We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 29 Dec 2009 10:07 AM

Font Size

- Aa +

Saudi index ends lower, extends losses

UPDATE 4: Blue chips lead gains in Oman, MSI ends higher amid decent volumes.

Saudi Arabia's index TASI extended losses from the two previous sessions, ending lower in the penultimate trading day of the year for the exchange.

Banks declined with Saudi British Bank losing 2 percent and Samba Financial Group slipping 1.9 percent.

"In Saudi, the banking sector is being sold off more, but there is nothing significant, the general picture of the market is bearish," said Musa Haddad, head of Middle East equities trading desk at National Bank of Abu Dhabi.

The index retreated 0.9 percent to 6,122 points.

UAE markets ended mixed, after stocks in Dubai come under selling pressure following Monday's rally, but selective buying at low volumes in Abu Dhabi helped the benchmark extend gains.

Construction firm Arabtec suffered from profit-taking and ended 3.7 percent lower after three consecutive sessions of strong gains.

Bellwether Emaar Properties also declined, ending 4.3 percent lower.

"If you exclude Arabtec, you notice volumes are still very weak, which is expected for the time of the year. Institutional and long-term investors are on the sidelines," said Chamel Fahmy at Beltone Financial.

Dubai's index retreated 2.2 percent to 1,789 points.

In Abu Dhabi, Emirates Telecommunications Co (Etisalat) gained 1.9 percent and investment company Aabar added 3.1 percent, helping lift the index to a higher close.

The benchmark ended 0.5 percent higher at 2,743 points.

Blue chips led gains on Oman's index MSI, which ended higher amid decent volumes, on increased institutional investor interest.

Galfar Engineering rose 2.5 percent, and Renaissance Services gained 2.8 percent.

Among banks, National Bank of Oman added 2.6 percent and Bank Muscat climbed 1.1 percent.

"There is huge demand from local institutions, which led the market. Most gains are in blue chips and these are mainly institutional stocks," said Adel Nasr, at United Securities in Muscat.

The index ended 1.6 percent higher at 6,298 points.

Other Gulf bourses ended lower, with Kuwait's index KWSE slipping 0.6 percent despite bellwether Zain rising 2 percent.

Qatar's index QSI ended slightly lower, down 0.2 percent at 7,016 points and Bahrain's measure BAX also retreated, ending 0.2 percent lower at 1,446 points. (Reuters)

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.