Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Saudi bank stocks fall due to zakat payments and US losses are putting pressure on the Gulf

    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 268059
    Join date : 2012-12-21

    Saudi bank stocks fall due to zakat payments and US losses are putting pressure on the Gulf Empty Saudi bank stocks fall due to zakat payments and US losses are putting pressure on the Gulf

    Post by Rocky Mon 24 Dec 2018, 2:09 am

    Saudi bank stocks fall due to zakat payments and US losses are putting pressure on the Gulf


    Saudi bank stocks fall due to zakat payments and US losses are putting pressure on the Gulf 12043


     Saudi shares recovered part of their losses on Sunday after a sell-off in the banking sector when banks announced an agreement with the General Authority for Zakat and Income to settle a dispute over the increase in commitments, but still required to pay large sums.

    Sentiment in the Gulf was hurt by Wall Street's sharp fall on Friday as global markets were hit by a US government shutdown.
    Saudi Arabia's index fell more than 2 percent and by 0731 GMT was down 1.6 percent. However, it reduced losses at the close to 0.3 percent.
    Al Rajhi Bank, which lost up to 5.7 percent in early trade, recovered to close 1.2 percent.
    "Even if the banks have deviated from the appropriate provisions for unpaid (zakat) taxes, a large amount of money is coming out of the banks' budgets," said Tariq Qaqish, director of asset management at Minacorp Financial Services in Dubai.
    "While M & A deals and higher interest rates will improve net interest margins (Bank profitability), one of the main reasons why bank stocks are performing better than the benchmark index, we see downside risks and a natural shift for investors within the sector," he said.
    Saudi British Bank announced a SAR 1.6 billion ($ 426 million) settlement with the Saudi authorities, while Al Rajhi Bank said it had reached a settlement for 5.4 billion riyals.
    There has been a row between banks and authorities since the beginning of the year at least because of additional claims for zakat for years dating back to 2002.
    Saudi Basic Industries Corp (SABIC), the kingdom's largest company, rose 0.2 percent to support the market. Zain KSA was among the gainers, up 2.3 percent.
    The Dubai index fell 1.2 percent on the real estate sector. Damac Properties lost 4.5 percent.
    Emaar Properties lost 3.8 percent, while Union Properties fell 5 percent.
    Global stock markets fell on Friday as investor sentiment was affected by a new rise in US borrowing costs.
    Abu Dhabi's index fell 0.8 percent on Sunday on energy shares, after Brent crude lost 2.3 percent to drop to 53.10 dollars on Thursday.
    Abu Dhabi National Energy Company (TAQA) lost 9.5 percent. 
    Qatar's index fell 1.2 percent, with leading stocks such as Industries Qatar dropping more than 2 percent.
    Shares of Mazaya Qatar Real Estate Development rose 1.6 percent. The company said on Thursday it plans to study the merger with Al Bandari Properties.
    In July, Mazaya Qatar said it had decided not to proceed with the acquisition of the Torino management tower in the West Bay area of ​​Doha. Shares of Mazaya Qatar have fallen 12 percent since the beginning of the year.
    Bank Dhofar rose on Sunday after Commercial Bank of Qatar, a major shareholder in National Bank of Oman, said it would not support the merger of the latter with Bank Dhofar.
    Dhofar was up 3 percent, while National Bank of Oman was little changed.
    Oman's index remained unchanged. 
    National Bank of Oman (NBO) said on Sunday it would take the interests of all shareholders into account when evaluating the feasibility of a merger with Bank Dhofar.
    Egypt's stock market fell, with Telecom Egypt falling 3.9 percent and Commercial International Bank down 3.4 percent. The benchmark was down 1.3 percent.



      Current date/time is Sun 14 Apr 2024, 12:56 pm