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Sunday, 26 February 2017

MIDEAST STOCKS-Gulf little changed, new listings surge on Saudi secondary market | Reuters

MIDEAST STOCKS-Gulf little changed, new listings surge on Saudi secondary market | Reuters:

"Gulf stocks were generally little changed in early Sunday trade but most new listings surged on Saudi Arabia's secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time. The main Saudi index edged down 0.02 percent in the first hour. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trading volume; Al Jazira climbed 9.8 percent and Riyad REIT gained 5.1 percent. In the new Saudi Parallel Market, where seven stocks started trading, retailer Abdullah Saad Mohammed Abo Moati Stationaries rose 6.7 percent from its initial public offer price in volume of a little over 1 million shares."



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