Dubai: The Tadwul index moved in a tight range on Sunday, indicating stability, after a massive 4 per cent rise on Thursday.
The index fell 0.62 per cent to be at 7,787.32, after gaining more than 4.10 per cent in the previous session. The downside was limited due to buying in energy stocks, whose index rose more than 5 per cent. Traded value fell to 2 billion riyals from the previous session’s 9 billion. Capital goods, transportation indices rose more than a per cent. Alinma Bank closed 1.69 per cent higher at 21.68 Saudi riyals, Saudi Basic Industries was 2.01 per cent lower at 127 riyals.
The Tadawul index had declined after investors went nervous guessing the implications after Saudi Arabia admitted that journalist Jamal Khassoggi was killed inside its consulate in Istanbul, but also the gauge also witnessed recovery due to buying by Saudi institutions.
The Dubai index remained mixed with few stocks gaining momentum such as Emaar Malls, Arabtec, Dubai Financial Market and Air Arabia.
The Dubai Financial Market General index closed 0.42 per cent lower at 2,724.83. Emaar Properties closed 2.01 per cent lower at Dh4.88. Arabtec closed more than 1 per cent higher at Dh1.9.
Air Arabia closed 3.06 per cent higher at Dh1.01. “Recent recovery in Air Arabia is hinting at price appreciation towards the resistance at Dh1.03/1.08,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.
The Abu Dhabi Securities Exchange general index closed 0.31 per cent higher at 4,897.57. Abu Dhabi Commercial Bank (ADCB) shares closed 0.80 per cent higher at Dh7.55.
“ADCB may attract renewed buying action and lift it up back towards the previous high at Dh8.00/8.15 levels in the near term,” the note added.
Going ahead, investors will focus on earnings reports from companies. “Investors will focus on third quarter earnings to access the economic environment and accordingly position themselves in the current market,” Allied Investment Partners said in a report.
Elsewhere in the region, the Musca MSM 30 index closed flat at 4,453.97.