MIDEAST STOCKS-Saudi hits one-month excessive; World Telecom drags Egypt down


* Rajhi, SABIC ship Saudi to highest stage in a month

* Alinma jumps 6 pct on increased proposed annual dividend

* Banking shares ship Qatar down

* Egypt’s World Telecom plunges 12.Four pct

By Marwa Rashad

RIYADH, Dec 2 (Reuters) – Saudi Arabia’s inventory market closed on Sunday at its highest stage since early November amid stable beneficial properties by plenty of blue chips, whereas Egypt’s bourse closed in detrimental territory, dragged down by World Telecom’s big losses.

United Arab Emirates markets had been closed for a public vacation whereas different Gulf markets had been blended in lacklustre commerce.

The Saudi index jumped 1.eight p.c, recording its highest stage since Nov. Four as Al Rajhi Financial institution rose 2.5 p.c, and petrochemical big SABIC added 2.2 p.c.

Alinma Financial institution surged 6.Zero p.c after proposing a 1.Zero riyals ($0.26) dividend for 2018, up from 0.eight riyal for 2017.

Out of 180 Saudi shares traded, 162 superior and solely 13 declined.

In Egypt, the principle index fell 1.Three p.c amid a large sell-off with solely two of its 30 shares advancing. Business Worldwide Financial institution fell 1.9 p.c.

World Telecom, some of the closely traded shares out there, was the principle drag, plummeting 12.Four p.c after its board authorised rising issued capital by 11.18 billion kilos ($625.5 million) via issuing 19.28 billion new shares.

In Qatar, the index misplaced 0.5 p.c on large declines by banking shares, with losers outnumbering gainers by 23 to 17.

Qatar Nationwide Financial institution misplaced 1.Three p.c and Qatar Islamic Financial institution fell 1.6 p.c, Qatar Business Financial institution went down 2.1 p.c and Masraf Al Rayan misplaced 1.1 p.c.

Kuwait, Oman and Bahrain had been flat.

SAUDI ARABIA

* The index jumped 1.eight p.c to 7,845 factors.

QATAR

* The index fell 0.5 p.c to 10,317 factors.

KUWAIT

* The index was flat at 5,318 factors.

EGYPT

* The index fell 1.Three p.c to 13,150 factors.

BAHRAIN

* The index edged up 0.2 p.c to 1,332 factors.

OMAN

* The index was flat at 4,418 factors. ($1 = 3.7516 riyals) ($1 = 17.8750 Egyptian kilos) (Reporting by Marwa Rashad; Modifying by Mark Heinrich)

Author: Maxwell C.

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