Tadawul closes at highest level since December 3 last year

28/12/2016 06:09 AST

Saudi Arabia’s index rose to its highest point for the year as the market continued to react to news of the country’s lower than expected budget deficit.

The Tadawul All Share Index closed up 1.27 per cent on Tuesday at 7,257.17 – its highest since December 3 last year – as investors continued to react to last week’s news from the Saudi finance ministry that the government would post a deficit of 297 billion Saudi riyals (Dh290bn) for this year, 9 per cent lower than its initial estimate for the year and an 19 per cent reduction on 2015’s record shortfall.

It was led by gains from the car company Saudi Automotive Services and the advertising company Tihama.

Elsewhere on the stock markets, however, it was a quiet day with most indexes remaining flat amid thin trading volumes as international markets stayed closed for the holidays.

The Abu Dhabi Securities General Index edged up 0.3 per cent to close at 4,469.08. It was led by gains at Al Wathba National Insurance Company and Abu Dhabi National Hotels. The biggest losers were Axa Green Crescent Insurance and Arkan Building Materials.

The Dubai Financial Market General Index shed 0.27 per cent, closing at 3,542.16. Union Properties was the biggest loser of the day followed by the Dubai Financial Market. Gainers were led by insurance company Dar Al Takaful and Mashreq Bank.

The Qatar Exchange Index lost 0.38 per cent at 10,304.77.

The Kuwait Stock Exchange Index closed up 0.54 per cent at 5,745.04 and in Oman, the Muscat Securities Index closed up 0.59 per cent at 5,760.95.

The National