Just in:
New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // German Job Market Resilience Bodes Well for Economic Recovery // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Hong Kong Crypto Exchange Application Stalled by US Lawsuit // US reiterates concern over Kejriwal arrest, Cong accounts // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Emirati Aid Reaches Ukraine as Food Shortages Bite // Ingdan Announces 2023 Annual Results // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Universal Language for Healthcare: General Authority Embraces Global Coding System // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // No running of govt from jail, says Delhi Lt Governor //
HomeChannelsFeaturedGulf markets in celebration mood; Saudi at 6-year high

Gulf markets in celebration mood; Saudi at 6-year high

qatar stock exchangeAll markets in the Gulf edged up on Thursday, led by Saudi Arabia which rose to a six-year high on the back of petrochemicals and cement makers.

The kingdom’s main index gained 0.8 percent to 9,660 points, its highest close since June 2008. Saudi Basic Industries Corp (SABIC), up 2.6 percent, was the main support, also topping daily turnover.

Overall, Saudi petrochemicals gained 1.5 percent while cement makers rose 2.6 percent.

ADVERTISEMENT

Shares in Saudi Public Transport Co (Saptco) jumped 2.8 percent after the company, together with a French partner, won a 7.86 billion riyal ($2.1 billion) contract to operate and maintain buses in Riyadh.

In Qatar, the index added 0.4 percent. Industries Qatar rose 2.5 percent, recovering further after a sell-off earlier this week which was triggered by a 38 percent drop in first-quarter net profit.

However, overall trading volume in Qatar roughly halved.

Dubai’s trading volume, on the other hand, rose about 50 percent as the benchmark gained 0.4 percent – but activity was still modest compared to most days in recent weeks.

Shares in Dubai Islamic Bank added 2.5 percent after its first-quarter profit doubled and the lender said it was in talks with an Islamic bank in Indonesia to take a 40 percent stake. It did not name the target.

Shares in Emaar Properties slipped 0.8 percent as they stopped carrying the 2013 dividend on Thursday and were diluted by the issuance of bonus stock.

Takaful Emarat jumped 35.7 percent, although the volume of trading was very low, reflecting the stock’s generally low liquidity. The Islamic insurer said last month it expected to post a profit for the first quarter of this year and an annual profit in 2014 for the first time since it was founded in 2008.

Abu Dhabi’s bourse rose 0.3 percent, largely on the back of Aldar Properties which added 3.2 percent, ending a six-session declining streak.

In Kuwait, the main index rose 0.3 percent, bouncing from a seven-month low, after the country’s market watchdog extended by 18 months a year-end deadline for listed companies to comply with new corporate governance rules.

The Capital Markets Authority said it realised that some firms would have struggled to be ready by the end of this year, which was the original deadline.-Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Universal Language for Healthcare: General Authority Embraces Global Coding System // New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Ingdan Announces 2023 Annual Results // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // French Leaders Gather for Interfaith Iftar Dinner // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // US reiterates concern over Kejriwal arrest, Cong accounts // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Emirati Aid Reaches Ukraine as Food Shortages Bite // German Job Market Resilience Bodes Well for Economic Recovery // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Octa seeks to clarify Forex swap and swap-free accounts //