Region mixed, Saudi’s Kingdom continues rebound

Dubai : Middle Eastern stock markets were mixed yesterday with Saudi Arabia’s index rising as global investment firm Kingdom Holding continued rebounding after its owner Prince Alwaleed bin Talal was released from custody.

The Saudi index gained 0.4 per cent as Kingdom added 2.4pc to 10.28 riyals - the level where it was trading before Prince Alwaleed was detained in a corruption probe that saw scores of businessmen detained last November.

Daily volume in the stock was the heaviest since February 2016. On Sunday, the first day after Prince Alwaleed’s release, it rocketed 10pc.

During his detention, the Saudi stock index rose over 8pc. Nevertheless, Kingdom’s rebound was seen as a vote of confidence in the company. Saudi officials said the prince would keep control of the firm after his release.

Declining Saudi stocks outnumbered gainers by 93 to 79. Fashion retailer Fawaz Abdulaziz Alhokair Co, which had jumped 6.8pc on Sunday after some of its major shareholders were released in the corruption probe, fell back 2.5pc.

But petrochemical firm Sipchem rose 1.7pc after it estimated fourth-quarter net profit jumped to 164.4 million riyals ($43.8 million) from 31.9 million riyals, beating SICO Bahrain’s forecast of 154 million riyals and NCB Capital’s 135 million riyals.

Dubai’s index fell 0.3pc but Bahrain-based financial services firm Ithmaar Holding rose to 0.76 dirham on its first day of trade in Dubai from a low of 0.67 dirham.

It was Dubai’s most heavily traded stock, seeing over 70 million shares change hands, almost of third of the market’s entire trading volume. Meanwhile, the company’s Bahrain-listed shares surged 8.3pc to 19.5 U.S. cents, equivalent to 0.72 dirham. Abu Dhabi edged down 0.1pc as Abu Dhabi National Energy retreated 3.5pc. But Qatar’s index rose 0.4pc as Qatar National Bank, the biggest lender, added 2.4pc.