Saudi stocks gain for fourth day, lead regional peers

Dubai

Investors continued to hunt for bargains in Saudi Arabia, causing the rally to enter into the fourth straight day.

The Tadawul index was 0.95 per cent higher at 5,794.41, after gaining 4 per cent in the previous three sessions.

Index of cement and retail firms gained more than one per cent, followed by banks, financial services and petrochemicals, indicating the broad-based buying from investors.

Dar Alarkan Real Estate Development Co. gained 0.97 per cent to be at 5.25 Saudi Riyals, while Alinma Bank gained more than 1 per cent to be at 12.80 riyals. Takween Advanced Industries Co.also gained more than 1.5 per cent to be at 10.95 riyals. Saudi Basic Industries Corp. was 0.19 per cent lower at 84 riyals.

The Dubai Financial Market General Index closed 0.12 per cent higher at 3,359.39. Gulf Finance House gained more than 6 per cent to end at Dh1.16. Emaar Properties also gained more than 1 per cent to end at Dh6.90. Shuaa Capital closed more than 5 per cent higher at Dh1.020. Dubai Entertainments closed 0.62 per cent higher at Dh1.63. Dubai Islamic Bank closed 1 per cent lower at Dh5.30. Out of a total of 35 stocks traded on the exchange, shares of 21 firms rose, while other 12 firms fell. The rest remained steady.

The Abu Dhabi Securities Exchange General Index closed 0.23 per cent lower at 4,289.35. RAK Properties closed almost flat at Dh0.61, while Eshraq Properties closed flat at Dh0.78. Out of a total of 24 stocks traded on the bourse, shares of 12 firms rose, while other 6 each declined and stayed flat.

Elsewhere in the Gulf, the Qatar exchange index closed 0.27 per cent lower at 10,406.27. the Muscat Securities MSM 30 index closed 0.12 per cent lower at 5,531.45. The Bahrain bourse all share index closed 0.10 per cent at 1,148.56. The Egyptian stock exchange index was 0.61 per cent lower at 8223.36.