Petchems lead Tadawul higher; Saudi Cement up

JEDDAH: Gains for global equity and oil markets boosted Gulf bourses on Wednesday with Saudi petrochemical shares and Dubai real estate stocks leading the gains.
Riyadh’s index rose 0.6 percent in modest volume as Saudi Basic Industries, the largest petrochemical producer, climbed 1.2 percent.
Saudi Cement added 2.0 percent after the company said it had sold its 40 percent stake in Kuwaiti cement company Group International Cement for $6.59 million; the deal will be reflected in its books in the second quarter.
Dubai’s stock index rose 1.9 percent in the heaviest trade for a month as Emaar Properties jumped 4.0 percent.
Another real estate developer, Deyaar, gained 3.0 percent after saying it had formed a partnership with Turkey’s Ascioglu to build a residential tower in Dubai.
Real estate firms were also the most active in Abu Dhabi’s bourse with Aldar Properties adding 3.5 percent. The Abu Dhabi index was up 1.6 percent.
Blue chips helped support Qatar’s index, which was 0.4 percent higher. Oil drilling rig provider Gulf International Services rose 2.2 percent while telecommunications operator Ooredoo gained 1.3 percent.
In Egypt, the stock index climbed 0.6 percent. Investment bank EFG Hermes climbed 0.8 percent to 10.95 Egyptian pounds, approaching techncial resistance on its March peak of 11.45 pounds.
Dubai Group plans to sell its stake in EFG Hermes this year under the terms of the Dubai firm’s debt restructuring, the chief executive of Dubai Group’s parent Dubai Holding said on Tuesday. Dubai Group holds 11.8 percent of EFG Hermes, according to Thomson Reuters data.