Tadawul bucks trend as bourses slip

Middle East stock markets mostly fell yesterday, although the Tadawul gained slightly.

The Saudi exchange closed up 0.4 per cent at 7,643.4. Among the gainers was Saudi Indian Company for Cooperative Insurance, which ended up 2.8 per cent and Saudi Basic Industries Corporation, which closed up 1.5 per cent.

Fallers included Al Abdullatif Industrial Investment Company, down 2.1 per cent and Tihama Advertising and Public Relations, which ended the day 0.3 per cent lower.

In Dubai, the DFM General Index closed down 0.3 per cent at 2,742.98 with main gainers including Ajman Bank, up 1.1 per cent and Almadina, which gained 0.6 per cent.

Fallers included AirArabia, down 0.9 per cent and Al Salam Group, which lost 0.9 per cent.

Dubai’s non-oil foreign trade recorded Dh645 billion in the first half of this year, an increase of Dh5bn from 2017 figures, according to state news agency Wam.

Dubai’s re-exports registered a Dh24bn increase and grew 14 per cent to Dh203bn, which reflects the healthy position Dubai has as a distinctive regional and international re-export hub, Wam said, while imports touched Dh377bn and exports totalled Dh65bn.

In Abu Dhabi, the ADX was also down, by 0.1 per cent, closing at 4,876.39. Major gainers were Julpahr, which gained 7.5 per cent, International Holding Company, which put on 3.5 per cent and Methaq Takaful, up 2.5 per cent.

Fallers were led by National Marine Dredging Company, which slid 6.8 per cent, followed by Sharjah Cement and Industrial Development Company, which shed 5.9 per cent.

The Kuwait index lost 2.9 per cent to close at 5,129.4, while Bahrain’s ended essentially flat at 1,340.06.

In the oil markets, Brent crude yesterday jumped 2 per cent to an intraday high of $79.73 per barrel, after touching $80.13 per barrel earlier this month. Brent rose to a three-year high of $80.50 per barrel in May, prompting US President Trump to complain about rising fuel prices.

US West Texas Intermediate crude was up $1.32 cents at $70.23 per barrel at 13.46 GMT.

Saudi Arabia yesterday said was comfortable with Brent oil prices rising above $80 per barrel as the global market adjusts to the loss of Iranian supply from US sanctions, according to sources.