Dubai: Saudi Arabia’s Tadawul index closed above the keenly watched 8,000 mark on Monday amid mixed sentiment on sector indices. Support from transportation and consumer durables was offset by weakness in energy shares.
The Tadawul index closed 0.27 per cent higher to 8,000.34, after hitting a high of 8,045.16, the level last seen on August 13.
Saudi Basic Industries Corp. closed 0.16 per cent higher to 125.40 Saudi riyals, while Alinma Bank closed 0.27 per cent lower to 22 riyals. Saudi Kayan Petrochemical Co. closed 0.22 per cent lower to 18.24 riyals. Middle East Healthcare Co. ended 2.55 per cent higher to 42.15 riyals.
The Dubai Financial Market (DFM) also traded mixed. The DFM General Index closed 0.14 per cent higher to 2,829.72. Emaar Properties was the actively traded stock, and closed 0.20 per cent higher to Dh5.04, after losing on Sunday.
“Emaar saw red in spite of a strong performance in the last quarter as investors remain wary of the implications of the lira’s decline on the company’s investments in Turkey,” said Essam Kassabieh, senior analyst with Menacorp.
DP World closed more than 2 per cent higher to $21 (Dh77). Emirates NBD extended its gaining streak for a third session in a row. Emirates NBD closed 2.37 per cent higher to Dh9.50. In other stocks, Dubai Islamic Bank closed 0.30 per cent higher to Dh5.02.
Emaar Development closed at Dh5.15, down 1.34 per cent. Total traded value stood at Dh130 million, not even half compared to the past few weeks. The Abu Dhabi Securities Exchange general index closed 0.6 per cent higher to 4,938.92 amid low volumes.
“In spite of the perceived rebound of both exchanges in the last couple of trading sessions, the persisting low trading volumes cast a shadow on the future outlook and any clear indication on the direction of the markets is yet to be seen,” Kassabieh said.
Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.34 per cent higher to 4,381.78. The Qatar exchange index closed 3.78 per cent higher to 9,802.63.