more oil gains ‘needed to boost tadawul index’
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

More oil gains ‘needed to boost Tadawul index’

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today More oil gains ‘needed to boost Tadawul index’

The largest petrochemical producer, Saudi Basic Industries Corp., gained 3.5 percent
Jeddah - Arab Today

Saudi Arabia’s stock market rebounded on Thursday on the back of petrochemical shares, which rallied in response to OPEC’s deal to restrain oil output, but the bourse posted a big weekly loss.
The largest petrochemical producer, Saudi Basic Industries Corp., gained 3.5 percent.
This encouraged buying back of a range of stocks and the insurance sub-index, which had seen many of its constituents drop their 10 percent daily limits in recent days, rebounded 2.4 percent. 
BUPA Arabia, the largest medical insurance provider, jumped 4.1 percent.
John Sfakianakis, director of economics research at the Gulf Research Center, commented: “The local market received the news positively but for it to recover, oil prices have to rise further or at least not decline again.”
He told Arab News: “While Wednesday’s agreement imposed an overall production cap on the group of 14 oil producers, it didn’t assign individual limits — that was left to a committee that will report back at the Organization of Petroleum Exporting Countries’ next meeting in November. The devil is in the details of the quota agreement. Agreeing and monitoring those targets will be very important to realize a supply reduction.” 
Commenting on the deal, James Reeve, deputy chief economist and assistant general manager, Samba Financial Group, told Arab News: “The agreement signals a shift in Saudi strategy from market share to price protection. Implementation will be key, but it is positive because excess OPEC production has been the main reason why crude stocks are still so high.”
Petrochemical firms, their profit margins closely tied to oil prices, recovered after Brent oil surged above $48 a barrel Wednesday on the OPEC deal in Algeria. 
The overall Tadawul All-Share Index closed 1.6 percent higher but it was down 5.5 percent for the week.
“The stock market was dragged down by a wave of heavy selling, taking many shares to multi-year lows, so technically it was oversold,” Mohammad Al-Shammasi, chief investment officer of Riyadh-based Derayah Financial, told Reuters.
A monthly Reuters poll, published on Thursday, found Middle East fund managers had become negative on balance toward Saudi equities for the next three months because of the austerity policies.
There appeared to be little impact on the market from news that the US Congress overwhelmingly rejected President Barack Obama’s veto of legislation allowing relatives of victims of the Sept. 11 attacks to sue Saudi Arabia. Any lawsuits could take years to wind their way through US courts, with uncertain prospects for success.
“Investor sentiment is likely to be impacted as this opens the door to uncertainties in US-Saudi relations that cannot be resolved at the executive arm of the government,” Raza Agha, chief Middle East economist at VTB Capital, told Reuters.
“Previous issues always had the potential to be resolved through diplomacy — this now means there are potential legal challenges ahead for Saudi Arabia, which the White House and Riyadh cannot address via talks.”
According to Reuters, ther Gulf markets followed global shares higher in the wake of the OPEC deal. Dubai’s stock index closed 0.6 percent higher with DXB Entertainments, formerly known as Dubai Parks and Resorts, adding 0.6 percent and Emaar Properties gaining 1.4 percent.
The two largest listed shares in Abu Dhabi helped carry the index up 0.6 percent; First Gulf Bank rose 0.9 percent and Etisalat added 0.8 percent.
In Qatar, the main index ended 0.3 percent lower as Qatar National Bank, which had led advances in the first hour of trade, slipped 0.1 percent. But the index rose 0.6 percent over the week.
Egypt’s main index fell 0.3 percent as a little over half of traded shares declined. Private equity firm Qalaa Holding dropped 4.6 percent and the largest listed bank, Commercial International Bank. lost 1.7 percent.
But Orascom Construction climbed 1.1 percent to 71.05 Egyptian pounds after the company set the price for its buy-back of 1 million Cairo-listed shares at 74.05 pounds.

Source: Arab News

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

more oil gains ‘needed to boost tadawul index’ more oil gains ‘needed to boost tadawul index’

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

more oil gains ‘needed to boost tadawul index’ more oil gains ‘needed to boost tadawul index’

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 18:33 2018 Tuesday ,23 January

France says it fell short on greenhouse gas emissions

GMT 18:00 2018 Wednesday ,29 August

U.N. schools open in West Bank, Gaza

GMT 07:11 2017 Wednesday ,15 February

Singer Fares Karam praises his Syrian fans

GMT 16:44 2017 Sunday ,24 December

The French 'Romantic' pianist adored in China

GMT 12:38 2017 Monday ,06 November

Algerian health official criticizes minister

GMT 07:10 2017 Sunday ,29 October

Designers share their thoughts

GMT 14:55 2014 Saturday ,09 August

7 worst mistakes people make in their 30s

GMT 17:50 2012 Thursday ,27 December

Juventus to sign Botafogo youngster

GMT 12:36 2013 Thursday ,21 November

Free porn and TV strip: France celebrates World Cup spot

GMT 04:23 2016 Tuesday ,29 November

UAEREP concludes successful participation at COP22

GMT 12:19 2015 Saturday ,11 July

15 killed, 74 wounded in Chad suicide bomb attack

GMT 05:21 2014 Tuesday ,07 January

Seoul shares remain higher on shipbuilders, autos

GMT 16:49 2012 Friday ,28 September

Smartworld in partnership agreement with Epson
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube
.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday