JEDDAH\DUBAI: Active buying in selective stocks on Dubai’s index and Kuwait’s benchmark led both bourses to a higher close, amid lackluster activity elsewhere on Gulf Arab markets on Sunday.
Regional markets ended mixed, with lower than average volumes typical for the time of year, contributing to sideways movement on the benchmarks. Construction giant Arabtec advanced 6.3 percent, leading gains on Dubai’s index, with investors picking up real estate and related stocks.
Emaar Properties climbed 2.2 percent, while Drake and Scull, the electricity and plumbing services contractor, advanced 2.3 percent. Dubai’s index closed 0.6 percent higher at 1,769 points.
In Kuwait, the index climbed 0.8 percent to end at 7,113 points.
Oman’s index gained 0.2 percent to 6,180 points.
Saudi’s Tadawul index and Qatar’s benchmark were unable to sustain gains of the previous sessions however.
The Tadawul All-Share Index (TASI) closed 16.87 points down at 6,254.67 on Sunday. The market saw losses in 9 of the 15 sectors, with sector gains in the other 6 ranging from 0.06 percent in the Insurance sector to 1.60 percent in the Energy & Utilities sector. Losses were also in a similar range, going from 0.08 percent in the Cement sector to 1.95 percent in the Industrial Investment sector. Overall market breadth was positive, with 47 advancers and 71 decliners giving an AD ratio of 0.66, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary on Sunday.
Meanwhile, the Capital Market Authority (CMA) board of commissioners decided on Sunday to revoke the license granted to Talal Abo Ghazalah Financial Consulting Company in November 2008 for violating the Capital Market Law and implementing its regulations.
The Saudi bourse watchdog has given an asset management and brokerage license to an affiliate of Standard Chartered, according to a statement on Sunday.
In a statement, the CMA said Standard Chartered Capital Saudi Arabia would also be allowed to manage investment funds.
The Qatari index retreated 0.2 percent to 7,029 points.
— With input from agencies