JEDDAH, 25 December 2007 — Stock markets in the Gulf impressively re-opened trading activity yesterday after the Eid holidays as investors’ expectations of positive full-year company profit results propelled the markets further into positive territory.
Saudi Arabia’s benchmark Tadawul All Share Stock Index closed up 2.26 percent to 11,606.34 points.
Turnover reached SR18.21 billion with a total volume of 459,746,668. It is the best-performing Arab benchmark in the fourth quarter, up about 45 percent since Oct. 1.
Active trading on Tadawul was fueled by the hefty gains chalked up by Jabal Omar, Saudi Kayan, SABIC, Kingdom and Al-Rajhi whose shares were the most active in value, raking in 1.80 percent, 6.66 percent, 2.51 percent, 3.70 percent and 5.63 percent, respectively in yesterday’s closing.
In terms of volume, the most active among Saudi stocks yesterday were Jabal Omar, Kingdom, Saudi Kayan, Emaar E.C. and Saudi Electricity with percentage increases of 1.80, 3.70, 6.66, 2.06 and 1.53 respectively.
Top gainers in yesterday’s trading were Qassim Agriculture, netting an 8.60 percent increase, followed by Jazan Development with 7.61 percent hike in share price. Medgulf, Saudi Kayan and Jouff Agriculture came next with an increase of 7.33 percent, 6.66 percent and 6.45 percent, respectively.
In the neighboring UAE markets, Dubai index jumped 0.55 percent to 5,861.67 points, its second day of gains after four days of losses, lifted by Emaar Properties which rose 2.5 percent and Union Properties which registered 5.43 percent gain.
In Abu Dhabi, the benchmark closed up 0.43 percent to 4,599.81 points as Aldar Properties surged 9.13 percent.
“Investors want to pile into the (Aldar) stock on expectations of good results as real estate shares are in focus now,” said Haissam Arabi, managing director of the asset management group at Shuaa Capital.
In Bahrain, the benchmark climbed almost 20 percent this year, edging up 0.1 percent to 2,655.55 points. National Bank of Bahrain and Bahrain Islamic Bank lead an early rise in the main index, with gains of 1.18 percent and 0.39 percent, respetively.
Oman’s benchmark, up almost 62 percent this year and the Gulf’s biggest gainer, inched up 0.26 percent to 9.059.75 points. Renaissance jumped 6.3 percent.
Qatar Gas Transport Co (Nakilat) and Qatar National Bank lifted Qatar main index, which had closed lower in the six trading days before the Eid Al-Adha holiday.
Nakilat rose 2.85 percent and Qatar National 2.43 percent after it said it planned to open its first branch in Oman before the end of the month to tap growth in the Gulf state.
In Kuwait, the benchmark ended up 0.63 percent at 12,389.90 points as the National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) lead the main index to close higher for the fourth consecutive session. NBK inched up 0.99 percent and KFH 1.42 percent.
