25/04/2011
TASI gains as Qatar stocks dip
Saudi Arabia's index rose for third day as Saudi Electricity Company (SEC) and Rabigh Refining and Petrochemical Company (PetroRabigh) supported.
SEC gained 5 percent and hit a three-week high.
"The market is comfortable but we don't see a catalyst in the near future," said a Riyadh-based trader on condition of anonymity, adding that the trading range of 100 points, set since March-end, is expected to hold.
"All the news is out, earnings were very good but expected, especially from petrochemicals."
PetroRabigh gained 6 percent after Credit Suisse upgraded it to "outperform" from "neutral."
The Tadawul All-Share Index (TASI) gained 0.36 percent to close at 6,614.17 points. The stock market turnover reached SR5.92 billion on Sunday.
A sell-off in Qatar National Bank (QNB) on Sunday after the company announced a rights issue dragged Qatar's index to a three-week low, while UAE developer Emaar weighed on Dubai's benchmark.QNB's share price fell up to 8.7 percent before retracing some of those losses. The stock is down 0.8 percent at 138.50.
Investors are cashing in on Thursday's gains, said Hani Girgis, assistant chief dealer at Dlala brokerage, adding that the shares would be released in two weeks, with a capital increase of 25 percent at 100 riyals per share.
The Qatar benchmark slipped 1.7 percent to 8,499 points — its lowest close since April 5.
