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Saudi bourse is rising with support from banks, Abu Dhabi and Dubai



Reuters

The Saudi stock market rose on Thursday, winning for three consecutive sessions, after recovering from a sale and prior to MSCI & # 39; s decision on the market index later this month, while the Abu Dhabi Stock Exchange (ADX) lost ground due to losses from the largest lender of the country.

MSCI said Monday that Saudi Arabia will include shares in the Emerging Markets Index on May 28, a move that could raise billions of dollars on the Saudi stock market.

The main index of Saudi Arabia increased by 1.7%, with Al Rajhi Bank by 2.5% and Saudi Basic Industries Corp (SABIC) by 1.3%.

STC jumped 5.1% after HSBC had raised the target price.

The three shares are the largest additions to the MSCI Emerging Markets index of market capitalization.

The shares in SABB and First Bank increased by 1.6 percent and 2.3 percent respectively, after the shareholders of the two banks agreed to a planned merger.

The Abu Dhabi index fell by 1.2% and recorded a fourth consecutive loss, with Emirates Telecommunications Co (Etisalat) losing 1.7%.

The first bank of Abu Dhabi, the largest bank in the UAE, fell by 2.1%. The share decreased in earlier sessions after MSCI decided to keep the foreign participation factor at 25%, despite the increase in the maximum foreign shareholding in the bank's shares to 40% from 25%.

The first bank of Abu Dhabi said Thursday that the MSCI asked for clarification about its decision not to increase the weight of the bank's shares in the MSCI Emerging Markets index and to limit the bank's free trading shares by 25 percent. Objective and inconsistent with the information disclosed by the bank.

The main equity index of Egypt fell by 1%, with Commercial International Bank by 1%, while Juhaina Food Industries fell by 9.7%.

The Dubai index fell by 0.3% under pressure from property losses.

Arabtec Holding decreased by 7%. Construction on Wednesday reported a 50 percent drop in profit for the first quarter. Union Properties fell by 2.8% after the company reported a decline in profit for the first quarter.

Property prices in Dubai have fallen since peak in mid-2014, affected by weak oil prices and falling sales.

The following are the final levels of stock indices in the Middle East:

– Saudi Arabia: the index rose 1.7% to 8,822 points.

– Abu Dhabi – The index fell 1.2% to 4,719 points.

– Dubai: the index decreased by 0.3% to 2575 points.

– Egypt .. The index fell by 1% to 13,660 points.

– Bahrain .. The index fell by 0.6% to 1400 points.

Oman: The index increased by 0.8% to 3,859 points.

– Kuwait .. The index rose 1.6% to 6108 points.


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