amwalalghad :: Arab

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Money Markets - Arab

Amwal Al Ghad English - 2017-06-05 15:28:23
Qatar's stock market plunged Monday after four Middle Eastern states severed ties with Doha, while Saudi Arabian shares surged on hopes that index compiler MSCI will move towards upgrading it to emerging market status. The Qatari index tumbled 7.3 percent, erasing over $8 billion of value, in the heaviest trade for nearly three months. It was the index's steepest drop since late 2009, during the global financial crisis. Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed air, sea and land transport links with Doha, accusing it of supporting terrorism. Some Egyptian banks stopped dealing with Qatari institutions, but Saudi and UAE banks said they had not made such a decision so far. With an estimated $335 billion of assets in its sovereign wealth fund, a trade surplus of $2.7 billion in April alone and extensive port facilities which it can use instead of its land border with Saudi Arabia, which has been closed, it appears likely Qatar can avoid a severe economic crisis. The six countries in the Gulf Cooperation Council do little merchandise trade with each other, instead relying on imports from outside the region. The GCC countries account for less than 10 percent of daily trading on the Qatari stock market. Nevertheless, the diplomatic rift could have a serious impact on some business deals and companies in the region, particularly Qatar Airways, which can no longer fly to some of the Middle East's biggest markets. "Blocking sea, air and land (routes) shows a credit-negative escalation. And we’re concerned that could have a credit impact if it disrupts trade and capital flows," senior Moody's Investors Service analyst Mathias Angonin told Reuters. Selling of Qatari stocks was indiscriminate, with Vodafone Qatar, the most heavily traded stock, and Mesaieed Petrochemical both sliding about 10 percent. Qatar National Bank, the largest bank, dropped 6.1 percent. However, several fund managers said selling might quickly ease on Tuesday if investors started betting on some resolution to the diplomatic dispute, or if state-linked Qatari funds began buying to support the market. "I think you will start to see GREs (government-related enterprises) stepping in to support the market over the next few days," said a Doha-based asset manager. Talal Touqan, head of research at Abu Dhabi’s Al Ramz Capital, said it was not clear how long the dispute would last and markets could recover quickly if tensions eased. "This is a reaction to political noise which has a direct impact on volatility - it may be short-lived and fully reversible if the political situation starts to abate," he said. SAUDI, GULF Saudi Arabia's index fell in early trade in response to the news on Qatar but recovered later and finished 0.5 percent higher. The market has been buoyed in recent days by expectations that MSCI will decide on June 20 to begin a review of whether to upgrade Saudi Arabia to an emerging market, which would attract billions of dollars of fresh foreign money. Investors have therefore been buying stocks that foreign institutional investors are expected to favour, such as petrochemical giant Saudi Basic Industries, which climbed 1.6 percent on Monday. Al Baha Investment jumped its 10 percent daily limit for a second straight day; it resumed trading on Sunday after a four-year suspension because its accumulated losses exceeded regulatory standards. The suspension was lifted after Al Baha took action to reduce those losses. Dubai's index fell 0.7 percent, mainly because of Shuaa Capital, which lost 5.3 percent, and GFH Financial, which tumbled 4.7 percent. GFH said it had agreed to "postpone" talks to acquire Shuaa because neither party had reached acquisition terms and or received initial regulatory approval. It did not indicate when talks might resume and Shuaa did not issue any statement. Builder Drake & Scull, which has been rebounding from a multi-year low in the last few days, surged 6.5 percent in active trade and was the most heavily traded stock. Egypt's index edged up 0.2 percent. Qatar National Bank Alahly, the Egyptian unit of QNB, slipped only 0.3 percent in response to the diplomatic row; its free float is tiny and trading volume was miniscule, however. More»
Amwal Al Ghad English - 2017-05-30 09:52:46
Most stock markets in the Gulf were slightly higher on Tuesday’s early trade with the main focus on stocks favoured by local day-traders, while Qatar's bourse dropped ahead of changes by index compiler FTSE. Dubai's index grew 0.6 percent as loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO. Most other Dubai stocks also gained, with Dubai Mall operator Emaar Malls up 0.8 percent. In Abu Dhabi, the index was up 0.7 percent as 12 shares rose and only one declined. Most of the top gainers were mid-sized stocks; National Bank of Ras Al Khaima jumped 9.3 percent, Qatar's index lost 0.5 percent with 14 shares declining and only one rising. FTSE will announce the results of its June review on Wednesday, with changes to its indexes effective after the close on June 16, investment bank VTB Capital said in a report. VTB calculated that based on preliminary index weighting changes revealed last week, Qatari Investors Group (QIG) would see $6 million of fund outflows due to the changes and Ooredoo would see a $22 million outflow. QIG shares dropped 2.3 percent and Ooredoo slipped 0.9 percent. The Saudi index was up 0.5 percent after 45 minutes with real estate-related shares again attracting attention. Al Jazira Mawten REIT was the top gainer, jumping 3.5 percent, and Al Andalus Property rose 1.6 percent. Banque Saudi Fransi was up 1.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund, which will be the market's fourth such fund, was heavily oversubscribed. More»
Amwal Al Ghad English - 2017-05-29 09:29:40
Gulf stock markets were mixed in quiet, at Monday’s early trade with low-priced shares favoured by local retail investors lifting Dubai's bourse. The Dubai index added 0.6 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties, the most heavily traded stock, gaining 0.8 percent. Amusement park operator DXB Entertainments, whose slide this year has weighed heavily on the Dubai market, edged up 0.9 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating. Saudi Arabia's index edged down 0.2 percent in the first 45 minutes as petrochemical producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 4.2 percent. Qatar's index lost 0.5 percent as Qatar National Bank fell 1.2 percent, although Qatar First Bank, the most heavily traded stock, climbed 4.2 percent. In the last several days it has rebounded from record lows in unusually heavy trade. More»
Amwal Al Ghad English - 2017-05-28 10:05:22
Most Gulf stock markets inched down on Sunday’s early trade after global oil producers agreed on Thursday to extend cuts in output by nine months to March 2018. Trading volumes were thin, partly because of the start of the holy month of Ramadan. Many in the markets had been hoping for stronger action by OPEC to push up oil prices, such as a deal to deepen the production cuts or extend them further until mid-2018. Saudi Arabia's stock index dropped 0.4 percent during the first 45 minutes in a broad-based decline, with 120 shares falling and 13 gaining. Medical insurers dominated the list of gaining stocks, with Arabian Shield adding 2.1 percent. In Dubai, the index slipped 0.6 percent although builder Drake & Scull climbed 0.9 percent to 0.343 dirham, rebounding from near technical support on its January 2016 low of 0.291 dirham. Retail and restaurant investor Marka rose 1.8 percent in very thin volume after it appointed Benoit Lamonerie, whom it described as a 20-year veteran of retail and hospitality projects, as chief executive. The previous CEO resigned last December. Qatar's index was 0.6 percent lower as Ezdan Holding, the most heavily traded stock, sank 4.4 percent. On Thursday it had plunged 10 percent after the company's shareholders gave preliminary approval to take it private. More»
Amwal Al Ghad English - 2017-05-18 19:16:28
Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower Thursday, while Saudi Arabia’s index, dominated by local investors, outperformed the region for the day and the week. Dubai's index dropped 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 percent and Emaar Properties fell 0.8 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank losing 0.4 percent and telecommunications operator Etisalat down 0.3 percent. The index closed 0.3 percent lower. In Qatar, nine of the 11 MSCI emerging market index shares were down, with Commercial Bank declining 1.0 percent. Egypt's index dropped 0.9 percent in thin trade as Talaat Mostafa Group - which is currently part of the MSCI emerging market index but will be removed on June 1 - lost 2.8 percent. The largest Egyptian stock in the index, Commercial International Bank, fell 0.9 percent. Saudi Arabia's index, lost 0.1 percent with trading volume shrinking by a little over a half from the previous session. Forty shares rose, 106 declined. However, the index outperformed Gulf peers for the week with a 0.8 percent gain. Of the 20 most valuable companies, eight declined and the same number rose. Saudi Arabian Mining (Ma'aden) closed 0.5 percent higher. U.S. President Donald Trump is due to visit Saudi Arabia in coming days and some investors hope deals could be signed between Saudi and American companies in the mining, energy, auto and defence sectors. Most announcements from the meeting, though, are expected to be about previously revealed deals or memorandums of understanding rather than concrete new projects. Combined net profits of listed Saudi Arabian companies grew 37 percent from a year earlier in the first quarter, but that was almost entirely due to petrochemical firms, which benefited from higher oil and product prices. The market's valuation has risen to 14.6 times forward earnings from 11.3 times in the first quarter of 2016. "The valuation expansion outpaced earnings growth," said Mohammad El Hajj, macro strategy analyst at EFG Hermes." "The market is now trading at a premium to most other regional markets and we believe petrochemicals are now fully valued. The banking sector offers some value, as it is trading slightly below fair value." The total net profit of Qatari companies was flat in the first quarter compared to a year ago but valuations have expanded, making the fundamental picture for that market less attractive. In Dubai, aggregate net income fell by almost one tenth but valuations remain relatively cheap. "UAE markets are fundamentally stronger than others but the recent very low volumes are keeping funds away - there is simply no appetite for massive allocations," said a Dubai-based trader. More»
Amwal Al Ghad English - 2017-05-18 10:05:57
Stock markets in the Gulf most exposed to foreign fund flows followed global shares lower at Thursday’s early trade, while the Saudi Arabia’s index, dominated by local investors, barely moved. Dubai's index was down 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments lost 2.6 percent and Emaar Properties was down 0.9 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank and Aldar Properties each dropping 0.9 percent. The index was down 0.5 percent. In Qatar, all 11 of the MSCI emerging market index shares were down, with Commercial Bank declining 1.6 percent. Saudi Arabia's index, however, held onto a gain of 0.1 percent as 38 shares rose and 104 declined. A little under half of the top 20 most valuable companies rose with Saudi Arabian Mining up 1.7 percent. U.S. President Donald Trump is due to visit Saudi Arabia in coming days and some investors hope deals could be signed between Saudi and American companies in the mining, energy, auto and defence sectors. Most announcements from the meeting, though, are expected to be about previously revealed deals or memorandums of understanding rather than concrete new projects. More»
Amwal Al Ghad English - 2017-05-16 18:59:51
Shares of Egypt's EFG Hermes and Talaat Mostafa diverged Tuesday sharply on news that MSCI will swap the shares in its main Egyptian index, while Gulf equity markets were firm with the Brent oil price at $52 a barrel. Overnight, MSCI said it would include investment bank EFG Hermes in its MSCI Egypt Index but remove real estate developer Talaat Mostafa Group, downgrading it to the small-cap index. The changes will take effect on June 1. EFG, which on Monday reported a near-tripling of first quarter net income and a more than doubling of operating revenue, surged 8.8 percent while TMGH slumped 9.8 percent. Arqaam Capital analysts predicted passive net fund inflows of $33 million into EFG due to the index change and a net outflow of $21 million for TMGH. The main Egyptian stock index rose 0.6 percent in the heaviest trading volumes since mid-January. In Dubai, builder DSI slumped 5 percent to 0.362 dirham, a 15-month low, after it reported a first-quarter net loss attributable to shareholders of 722.5 million dirhams versus a profit of 9.8 million dirhams in the year-ago period. The company is in the middle of a capital restructuring plan to wipe out its accumulated losses, and has said it expects to receive a capital injection of 500 million dirhams from a Dubai-based strategic investor by mid-2017. DAMAC rose 2.9 percent after MSCI said it would add the stock to its United Arab Emirates index. Arqaam estimated the inclusion would bring $68 million of passive fund inflows. Dubai's stock index closed almost flat. Banking shares were some of the top gainers in neighbouring Abu Dhabi, helping lift the index 0.4 percent. Abu Dhabi Commercial Bank rose 2.1 percent. In Saudi Arabia, the index gained 0.7 percent in the heaviest trade since mid-January. "At the start of the month, when oil was below $50, daily traded volume was low - now there is slightly more confidence so there is more activity, but I don't expect that to hold as the holy month of Ramadan traditionally sees low volumes," said one Kuwait-based stock broker. Ramadan starts around May 27. Shares in construction firm Al Khodari jumped 10 percent - the daily limit - in heavy trade. One analyst said this might be a result of the company receiving overdue payments from the government, which is Khodari's main client. The petrochemical sector was mixed, with smaller companies outperforming larger ones. Analysts at NCB Capital said the sector's bottom line in the first quarter almost doubled from a year ago and revenue rose by about 16 percent. Many stocks, however, are trading near fair value, leaving investors with little incentive to buy despite a recent rebound in oil prices. More»
Amwal Al Ghad English - 2017-05-15 19:20:54
Stock markets in the Middle East were mixed Monday with Saudi Arabia rising on the back of a rebound in oil prices and a continued slide by amusement park operator DXB Entertainments helping to drag down Dubai. The Saudi index climbed 0.6 percent. Top petrochemical producer Saudi Basic Industries, whose margins could benefit from higher oil prices, gained 0.5 percent. But PetroRabigh, which had tumbled its 10 percent daily limit on Sunday after reporting a sharp widening of its quarterly loss, sank a further 5.4 percent. Real estate developer Dar Al Arkan was the most heavily traded stock and added 3.9 percent after saying its board had accepted the resignation of Abdulrehman Hamad al-Harkan as chief executive, effective on June 1, for personal reasons. It did not name a new CEO. Dubai's index slipped 1.1 percent on a late wave of selling as DXB Entertainments sank 5.6 percent to its lowest level since April 2015. Investors have been disappointed by attendance figures at the company's parks and last week it reported a wider first-quarter loss, warning that attendance was likely to fall in the next two quarters. Builder Arabtec was the second most heavily traded issue in Dubai, while rights to subscribe to its capital increase were the most heavily traded. The underlying stock jumped nearly 7 percent in early trade but closed 0.1 percent lower at 0.762 dirham as the rights, which began trading on Monday and will continue through May 28, swung widely between 0.03 dirham and 0.215 dirham. Since the rights allow the underlying stock to be bought at a price of 1.0 dirham, well above the stock's current market price, they may never be exercised. But the price of the rights is so low that some local investors see a good chance for short-term speculation with minimal downside. Shuaa Capital dropped 6.6 percent despite reporting that it had swung to a first-quarter profit from a year-earlier loss; total revenues shrank during the quarter. Abu Dhabi's index dropped 0.6 percent but Qatar rose 0.6 percent on the back of several blue chips such as Doha Bank, up 1.3 percent, and Barwa Real Estate , which gained 1.4 percent. Kuwait was the best-performing market in the region, rising 0.7 percent. International equity index compiler MSCI was due to announce late on Monday changes in its indexes that will occur when Pakistan is reclassified to emerging market status from a frontier market on June 1. Pakistan has a roughly 10 percent weighting in MSCI's frontier index and once it goes, the index will be more than a fifth weighted to Kuwait, analysts have estimated. That could mean significant flows of funds into Kuwait; about $6.4 billion is currently under management with frontier equity funds. Egypt's index edged down 0.04 percent although Egyptian Iron & Steel jumped 7.1 percent after reporting a slight reduction in its net loss for the first nine months of its fiscal year. More»
Amwal Al Ghad English - 2017-05-09 09:30:22
Shares of companies that beat quarterly earnings estimates outperformed Tuesday as Gulf stock markets were held in check by crude oil trading below $50 a barrel for a third session. Shares of Saudi Arabian electronics and bookstore retailer Jarir were up 5.8 percent to 141.0 riyals after it reported a 26.5 percent rise in first quarter net profit, beating analysts' forecasts. The company's board also recommended distributing 2.2 riyals per share for the period, higher than the 1.75 riyals it paid out in the prior year period. Jarir's top line rose by 20.3 percent in the period helped by rising sales of smartphones and sales of goods to schools. Analysts at Riyadh-based Alrajhi Capital said revenue growth was probably driven by new store openings after Jarir opened a record seven retail stores in the last four quarters. Alrajhi Capital said like-for-like SALES? growth at existing stores came in better than estimated. The Saudi index, however, fell 0.2 percent as a little over half of the traded shares declined. In Dubai, the index was up 0.2 percent as shares of Dubai Financial Market, the only listed stock exchange in the Gulf, rose 1.7 percent after its first quarter net profit jumped by almost a fifth. In neighbouring Abu Dhabi, the index was flat, but shares of the largest listed developer Aldar Properties rose 1.8 percent after its net profit attributable to shareholders for January to March came in at the upper end of analysts' estimates, although slightly lower than a year earlier. More»
Amwal Al Ghad English - 2017-05-03 10:52:52
Saudi Arabia's stock market dropped in early trade on Wednesday after oil prices slipped, while a televised interview by the top economic policy official, Deputy Crown Prince Mohammed bin Salman, did little to boost market sentiment. Advanced Petrochemical dropped 3.2 percent after the polypropylene maker posted first-quarter net income of 124 million riyals ($33.1 million), down 12.9 percent from a year ago and below NCB Capital's prediction of 149 million riyals. Other petrochemical makers were also weak after Brent crude slipped below $51 a barrel overnight to its lowest close this year. Riyadh's stock index was down 0.3 percent after half an hour of trade. The prince said the government would focus on investing in the mining sector, developing the weapons industry, supporting an auto industry and improving the kingdom's logistics, both sea and air. He also said authorities would announce a programme to address the kingdom's shortage of private housing in the third quarter of this year. But he did not give a time frame or expected expenditure on those projects. Among companies that could benefit from the government's industrial investment, Emaar the Economic City added 0.9 percent, extending the previous session's 4.6 percent gain, but Saudi Automotive Services gave back some of Tuesday's rise and fell 1.1 percent. Saudi Mining Co (Ma'aden) the only listed company directly involved in mining, edged up 0.5 percent. National Metal Manufacturing and Casting rose 1.5 percent. Small ground freight and logistics company Batic Investments and Logistics added 1.4 percent in active trade. The prince also stressed the government's intention to give financial support to medium- and lower-income Saudi citizens to offset the impact of austerity measures. This encouraged investors to bid up the stocks of some consumer-oriented companies; retailer United Electronics rose 0.8 percent. Elsewhere, Dubai's index edged down 0.3 percent as 20 shares declined and only nine rose. Union Properties fell 1.0 percent. In Abu Dhabi, the index rose 0.2 percent with the largest listed lender, First Abu Dhabi Bank, up 1.4 percent. Qatar's index was flat near a 20-week low; telecommunications operator Ooredoo was the worst performer, down 1.9 percent. The company's Omani unit, Nawras, looks set to face fresh competition after three other major Gulf teleommunications operators said they were bidding for a licence in Oman. More»