DUBAI: Most Gulf markets closed in positive territory on Sunday but trading volumes were thin as investors awaited company results reporting that will begin this week.
In Egypt, the index gained 1.2 percent, but Global Telecom Holding plunged 7 percent after announcing earlier on Sunday its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
Global Telecom Holding said its financial position and cash flow would remain unchanged after the conversion, given this is a non-cash transaction. But the stock took a hit, plunging to a month’s low. Earlier this month the firm also said it planned to raise capital via a rights issue of 11.2 billion Egyptian pounds ($627.10 million), corresponding to the issuance of 19.3 billion new shares with a par value of 0.58 Egyptian pounds.
In the Gulf, most major markets closed slightly up, with the Saudi exchange leading the gains. The index rose 1 percent, lifted by a 5.5 percent surge by Al Tayyar Travel Group Holding Company, a 2 percent gain by heavyweight Al Rajhi Banking & Investment Corp. and a 10 percent jump by Saudi Cable Co. The latter, a loss-making electrical wires manufacturer, has been gaining value since Dec. 26, when it leapt after reaching a final settlement agreement with commercial creditors on 313.6 million riyals ($83.61 million) in loans.
The Dubai index closed in negative territory, shedding 0.3 percent, reversing gains made in early trading. Union Properties lost 1.9 percent, weighing on the index as it was the stock registering the highest trading volume.
The Kuwait exchange, Boursa Kuwait, upgraded Qurain Petrochemical and Human Soft Holding Co. to the premier market, where the index closed 0.4 percent up on Sunday.
Saudi shares lead Gulf market gains
Saudi shares lead Gulf market gains
- Trading volumes thin ahead of companies’ results
- Saudi Cable Co. shares jump by 10 percent
