Stocks in Saudi Arabia, the Arab world's biggest market, rose for a 12th session, the longest winning streak since August 2005. Al-Rajhi Bank and Yanbu National Petrochemical Co. led the advance.
The Tadawul All Share Index added 1.2 percent to 8245.05, bringing the 12-day gain to 16 percent. It's the measure's longest rally since one that lasted 14 days and ended on August 8, 2005.
``The market had come down to reasonable valuations, especially when you look at earnings growth in banking, telecommunications and the cement industry,'' said Hashem Montasser, the Dubai, United Arab Emirates-based head of asset management at EFG-Hermes, Egypt's largest investment bank. ``Sentiment might be reversing. It is still a bit too early to tell.''
The Tadawul lost 59 percent of its value in the past 12 months, making it the worst performing stock benchmark among 81 tracked globally by Bloomberg News.
The long rally ``is not healthy for the market,'' said Abdulla Al-Aqil, an equity trader with Samba Financial Group. ``Investors must take some profits, otherwise we will have another crash.''
Al-Rajhi Bank, the country's largest publicly traded lender by market value, rose 2.9 percent to 203.5 riyals.
Yanbu National Petrochemical Co., a unit of Saudi Basic Industries Corp., increased 1 percent to 26.5 riyals. The company, also known as Yansab, posted annual operating profit of 140.3 million riyals ($37.4 million) in its first earnings report since selling shares last year.
U.A.E. Declines
Taibah Investment & Real Estate Co., a property developer in the holy city of Medina in Saudi Arabia, climbed 10 percent to 27.5. The company said yesterday it will issue one free share for every 4.56 shares held to increase its capital by 22 percent.
The Dow Jones DIFC Arabia Titans Index, a measure of 50 stocks in 10 Arab countries excluding Saudi Arabia, declined 0.3 percent to 375.50 at 4:57 in Dubai. Eight out of 13 Arab markets declined today including measures in Dubai and Abu Dhabi. Benchmarks in Saudi Arabia, Qatar, Egypt and Jordan advanced while Oman remained unchanged.
Shares in the United Arab Emirates fell today. The Abu Dhabi Securities Market Index slid 0.3 percent to 3026.74, ending a four-day advance. The Dubai Financial Market General Index declined 0.4 percent to 4244.50.
National Bank of Abu Dhabi, the United Arab Emirate's second-largest lender by market value, dropped 0.8 percent to 24.95 dirhams. National Bank of Dubai PJSC, the fourth-biggest lender by assets in the United Arab Emirates, fell 1.4 percent to 10.4 dirhams.
Oman, Egypt
AlWathba National Insurance Co., an Abu Dhabi based insurance provider, rose 6 percent to 6.01 dirhams. The company recommended paying a dividend of 10 percent of its capital, according to a statement posted on the bourse's Web site.
In Oman, the Muscat Securities Market 30 Index was little changed, declining less than 0.1 percent. The measure has gained 3 percent so far this year.
In Egypt, the CASE 30 Index increased for a second day, gaining 0.9 percent to 7371.99.
Orascom Telecom Holding SAE, the Middle East and North Africa's largest wireless company by customers, climbed 0.9 to 438.97 pounds ($77.08). Citigroup Inc. raised its price estimated on the stock by 34 percent to $100 per share.
El Ezz Steel Rebars SAE, the largest publicly traded maker of steel in the Middle East, rose 2 percent to 55.11 pounds on speculation the company will sell up to 50 million new shares to existing holders.
Ezz
Ezz will offer the new shares at less than the current price to help finance the purchase of a new furnace, George Beshara, an analyst at Prime Securities in Egypt, said in a telephone interview. A spokesman at Ezz Steel declined to comment.
The company said in a statement on Feb. 19 that the board of directors is considering a sale of stock to existing shareholders after an Extraordinary General Meeting on Feb. 17 rejected a proposal for a private placement.
Credit Agricole Egypt, an Egyptian lender controlled by Credit Agricole SA, dropped 3.1 percent to 17.15 Egyptian pounds. The company said 2006 net income plunged 95 percent. It didn't cite a reason for the decline.
National Cement, a maker of Portland cement, dropped 4.3 percent to 27.51 pounds. The company said first-half profit fell 27 percent to 151 million pounds ($26.6 million) from 207 million pounds a year earlier, according to statement posted on the exchange's Website.
Naeem Holding
Medinet Nasr Housing, which develops and sells real estate in Egypt, declined 0.7 percent to 145.02 pounds. The property developer said profit in the six months ended Dec. 31 totaled 39 million Egyptian pounds ($6.9 million). It didn't provide comparative figures.
Naeem Holding, a Cairo-based investment bank, rose 2.1 percent to $1.94. Naeem Capital, a private equity unit of the Cairo-based bank, said it remains in the bidding for Ford Motor Co.'s Aston Martin sports car unit and hasn't been disqualified, Gulf News reported, citing an unidentified company official.
source:www.bloomberg.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment