JEDDAH – Saudi Basic Industries Corp. (SABIC) led a rally, helping the Kingdom’s index end higher for a second consecutive session this week.
The stock benchmark Tadawul All Share Index gained 0.25 percent to close at 6,099.77 points Sunday.
SABIC gained 1.7 percent, as investors expected positive third-quarter earnings from the company.
"SABIC is advancing as speculation has already begun that the company will see good earnings this quarter," said Hesham Tuffaha, Bakheet Investment Group head of research.
Saudi Arabian Fertilizers Co. (Safco) dropped 0.5 percent, after gaining in early trade. Safco third-quarter net profit doubled after prices for its products rose globally. “People are scared for the future, so nobody is really bothered about Q3 earnings,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
Elsewhere in the region, Dubai index ended 0.2 percent up at 1,399 points.
Emaar Properties lifted Dubai’s index in early trade as some bargain hunters stepped in following gains in Saudi Arabia a day earlier.
Emaar rose for a second session since Wednesday’s seven-month low, ending 0.8 percent higher. Builder Arabtec was flat while Drake and Scull added 1.9 percent.
“Without a major value increase in the daily trading, it will be difficult to break the current range we entered last week,” said Mohammed Yasin, CAPM Investment chief investment officer.
Abu Dhabi’s Aldar Properties added 0.9 percent lifting the emirate’s index.
The emirate’s stock benchmark index gained 0.2 percent ending at 2,500 points.
Kuwait’s index also gained, climbing 0.5 percent to 5,852 points.
Qatar’s index climbed 0.5 percent to 8,280 points as Qatar’s top lender reported a 27 percent rise in third-quarter profit as it increased lending in Qatar’s booming economy. – SG/Reuters