Banking shares help key Saudi index edge up 0.2 percent

Saudi Arabia’s Tadawul All-Share Index extended gains from the previous session to close 0.2 percent up. Al-Rajhi Bank gained 0.7 percent. (Reuters)
Updated 23 October 2019

Banking shares help key Saudi index edge up 0.2 percent

  • Property shares weigh on Egypt; other Gulf markets mixed

Most Gulf stock markets moved marginally amid falling oil prices on Wednesday, while Egypt’s blue-chip index declined, led by property shares.

DUBAI: Oil prices slipped toward $59 a barrel on data showing a bigger-than-expected rise in US crude stocks, while the prospect of deeper output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies offered support.

Saudi Arabia’s index extended gains from the previous session to close 0.2 percent up. Al-Rajhi Bank gained 0.7 percent, while Alinma Bank rose a further 1.3 percent.     

On Tuesday, Alinma reported a rise in third-quarter profit to SR713 million ($190.10 million) compared to 637 million a year earlier.    

However, gains were capped by losses in petrochemical stocks.

Sahara International Petrochemical (Sipchem) slid 2.8 percent following a more than 38 percent plunge in third-quarter net profit.

The petrochemical maker said it was due to a decrease in selling prices for most of the products.

Egypt’s blue-chip index decreased 0.5 percent, with most stocks on the index falling. Property stock Talaat Mostafa lost 1.7 percent and El-Sewedy Electric was down 1.5 percent. Among other stocks, developer Madinet Nasr also decreased 1.9 percent. 

Egypt’s nonoil private sector contracted for the second consecutive month in September, according to the IHS Markit Egypt Purchasing Managers’ Index (PMI).     

In Dubai, the index closed 0.3 percent down with Emaar Properties shedding 1.1 percent and Dubai Islamic Bank  falling 0.6 percent. 

The Abu Dhabi Index added 0.3 percent, extending gains for a third straight session, with First Abu Dhabi Bank and Aldar Properties gaining 0.4 percent and 1.8 percent respectively. 

Qatar’s index dipped 0.2 percent, extending losses for a fifth straight session, as Qatar Fuel declined 1.6 percent and Mesaieed Petrochemical ended 2.2 percent lower.

But Commercial Bank edged up 0.2 percent after it reported a rise in nine-month profit to QR1.50 billion ($412.09 million) compared to QR1.35 billion a year earlier.


Trump calls for World Bank to stop lending to China

Updated 07 December 2019

Trump calls for World Bank to stop lending to China

WASHINGTON: US President Donald Trump on Friday called for the World Bank to stop giving loans to China, one day after the institution adopted a lending plan to Beijing over Washington’s objections.
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to “gradually decline” from the previous five-year average of $1.8 billion.
“Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!” Trump wrote in a post on Twitter.
Spokespeople for the White House and the World Bank did not immediately respond to requests for comment.
The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.
But the fall in the World Bank’s loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.