tadawul drops 13 in thin trade
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Tadawul drops 1.3% in thin trade

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Arab Today, arab today Tadawul drops 1.3% in thin trade

The three top losers were banks
Dubai - Arab Today

Gulf stock markets were weighed down by weak oil prices on Tuesday as Saudi Arabia pulled back despite hopes for positive news from index compiler MSCI.
MSCI was due after the close on Tuesday to announce whether it will launch a review of Saudi Arabia for possible inclusion in its emerging market index; inclusion would bring tens of billions of dollars of fresh foreign money.
The Tadawul All Share Index (TASI) surged 2.4 percent on Monday after Mohammed Al-Kuwaiz, vice chairman of the Capital Market Authority (CMA), was quoted as saying by the Asharq Al-Awsat newspaper that he expected inclusion by the end of 2018.
On Tuesday, the index rose as much as 0.6 percent early on but closed 1.3 percent lower in thin trade. The three top losers were banks, which had surged in the past week because of a belief that foreign funds would flow into them in the event of a positive MSCI decision.
Saudi British Bank, for example, pulled back 4.7 percent to SR24.30 ($6.48) after jumping 14 percent in the past four days.
Petrochemical blue chip Saudi Basic Industries Corp., which would be a key Saudi component of MSCI’s emerging market index if the upgrade happens, fell 0.8 percent.
Though fund managers agree MSCI inclusion would be bullish for the Saudi market, many think fundamentals are not very attractive at present, with valuations significantly above those of the MSCI emerging market average, and Saudi Arabia’s introduction of a sales tax looming next year. So the market may have little room to rally in coming months.
Dubai’s index fell 0.2 percent as builder Drake & Scull, the most heavily traded stock, slid 3 percent after saying it had obtained regulatory approval to start a capital restructuring after heavy losses.
National Central Cooling Co. (Tabreed) rose 3.8 percent. It soared its 15 percent daily limit on Monday when France’s Engie said it had agreed to buy 40 percent of Tabreed for 2.8 billion dirhams ($763 million) from Mubadala.
Abu Dhabi’s index dropped 0.8 percent as Dana Gas pulled back 4.4 percent. It had gained 66 percent this month on what some brokers said was buying by a strategic investor; late on Monday Goldilocks Investment Co., part of Abu Dhabi Financial Group, said it had bought 5 percent of the firm.

Source: Arab News

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