UAE and Saudi markets end rough month

01/09/2015 07:33 AST

Saudi Arabia’s stock exchange drifted back into negative territory yesterday as the price of crude oil retreated after last week’s gains, bringing down the curtain on the bourse’s worst month in nearly seven years.

Brent crude, which staged a late rally last week to US$50.05 a barrel, retreated on Monday, trading down 1.9 per cent at $49.09 in the late afternoon.

Saudi Arabia’s Tadawul All Share Index yesterday closed down 2.1 per cent at 7,522.47, erasing Sunday’s gains.

The bourse lost 17.3 per cent of its value during August, its worst month since October 2008. The Abu Dhabi Securities Exchange General Index opened in negative territory but ended the day in the green, thanks to a flurry of late trades in blue-chip stocks including FGB, Abu Dhabi Commercial Bank and Aldar. The index ended the day up 0.9 per cent at 4,493.93, with Waha Capital (up 3.6 per cent) and FGB (3.2 per cent) among the main gainers. Shares in the capital finished the month 7 per cent lower, their biggest monthly fall since June last year.

Dubai’s headline index fell by nearly two per cent in early trading before closing the day down 0.7 per cent at 3,662.56. The Dubai index ended the month 11.6 per cent lower, its worst monthly showing since last December.


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