Gulf markets slip, Egypt hits record high

Reuters

Gulf stock markets slipped on Sunday as trading volumes were mostly low because of the absence of many foreign investors for Christmas holidays. Egypt rose to a record high but volume was very low there too.
The Saudi index fell 0.4 percent as telecommunications firm Zain Saudi lost 2.0 percent and rival Mobily dropped 2.4 percent.
Arabian Cement fell 1.2 percent after saying its merger talks with Al Safwa Cement had ended without agreement. It did not elaborate.
But Saudi Printing & Packaging gained 1.3 percent after saying its board had decided to remove Ghassan bin Mohammed Zaatari from the post of chief executive and appoint Fahad Ibrahim al-Mufarraj as managing director pending the appointment of a new CEO. The company did not explain why it made the change.
In Dubai, the index fell 0.5 percent as courier firm Aramex sank 5.4 percent to its lowest level since early February.
But Bahrain’s Al Salam Bank, the most heavily traded stock in Dubai, jumped 6.1 percent to 1.04 dirhams after a disclosure on the Bahrain exchange showed a key person involved with the bank had bought 250,000 shares at 0.104 and 0.105 dinar. In Bahrain, the stock rose 1.0 percent to 0.106 dinar, equivalent to 1.03 dirhams.
Khaleeji Commercial Bank, another Bahraini bank which listed in Dubai recently, was the second most active stock in Dubai and closed 2.7 percent higher at 1.51 dirhams, after soaring 15 percent at one stage.
It came off its highs after its shares in Bahrain, which initially surged, turned down to close at 0.120 dinar, equivalent to 1.17 dirhams, suggesting investors weren’t willing to sustain a premium of more than about 30 percent in the Dubai market.
Kuwait sank 1.1 percent but National Industries Group, the most active Kuwaiti stock, rose 1.3 percent after saying it had agreed to sell its 24 percent stake in Jordan’s Airport International Group and would make a profit of 15.9 million dinars ($52.6 million).
Egypt’s index rose 0.8 percent but trading volume was at one of its lowest levels this year. Tora Cement fell 3.6 percent and Suez Bag plunged 10 percent to 34.85 pounds.