Saudi investors rode a wave of Trump-inspired optimism on Sunday, with local equities enjoying their best day in two weeks.
UAE stocks had a mixed start to the week, with most other regional bourses closing lower.
In Saudi Arabia, the Tadawul ended the day up about 0.8 per cent following the signing of US$350 billion worth of deals between Riyadh and the United States, during US president Donald Trump’s visit to the kingdom.
Optimism on Saudi stocks is also rising ahead of next month’s decision by index provider MSCI about whether to include these in its widely tracked Emerging Market Index.
“We are positive on the inclusion and suspect this will serve as the next catalyst for local investors to watch out for,” said Nayal Khan, the head of institutional sales trading at Saudi Fransi Capital in Riyadh.
The Dubai Financial Market General Index ended the day up 0.3 per cent, thanks to a strong gain by Arabtec Holding. The construction firm’s shares rose 10.8 per cent to 79.2 fils, on the news of a Dh1.5bn contract award to build the 2020 Tower in Dubai.
Dubai Islamic Bank and exchange operator Dubai Financial Market were among the other main gainers, rising 0.9 per cent and 1.8 per cent, respectively.
Shares in Abu Dhabi, meanwhile, closed down 0.2 per cent at 4,570.36, even as more stocks gained than fell.
First Abu Dhabi Bank and Etisalat weighed on the index, closing down 0.4 per cent and 0.6 per cent, respectively.
Kuwait’s Stock Exchange Index was the only other gainer in the Arabian Gulf, closing up 0.5 per cent.
jeverington@thenational.ae
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