Dubai: Saudi Arabia’s Tadawul index rose on Sunday, extending its gaining streak for a seventh session to hit its highest level in nine months.
Tadawul rose 0.99 per cent to be at 8,291.46, after hitting an intra-day high of 8,290.47, its highest level since May 2018. The last 52-weeek high was at 8,502 hit in August 2018.
“The index has formed a bullish reversal pattern and is trading over key resistance levels. The trend is up headed towards the higher levels of 8,570/9,000 in coming months,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a recent note.
The index has recovered 10 per cent from the low of 7,580 hit on December 23. The Dubai Financial Market general index has gained 5 per cent from its December 25 low of 2,429.
FABS had advised traders to buy Jarir Marketing at 153 Saudi riyals for a target of 170/185 riyals. The stock has gained 4.3 per cent since December 17. FABS had advised traders to buy Al Marai at 51.50 Saudi riyals for a target of 60 riyals. Al Marai traded at 53.80 riyals, up 2 per cent. The stock has gained 4.5 per cent since December 17.
The EGX 30 index rose 1.5 per cent to be at 13,562. “We expect recovery from current levels to 15,000/17,000 in the short term,” Prakash said. The Egyptian index has gained 12 per cent from the recent low of 12,076 hit on December 9.
The Dubai Financial Market general index closed 0.31 per cent lower at 2,537.68. Damac, Emaar Malls were hit. Damac Properties closed 0.67 per cent lower at Dh1.49. Emaar Malls closed 3.37 per cent lower at Dh1.72. Emaar Properties closed steady at Dh4.06.
“This week is about to get interesting especially for Dubai as Emirates Islamic and Emirates NBD schedule their 2018 full year financial review for Tuesday January 15 which could see preliminary results published soon and thus set the pace for the banking sector, a sector that has done well over the year,” Issam Kassabieh, Senior Financial Analyst, Menacorp said.
The Abu Dhabi Securities Exchange general index closed 0.13 per cent higher at 4,968.68. First Abu Dhabi Bank closed 0.97 per cent higher at Dh14.52. Abu Dhabi Commercial Bank closed 1.32 per cent lower at 8.24 riyals.
“First Abu Dhabi Bank; the index remains a positive performer on the back of bank mereger and acquisition as especially with the potential three-way bank merger still in the mix. Abu Dhabi Commercial Bank is still moving upwards despite looking a bit expensive at the moment whilst keeping in mind the pressures of the current on price on the upcoming dividend announcement,” Kassabieh said.
The Muscat MSM 30 index closed 0.15 per cent lower at 4,304.19.