MARKET REPORT

Saudi Arabia’s stock market breached a major technical support for the first time in three weeks yesterday as all Arabian Gulf markets rose.

The main Saudi index was up 1 per cent at 7,907.01 points, above its 200-day average of 7,902.35 points.

Middle East and North Africa markets are following the lead from the United States and other global emerging markets, said Vrajesh Bhandari, portfolio manager at Al Mal in Dubai.

“Being the last day of the month, we cannot rule out the possibility of some window dressing in specific markets,” Mr Bhandari added.

Saudi Advanced Industries rose 5.5 per cent after posting an increase in its third-quarter profit. Middle East Paper also added 2.4 per cent after reporting a gain its profit for the same period. Saudi Kayan increased 5.2 per cent, while Saudi Fisheries jumped 9.9 per cent.

The Dubai index added 1.5 per cent to close at 2,785 points, as market heavyweights Arabtec and Emaar Properties gained 5.8 per cent and 4.1 per cent, respectively.

Emirates NBD rose 0.9 per cent after posting a 16 per cent rise in third-quarter profit, benefiting from a jump in net interest income and a drop in bad loan impairments.

Abu Dhabi’s main index was up 0.9 per cent to 4,902 points on the back of a nearly 15 per cent surge in Ras Al Khaimah for White Cement and Construction Materials.

Union National Bank was up 1.9 per cent after an update on a potential merger with Abu Dhabi Commercial Bank, which added 1.5 per cent. Union National also posted a 7 per cent rise in its third-quarter profit on Tuesday.

Egypt’s blue-chip index was up 0.7 per cent to end the day at 13,250 points, helped by a 3 per cent gain in El Sewedy Electric.

In Kuwait the index was up 0.2 per cent at 5,234 points, while Bahrain’s was up 0.1 percent at 1,315 points. Oman’s index was up 0.1 per cent at 4,423 points.

Oil is set for its biggest monthly decline since 2016 as a looming slowdown in the global economy haunts the market while US inventories grow and producers relay mixed signals.

Futures in New York are poised for a drop of more than 9 per cent in October, following two months of gains.