Central bank cash boosts Saudi index

DRAKE AND SCULL GAINS MORE THAN 2.5% IN DUBAI IN ACTIVE TRADING

S audi Arabia’s Tadawul index edged higher, leading regional gains helped by banking stocks after reports that the central bank would infuse $5 billion (Dh18.4 billion) to ease the cash crunch. The Tadawul index was 0.78 per cent higher at 5,959.12, after hitting a high of 5,981.15.

“The liquidity injection in Saudi banks shows that government is cognisant of what is happening in the banking sector, and this factor supported the markets there,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

Alinma Bank was 0.81 per cent higher at 12.45 Saudi riyals, while Saudi Basic Industries Corp. was up 0.42 per cent at 82 riyals.

Listless trade

“We have the oil meeting which we think would be a non-event, but if they say something positive, that would help the markets. We should be looking at Saudi stocks to stabilise,” said Khokhar said.

“Otherwise it was a listless trade today, though Qatar did reasonably well,” Khokhar said. The Dubai Financial Market General index closed 0.04 per cent higher at 3,492.96. Arabtec, which was the most-active stock in trade on Sunday after Tasameem Real Estate bought more than 8 per cent stake. Arabtec closed 1.97 per cent lower at Dh1.49, and was the mostactive stock in trade.

Drake and Scull extended gains for another session. Drake and Scull closed 2.59 per cent higher at Dh0.514. About 149 million shares were traded on DFM, its highest since April. Damac Properties closed 1.34 per cent to Dh2.34. Out of a total of 34 stocks traded on the exchange, shares of 20 firms fell while 10 rose. The rest remained steady.

The Abu Dhabi Securities Exchange General Index closed 0.11 per cent lower at 4,492.22.