Kingdom, Zain Saudi up; Riyadh index rises
Saudi investors tend to target insurance shares
Saudi Arabia’s Tadawul All-Share Index climbed 0.1 percent, bucking a downward regional trend.
Kingdom Holding Company (KHC) and Zain Saudi rose after the two companies said the investment firm is still in talks for a 25 percent stake acquisition in the telecoms operator.
Zain Saudi climbed 0.7 percent and KHC gained 2.3 percent, together accounting for 20 million traded shares.
Kingdom and Bahrain’s Batelco have made a joint bid for a quarter-stake in Zain Saudi.
The deal hit a snag over management rights, Reuters reported on Sunday, but the bidders issued separate statements on Tuesday, saying talks are ongoing.
Insurance stocks attract high volumes, with SAAB Takaful rising 2.9 percent and Allianz Saudi Fransi Cooperative Insurance surging 7.3 percent.
Saudi investors tend to target insurance shares if there is little news flow to move other stocks.
Meanwhile, Kuwait’s index eased 0.5 percent to 6,411 points and Bahrain bourse gained 0.1 percent to 1,366 points.
Qatar’s index fell 0.7 percent to its lowest close since March 28 as investors booked profits for a second day.
Dubai’s index declined for a fourth session, falling 0.2 percent to its lowest close since April 5.
Abu Dhabi’s index slipped 0.6 percent to its lowest close since April 10, as banks weighed.