Investor response to Saudi Arabia’s government reshuffle was muted on Sunday, with shares in the kingdom and in the UAE squeezing out only minor gains.
Saudi Arabia’s Tadawul All Share Index rose by as much as 1.17 per cent in early afternoon trading, but gave up gains in the late afternoon to end the day up just 0.24 per cent at 6,672.48.
“It was a quiet day, the only two supporting points being the Saudi reshuffle and the prospect of a rise in oil prices following the fires in Canada,” said Sebastien Henin, the head of asset management at The National Investor in Abu Dhabi.
“At the end of the day the reshuffle didn’t come as a major surprise, especially after the reforms [Deputy Crown Prince] Mohammed bin Salman has already announced.”
Saudi British Bank, Saudi Electricity and mining firm Ma’aden were among the big name gainers of the day, all rising around 2 per cent, with heavyweight stock Al Rajhi Bank rising 1.17 per cent.
The impact of the reshuffle on UAE equities was muted, with Abu Dhabi and Dubai bourses registering lower than average trading volumes despite closing in positive territory.
The Dubai Financial Market General Index broke a six-day losing streak on Sunday, ending the day 0.55 per cent higher at 3,325.80.
Air Arabia and Emaar Malls were the best big-name performers, each gaining about 3.3 per cent, although index bellwether Emaar Properties closed 0.16 per cent lower at Dh6.26.
Abu Dhabi’s headline index ended in positive territory for the second consecutive trading day, closing 0.55 per cent higher at 3,325.80, on a day when just 60.7 million shares changed hands.
FGB and Aldar Properties led gains in Abu Dhabi, rising 1.61 and 1.53 per cent respectively. At the other end of the spectrum, shares in Etisalat fell 0.79 per cent to Dh18.85.
jeverington@thenational.ae
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The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.