Quiet day’s trading for region’s markets

Saudi Arabia’s stock market edged up 0.19 per cent yesterday to 8.248.47 points, ahead of what is expected to be a decision by FTSE on Wednesday to include the kingdom in its secondary emerging markets index.

Among the risers was Dar Al Arkan, up 1.66 per cent and Saudi Cement Company, which increased 1.04 per cent.

Fallers included the jeweller Lazurde, down 0.61 per cent and Alimna Bank, which dropped 0.42 per cent.

In Dubai, the main index gained 0.5 per cent to 3,042.82.

Main risers included Emaar, up 2.96 per cent, DIB, rising 0.93 per cent and DP World, increasing 0.79 per cent.

Losers included DIC, falling 5.85 per cent and GFH, down 0.79 per cent and Arkan, falling 3.28 per cent. TAQA shed another 2.88 per cent after falling 6.3 per cent the day before.

In Abu Dhabi, the ADX ended up 0.56 per cent at 4,697.23, with Dana leading the way, up 14.94 per cent and Eshraq up 4.29. Losers included NBQ, down 9.49 per cent and Arkan, which slid 3.28 per cent.

Gold prices hovered near five-week lows yesterday as higher US bond yields and a stronger dollar dampened interest in bullion.

Worries about the growing supply of US government debt and inflationary pressures from rising oil prices this week pushed US 10-year bond yields above 3 per cent for the first time in four years.

That has reduced the attraction of gold, which does not pay a yield, and helped thrust the dollar to its strongest since January, making bullion more expensive for holders of other currencies.

Spot gold was down 0.2 per cent at $1,320.21 an ounce by 3.09pm GMT. On Wednesday, gold touched its lowest since March 21 at $1,318.51.

US gold futures were 0.1 per cent lower at $1,321.70. Interest from physical buyers and technical support at gold’s 100-day moving average of $1,319.51 was helping to prevent further falls.

“At these low [price] levels, the market could now attract some physical buying interest,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

“The market has a very good (physical) support at around $1,310 to $1,315.”