Tadawul edges down 0.6%

The Tadawul All Share Index (TASI) fell 0.6 percent in modest trading on Wednesday.
Advanced Petrochemical dropped 2.5 percent after the polypropylene maker posted first-quarter net income of SR124 million ($33.1 million), down 12.9 percent from a year ago and below NCB Capital’s prediction of SR149 million.
Other petrochemical makers were also weak after Brent crude slipped below $51 a barrel overnight to its lowest close this year.
Saudi Mining Co. (Maaden) the only listed company directly involved in mining, edged up 0.5 percent. National Metal Manufacturing and Casting rose 0.7 percent.
Small ground freight and logistics company Batic Investments and Logistics Co. added 1.4 percent in active trade.
Elsewhere, Dubai’s index edged down 0.5 percent as Bahraini investment firm GFH Financial slumped 8.9 percent. The company reported quarterly net income attributable to shareholders of $31.91 million, up from $6.06 million a year earlier, but the stock had already risen sharply over the past week in anticipation of strong earnings.
Twenty-two other shares declined in Dubai, including builder Arabtec, which fell 2.4 percent.
In Abu Dhabi, the index rose 0.6 percent as the largest listed lender, First Abu Dhabi Bank, climbed 1.4 percent.
Qatar’s index lost 0.4 percent to a five-month low as telecommunications operator Ooredoo dropped 2.3 percent. Its Omani unit looks set to face fresh competition after Abu Dhabi’s Etisalat joined Saudi Telecom and Kuwait’s Zain Group in bidding for Oman’s third mobile license.
Kunal Damle, a senior institutional sales broker at SICO Bahrain, said all the bidders had a strong cash position and would not need to raise debt to operate in Oman. He believes Saudi Telecom and Zain stand the best chances of winning.
“From a consumer’s standpoint, Oman would be better off with the product offering from STC’s VIVA brand. However, the decision may hinge on the fact that Kuwait is a big investor in the sultanate,” Damle added.
At present, Oman Telecom-munication and Ooredoo Oman both have equal market shares of around 41 percent. Omantel was flat on Wednesday while Ooredoo Oman lost 0.4 percent.
The Egyptian index added 0.6 percent in thin trade with declining stocks in the broad market outnumbering gainers by 93 to 71.

Source: Arab News