Dubai: Saudi Arabia’s Tadawul index fell in a regional market, that traded sideways on Sunday. Traded value fell in Dubai.
The Tadawul index was 0.74 per cent lower to 8,305.48 on a day when the Dubai Financial Market general index closed 0.24 per cent lower to 2,941.81. The Abu Dhabi Securities Exchange general index closed 0.25 per cent lower to 4,832.22.
Saudi Basic Industries closed flat at 129.80 Saudi riyals after registering an 81 per cent jump in second quarter net profit.
Alinma Bank closed 0.18 per cent higher to 22.32 riyals. Saudi Kayan Petrochemical Co closed 1.55 per cent higher to 18.40 riyals.
Nama Chemicals Co closed 0.65 per cent higher to 30.80 riyals.
“The stock witnessed a bullish breakout over the sideways congestion barrier at 30.90 riyals, hinting at further continuation towards the rising channel resistance at 34 riyals in the near term and a break over shall extend gain towards the higher target at 39.00 riyals in the medium term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities. Alujain Corp closed at 1.28 per cent lower to 30.90 riyals.
“This loss was caused by the company’s announcement that there will be a delay in the publication of their periodic results. We view this as a temporary event and believe that the stock should recover in the short-term,” Al Mal Capital said in a note.
Etihad Etisalat Co closed more than 4 per cent higher to 19.78 riyals.
Investors must be wary
Elsewhere in the region, the Dubai Financial Market general index closed marginally lower. Traded value fell to Dh97 million, below the Dh100 million mark. Emaar Properties fell 1 per cent to Dh5.21. Dubai Islamic Bank closed 0.80 per cent higher to Dh5.01.
“Moving forward investors must be wary of the group along with the rest of the real estate sector’s financial performance in the first half of the year ahead of their release,” Issam Kassabieh, senior analyst with Menacorp.
Gulf Finance House closed 1.41 per cent lower to Dh1.40. Takaful Emarat closed 2.13 per cent lower to Dh2.30.
“As the real estate sector begins reporting first half financials starting with Deyaar on Sunday, the indices of both markets could see more downward pressure this week,” Kassabieh said in a morning note.
The Abu Dhabi Securities Exchange general index closed quarter of a per cent lower. Taqa shares ended 2 per cent higher to Dh1.21. Abu Dhabi Commercial Bank closed 0.99 per cent higher to Dh7.15.
Elsewhere in the region, the Qatar exchange index closed at 9,630.39, up 0.23 per cent. The Muscat MSM 30 index closed 0.06 per cent higher to 4,338.36.
