DUBAI, Feb 25 (Reuters) – Saudi Arabian shares fell on Sunday as weakness in banks more than offset a rise in petrochemicals after Brent crude oil rebounded to round $67 a barrel at the end of final week.
The Saudi stock index fell 0.Four percent. Ten of 14 petchems climbed, with the most important, Saudi Primary Industries , including 0.6 %.
Saudi Kayan Petrochemical gained 0.3 p.c after swinging to a fourth-quarter lack of 220 million riyals ($58.7 million) attributable to scheduled maintenance at its plants. The loss was larger than 90 million riyals forecast by SICO Bahrain but a lot smaller than 417 million riyals predicted by NCB Capital.
Nine of 12 banks fell. Reuters reported on Thursday about rising Islamic tax liabilities at Saudi banks. In the last couple of weeks, several major banks have disclosed that the federal government is seeking extra zakat – or alms-giving – payments from them for years going again as far as 2002.
In some cases, the calls for exceed half of a bank’s annual internet revenue, and analysts anticipate more banks to disclose extra zakat calls for in coming weeks.
Abdulmohsen Al Hokair Group for Tourism and Growth sank 6.1 percent after reporting annual web revenue fell to eight.7 million riyals from 126.3 million riyals. The figures implied a 23.1 million riyal loss within the fourth quarter.
Dubai’s index added 0.6 % as Dubai Islamic Financial institution rose 1.2 % after saying its planned subject of as much as 1.65 billion new shares can be offered at a discount of 45 p.c to the market worth.
DP World edged down 0.2 p.c after saying on Thursday it will take legal action after Djibouti ended a contract with the company to run its Doraleh Container Terminal, a move which DP World known as an unlawful seizure.
The corporate mentioned terminating the contract would don’t have any material financial impact on it. The terminal has annual capability of 1.25 million twenty-foot equal units, compared to 70.1 million TEU handled across DP World’s global portfolio of container terminals in 2017.
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