Strong oil supports Saudi benchmark

Saudi Arabia’s Tadawul stayed near its highest level in three weeks yesterday, supported by strong oil prices.

The Tadawul index closed 0.15 per cent lower at 7,893.55, after gaining as much as 1.8 per cent to 7,908.42, the level last seen in early September, on Tuesday, when oil prices ruled at their highest level in four years. The energy index extended gains, rising another 1 per cent at 4,979.63. The consumer services index closed more than 3 per cent higher.

The Dubai Financial Market general index closed 0.78 per cent higher at 2,775.57. Emaar Properties closed 0.83 per cent higher at Dh4.85. Gulf Finance House closed 1.45 per cent lower at Dh1.33. Traded value was at Dh185 million, slightly higher than the previous day’s Dh155 million.

The Abu Dhabi Securities Exchange general index closed 0.28 per cent higher at 4,929.98. First Abu Dhabi Bank closed 1.26 per cent higher at Dh14.50. Abu Dhabi Commercial Bank closed 1.02 per cent higher at Dh7.90.

“Abu Dhabi Commercial and First Abu Dhabi bank seem to be moving the market which has been trading at extremely low volumes after news on the potential three way merger vanished,” Issam Kassabieh, senior analyst with Menacorp said.

Elsewhere in the Gulf, the Muscat MSM 30 index closed at 4,501.41, up 0.36 per cent. The Qatar exchange index closed 0.16 per cent higher at 9,728.50.