By Ben Roberts www.constructionweekonline.com
The Saudi stock market yesterday continued the rally started at the end of last week as recent fallers Dar Al Arkan Real Estate and Emaar Economic City turned a corner to finish 1.31% and 0.59% respectively.
The two companies were two of the most traded stocks by volume yesterday and closed at SR11.6 and SR8.50, lifting the real estate measure and joining gains enjoyed by the construction and cement indices.
Emaar Economic City is a real estate consortium that leads the master-planning and development of the 168 million m2 King Abdullah Economic City (KAEC), a project in construction off the Red Sea in the north of Jeddah. Its stock has suffered so far this year, falling from SR10.55 on 17th January to as low as SR8.45.
Dar Al Arkan recently suffered a severe decline is share value, slumping from SR14 per share to SR11.45 in two weeks from the end of June.
Saudi Vitrified Clay Pipes, a star performer this year according to CW’s benchmark, gained the most in the building industry, up 4.21% to close at SR68.
Fellow pipe provider Saudi Arabian Amiantit gained 3.46% to SR17.95 per share, its highest level in a month, followed by recoveries for oil and gas contractor Mohammed Al Mojil Group, up 2.46% to SR18.75, and National Gypsum Company, which rose 2.24% to close at SR32 a share.
Saudi Cement Company. Yamamah Saudi Cement Company and Arabian Cement Company all saw gains of between 1.63% and 1.99% to lift the measure 28.64 points.
Saudi Arabia is always ahead of the GCC’s trading market as its week begins on Saturday.
Newspapers reported over the weekend that Egypt is planning an EGP4 billion solar power plant in the southern Aswan province.
Citing the electricity minister, Hassan Younes, Al Ahram newspaper said the project will be financed by a consortium of investors.