Saudi shares look for chance to finish up
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Saudi shares look for chance to finish up

Saudi shares look for chance to finish up

Saudi shares failed to start the week with a rebound after witnessing heavy losses last week, which reached 5%, as the bourse fell yesterday by 0.04%. All 15 listed sectors fell today except for the petrochemical, media and cement industries. The insurance sector witnessed heavy losses, with six listed firms hitting the maximum limit of 10%.

    Heavyweight Sabic rose by 2.1% to SR132.75 after accounting for trades worth SR561m out of total trading of SR6.4bn.

    According to Kasab Financial Group, the decline was expected by many analysts who expected the index to fall below 9,000 points and then start rising up for the next two weeks.

    According to the report, the decline is attributed to the Maaden IPO.
    This is expected to absorb all available liquidity, which may cross SR9bn.

    The decline is also attributed to political instability in the region, especially the Iran nuclear issue and its effects on the GCC region.

    It was noted that firms which posted record H1 profits have seen a rise in the prices of their shares.

    Saderat rose up by 5.5% after the company posted SR13.5m in H1, rising 1000% compared to last year.

    SIPCHEM also rose by 2.7% to SR37.25 after the company posted SR365m profits in H1, a 46% increase.

    Al Khazaf shares also rose by 8.1% after the company posted a 59% rise in profits for H1 to reach SR90.1m from previous profits of SR56.8m.

    Saudi Arab National Bank shares remained unchanged, despite an H1 profit rise of 4.1% to SR1.4bn, compared to SR1.3bn last year.

    Leading shares in the banking sector fell including Riyad bank by 1.4%, Samba by 1%, Al Rajhi by 0.29%, and Aljazira bank by 2%.

    All telecom shares also fell, except Mobily which rose by 0.50%, while Zain fell by 2.1% and STC by 1.2%.
    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.

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