Saudi stocks rise 0.6%

DUBAI: Like most of the Gulf markets, Saudi stocks rose on Wednesday on the back of strong global equity prices.
The Tadawul All Share Index (TASI) added 0.6 percent as real estate developer Dar Al-Arkan, the most heavily traded stock, climbed 2.5 percent. Saudi Electric rose 2.7 percent.
Saudi Arabian Fertilizer Co. rose 1.1 percent despite saying its board had proposed a cash dividend of SR1 ($0.27) per share for the second half of 2016, down from SR3 ($0.80) a year earlier.
Dubai’s index fell 0.2 percent as builder Arabtec, the most heavily traded stock, closed 5.6 percent lower at AED1.02 ($0.28). However, the stock bounced from an early low of AED0.97 ($0.26).
Emaar Properties closed 0.3 percent higher, well off its intra-day high, after its fourth-quarter net profit came in at the high end of expectations.
Dubai Financial Market, which has been strong in unusually high volume for the past few days, jumped 4.1 percent.
In neighboring Abu Dhabi, the index climbed 0.5 percent because of strength in National Bank of Abu Dhabi, which rose 2.5 percent, and First Gulf Bank, which gained 2.3 percent. The two banks will merge on April 1.
Abu Dhabi Islamic Bank fell 0.8 percent after posting a 4.7-percent fall in fourth quarter profit, which was in line with a forecast by EFG Hermes.
The Egyptian index fell 0.4 percent to 12,448 points, confirming a break below technical support at its early February low of 12,578 points. This triggered a double top formed by the highs of January and February and pointing down to about 11,500 points.
The economic picture appears to be improving in Egypt, with yields falling as foreign portfolio investors return to Egyptian fixed income, but fund managers said the market was vulnerable to profit-taking after its bull run since November.
Egyptian Chemical Industries jumped 7.6 percent after saying its capital increase had been 87.63 percent subscribed.