Saudi Tadawul traders cautious ahead of budget



Saudi Arabian equities traded cautiously higher yesterday ahead of Thursday evening’s budget announcement.

Shares in Dubai and Abu Dhabi finished lower, even as gainers outnumbered laggers.

The Tadawul opened lower in the morning but found its feet in afternoon trading, ending a quiet day up 0.4 per cent, as the region’s investors waited for details of the government’s spending plans for 2017.

“Investors were somewhat cautious ahead of the budget announcement, and prefer to de-risk ahead of the weekend,” said Nayal Khan, the head of institutional sales trading at Saudi Fransi Capital in Riyadh. Maaden and Banque Saudi Fransi led gains for the day, closing up 3.5 per cent and 1.7 per cent, respectively.

In the UAE, the Dubai Financial Market ended the day down about 0.1 per cent at 3,517.33. Air Arabia and Arabtec weighed on the index, both falling 1.5 per cent.

Shares in Marka led percentage gains for a second day, following the announcement of the resignation of chief executive Nick Peel on Wednesday. The retail investor’s shares hit an all-time high of Dh1.61 in the early afternoon, eventually closing up 5.3 per cent at Dh1.59.

In Abu Dhabi, shares ended the day down about 0.7 per cent at 4,436.82, on the quietest day of trading in the capital for 10 weeks. Etisalat, the index’s most heavily weighted stock, closed down 2.2 per cent at Dh18.05, cancelling out minor gains by Aldar Properties and Bank of Sharjah.

For the week, the capital’s benchmark lost 0.6 per cent.

In Doha, the Qatar Exchange index closed up 0.3 per cent thanks to gains by Barwa Real Estate and Doha Bank.

jeverington@thenational.ae

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Number of tracks: 10

Rating: 3/5

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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.

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Day 3 stumps

New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)

Pakistan require another 139 runs with 10 wickets remaining

Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries


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