Kuwaiti shares rise; Qatar's index slumps

DUBAI — Kuwaiti shares advanced for the first time in eight days, paced by Zain, Kuwait's biggest phone company, and Agility. Qatar's benchmark dropped. The Kuwait Stock Exchange Index added 1.4 per cent to 12,215.7 after losing 4.8 per cent in the previous seven trading days.

By (Bloomberg)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Mon 3 Dec 2007, 9:01 AM

Last updated: Sat 4 Apr 2015, 9:33 PM

Zain advanced 2.1 per cent to 3,860 fils. The telecom company agreed to buy Iraqna, the Iraqi unit of Orascom Telecom Holding SAE, for $1.2 billion as Zain, formerly known as Mobile Telecommunications Co., expands in the region.

Agility, the Middle East's largest storage and logistics company, added 4.8 per cent to 1,320 fils. Agility and its partly owned subsidiary, Metal & Recycling Co., won a $97 million five-year contract from the U.S. Army, according to a statement posted on the Web site of the Kuwaiti bourse today. Metal & Recycling shares jumped 7.8 per cent to 690. Qatar's Doha Securities Market Index slid 4.1 per cent to 8,984.12, the lowest close since Oct. 28. The index has still gained 26 per cent so far this year. "It's largely panic selling by local investors," said Samer Al Jaouni, head of international sales at Ahli Bank QSC in Qatar.

"It started with a bit of profit taking and non-systematic selling.'' Industries Qatar, the largest company listed on the Doha Securities Market, dropped 3.7 per cent to 152.7 riyals. Qatar Islamic Bank SAQ, the country's largest Islamic bank, lost 6 per cent to 134.8 riyals.

Saudi Arabia's Tadawul All Share Index advanced 0.1 per cent to 9,496.99 at 1:36 pm in Riyadh. Oman's Muscat Securities Market 30 Index fell 0.5 per cent to 8,403.21, ending seven days of gains. The Bahrain All Share Index was little changed, rising less than 0.1. per cent. Markets in the United Arab Emirates were closed yesterday for the National Day holiday. The following stocks rose or fell in Gulf markets. Stock symbols are in parentheses.

Al-Abraj Holding Co. gained 4.4 per cent to 960 fils. The Kuwaiti industrial investment firm's board will meet

today to discuss full-year earnings, according to a statement posted on the Web site of the Kuwaiti bourse.

Arabian Cement Co. added 1.5 per cent to 104.25 riyals. Shareholders of the Saudi Arabian cement and clinker producer will meet Dec. 4 to discuss a capital increase of 500 million riyals ($134 million) by selling shares to existing shareholders. The meeting will discuss the pricing of the rights offer and the possible issue of one bonus share for every six held.

Noor Financial Investment KSCC advanced 1.7 per cent to 590 fils. The Kuwait-based company's board will meet later to discuses a capital increase, Noor Financial said in a statement posted on the Web site of the Kuwaiti bourse yesterday.

Osoul Leasing & Finance Co. gained 1.1 per cent to 184 fils. The Kuwaiti Islamic financial company secured a six-month extension to its 10 per cent share buyback, according to a statement posted on the Web site of the Kuwaiti bourse yesterday. Saudi Basic Industries Corp. added 2.7 per cent to 163.75 riyals. The world's biggest chemicals maker by market value will increase its stake in Arabian Industrial Fibre Co., known as Ibn Rushd, to 45.2 per cent.—

More news from