AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Saudi Arabia's stock exchange recovered from earlier losses to close a touch higher on Monday amid expectations of billions of dollars more in passive fund inflows, while Abu Dhabi fell for a third straight session. The Saudi index inched up 0.1% with Al Rajhi Bank rising 0.7% and Riyad Bank gaining 1.5%. The Saudi Stock Exchange expects additional passive funds' inflows worth $3 billion from the remaining phases of inclusion in the FTSE Russell emerging market index starting in September.
Three of an eventual five tranches of Saudi stocks have been added to the FTSE emerging-market index so far this year. Saudi gains in 2019 were as high as 20% in May, outperforming most regional markets ahead of the inclusion of Saudi stocks in the MSCI emerging markets index, which attracted billions of dollars from foreign investors. They have been net buyers every month this year.
In August, the Saudi exchange completed the second and final phase of joining the MSCI index, raising its weight on the closely-monitored index to 2.8%.
However, the index has reduced its gains for the year to 2.7% as the US-China trade dispute and regional geopolitics dampened investor sentiment.
Abu Dhabi's index was down 0.6%. Emirates Telecommunications Group dropped 1.2% and Abu Dhabi Commercial Bank lost 1.9%. Dhabi's index closed 0.3% higher, led by gains in market heavyweight Dubai Islamic Bank which rose 0.8%. Real estate shares, which have been on the back foot in recent sessions, also gained. Blue-chip developer Emaar Properties rose 0.4%, ending a four-day losing streak.
Dubai property prices, having tumbled 25-35% since a mid-2014 peak, are facing further downward pressure and are expected to decline sharply this year and next as a slowdown in the economy and an oversupply of housing units pose big downside risks to their already weak outlook, a Reuters poll found. The Qatari Index also gained 0.3% as telecom operator Ooredoo rose 3.6% and Mesaieed Petrochemical added 2.5%. Outside the Gulf, Egypt's blue-chip index was down 0.3% with the country's largest lender Commercial International Bank shedding 0.2% and cigarette maker Eastern Co losing 1%.

Copyright Reuters, 2019

Comments

Comments are closed.