Tadawul closes in on 8,000 mark again
BOURSE CLOSES 1.28% HIGHER AT 7,999.54, AFTER AN INTRA-DAY HIGH OF 8,007.33
Saudi index closed 1.28% higher at 7,999.54, after hitting an intra-day high of 8,007.33, which was only 500 points away from year’s highest level at 8,502.92, while in the UAE, the DFM edged higher from previous session’s gains, as buying continues |
The Tadawul index jumped more than 1 per cent to close in on the keenly-watched 8,000 mark as strong oil prices, which were highest in more than four years, boosted risk appetite.
The Tadawul index closed 1.28 per cent higher at 7,999.54, after hitting an intra-day high of 8,007.33, which was only 500 points away from the highest level in the year at 8,502.92.
The energy and materials index remained the top bid for the day, with 2 per cent and 1.63 per cent gains. Saudi Basic Industries Corp closed 1.46 per cent higher at 125.40 Saudi riyals, while Alinma Bank closed 1.80 per cent higher at 21.52 riyals.
Local markets
In local markets, the Dubai Financial Market General index edged higher from the previous session’s strong gains as buying continued.
The Dubai Financial Market General index closed 0.33 per cent higher at 2,834.95.
“We are looking at the last day of the third quarter and expect that investors start showing their favourites for the results seasons as buying could spur on attractively valued stocks with a focus on banks due to recent increases in interest rates along with the consolidation phenomena that we have seen in the market,” Essam Kassabieh, senior analyst with Menacorp, said.
Dubai Islamic Bank closed 0.19 per cent lower at Dh5.38. Gulf Finance House closed 2.24 per cent higher at Dh1.37.
Emaar Properties closed 1 per cent higher at Dh 5.
The Abu Dhabi Securities Exchange general index closed 0.25 per cent lower at 4,935.37. Dans Gas closed 2 per cent higher at Dh1.18, while First Abu Dhabi Bank closed 0.70 per cent lower at Dh14.20.
Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.44 per cent higher at 4,543.68.