Most stock markets in the Middle East made small gains on Monday with Egypt hitting yet another all-time high, while the Saudi Arabian index edged down.
The Riyadh index lost 0.1 per cent; the banking sector was soft with Banque Saudi Fransi dropping 1.3 per cent.
Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since September 25, tumbled 3.1 per cent.
The company on Monday issued a statement saying it was still waiting for authorities to grant it a unified licence, which would enable Atheeb to obtain a loan to build its spectrum and pay its dues to the telecommunications regulator.
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Read more:
Saudi stocks trader lower on FTSE index decision
Saudi to reap economic windfall from women drivers
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Shares of car-related companies, however, resumed rising after the government said last week that it would next year lift a ban on women driving.
Car rental company United International Transport (Budget Saudi) climbed 3.2 per cent and car servicing company Saudi Automotive jumped 4.0 per cent in active trade.
Banking shares helped take Qatar's index 0.1 per cent higher; Masraf Al Rayan rose 1.5 per cent.
The latest monthly Reuters poll of regional fund managers, published on Thursday, showed sentiment toward Qatar's stock market had on balance turned positive after it plunged in response to sanctions imposed by other Arab states.
Valuations have in some cases reached distressed levels and dividend yields are attractive. Masraf Al Rayan, for example, had a dividend yield of 5.5 per cent as of Monday's close.
In Kuwait, some shares continued to be bid up after rising on Sunday on news that index compiler FTSE was upgrading Kuwait to secondary emerging market status. Warehousing company, Agility, added a further 1.1 per cent. The main index finished almost flat.
The Dubai index rebounded 0.5 per cent as most mid- to large-sized companies rose, including Emaar Properties, which climbed 1.1 per cent. It is expected soon to reveal the valuation of its local real estate development arm, in which it plans to offer a stake to the public.
In Abu Dhabi, the index added 0.4 per cent as three of the top five most valuable shares rose; First Abu Dhabi Bank gained 0.5 per cent.
Egypt's main index rose 0.2 per cent to 14,000 points, a record high, but closed 102 points below its intra-day high, showing substantial profit-taking pressure.
The index has gained momentum in the last 10 days as it has started to price in a reversal of tight monetary policy.
Egyptian Chemical Industries, which is proceeding with a capital increase, soared almost 10 per cent in its heaviest trade ever on Monday. But private equity firm Qalaa Holdings lost 3.8 per cent after it reported a wider net loss for the first half of the year.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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RESULTS
2pm: Maiden Dh 60,000 (Dirt) 1,400m. Winner: Masaali, Pat Dobbs (jockey), Doug Watson (trainer).
2.30pm: Handicap Dh 76,000 (D) 1,400m. Winner: Almoreb, Dane O’Neill, Ali Rashid Al Raihe.
3pm: Handicap Dh 64,000 (D) 1,200m. Winner: Imprison, Fabrice Veron, Rashed Bouresly.
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m. Winner: Raahy, Adrie de Vries, Jaber Ramadhan.
4pm: Maiden Dh 60,000 (D) 1,000m. Winner: Cross The Ocean, Richard Mullen, Satish Seemar.
4.30pm: Handicap 64,000 (D) 1,950m. Winner: Sa’Ada, Fernando Jara, Ahmad bin Harmash.
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
Specs
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Range: 400km
Power: 134bhp
Torque: 175Nm
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