MIDEAST STOCKS-Gulf rises, government reshuffle buoys Saudi market – Daily Mail

6 months ago Comments Off on MIDEAST STOCKS-Gulf rises, government reshuffle buoys Saudi market – Daily Mail


By Andrew Torchia

DUBAI, May 8 (Reuters) – Most major Gulf stock markets rose
on Sunday in response to a modest recovery on Wall Street and in
oil prices at the end of last week, while a sweeping
reorganisation of Saudi Arabia’s economic policy-making
apparatus boosted shares there.

The Saudi stock index closed 0.2 percent higher
after rising as much as 1.0 percent at one stage. Petrochemical
blue chip Saudi Basic Industries gained 0.3 percent.

The Saudi reorganisation replaced the oil minister and
central bank governor and restructured some major ministries,
creating a super-ministry under Khalid al-Falih to manage the
growth of industry and resource extraction.

Many fund managers still have questions about how a
wide-ranging economic reform programme unveiled on April 25 can
be financed and whether it can be fully implemented, but local
investors have been reacting bullishly.

State utility Saudi Electric climbed 1.8 percent.
Saturday’s reshuffle moved the electricity portfolio to the new
super-ministry; this could give fresh impetus to a restructuring
of Saudi Electric, which has been discussed for years with
little progress.

Insurers were also strong, with Saudi Arabian Cooperative
Insurance jumping its 10 percent daily limit.

Dubai’s index gained 0.6 percent to 3,326 points,
bouncing from near technical support on the late March lows of
3,248-3,253 points, though trading volume was low.

Dubai Parks & Resorts, the most heavily traded
stock, rose 2.3 percent. Trading in rights to a major share
issue in the company began last week and will continue through
next week.

Abu Dhabi’s index gained 0.5 percent as Abu
Dhabi Commercial Bank rebounded for a second day from
a slump following its first-quarter earnings. The stock rose 1.3

Qatar edged down 0.2 percent although Dlala Brokerage
added 2.7 percent in unusually heavy trade.

Kuwait’s Burgan Bank rose 1.5 percent after
reporting an 18.5 percent fall in first-quarter net profit to
14.3 million dinars ($47.66 million),largely because of lower
foreign exchange income; HSBC had forecast the bank would make
12.68 million dinars. Kuwait’s index edged down 0.1

Egypt rose 0.3 percent, buoyed by gains in a few
blue chips such as Orascom Telecom Media, which was up
2.7 percent.



* The index climbed 0.2 percent to 6,672 points.


* The index rose 0.6 percent to 3,326 points.


* The index gained 0.5 percent to 4,449 points.


* The index fell 0.2 percent to 9,730 points.


* The index rose 0.3 percent to 7,572 points.


* The index edged down 0.1 percent to 5,371 points.


* The index rose 0.3 percent to 5,996 points.


* The index edged down 0.1 percent to 1,112 points.

Sorry we are not currently accepting comments on this article.

MIDEAST STOCKS-Gulf rises, government reshuffle buoys Saudi market – Daily Mail}

    Related Posts

    Breitbart’s Aaron Klein: Russia ‘Taking Over’ As Obama Spurns Mideast, Gulf Allies – Breitbart News

    7 months ago
    TEL AVIV – “The tectonic plates are shifting here in the Middle East” with U.S. influence on the decline and Russia quickly fulling the power vacuum, especially in Syria,... Read More

    PM sends signal to AIPAC supporters: Lobby against new UN Mideast resolution – Jerusalem Post Israel News

    7 months ago
    If last year it was imperative to lobby against the Iran nuclear deal, this year the need is to work in Washington against a new UN... Read More
    Mr. President: ISIS’ Actions in Middle East Are Genocide–Say So! – CNSNews.com

    Mr. President: ISIS’ Actions in Middle East Are Genocide–Say So! – CNSNews.com

    8 months ago
    President Obama and Secretary of State John Kerry have until March 17th to issue a determination that ISIS’ attacks on Christians in the Mideast are genocide. Time is running out.... Read More
    US Special Forces Group

    Mideast Troubles Result of West’s Meddling – Syrian Deputy Defense Minister – Sputnik International

    6 months ago
    MOSCOW (Sputnik) — This Western meddling, according to the deputy defense minister, has resulted in a massive refugee crisis, with hundreds of thousands of people leaving conflict-torn countries in the Middle East. “The troubles in the Middle... Read More
    Real Time Web Analytics