Latest news with #SaudiAdvancedIndustriesCo
Business Recorder
11-08-2025
- Business
- Business Recorder
Gulf shares mixed on corporate earnings
DUBAI: Stock markets in the Gulf were mixed on Monday as investors weighed earnings reports while awaiting key US inflation data and the expiry of a US tariff deadline on China. US consumer prices, scheduled for Tuesday, will offer clues on the Federal Reserve's path for rate cuts. A hotter than expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of an easing in September and at least one more cut by year-end. Monetary policy shifts in the US have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark stock index slipped for a third straight session, ending 1% lower, with most constituents posting losses. Saudi Advanced Industries Co slumped 9.5% to hit more than two-year low after the investment firm posted a second-quarter net loss, compared to profit a year earlier. Shares of MBC Group dropped 4.1% to 30.3 riyals per share, their lowest since listing in January. The media giant reported a 38% decrease in quarterly net profit. Among other losers Al-Dawaa Medical Services Co dropped 6.3% as the healthcare service provider reported a 9.7% year-on-year decline in quarterly net profit. The Abu Dhabi benchmark index fell for a fourth day, dipping 0.1%, with Abu Dhabi Islamic Bank dropping 1.9% and Ghitha Holding declining 4.8%. In contrast, Apex Investment advanced 4.3% and Dana Gas rose 1.6%. Dubai's benchmark stock index was up 0.1%, aided by gains in consumer discretionary, utilities, communication and industry shares. Tolls operator Salik added 1.7% and Amlak Finance surged 10.1%. The Qatari benchmark index gained 0.1%, supported by a 0.5% rise in Industries Qatar and a 1.5% increase in Qatar Electricity and Water. Outside the Gulf, Egypt's blue-chip index was down 0.6% after a seven-session winning streak and hitting a fresh record high in the previous session. Abu Qir Fertilizers lost 1.1% while Talaat Moustafa Group shed 0.6%. Egypt's largest developer, TMG, posted a 26.6% fall in second-quarter net profit attributable to shareholders, compared to the previous three months. Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, while core inflation rose to 11.6% year-on-year in July from 11.4% in June, the central bank said late on Sunday.
Reuters
11-08-2025
- Business
- Reuters
Gulf shares mixed on corporate earnings, US inflation
Aug 11 (Reuters) - Stock markets in the Gulf were mixed on Monday as investors weighed earnings reports while awaiting key U.S. inflation data and the expiry of a U.S. tariff deadline on China. U.S. consumer prices, scheduled for Tuesday, will offer clues on the Federal Reserve's path for rate cuts. A hotter than expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of an easing in September and at least one more cut by year-end. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped for a third straight session, ending 1% lower, with most constituents posting losses. Saudi Advanced Industries Co ( opens new tab slumped 9.5% to hit more than two-year low after the investment firm posted a second-quarter net loss, compared to profit a year earlier. Shares of MBC Group ( opens new tab dropped 4.1% to 30.3 riyals per share, their lowest since listing in January. The media giant reported a 38% decrease in quarterly net profit. Among other losers Al-Dawaa Medical Services Co ( opens new tab dropped 6.3% as the healthcare service provider reported a 9.7% year-on-year decline in quarterly net profit. The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell for a fourth day, dipping 0.1%, with Abu Dhabi Islamic Bank ( opens new tab dropping 1.9% and Ghitha Holding ( opens new tab declining 4.8%. In contrast, Apex Investment ( opens new tab advanced 4.3% and Dana Gas ( opens new tab rose 1.6%. Dubai's benchmark stock index (.DFMGI), opens new tab was up 0.1%, aided by gains in consumer discretionary, utilities, communication and industry shares. Tolls operator Salik ( opens new tab added 1.7% and Amlak Finance ( opens new tab surged 10.1%. The Qatari benchmark index (.QSI), opens new tab gained 0.1%, supported by a 0.5% rise in Industries Qatar ( opens new tab and a 1.5% increase in Qatar Electricity and Water ( opens new tab. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.6% after a seven-session winning streak and hitting a fresh record high in the previous session. Abu Qir Fertilizers ( opens new tab lost 1.1% while Talaat Moustafa Group ( opens new tab shed 0.6%. Egypt's largest developer, TMG, posted a 26.6% fall in second-quarter net profit attributable to shareholders, compared to the previous three months. Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, while core inflation rose to 11.6% year-on-year in July from 11.4% in June, the central bank said late on Sunday.
Business Recorder
11-08-2025
- Business
- Business Recorder
Gulf shares mixed on corporate earnings, US inflation
Stock markets in the Gulf were mixed on Monday as investors weighed earnings reports while awaiting key U.S. inflation data and the expiry of a U.S. tariff deadline on China. U.S. consumer prices, scheduled for Tuesday, will offer clues on the Federal Reserve's path for rate cuts. A hotter than expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of an easing in September and at least one more cut by year-end. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark stock index slipped for a third straight session, ending 1% lower, with most constituents posting losses. Saudi Advanced Industries Co slumped 9.5% to hit more than two-year low after the investment firm posted a second-quarter net loss, compared to profit a year earlier. Shares of MBC Group dropped 4.1% to 30.3 riyals per share, their lowest since listing in January. The media giant reported a 38% decrease in quarterly net profit. Among other losers Al-Dawaa Medical Services Co dropped 6.3% as the healthcare service provider reported a 9.7% year-on-year decline in quarterly net profit. The Abu Dhabi benchmark index fell for a fourth day, dipping 0.1%, with Abu Dhabi Islamic Bank dropping 1.9% and Ghitha Holding declining 4.8%. In contrast, Apex Investment advanced 4.3% and Dana Gas rose 1.6%. Dubai's benchmark stock index was up 0.1%, aided by gains in consumer discretionary, utilities, communication and industry shares. Tolls operator Salik added 1.7% and Amlak Finance surged 10.1%. The Qatari benchmark index gained 0.1%, supported by a 0.5% rise in Industries Qatar and a 1.5% increase in Qatar Electricity and Water. Outside the Gulf, Egypt's blue-chip index was down 0.6% after a seven-session winning streak and hitting a fresh record high in the previous session. Abu Qir Fertilizers lost 1.1% while Talaat Moustafa Group shed 0.6%. Egypt's largest developer, TMG, posted a 26.6% fall in second-quarter net profit attributable to shareholders, compared to the previous three months. Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, while core inflation rose to 11.6% year-on-year in July from 11.4% in June, the central bank said late on Sunday. ------------------------------------- SAUDI ARABIA down 1% to 10,792 KUWAIT added 0.2% to 9,339 QATAR rose 0.1% to 11,371 EGYPT fell 0.6% to 35,909 BAHRAIN down 0.2% to 1,938 OMAN up 0.2% to 4,863 ABU DHABI down 0.1% to 10,302 DUBAI added 0.1% to 6,153 -------------------------------------
Business Recorder
11-08-2025
- Business
- Business Recorder
Gulf shares muted on lower corporate earnings; US inflation in focus
Stock markets in the Gulf were subdued in Monday, as investors remained cautious ahead of U.S. July inflation data, while a slew of regional corporate earnings also weighed on the sentiment. U.S. consumer prices, scheduled for Tuesday, will offer cues on the Federal Reserve's path for rate cuts. A hotter-than-expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of easing in September and at least one more cut by year-end. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark stock index slipped 0.3%, with most constituents in the red. Saudi Advanced Industries Co slumped 7% after the investment firm posted a second-quarter net loss, compared to profit a year earlier. MBC Group slid 3.7% after reporting a 38% fall in quarterly net profit. Among other losers, Almunajem Foods Co dropped 10% after the food products company reported a 51% year-on-year decline in quarterly net profit on Sunday. Dubai's benchmark stock index was down 0.1%, with communication, real estate and financial stocks retreating. Emirates Central Cooling dropped 1.1% and bellwether Emaar Properties fell 0.7%. Tolls operator Salik and state-run utility Dubai Electricity And Water Authority gained 1.1% and 0.4% respectively. DEWA reported an over-25% jump in second-quarter profit on Friday. In Abu Dhabi, the benchmark index shed 0.1%, pressured by a 0.4% drop in Aldar Properties and a 4.3% loss in Ghitha Holding. Dana Gas, however, rose 1.6% after the natural gas company reported a 1% increase in half-year net profit. However, its second-quarter profit dipped 11.8%. The Qatari benchmark index fell 0.3%, with Qatar National Bank, the region's largest lender, down 0.3% and telecoms services provider Ooredoo 1.3% lower.
Argaam
24-03-2025
- Business
- Argaam
SAIC inks SAR 100M credit facility deal with Alinma Bank
Saudi Advanced Industries Co. (SAIC) signed today, March 24, a Shariah-compliant credit facility agreement with Alinma Bank worth SAR 100 million, aimed to finance expanding the company's investments. In a statement to Tadawul, SAIC said the one-year financing is guaranteed by a promissory note, besides pledging a portion of its investment portfolio assets.
