Saudi stock market ends five-day winning run

30/11/2016 05:52 AST

Shares in Saudi Arabia closed down for the first time in six sessions on Tuesday, as prospects of an oil production deal looked increasingly unlikely.

UAE indexes rose, while Qatar finished lower. Iran and Iraq were reported to be resisting calls by Saudi Arabia to curb oil production, putting a deal among Opec and non-Opec producers in doubt ahead of a meeting of Opec ministers in Vienna starting Wednesday.

Uncertainty over the prospects of a long-awaited deal weighed on shares in Saudi Arabia in afternoon trading. The Tadawul closed 0.1 per cent lower at 6,896.83, with Dar Al Arkan and Sabic shedding Monday’s gains.

The Dubai Financial Market General Index closed up 0.7 per cent at 3,333.73. Emaar Properties and Dubai Investment led big-name gainers, closing up 1.2 per cent and 3.2 per cent respectively.

Shares in Arabtec Holding closed up 2.3 per cent at Dh1.32, after the construction firm announced the appointment of Hamish Tyrwhitt as its new chief executive.

Shuaa Capital shares finished 6.3 per cent higher at Dh1.81, following the announcement of the resignation of two of its board members. At the other end of the spectrum, shares in du closed down 1 per cent at Dh5.70.

In the capital, the Abu Dhabi Securities Exchange General Index rose by as much as 0.8 per cent by around noon, before retreating to finish 0.1 per cent higher at 4,261.23, thanks to a late sell-off of Eti­salat shares. The telco’s stocks ended the day down 0.9 per cent at Dh17.60, their lowest level in a week.

ADCB and FGB led a handful of gainers, closing up 1.8 per cent and 0.4 per cent respectively.

The National