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Monday, 17 April 2017

MIDEAST STOCKS-Two Saudi telcos surge, Abu Dhabi's Eshraq rebounds on tie-up with fund | Reuters

MIDEAST STOCKS-Two Saudi telcos surge, Abu Dhabi's Eshraq rebounds on tie-up with fund | Reuters:

"Two Saudi Arabian telecommunications stocks surged on Monday on hopes that troubled operators have finally turned the corner, while Abu Dhabi real estate firm Eshraq was helped by a plan to tie up with state fund Mubadala. The Saudi stock index edged up 0.1 percent as Zain Saudi jumped 8.9 percent and Etihad Etisalat (Mobily) added 3.6 percent. Last week Zain reported its first-ever quarterly net profit, and this raised hopes for Mobily, which has also been struggling to make money. "I believe the market is expecting Mobily to report profits just like Zain did," said Iyad Ghulam, senior equity analyst at NCB Capital."



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