Thin news flow and upcoming Islamic holidays towards the end of the week kept many long-term equity investors away on Sunday, leaving stock markets in the Middle East vulnerable to profit-taking, but Kuwait's index bucked the trend.
"Speculators are booking capital gains while long-term investors were dormant," said a Jeddah-based broker.
Stock markets are often sparsely traded ahead of Eid al-Adha, he noted. The holidays will start on Wednesday in Saudi Arabia and Thursday in the United Arab Emirates.
The Riyadh index retreated 0.3 per cent on Sunday as some of last week's best-performing banks fell; National Commercial Bank, which was up 5.4 per cent last week, lost 1.5 per cent.
Saudi Arabia Fertilizers Co fell 0.8 per cent after its board proposed a first-half cash dividend of 0.75 Saudi riyal per share, down from 1.5 riyals for the first half of 2016.
But Al Tayyar Travel Group rose 1.9 per cent in relatively active trade after the company said it was still "carrying on its business dealings" with the Ministry of Education.
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The company had previously stated that on average 30 per cent of its total yearly revenue came from contracts with the ministry, and there was concern among some investors that Al Tayyar might lose a long-term contract with the government amid Riyadh's austerity measures.
In the UAE, Dubai's index fell 0.6 per cent as some shares favoured by speculative investors weakened, including GFH Financial Group, which lost 3.3 per cent.
Abu Dhabi's index slipped 0.3 per cent with the main drag coming from property-related shares; heavyweight Aldar Properties fell 1.3 per cent.
Kuwait's index rose 0.4 per cent in healthy volume, supported by gains in blue chips. Boubyan Petrochemical jumped 3.8 per cent and Kuwait Finance House rose 1.0 per cent.
At the end of September, index compiler FTSE will announce its decision on whether to include Kuwait and Saudi Arabia in its secondary emerging market index. Analysts at Arqaam Capital believe the chances for both Saudi Arabia and Kuwait to meet FTSE's inclusion criteria are high, but a bleak domestic economic outlook has been weighing on Saudi Arabia.
"We expect Kuwait to have a weight of 0.54 per cent in the FTSE EM + China A All Cap Index, equivalent to US$455 million in inflows," Arqaam Capital said in a report this month.
The Kuwaiti index has outperformed its counterparts in the six-nation Gulf Cooperation Council this year; it is up by almost one-fifth since January 1.
Company%20Profile
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Company%20Profile
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Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY%20PROFILE
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Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE%20
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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