Dubai: Saudi Arabia’s Tadawul index jumped more than a per cent on Sunday after a weeklong holiday, leading regional gains on the back of strong performance in oil prices.
The Tadawul index closed 1.42 per cent higher at 7,978.83. The index hit a high of 7,988.10 earlier in the session, closing in on the keenly watched 8,000 mark.
The energy index, which closed 2 per cent higher, witnessed the highest percentage gains followed by materials and transportation, which gained more than 1 per cent.
Oil prices rose more than 1 per cent on Friday on expectations of lower supplies from Iran due to US sanctions. Brent crude, on which Saudi Arabia depends for its revenues, settled up 1.5 per cent, at $75.82 (Dh278.26) a barrel.
The Dubai Financial Market General index, which has been on a losing streak due to weakness in shares of Emirates NBD, closed 0.36 per cent higher at 2,825.83. Emirates NBD, which was the second most active stock in trade, closed 1.98 per cent higher at Dh9.28. DP World closed 2.29 per cent lower at $20.52. Emaar Properties closed 0.50 per cent lower at Dh5.03.
Aramex closed 2 per cent higher at Dh4.40.
The Abu Dhabi index closed 0.5 per cent higher to 4,909.50. Union Arab Bank closed more than 13 per cent at Dh1.2, while Abu Dhabi Commercial Bank closed 2.29 per cent higher at Dh7.16.
“With no real disruptive news announced and investors returning from a long holiday, the markets should begin to recover from the prolonged periods of negative sentiment and poor performance,” said Issam Kassabieh, senior analyst with Menacorp.
Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.55 per cent lower at 4,366.89. The Qatar exchange index closed 0.03 per cent lower at 9,445.35 while the Kuwait All Share index closed 0.43 per cent lower at 5,185.92.
