SABIC helps to halt Saudi shares slide

SAUDI RECOVERY: Shares recovered from Sunday's five percent battering. (Getty Images)

Gulf indices posted mixed performances on Monday, as Riyadh’s Tadawul recouped Sunday’s losses, Dubai traded sideways and banks dragged the Muscat measure lower.

Shares of Saudi Basic Industries Corp (SABIC) led gains in Saudi Arabia, snapping a four-day losing streak.

SABIC closed 6.94 percent higher as investors deemed the stock attractive. Al-Rajhi Bank closed 5.26 percent higher.

The index ended 4.27 percent up at 8,245 points.

The index recovered after shedding more than five percent on Saturday following the implementation of new bourse regulations.

“It was an unjustified decline and eventually the fundamentals override,” said Hisham Tuffaha, head of research at Riyadh-based Bakheet Investment Group.

“The sharp decline was very attractive to high net worth individuals and fund managers.”

Shares of Emaar Properties and Dubai Islamic Bank lifted Dubai marginally higher, while banks pushed Abu Dhabi's benchmark higher.

Emaar rose 0.12 percent to 8.08 dirhams a share and Dubai Islamic gained 1.91 percent.

The Dubai index, down almost 25 percent this year, inched 0.04 percent higher to 4,474 points.

In Abu Dhabi, First Gulf Bank surged 7.55 percent, having shed more than 18 percent this month, and Abu Dhabi Commercial Bank rose 2.54 percent.

The measure closed 0.47 percent up at 4,169 points

Shares of Kuwait Finance House and National Industries Group weighed on Kuwait's benchmark, extending losses into a second trading day.

Kuwait Finance fell 0.79 percent and National Industries 1.01 percent.

The index, which is the Gulf's best performer this year with a gain of more than 11 percent, edged 0.23 percent lower to 13,510 points.

Markets in Qatar and Bahrain closed marginally higher, recouping some losses from Sunday as banks led gains.

Shares of Qatar National Bank and Commercial Bank of Qatar ended 1.1 percent and 1.56 percent higher respectively.

The index, up 1.69 percent at Sunday's close, gained 0.28 percent to 9,770 points.

In Bahrain, Ithmaar Bank surged 6.56 percent, having fallen more than 8 percent on Sunday.

Al-Salam Bank erased losses from the previous day, closing 4.52 percent up.

The Qatari measure, down almost 6 percent this year, gained 0.53 percent to 2,615 points.

Shares of Bank Muscat and National Bank of Oman weighed on Oman's main benchmark, reversing gains from Sunday, although institutions bought towards the end of the session.

“In the last hour of trading, the market rebounded with excellent buying in Bank Muscat, Oman Telecommunications Co (Omantel) and Galfar Engineering,” said Adel Nasr, local brokerage manager at United Securities.

The market is likely to rebound in the next few days as foreign and retail selling has slowed, he said.

Bank Muscat fell 0.82 percent, Omantel shed 0.85 percent and National bank dropped 3.35 percent.

The index, up 1.69 percent this year, slipped 1.86 percent to 8,834.78 points.

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM