Shares in Saudi Arabia topped gains across the Arabian Gulf yesterday, with UAE bourses closing slightly lower.
Saudi banks registered strong gains despite a series of lacklustre results posted last week.
Al Rajhi Bank and Banque Saudi Fransi led with gains of 1.9 per cent and 4.5 per cent respectively as the kingdom’s central bank said the sector’s liquidity is at comfortable levels. “Investors seem to have shrugged off the relatively disappointing Q4 results,” said Nayal Khan, the head of institutional sales trading at Saudi Fransi Capital in Riyadh.
The gains led the Tadawul 1.7 per cent higher, its best one-day gain since mid-November. Saudi Industrial Investment Group and Jabal Omar were among the best-performing non-financial stocks, ending up 9.4 per cent and 1.4 per cent.
UAE bourses drifted lower as investors trod water ahead of further fourth-quarter results. Shares in Dubai closed down by 0.3 per cent at 3,707.45.
Shuaa Capital acted as the main drag on the index. The investment firm’s shares, which surged to their highest level since early-2014 on Sunday, fell back sharply, closing 9.8 per cent lower at Dh1.66. Dubai Investments and Emaar Properties also fell. DIB was the pick of just five gainers, ending up 0.3 per cent at Dh6.07.
The Abu Dhabi Securities Exchange General Index retreated to finish 0.9 per cent lower at 4,657.57. Etisalat and NBAD declined 1.3 and 1.4 per cent respectively, with Abu Dhabi National Hotels leading just five gainers.
Shares in Kuwait extended gains for a 14th session, finishing up 0.6 per cent. The Kuwait Stock Exchange Index’s gains stand at 16.6 per cent for the year, topping global rankings.
jeverington@thenational.ae
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