Dubai: Saudi Arabia’s Tadawul index saw weakness on Sunday after the index provider FTSE did not add the gauge on its emerging market index.
The FTSE Russell did not add Tadawul index to its emerging market index in its review, dejecting traders in the kingdom, while added the Kuwait index to the list.
The Tadawul index was 0.8 per cent lower at 7,223.62, after hitting a low of 7,192.79, down 1.2 per cent on day. Most of the selling came in from energy and materials shares.
Energy index was at 4,088.74, down 0.50 per cent. Materials index was 1 per cent lower at 4,849.08. Al Rajhi Bank closed 0.33 per cent lower at 65.70 Saudi riyals.
Saudi Basic Industries Corp. was 1.22 per cent lower at 101.60 riyals. Dar Alarkan Real Estate Development Co. closed 1.69 per cent higher at 6.61 riyals.
The Kuwait index closed 0.12 per cent lower at 6,671.63. The index has gained 16 per cent so far in the year, on the back of expectations that the gauge will be added to the FTSE emerging market index.
Key supports breached:
Dubai index witnessed renewed selling as key support levels were breached led y Gulf Finance House and Emaar Properties.
The Dubai Financial Market General Index closed at 0.52 per cent lower at 3,545.40, breaching a minor support of 3,558.
Gulf Finance House closed at Dh1.59, down more than 4 per cent, and was the actively traded stock on the bourse.
“GFH remains under pressure and should continue its move to the downside and
target the Dh1.55,” said Hisham Khairy, Head of Institutional Trading at Menacorp.
Emaar Properties closed 0.94 per cent lower at Dh8.41. Among other stocks, Drake and Scull closed less than a per cent to be at Dh0.375. DXB Entertainments closed more than 2 per cent lower at Dh0.738.
Air Arabia closed flat at Dh1.14. “Air Arabia has been holding its Dh1.11 support since august and saw a lift to the Dh1.14 on Thursday, stock looks pretty strong and should try and break its Dh1.17 recent high and target the Dh1.25 anytime soon,” Khairy said.
Traded volume stood at Dh158 million. The Abu Dhabi Securities Exchange general index closed 0.3 per cent higher at 4,410.51 helped by Etisalat. Etisalat closed 1.45 per cent higher at Dh17.55. Invest AD witnessed a bulk deal, registering volumes of 18.97 million shares at Dh2.40.
Elsewhere in the Gulf, the Muscat MSM 30 index closed at 5,155.56, up 0.35 per cent. The Qatar exchange index closed 0.24 per cent lower at 8,292.10. The Bahrain bourse all share index closed 0.02 per cent lower at 1,283.46.