Tadawul trades positive for second day

The Saudi market ended on a positive note for the second day in a row, while a 6 per cent gain in Qatar National Bank boosted the Qatar index, as the country’s biggest bank rebounded from recent selling due to concerns about its Turkey exposure.

The Saudi index rose 0.3 per cent, off earlier highs, with losers outnumbering gainers by 89 to 68 and with a trading volume close to its lowest levels this year. The index rose 1.4 per cent on Sunday.

National Commercial Bank jumped 3 per cent and Savola added 2.6 per cent. Jabal Omar which jumped 4.4 per cent earlier, trimmed gains and closed up 2.6 per cent.

The company announced on Monday selling 90 residential units in its second phase of its flagship project in Makkah to Al Bilad Hospitality Fund for 1.15 billion riyals and said the deal would reflect positively on third quarter financial statements.

Saudi market, which has added nearly 11 per cent in the year-to-date, has been buoyed by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.

Qatar’s index jumped 3.8 per cent on banks’ strong gains, as Qatar Islamic Bank jumped 10 per cent, Qatar National Bank jumped 6.1 per cent and Qatar Commercial Bank added 3.5 per cent.

The Turkish lira tumbled nearly 5 per cent against the dollar on Monday after a weeklong holiday, hit by persistent concern about a diplomatic rift with Washington over a US pastor on trial in Turkey.

In Dubai, the index rise was flat and trading volumes hit a multi-year low.

Emirates NBD added 2.4 per cent and property developer Emaar inched up 0.2 per cent whereas Damac Properties fell 3.3 per cent.

Abu Dhabi index rose 0.6 per cent, mainly on a 2.5 per cent increase by First Abu Dhabi Bank and a 1.4 per cent rise by Union National Bank.

The Saudi index rose 0.3%, off earlier highs, with losers outnumbering gainers by 89 to 68