Bank sank 6.18% to 8.05 dirhams, Union National Bank tumbled 4.98% to 10.50 dirhams and First Gulf Bank fell 3.79% to 15.25 dirhams on thin volumes. The shares of Abu Dhabi Islamic Bank closed at 89.05 dirhams, up 9%.

Emaar Properties was the most heavily traded stock in Dubai, ending 0.38% down at 13.10 dirhams.

Turnover in Abu Dhabi rose 1.6% from Sunday to 1.22bn dirhams with 154mn shares changing hands, up 6.2%.

Turnover in Dubai was fell 61% to 738mn dirhams on volumes of 100mn shares, a drop of 54%. 
 

Look beyond what you see!