Omantel sale pushes Muscat shares
Complex Made Simple

Omantel sale pushes Muscat shares

Omantel sale pushes Muscat shares

Muscat's stock market registered a strong 1.2% rise today, after the sale of 25% of Omantel to a strategic partner, pushing the telcos share up 2.4%.

    The Saudi market also rose, by 0.36%, but other Gulf markets experienced random selling which pushed them down.

    Doha fell below 12,000 points, falling 0.90%, the Kuwait Stock Exchange (KSE) dropped for the eighth consecutive session, by 1.1% and the Dubai Financial Market (DFM) fell by 0.79%, following its sharp 1.5% decline yesterday.

    Speculation also pushed the Abu Dhabi Securities Exchange (ADX) down 0.90% and Bahrain down 0.18%.

    Dubai: Hermes report fails to stop Emaar's decline


    The Dubai Financial Market continued to fluctuate after pressure from leading shares Amlak and Emaar.

    Emaar fell to Dhs10.40, declining by more than 1.4%. EFG Hermes' expectation that Emaar will post an 11% profit for the year to date in its next financial results, coupled with its recommendation to buy the share at a fair price of Dhs18.50, failed to push the share up.

    Amlak posted a profit of Dhs269m for H1, growing 155%, and is expected to hit Dhs905m for the year – and this helped push the share up 2.6% at Dhs4.64.

    ADX shares decline 10%


    It was natural, according to Mohammed Ali Yaseen from Shuaa Capital, for speculation to hit the Abu Dhabi market, as shares which had previously leapt declined today by their maximum limit of 10%. This included Methaq, Abaar, Food and RAK Cement.

    Yassen said that speculators who were behind the rise last week were behind the decline today, after making record profits.

    Muscat: Omantel most active share


    Omantel's share led the index upwards today, following the government's decision to sell 25% of the company's capital.

    Omantel traded OR3.3m and 1.3 million shares out of 15.8 million for the whole market.

    Saudi Arabia: Saudi French Bank pushes index up


    Yesterday, Riyadh bank profits were the reason behind the Tadawul's rise and the decision by Saudi French Bank to raise SR9bn in capital pushed the index up today. Saudi French Bank rose by 5.6% to SR84.50.

    The expectation that Saudi bank profits will rise by 10% encouraged traders to buy more shares, which pushed some banks to make good gains. Arab National Bank rose 3%, Samba 0.96% and Al Rajhi 0.56%.

    The petrochemical sector made good progress, with Sabic rising 0.71% and Petrorabigh 0.42%. The insurance sector declined today, following speculation on leading shares, including Ahli Takaful, Alliance, ASIG, SABB Takaful, and Al Ahlia, which all fell by 10%.

    Correctional wave in Kuwait reaches peak


    The Kuwait Stock Exchange approached the 15,000 points today – but from the wrong direction - and many analysts believe the index might even fall below this mark if the market decline continues.

    Zain registered a sharp 2.5% decline to KD1.660, Agility fell by 1.6%, heavyweight NBK fell by 1% and Bobyan Bank by 1.7%.

    Kuwaiti analysts believe that the painful correction the market is going through is the result of the rise for 10 consecutive sessions.

    Doha: exaggerated prices


    The Doha market failed to keep hold of its 12,000 points as a result of the extensive selling in banking sector.

    According to a Rasmala report, Doha stock prices are too high, despite the economy's positive forecast and the expectation of good results for Qatari firms.

    Qatar National Bank fell for the second consecutive day, by 2.5%, which pushed the banking sector into decline.

    Bahrain: Al Salam Bank keeps up the pressure


    The Bahrain market continued its decline after pressure from Al Salam Bank, which fell 1.4% following a fall in profits by 15%, despite its growth in H1 by 9%.

    Trading value was low, at BD448,000, trading just 1.4 million shares.

    Only two shares rose - GFH by 0.24% and Bahrain Navigation by 0.24%, while eight shares declined and six remained unchanged.
    Author
    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.

    © 2021, ADigitalcom. All rights reserved