DUBAI: Saudi Tadawul index sustained near its keenly watched 9,000 mark indicating underlying strength of the gauge even as traded value jumped.
The Tadawul index was 0.28 per cent higher at 9,000.43. “The index would continue to sustain near this 9,000 level, as long as it holds above the 50-day moving average of 8,912. The index may see the level of 9,500 in the short term,” said an analyst who did not wish to be named.
In stock specific action, Al Rajhi Bank was 0.99 per cent higher at 71.50 Saudi riyals. Saudi Basic Industries Corp. was 0.34 per cent higher at 119 riyals.
Saudi Kayan Petrochemical Co. was 1.59 per cent higher at 12.74 riyals.
The index has been the best performer in the region with 14 per cent gains since January 1 because of the inclusion of the index on the MSCI emerging market gauge.
The MSCI added the Tadawul index to the emerging market index at the close of trading on May 28 with a weight of 1.42 per cent, the highest in the region.
About 30 Saudi stocks were added in the first tranche, and the second step will come in the August 2019 Quarterly Index Review.
The Dubai Financial Market general index closed 0.56 per cent higher at 2,628.83. Dubai Islamic Bank closed 0.60 per cent higher at Dh5.07.
Emirates NBD closed 1.34 per cent higher at Dh11.35. Gulf Finance House closed at Dh0.860, down 1.49 per cent. Emaar Properties closed 0.23 per cent lower at Dh4.34. The Abu Dhabi Securities Exchange general index closed 0.23 per cent higher at 4,912.33.
Etisalat closed 1 per cent higher at Dh16.06. First Abu Dhabi Bank closed 0.41 per cent lower at Dh14.68. Abu Dhabi Islamic Bank (ADIB) closed 0.44 per cent lower at Dh4.57.
Elsewhere in the Gulf region, the Muscat MSM 30 index closed at 3,915.23, down 0.09 per cent. The Qatar exchange index closed at 10,420.14, up 0.29 per cent.