Dubai: Saudi stocks jumped more than 1 per cent on Sunday to hit its highest level in nearly two months as the index breached a key resistance after the Opec and non Opec members agreed to extend output cuts through the end of next year.
The Tadawul all share index closed 1.22 per cent higher at 7,089.33, after hitting a high of 7,099.39, the level last seen in October. The index witnessed months of stability below the keenly watched 7,000 mark before the upmove.
The capital goods and commercial services index jumped more than 2 per cent, while the energy index rose 1 per cent.
“A bullish breakout over 7,075 may result in the index targeting 7300 in the coming months,” First Abu Dhabi Securities said in a note.
Dar Alarkan Real Estate Development Co, which was the most-active stock in trade, rose 7 per cent to end at 10.22 Saudi riyals (Dh10), while Alinma Bank closed at 18.28 riyals, up 1.73 per cent. Saudi Basic Industries closed at 101.60 riyals, up 1 per cent.
The Dubai Financial Market (DFM) was closed for National day. The DFM General Index closed at 3,420.17, down 0.25 per cent on Wednesday.
“Given the coming 3‐4 months is the season for the dividend trade, we recommend investors take selective positions in top dividend yielders.
Top dividend picks
Dubai Islamic Bank, Air Arabia, Emaar Properties are among our top dividend picks. To gain exposure to sector consolidation, we recommend UNB, Invest Bank,” First Abu Dhabi Bank said in a monthly note.
The Abu Dhabi Securities Exchange general index closed 4,283.07, down 0.28 per cent.
The Muscat MSM 30 index closed 0.06 per cent higher at 5,109.62.
The Egypt EGX 30 index closed 0.90 per cent higher at 14,712.80.
“The index is trading in the sideways up direction with immediate support seen at 13,496, if it remains intact it may target 14,500/15,025 in the
short term,” the note added.
