Tadawul gains go in to third day

The company attributed the rise to higher revenues from property sales and lower operating expenses, such as payroll and consultancy fees.

Saudi shares rose for the third day in a row as investor sentiment remained positive after the kingdom’s landmark US$17.5 billion bond issuance last week.

Shares in the UAE also ended higher.

The Tadawul on Sunday finished 1.5 per cent higher at 5,739.92, taking the index’s gains over the past three trading days to 5 per cent.

“Valuation levels have become relatively attractive after last week’s sell-off and sentiment is pretty high after last week’s bond issuance and the resumption of payments to contractors, as well as higher oil prices,” said Talal Touqan, the head of research at Al Ramz Capital in Abu Dhabi.

Dar Alarkan Real Estate was among the main gainers, rising by 9.81 per cent, after the developer posted its first quarterly profit for a year.

Shares in Dubai began the trading week on a positive note for the first time in more than a month, even as more stocks ended in the red than in the black.

The Dubai Financial Market General Index finished 0.4 per cent higher at 3,355.37.

Emaar Properties had its best day in a month, closing up 2.5 per cent at Dh6.82, with Emaar Malls and Damac Properties among the other main gainers.

At the other end of the spectrum, du and Arabtec Holding fell by 0.6 per cent and 1.4 per cent respectively.

In the capital, the Abu Dhabi Securities Exchange General Index ended the day 0.1 per cent higher at 4,299.37. Etisalat and NBAD were the pick of the gainers, with FGB and Taqa acting as the main drags on the index.

In Doha, the Qatar Exchange ended the day 0.04 per cent lower.

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