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Saudi trims gains; banks send Qatar 3.8pc higher

Saudi trims gains; banks send Qatar 3.8pc higher

RIYADH: The Saudi market ended on a positive note for the second day in a row, while a 6 percent gain in Qatar National Bank boosted the Qatar index, as the country’s biggest bank rebounded from recent selling due to concerns about its Turkey exposure.

The Saudi index rose 0.3 percent, off earlier highs, with losers outnumbering gainers by 89 to 68 and with a trading volume close to its lowest levels this year. The index rose 1.4 percent on Sunday.

National Commercial Bank jumped 3.0 percent and Savola added 2.6 percent.

Jabal Omar which jumped 4.4 percent earlier, trimmed gains and closed up 2.6 percent.

The company announced on Monday selling 90 residential units in its second phase of its flagship project in Mecca to Al Bilad Hospitality Fund for 1.15 billion riyals ($306.7 million) and said the deal would reflect positively on third quarter financial statements.

Saudi market, which has added nearly 11 percent in the year-to-date, has been buoyed by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.

Qatar’s index jumped 3.8 percent on banks’ strong gains, as Qatar Islamic Bank jumped 10 percent, Qatar National Bank jumped 6.1 percent and Qatar Commercial Bank  added 3.5 percent.

Qatari banking shares had taken a beating on concerns about their exposure to Turkey, but have seen some recovery recently.

The Turkish lira tumbled nearly 5 percent against the dollar on Monday after a week-long holiday, hit by persistent concern about a diplomatic rift with Washington over a U.S. pastor on trial in Turkey.

In Dubai, the index rose was flat and trading volumes hitting a multi-year low. Emirates NBD added 2.4 percent and property developer Emaar inched up 0.2 percent whereas Damac Properties fell 3.3 percent.

Abu Dhabi index rose 0.6 percent, mainly on a 2.5 percent increase by First Abu Dhabi Bank and a 1.4 rise by Union National Bank. Aldar Properties, on the other side, lost 1.6 percent and Etisalat

SAUDI ARABIA * The index added 0.3 percent to 8,000 points.

DUBAI * The index closed 0.1 percent up at 2,830 points.

ABU DHABI * The index gained 0.6 percent to 4,939 points.

QATAR * The index jumped 3.8 percent to 9,803 points.

KUWAIT * The index fell 0.8 percent to 5,303 points.

BAHRAIN * The index lost 0.3 percent to 1,348 points.

OMAN * The index added 0.3 percent to 4,382 points.

EGYPT * The index closed flat at 15,237 points.

Copyright Reuters, 2018

Source: Brecorder

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