Saudi Arabia’s Tadawul index jumped nearly 1.5 per cent, it’s the biggest gain in 2018 after banks surge as the gauge outperformed the other regional peers.
The Tadawul index was 1.46 per cent higher at 7,562.11.
“Global investors are viewing Saudi equities more closely ahead of a possible upgrade on the MSCI and FTSE. Though this optimism is selective in a few industries like banks and insurance,” Vrajesh Bhandari, portfolio manager at Al Mal Capital said.
Dar Alarkan Real Estate Development closed 1.12 per cent higher to 9.92 riyals. Saudi Steel Pipes jumped 10 per cent to 7.62 Saudi Riyals. Alinma Bank closed 3.04 per cent higher at 20 riyals. Saudi Kayan Petrochemical Co. was 0.47 per cent higher at 12.74 riyals.
Dubai index continued to witness selling in shares like Emaar Properties and Damac Properties.
The Dubai Financial Market General index closed 0.77 per cent lower at 3,157.45. Emaar Properties closed 2.28 per cent lower to Dh6.
“Money has moved away from Dubai and Abu Dhabi in search of value,” said Bhandari. Union Properties closed 0.22 per cent lower at Dh0.898.
Dubai Islamic Bank closed 0.18 per cent higher at Dh5.57. “DIB is trading below the important support levels, may extend decline to the previous lows of Dh5.40 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank.
Gulf Finance House closed 5 per cent higher at Dh1.48. Drake and Scull closed 1.5 per cent higher at Dh1.82.
The Abu Dhabi Securities Exchange index closed 0.17 per cent higher at 4,527.10.
First Abu Dhabi Bank closed 0.93 per cent higher at Dh10.9, while Etisalat closed at Dh17.90.
“FAB is still under the ex-dividend effect and has not settled yet but Etisalat is still gaining popularity backed by the share buy-back announced earlier by the telecom operator.” Menacorp said in a note.
Elsewhere, the Qatar exchange index closed at 8,308.34, down 0.75 per cent. The Muscat MSM 30 index closed flat at 4,929.80. The Kuwait index closed 0.44 per cent lower at 6,778.18.