Maaden jumps 60% in its first day of trading
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Maaden jumps 60% in its first day of trading

Maaden jumps 60% in its first day of trading

Maaden shares have jumped 60% in the first day of trading, while the Saudi market itself declined sharply today, falling 1.6% under pressure from most leading shares. Other Gulf markets showed mixed results including Kuwait, Bahrain and Dubai which rose by 0.57%, 0.42% and 0.27% respectively.

    The remaining three markets; Muscat, Abu Dhabi and Doha fell by 0.87%, 0.61%, and 0.37% respectively.

    Local and foreign trading value also declined after shares fell to attractive pricing levels.

    UAE: Traders take advantage of low prices

    UAE markets today witnessed a low trading value for both Dubai and Abu Dhabi of less than Dhs1.1bn.

    Emaar climbed by 0.95% from below Dhs10.50 to Dhs10.60, while Emirates-NBD bank also jumped by 1.7%.

    Despite the rise of Ittihad Properties' H1 profits by 88% to Dhs556m, its share declined by 1.2% to Dhs5.51.

    The same thing happened with Gulf Holding, which fell by 3% while posting a 95% increase in H1 profits.

    According to local dealers, traders are buying large shares at low prices, taking advantage of its current lows and the lack of confidence in leading shares.

    ADX remained down with pressure from shares including AlDar, which fell by 3.1% despite trading Dhs139m out of Dhs597.3m for the whole market.

    Sharjah Bank also fell by less than 1% despite a 27% rise in H1 profits at Dhs195m, compared to Dhs153m last year.

    Despite the general decline in the market, Takaful and Asmak rose by the maximum limit of 10%.

    Saudi Arabia: Sharp fall despite Maaden jump

    Maaden dominated 76.5% of the total traded shares and 70% of the trading value in its first day of listing.

    Maaden traded 302.1m shares out of a total of 394.4m shares, and SR9.1bn out of the total value of SR13bn for the whole market.

    Trading on Maaden shares began 30 minutes before the actual start of the session to avoid a rush, which had already resulted in difficulty in entering buying and selling orders.

    The share started with an opening price of SR30.50, compared to its IPO price of SR20, then jumped to SR32 before closing at SR30.75.

    All other leading shares including banks and petrochemicals witnessed a massive decline, which put more pressure on the index.

    Sabic fell by 2.4% to its lowest level at SR128, while Arab National Bank fell by 2%.

    The three telecom firms; Mobily, STC and Zain fell by 1.9%, 1.4% and 1% respectively.

    Al Masafi shares rose by the maximum limit after the company decided to raise its capital and to distribute SR1 profit per share.

    Al Muajel Group also rose by 2.3% after the company signed a new deal worth SR165m.

    Kuwait: Index tries to get back to 15.000 points

    Kuwait's stock exchange approached the 15.000 points mark, which it gave up two months ago after a sharp correctional wave.

    Kuwait Projects share rose by 3.3%, while two leading shares; Global and Agility, fell by 3.6% and 1.7% respectively despite the announcement by Agility that it had signed a deal with Equate worth $18.5m.

    Kuwaiti firms continue to post low H1 profits, including Kuwait Cement, which posted an 8% decline in H1 profits at KD37.1m from KD40.3 last year.

    Dana Al Safa also posted 36.6% decline in profits at KD7.6m compared to KD12m last year.

    Muscat: Bank Muscat fails to push index despite record profit

    The record profits announced by Oman's biggest bank failed to push up the index which continued its downward trend.

    Muscat Bank shares fell by 0.50% despite a 40% increase in H1 profits and despite trading 3.5m shares out of 14.8m for the whole market.

    Gulfar share also fell sharply by 7.4% and Oman Cement by 4.5% following a 16.5% decline in profits.

    Doha: Al Rayyan profits down

    Doha's market continued to fall after pressure from Al Rayyan bank, which announced an unexpected decline in profits by 95% and 63% for H1 at QR250.1m compared to QR666.5m last year.

    The share fell by 6% despite dominating 52.2% of trading, which reached 13.4m shares.

    Qatar Industries shares also fell by 0.65% and Al Salam by 1.6% despite strong H1 profits.

    Qtel rebounded up today by 0.41%.

    Bahrain: Rebound after five declining sessions

    Bahrain's stock market rose today after five declining sessions but amid low trading value below BD1m. and 1.8m shares only.

    Banader rose by 3.1%, Tameer by 3%, Ithmaar by 2.7% and Batelco by 1.1%.

    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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