Saudi index gains

18/Jun/2006
Bloomberg
Saudi Arabia?s benchmark stock index gained, led by Saudi Telecom Co. Indexes in the United Arab Emirates fell, with the Dubai Financial Market Index declining for a fourth consecutive day.

Saudi Arabia?s Tadawul All Share Index added 3.1% to 12,413.34 in Riyadh. The index has rebounded 24% since reaching a low for the year on May 11. It is still 40% below the record set in February. Saudi Telecom, the largest telephone company in the kingdom, advanced 5% to 115.75 riyals. Al Rajhi Bank, Saudi Arabia?s biggest publicly traded lender, rose 2.5% to 281.75 riyals.

Investors are "awaiting the financial results of the listed companies, particularly blue-chips and petrochemicals,?? Bakheet Financial Advisors wrote in its outlook for this week, in a report published June 14. The Kuwait Stock Exchange Index also advanced, while benchmarks in Dubai and Abu Dhabi declined. Markets in Qatar, Oman, Lebanon, Bahrain, Jordan, Egypt, the Palestinian territories, Tunisia and Morocco were shut yesterday.

The Dubai Financial Market Index retreated 0.3% to 467.73. Nine stocks fell, eight gained and two were unchanged. The gauge has declined the most this year among indexes tracked worldwide by Bloomberg, losing more than half its value on concern prices no longer reflect earnings outlook.

Dubai Islamic Bank, the world?s oldest commercial Islamic bank, dropped 0.9% to 10.95 dirhams. Commercial Bank of Dubai, a lender, slid 4.5% to 7.66 dirhams. The Abu Dhabi Securities Market Index declined 0.2% to 3601.3. The gauge has lost 30% of its value since the beginning of the year, making it the third-worst performer out of indexes tracked by Bloomberg News.

Only measures in Dubai and Qatar have tumbled further.

Abu Dhabi Islamic Bank, a lender that provides banking services based on Shariah law, fell 7.1% to 79.65 dirhams. Abu Dhabi National Energy Co, which through units generates electricity and desalinates sea water, retreated 3.8% to 3.08 dirhams.

The Kuwait Stock Exchange Index rose for the first day in four, adding 42.90, or 0.4%, to 10,285.60. The gauge is still down 10% this year.

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