Arabian Gulf bourses rise ahead of Saudi meeting

07/06/2016 02:27 AST

Stocks across the Arabian Gulf finished largely in positive territory on the first day of Ramadan as markets anticipated the announcement of new details of Saudi Arabia’s National Transformation Plan.

The kingdom’s council for economic and development affairs on Monday passed the ambitious economic restructuring plan to the Saudi cabinet for approval. The details were set to be revealed in a news conference last night.

Saudi Arabia’s Tadawul All Share Index ended the day up 1 per cent at 6,477.07. Regional bourses also drew comfort from oil prices, which traded above the US$50 per barrel mark much of the day.

Shares in Abu Dhabi ended the day up 0.4 per cent at 4,313.31, after comments from Ali Majed Al Mansoori, the chairman of Abu Dhabi’s Department of Economic Development, predicting that the emirate’s economic growth will rebound next year.

Trading in the capital dropped to its lowest level in two weeks on Monday, with just six stocks experiencing trading volumes in excess of 1 million for the day.

Abu Dhabi’s headline index ended the day in positive territory thanks to a late rise by FGB, with Etisalat and ADCB the pick of the other big-name gainers.

The Dubai Financial Market General Index was one of just two headline indexes in the Arabian Gulf (along with Oman) to finish in the red on Monday, even as gainers outnumbered laggers.

Dubai shares finished off 0.1 per cent at 3,279.23, dragged lower by big names including Emaar Properties and DIB.

The National