Saudi shares surged yesterday after the country’s record-breaking bond issue and positive signals on oil prices, and payment to contractors.
The kingdom raised US$17.5 billion in its first ever international bond sale, an emerging market record, through a series of five-year, 10-year and 30-year notes on Wednesday.
The sale coincided with a 15-month high in the price of US crude, following a surprise drop in US supplies, together with news that the Saudi government had finally resumed payments to contractors after several months.
The Tadawul closed up 2.3 per cent, its best one-day performance in more than two weeks, led by gains from Jabal Omar Development, Al Rajhi Bank and NCB. The index, however, finished 0.7 per cent lower for the week overall.
Saudi Electricity closed up 5.9 per cent, after the utility announced its best quarterly profit in more than 10 years. The Dubai Financial Market General Index was the best gainer in the region behind the Tadawul, closing up 0.6 per cent at 3,340.49. Emaar Properties and DXB Entertainment led big-name gainers on the index, closing up 2.1 per cent and 4.4 per cent, respectively.
The Abu Dhabi Securities Exchange General Index closed 0.3 per cent lower at 4,294.46.
Banks and financial-service providers were the poorest performers on the index, ahead of a series of third-quarter earnings releases next week. FGB and NBAD fell by 0.8 per cent and 1.8 per cent, respectively, with Rakbank, Waha Capital, UNB and ADCB all closing lower.
Etisalat was the pick of the gainers on the index, closing up 0.5 per cent at Dh19.50.
jeverington@thenational.ae
Follow The National's Business section on Twitter
