Dubai: Saudi Arabia’s Tadawul index stabilised on Monday after falling for the past few sessions as buying emerged in banking and energy stocks.
The Tadawul index closed 1.22 per cent higher at 5,574.22, after losing more than 6 per cent in the past two weeks.
“It’s a breather being taken after the recent volatility. We saw a little bit of a rebound in Saudi index as banking stocks came up from the lows,” Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group. Alinma Bank closed more than 2.06 per cent higher at 11.40 Saudi Riyals. Saudi Basic Industries closed 0.23 per cent higher at 83 Saudi riyals.
Saudi Kayan Petrochemical Co. closed more than 4.35 per cent higher at 6 riyals.
“I would expect markets to stabilise the market. For me third quarter results would be important. The key focus over the coming weeks would be the third quarter results,” Khokhar said.
In the UAE, Dubai Financial Market General Index closed 0.31 per cent higher at 3,358.57. The Abu Dhabi Securities Exchange General Index closed 0.58 per cent higher at 4,387.34.
Drake and Scull (DSI) jumped more than 7 per cent after the appointment of the new chief executive officer. DSI closed at Dh0.474. Dubai Islamic Bank closed 2.13 per cent higher at Dh5.28. Gulf Finance House closed more than 1 per cent higher at Dh1.04. Arabtec closed less than a per cent higher at Dh1.42. Out of a total of 35 stocks traded on the exchange, shares of 16 firms rose, while other 16 firms fell, the rest remained steady. In Abu Dhabi, First Gulf bank closed 2 per cent higher at Dh11.50. Aldar Properties ended 0.38 per cent lower at Dh2.59. Out of a total of 27 firms on the ADX, shares of 12 firms fell, while other 5 rose.
The rest remained steady.
Elsewhere in the Gulf, the Qatar exchange index closed 0.48 per cent higher at 10,405.20. Muscat Securities MSM 30 index closed 0.10 per cent lower at 5,686.55.
