Saudi stocks close higher as FTSE Russel approaches

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Saudi stocks close higher as FTSE Russel approaches

On Sunday, the 3rd of March, 2019, the Saudi stocks ended higher, as FTSE Russel countdown begins. Optimisms among the Saudi traders had been breezing through ahead of joining FTSE Russel Emerging Markets Index, and analysts are expecting a wind of heavy money over the next two weeks.

Gulf’s largest stock index, the Saudi gained 0.5 percent, largely led by the gains of financial sectors, as the Samba Financial Group had closed the day 1.1 percent higher and Al Rajhi Bank was up by 0.4 percent. Besides, speculation of a possible takeover of Dubai-based ride hailing service Kareem by Ober Technologies, a subsidiary of All Tayyar Travel Group, boosted Tayyar’s daily gain and at the day’s closure the Tayyar share prices had been 5.7 percent up.

Buoyed by fresh hopes of enlisted into the FTSE Russel Emerging Market index, the Saudi stocks had gained 9 percent so far this year, while analysts are expecting further gains over the next two weeks. According to FTSE Russel, the Saudi Bourse would be the Middle East’s largest market on FTSE Russel Emerging Market index with a stake of 2.7 percent.

Elsewhere in the Gulf, Dubai index rose 0.3 percent after Thursday’s (February 28th) plunge, and the gains were mostly catalyzed by the real estate stocks, as Damac Properties rose 5.8 percent and Emaar added 1.7 percent.

Kuwaiti Index gained 0.8 percent, boosted by banking sectors and Egyptian index remained well supported by the gains of financial sectors. Abu Dhabi and Oman index had lost 0.3 and 0.2 percent respectively, while Bahrain rose by 0.3 percent and Qatar was closed due to a national holiday.