Saudi index up 1% on brisk buying

TADAWUL GAINS 10.72% SO FAR IN YEAR, COMPARED TO A 14% FALL BY DUBAI INDEX

Saudi Arabia’s Tadawul All Share Index (Tasi) jumped 1 per cent above the 8,000 level, its highest level in a month, on brisk buying in blue-chips.

The index rose to a high of 8,022.83, the level last seen on April 16, before trading 1.33 per cent higher at 8,019.89.

The index went on to a high of 8,345 on April 24. Most of the gains came from the materials and consumer durables index.

“The TASI index may gradually head higher towards the 8,500/9,900 target levels,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note, which had a technical buy recommendation at 7,600 on March 12.

The TASI index has gained 10.72 per cent so far in the year, making it the top performer in the region. This compares with a 14 per cent fall on the Dubai index.

Dar Al Arkan Real Estate Development Co closed 0.34 per cent higher at 11.88 Saudi riyals (Dh11.63), while Alinma Bank closed 0.88 per cent higher at 20.54 riyals.

The Dubai Financial Market General index closed 0.36 per cent higher at 2,892.05.

Drake and Scull closed 1.82 per cent higher at Dh1.12. Emaar Properties stayed below the keenly watched Dh5 mark, closing 0.40 per cent lower at Dh4.97.

Short-term sentiment

“This is a harsh reminder that Middle East markets are still dominated by traders and retail players rather than long-term fundamental investors, that is, shortterm sentiment often dominates,” Al Mal Capital said in a weekly update.

Arabtec closed 1.15 per cent higher at Dh1.76. Dubai Islamic Bank closed at Dh4.90, up 1 per cent.

The Abu Dhabi Securities Exchange general index closed 0.29 per cent lower at 4,424.99.

Dana Gas closed 3.85 per cent higher at Dh1.08. Etisalat closed 0.93 per cent lower at Dh16.

Abu Dhabi Commercial Bank closed 0.29 per cent lower at Dh6.82 while Taqa was down nearly 10 per cent at Dh1.18.