Tadawul flat: Petchem and bank shares mixed

Qatar’s stock market outperformed the Gulf on Monday as large-caps carried the index higher, but other bourses were little changed as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.
Saudi Arabia’s Tadawul All-Share index ended flat at 6,071 points as petrochemicals and banks were mixed. 
Saudi International Petrochemical (Sipchem) jumped 5.5 percent but Advanced Petrochemical fell 0.8 percent.
Al-Rajhi Bank rose 1.4 percent while Samba Financial Group and National Commercial Bank each lost 0.6 percent.
Saudi Telecom Co. (STC) retreated 1.3 percent. An Egyptian official said representatives from Saudi Telecom were in Egypt this week to discuss the possibility of obtaining a fourth-generation mobile phone license there.
Qatar’s main index added 0.6 percent, taking its gains over the past month to 5.4 percent. Qatar National Bank rose 1.0 percent and petrochemical producer Industries Qatar climbed 2.5 percent.
Both stocks are on a provisional list of about 20 which index compiler FTSE has said may be included in its secondary emerging markets index. A final list of stocks to be included will be announced after the close on Wednesday.
Dubai’s index edged up 0.1 percent. Courier Aramex climbed 2.3 percent to AED4.09 in a second straight day of unusually heavy trade; it has jumped 7.5 percent over the past week, and is now trading close to the median fair value of 4.02 dirhams estimated by six analysts polled by Reuters.
Other mid-cap shares also outperformed, with Dubai Parks and Resorts rising 1.9 percent and Gulf Navigation Holding adding 2.7 percent.
In Abu Dhabi, the index edged down 0.1 percent, with the main drag from large-cap lenders. First Gulf Bank fell 0.4 percent and Abu Dhabi Commercial Bank slid 0.2 percent.
The Egyptian index edged down 0.3 percent as stocks favored by foreign funds retreated. Commercial International Bank lost 1.6 percent and Talaat Mostafa Group Holding dropped 2.1 percent.
Cleopatra Hospital rose 0.5 percent to 9.25 Egyptian pounds after it reported a second-quarter net profit of 6.6 million Egyptian pounds ($743,000), a 55 percent year-on-year decline.
Analysts at Pharos Research said the main reason for the drop was 6 million pounds in provisions for doubtful receivables, while revenue was pressured by reduced contributions from outpatient clinics and laboratories.
Pharos has a “hold” rating on the stock with a target price of 10.95 pounds. Earlier this month, Renaissance Capital put a “buy” rating on the stock with a target of 11.95 pounds; in July, EFG Hermes rated it a “buy” with a target of 11.70 pounds.

Source: Arab News