The Saudi Tadawul All-Share Index closed down yesterday as retail investors dumped speculative stocks after grim jobs data from the United States cast doubt on the speed of the recovery of the world's biggest economy.
US employers added 120,000 jobs in March, the smallest increase in five months and less than expected, according to official data on Friday. The Saudi index showed some reaction to the data on Saturday, closing down 0.42 per cent. On the first day of the trading week for the rest of the region, the Tadawul fell a further 1.84 per cent to 7,717.72 as retail investors took flight.
"The weak payrolls data from the US set a negative tone and is an excuse for retail investors who have benefited from the 25 per cent rally on the Tadawul so far this year to take some profits," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.
A drop in the index offers investors who missed out on this year's rally so far in Saudi equities another chance, said Mr Khokhar, who expects the index to rise after a short contraction.
"It's a very good buying opportunity to get into the country at lower levels, especially if it were to fall another couple of per cent."
However, UAE markets were likely to suffer in the coming session as investors took their lead from Saudi Arabia, he said.
The Abu Dhabi Securities Exchange General Index closed down 0.03 per cent at 2,558.14. The Dubai Financial Market General Index ended the day down 1.06 per cent to 1,668.62. The Nasdaq Dubai closed at 1,714.390, down 0.58 per cent.
[ lmiller@thenational.ae ]
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
CABINET OF CURIOSITIES EPISODE 1: LOT 36
Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
1971: The Year The Music Changed Everything
Director: Asif Kapadia
4/5
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
