DUBAI: Saudi Arabia’s stock market rose in early trade on Thursday as local traders accumulated shares in small and mid-cap stocks, while Egypt edged up in thin trading volumes.
Riyadh’s index added 0.7 percent with Tihama Advertising and insurer Alinma Tokio Marine each jumped over 5.0 percent.
Abdulmohsen Al Hokair Group added 2.6 percent after the tourism company announced a cash dividend of 1.25 riyals per share for the second half of 2015, taking the total for last year to 2.5 riyals per share, in line with 2014 payouts. Some other Saudi firms have been cutting dividends as the economy slows and funding becomes more difficult.
The petrochemical sector also rose with Saudi Basic Industries adding 0.7 percent.
In Cairo, the index edged up 0.4 percent in thin trade with the most active stocks barely moving. Beltone Financial, which has more than doubled its share price over the past 10 trading sessions, had not yet traded.