GulfBase Live Support
Leave a message and our representative will contact you soon
21/11/2016 05:29 AST
Saudi stock benchmark Tadawul All Share Index retreated 0.9 percent to 6,570 points on Sunday, pulling away from technical resistance on the July peak of 6,703 points. The index is still up 16.3 percent over the last 30 days.
Banking shares, which have been the chief gainers over that period, were some of the worst performers on Sunday as all but two of the 12 listed lenders closed lower. Banque Saudi Fransi dropped 3.7 percent to 26.10 riyals, it is now trading at par with the mean fair value of analysts polled by Reuters.
“When a market gains about 20 percent in one month some profit taking is a given. Sentiment swung from extreme fear to extreme greed in a short period,” said Khan of Alrayan Investment.
Khan added that the rally has been fuelled by institutional investors while Saudi retail investors – which usually make up the majority of trading volumes – have remained sellers.
“As a result, the larger, more liquid names have done very well.»
According to exchange data, local mutual funds were aggressive net buyers of Saudi stocks over a one week period to Nov. 17 while retail investors were net sellers.
Egypt remains the star performer among its peers in the region rising 5% over last week and breaking the 11,000 level for the first time since 2008. The rise is backed by positive investor sentiment regarding the IMF support of much needed funding.
Stocks continue to rise after the currency declined by more than 40% at the beginning of this month.
UAE markets followed their main peers in their positive mood with Dubai’s index rising by 1.1% followed by Abu Dhabi which witnessed a modest rise of 0.2% for the week.
Saudi Gazette
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r
The National
05/04/2018
Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti
Times of Oman
05/04/2018
Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s
Gulf News
04/04/2018
Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank
Times of Oman
04/04/2018
Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b
Gulf News