Dubai (writers):- The Saudi Arabia's stock market rose on Sunday and the investors kept on buying the Petrochemicals shares, which happened to be less valued- because the oil prices reached the bottom, while most of other shares have weaker performance.
However, the prices of oil and petro-chemicals still mysterious, the stocks assessments appears to be low enough to attract the investors. Price analysts selected a price to (sabek) share which is 106SR by average according to Thomson Writers Data.
The main indicator in Saudi Arabia's stock rose 1.9% to 7827 points to remain in active trading to examine the resistance level at 7953-7812 points and it is the highest level it reached in September and by the end of August. Among the other big winners in the market was the share of (Saudi National Maritime Transportation)
and it reached 8.9% after the company has gained a net profit of 510.3 million SR in three months till 30 September, in contrast to the profits of the same period last year which were 84.8 SR, and the financial countries have expected profits of 300 million SR.
The share of (Saudi Arabian mining) 3.6% is in unusual intense trading, after the company said that it has started the trial production of AlDowehy Gold Mine , that it's average annual energy production is about 180 ounce of the precious yellow metal, and it is expected that the commercial production shall start in the first quarter of 2016.
In contrast to the (Al Marai) share, the largest dairy products company in the Arabian Gulf, that declined to 0.6% after the company has recorded an increasing of 10.3% in a net profit by the third quarter of the year to be 595.1 million SR, which is opposite to the analysts' expectations of 602.9 million SR.
The other khaljia stock markets recorded weaker performance and the prices fell down in most of the other markets which are lower than Saudi Arabia earlier this year, and those markets are still fraught with risks like declining liquidity in the banking sector and a falling in asset quality due to the drop of oil prices , and that caused a decreasing in the flows of money to the banks.
Dubai indicator market 0.2% rose in thin trades , and the shares of (khalijia financial house) rose to the most actively traded in the market 2.8% . By the end of last week,( Fitch for the credit ratings) confirmed it's rating to the company with B- in a long term to a stable future.
The khalijia financial house said that "this is an endorsement on the company's strategy for fixing it's depts and it is expected to raise the rates in the future."
The share of Abu Dhabi market 0.4% rose due to the buying of main shares such as the shares of (Real Estate) that rose 0.4%. The indicator of the Qatar stock rose 0.9% with the rising of Vodafone Qatar share , which is the most actively traded in the market to be 6.2 % . The share of (Khalijia International Services) was a great winner and rose 4.6% supported by the increasing of oil prices.
The main Egyptian stock indicator increased 0.8% in an intense trades , that is still receiving support acording to the news which said that (Orascom Telecom Media and Technology) and (Act Financial) are seeking to buy (Bilton) for 650 million LE (83) million Dollars.
Orascom's share has rose 2.7% and it was the most actively traded in the market, while Bilton's share jumped to 7.4%.
Saudi Arabia: the indicator rose 1.9% to 7827 points.
Dubai: the indicator increased 0.2% to 3713 points.
Abu Dhabi: the indicator rose 0.4% to 4565 points.
Qatar: the indicator rose 0.9% to 11856 points.
Egypt: the indicator increased 0.8% to 7548 points.
Kuwait: the indicator rose 0.3% to 5728 points.
Oman: the indicator rose 1.1% to 5923 points.
Bahrain: the indicator has been closed stable at 1255 points.