Foreign investors pour $925m into Egypt since Wednesday

Foreign investors pour $925m into Egypt since Wednesday
Foreign investors pour $925m into Egypt since Wednesday

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi stocks on Monday made for another day of lusterless trading as the benchmark index closed flat to end at 10,728.25, responding to muted investor sentiment. 

Between 10:15 a.m. to 12:59 p.m. Riyadh time, the Tadawul All Share Index hovered around 10,700 levels. It later climbed to 10,744.82 before running out of steam and closing 1.58 points higher over Sunday’s closing.

MSCI Tadawul 30 Index also ended flat at 1,491.66, while the parallel market Nomu slipped 0.25 percent to close at 19,319.35.

“Saudi exchange once again showed flattish performance with minimal gains due to lack of any catalysts,” Junaid Ansari, head of investment strategy and research at Kuwait-based Kamco Invest, told Arab News.

The total trading turnover of the benchmark index on Monday gained 16 percent to hit SR4.07 billion ($1.08 billion) from Sunday’s SR3.5 billion, with 125 stocks of the listed 223 declining and 78 advancing.

On the sectoral front, 10 of the 21 progressed, while 10 took a dip and one ended flat. The topmost gainer was the Pharma, Biotech and Life Science Index, which rose 2.14 percent to 3,134.57 points. The Insurance Index also gained 1.26 percent, with five of its 10 constituents ascending and the rest descending. The rally in the insurance sector was led by Bupa Arabia, which surged 2.64 percent to SR147.80.

The Consumer Durables and Apparel Index also furthered by 1.26 percent to 4,520.22 points, with five of the six constituents leading and one falling behind. Saudi Industrial Development Co., a vital index constituent, escalated by 4.67 percent to SR12.10.

“On the decliner’s side, the Transportation Index was the biggest decliner with a slide of 0.9 percent, followed by the Healthcare Equipment Index and Food & Staples Retailing Index with declines of around 50 basis points,” said Ansari.

“Large-cap sectors like energy and materials also declined while banks witnessed 0.3 percent gains. Shares of dropped marginally for the second consecutive day today,” he added.

Stock markets in the Gulf Cooperation Council region on Jan. 16 displayed an improved disposition as , Abu Dhabi, Bahrain and Kuwait gained while Qatar and Muscat lost. In fact, Boursa Kuwait strengthened by 123.96 points to close at 7,999.37, while Qatar Stock Exchange fell 119.49 points to 10,841.73.

On Monday, Dallah Healthcare Co. informed the stock exchange that it had completed the procedures for acquiring the shares owned by Kun Investment Holding Co. in International Medical Center Co., bringing its ownership in IMCC to 27.18 percent. This deal comes in exchange for issuing new shares in Dallah Healthcare at a value of SR90 million to IMCC shareholders.

It added that the related financial impact would reflect on financial statements from the first quarter of 2023. Dallah’s share price, however, tumbled 2.16 percent to SR135.80.

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