Cement shares gain strength on Tadawul; petchems down

Saudi Arabia’s stock market gave back early-session gains and the Tadawul All-Share Index closed flat at a 15-week high. Cement stocks rallied with Southern Province Cement rising 1.9 percent, Yamamah Saudi Cement gaining 1.3 percent and Arabian Cement adding 1.4 percent. Retail investors are returning post Eid-holidays, and buying in smaller caps signals a risk-on investment attitude. Slight profit taking in petrochemical stocks offset gains in other sectors. National Industrialization lost 0.9 percent and Saudi Arabian Fertilizers shed 0.9 percent. Kuwait’s bourse rallied yesterday and volumes spiked to their highest in nearly four months as retail investor confidence returned, while profit-taking weighed on most other Gulf bourses. Kuwait’s measure finished 0.9 percent higher, rising for an eighth session in the last nine. In the UAE, investors booked recent gains, with property and construction stocks leading the decline. Dubai’s index fell 0.9 percent, down for a third day since Thursday’s 16-week high. Abu Dhabi’s benchmark declined 0.6 percent, trimming year-to-date gains to 7.2 percent. Doha’s index eased 0.2 percent, losing for a second session since Sunday’s 15-week high. In Egypt, meanwhile, the benchmark index gained 0.8 percent on continued optimism that the country’s political situation is stabilising and international donors such as the IMF and Gulf countries are lining up to help boost its economy, traders said. On Monday, President Muhammad Mursi flew to China where he will try to attract investors to Egypt and strengthen economic ties. He plans a similar visit to the US next month. “There is a feeling in the market that all the international donors are coming to the table. Plus there is more clarity on the government,” Hisham Halaldeen of Naeem Brokerage told Reuters. From : Arabnews