Saudi stocks fell in early trading in spite of gains by Saudi Kayan. Hasan Jamali / AP Photo
Saudi stocks fell in early trading in spite of gains by Saudi Kayan. Hasan Jamali / AP Photo

Arabian Gulf stocks narrowly mixed, Saudi Kayan rises on earnings



Gulf stock markets were mixed in narrow ranges early on Tuesday though petrochemical maker Saudi Kayan rose in response to better-than-expected second-quarter earnings. The Saudi index edged down 0.1 per cent in the first half-hour as Saudi Kayan, the most heavily traded stock, rose 2.2 per cent. Its second-quarter net profit climbed to 242 million Saudi riyals (U$64.5m) from 97.3m riyals a year ago; analysts had on average predicted 212m riyals.

Jouf Cement jumped 9.5 per cent after shareholders approved a 10 per cent capital increase via an issue of bonus shares, to be paid for with the company's retained earnings.

National Co for Glass Industries surged 7.1 per cent after reporting a 224 per cent leap in quarterly net profit, although operating profit actually fell sharply.

Qassim Cement fell 0.4 per cent after it reported a quarterly profit of 53.2m riyals versus 113.9m riyals year ago; analysts had on average expected 66m riyals.

In Dubai, the index edged down 0.2 per cent after rising for seven straight sessions through Monday. Property firm Damac, one of the stocks which led the rally, fell back 4.3 per cent.

Qatar's index slipped 0.3 per cent as Masraf Al Rayan , the second-largest bank by market value, dropped 1.1 per cent.

It reported flat quarterly net profit, in line with analysts' forecasts, suggesting the impact of Qatar's diplomatic crisis has so far been minor. Customer deposits were 61.21 billion riyals ($16.8bn) at the end of June, up 5.9 per cent from a year earlier but down 3 per cent from the previous quarter.

Share prices were unchanged for Al Khalij Commercial Bank , which reported flat first-half earnings, and Ahli Bank, which reported a 3 per cent rise in net profit for the first half.

*Reuters

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Surianah's top five jazz artists

Billie Holliday: for the burn and also the way she told stories.  

Thelonius Monk: for his earnestness.

Duke Ellington: for his edge and spirituality.

Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.

Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
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Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

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How to improve Arabic reading in early years

One 45-minute class per week in Standard Arabic is not sufficient

The goal should be for grade 1 and 2 students to become fluent readers

Subjects like technology, social studies, science can be taught in later grades

Grade 1 curricula should include oral instruction in Standard Arabic

First graders must regularly practice individual letters and combinations

Time should be slotted in class to read longer passages in early grades

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Revision of curriculum should be undertaken as per research findings

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Systematic learning of Standard Arabic grammar

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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