DUBAI: Traded volume jumped by 51 per cent on Tadawul bourse on Monday due to renewed trading interest after the MSCI emerging market index.
Volume jumped to 210 million shares valued at 5 billion riyals, much higher than monthly average of 130 million shares. About 730 million shares were traded on May 28, the day on which the Tadawul index was upgraded to the emerging market index.
Dar Alarkan Real Estate Development’s volume jumped 50 per cent to 48 million shares, triggering a 6 per cent jump in share price, that closed at 12.04 riyals.
The Tadawul index extended gains for another session, closing 1 per cent higher at 8,975.63.
“We believe Saudi Arabia has peaked and expect the Index to be range bound around the 9,000 level. In a couple of weeks, we should start getting second quarter corporate results and that should take attention back to what is happening ‘on the ground’,” Vrajesh Bhandari, senior portfolio manager with Al Mal Capital told Gulf News.
The Tadawul index has been one of the best performing regional markets and has gained 14 per cent in the year so far.
Stock picking
“Equity markets in the region as elsewhere globally are focused on monetary policy meetings, especially the Fed & looking for signals on chances of rate cuts ahead. There are interesting ideas across the GCC — not just in UAE and Saudi but also in Kuwait and Qatar — however stock picking is the key,” Bhandari said.
The Dubai Financial Market general index closed flat at 2,614.31. DP World closed 2.94 per cent lower at $16.50.
Emaar Properties closed 0.23 per cent lower at Dh4.35.
The Abu Dhabi Securities Exchange general index closed 1.09 per cent lower at 4,901.08. Most of the weakness came in from falling First Abu Dhabi Bank shares.
FAB shares closed 2.73 per cent lower at Dh8.20.
The Muscat MSM 30 index closed 0.09 per cent higher at 3,918.90.
