Saudi Arabian shares closed flat yesterday as details of investments by Qualified Foreign Investors (QFI) were disclosed following the market’s opening to direct foreign trading on Monday.
The Tadawul ended 0.18 per cent lower at 9,544.51.
Just seven Saudi stocks – Arab National Bank, Saudi International Petrochemical (Sipchem), Rabigh Refining and Petrochemical, Mouwasat Medical Services, Dallah Health, Dar Al Arkan and Bupa Arabia – attracted QFI investment, according to the stock exchange’s website.
QFI investment in Sipchem stood at 0.02 per cent of its share ownership, with the remainder of companies having just 0.01 per cent. Mouwasat Medical was the only one of the equities to show a price increase in Monday trading.
The total level of QFI, approved QFI clients and swap ownership of Saudi stocks stood at 1.1663 per cent at the end of trading on Monday.
HSBC is the only foreign financial institution so far to confirm it has been licensed as a QFI by the Saudi Capital Market Authority.
Ashmore Group confirmed this month that it planned to lodge an application for QFI status.
A spokeswoman for the investment firm focused on emerging markets yesterday said that it was “currently in the process of applying for a licence”, giving no further details.
Shares in Dubai, meanwhile, fell by 0.94 per cent yesterday. Prompted by declines in the index heavyweights Dubai Investments and Emaar Properties, it was the worst performance of any Arabian Gulf stock market.
Dubai Investments lost 2.05 per cent at Dh2.87, while Emaar slipped 1.11 per cent to Dh8.01.
Dubai Parks & Resorts and Air Arabia were among the main gainers, closing up 2.56 per cent and 0.61 per cent respectively.
Amlak Finance opened up 7.8 per cent in early trading, but retreated gradually and ended unchanged at Dh2.17.
Shares in the capital ended the day virtually unchanged. The Abu Dhabi Securities Exchange General Index was 0.09 per cent lower at 4,545.11.
Bahrain’s stock exchange was the best performing Gulf index, closing up a mere 0.02 per cent at 1,364.91.
jeverington@thenational.ae
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