Tadawul is world’s top performer for the day

Saudi Arabia’s stock market was the world’s best performer today, on renewed hopes of an oil production deal at next week’s Opec meeting in Vienna.

In the UAE, shares in Arabtec Holding had their best day for nine months, boosting equities in Dubai and Abu Dhabi.

In Saudi Arabia, the Tadawul closed up 3 per cent, as confidence grew over the prospect of a deal next week between Opec states and other producers on production levels. Sabic and Jabal Omar Development led gains, rising by 4.1 and 5.8 per cent respectively.

Brent crude futures rose as high as US$49.41 per barrel before slipping to $49.02 late afternoon UAE time.

In the UAE, the Dubai Financial Market General Index began the day slightly lower, but closed up 1.8 per cent, after a surge by Arabtec lifted other big-name stocks. The company’s shares closed up 14.4 per cent at Dh1.35, thanks to a high volume of trades in the afternoon session.

A company spokesman insisted that there was no material news behind the increase in the share price.

Arabtec’s surge sparked increases in other big-name stocks, with Emaar Properties and DIB rising by 1.4 per cent and 1.8 per cent respectively.

Abu Dhabi’s headline index followed its Dubai counterpart, closing 1 per cent higher after initially trending lower in the morning. Shares in FGB, the index’s heaviest weighted stock, rebounded after Tuesday’s sharp fall, closing up 2.2 per cent at Dh11.75. Etisalat, NBAD and Aldar Properties also gained.

Eshraq Properties shares fell sharply for the second day in a row, closing 5.4 per cent lower at Dh1.05.

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