Saudi Weakened By Telecom Stocks After Govt Says Plans To Unblock Internet Voice and Video Calls

09/14/2017 - 14:11 PM

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MidEast shares mostly fell, with telecommunications stocks weighing on the Saudi market after the government said it planned to unblock internet voice and video calls which could hurt revenues from traditional phone calls, especially those by the 10 million foreign workers who live in Saudi Arabia calling their home countries.

However, underlying support came from petrochemical stocks, which firmed in line with a gain in Brent crude towards $56 per barrel.

In other news, Dana Gas rejected a proposal by bond holders to restructure the sukuk in an effort to end the legal battle over Dana's refusal to redeem their bonds. A court hearing of the case in London is due to start next week.

Orascom Construction's joint venture with European water company FCC Aqualia signed a $320 million contract with an Egyptian waste water treatment plant. The venture will also operate and manage the plant for three years.

Qatar's stock market posted losses for a ninth consecutive trading day as investors continue to bail after a phone call over the weekend with Saudi leaders failed to defrost relations.

Saudi Arabia's main index dipped 0.1% to 7,373 points, Dubai inched up 0.1% to 3,657 points, Abu Dhabi gained 0.6% to 4,481 points, Qatar shed 0.2% to 8,409 points, Egypt jumped 1.3% to 13,611 points, Kuwait slipped 0.2% to 6,914 points, Bahrain eased 0.2% to 1,304 points and Oman dropped 0.3% to 5,002 points

 

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