Most of the major equity markets in the Gulf region have closed in lower today, Monday, due to the drop in oil prices, but the Saudi index countered the tendency to close in upside, according to “Reuters”.
The Dubai Stock Exchange was down 0.2%, due to a 1.3% drop in Aramex’s stake, and Emaar Malls’ shares fell 1%, after gaining regulatory approval for the merger with Emaar Properties.
In March, Emaar Properties announced it would buy minority shareholder stakes in its mall unit. Shares of Emaar Properties increased by 0.2%.
The leading Saudi index gained 0.6%, extending its gains for the second consecutive session, led by a 1.2% increase for Al-Rajhi Bank and a 1% increase for Saudi Telecom’s stake.
The unit of the telecommunications company, Arab Internet and Communications Services Company (STC Solutions), has set an indicative price range for its initial public offering with the aim of raising up to 3.6 billion riyals (959.90 Millions of dollars).
The main Saudi stock index closed today, in rise of 0.64%, to gain 71.99 points, and closed at 11,407.91 points, with operations for 7.4 billion riyals.
The number of shares traded reached over 190 million shares, shared by more than 300,000 transactions, in which the shares of 121 companies recorded an increase in their value, while the shares of 67 companies closed.
Outside the Gulf region, Egypt’s leading index fell 0.3%, widening the previous session’s losses. Speed Medical’s shares plummeted more than 13% after the company’s board of directors approved the purchase of treasury stock.
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