DUBAI Oct 5 Saudi Arabia's top three
telecommunication operators suffered mixed fortunes on Wednesday
after all three had risen in heavy trade the previous day while
other markets in the region sagged.
Mobile Telecommunication Company (Zain KSA) jumped
6.8 percent, taking its gains since Sunday to 17 percent. Its
chief competitor Saudi Telecom (STC) retreated 2.8
percent on Wednesday morning and Etihad Eisalat was
down 1.3 percent.
On Sunday the government said it will provide operators with
"unified licences" allowing them to offer a full range of
Telecommunications analysts said this represented a major
shake-up of the industry and that there could be losers as well
Riyadh's index edged down 0.1 percent after 45
minutes of choppy trade.
Builder Al Khodari jumped 3.3 percent after it
said on Tuesday that is has signed a contract with Saudi Arabian
Mining (Maaden) to construct an aluminium producing
facility for 49 million riyals ($13.1 million).
The contract period will be nine months, with the financial
impact staring to be reflected in the fourth quarter results.
Dubai's index was down 0.1 percent in thin trade,
with mid-sized shares weighing on the index. DAMAC Properties
fell 0.9 percent and courier Aramex
declined 0.3 percent.
Abu Dhabi's stock index slipped 0.1 percent as the
usually traded shares barely moved. The largest listed lender
First Gulf Bank was down 0.9 percent.
($1 = 3.7510 riyals)
(Reporting by Celine Aswad; Editing by Andrew Torchia)