x Abu Dhabi, UAEWednesday 24 January 2018

Saudi Arabia's stock market boosts regional trading

Markets Update: Local equities rose on Sunday as they took cues from gains yesterday in Saudi Arabia's stock market, the largest in the Gulf region.

Dubai's shares edged higher on Sunday, buoyed by gains in Saudi Arabia's stock market a day earlier.

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On the Dubai Financial Market exchange, Aramex rose 1.6 per cent to Dh1.80 at 12pm local time. Tamweel gained 1.8 per cent to 70 fils. Dubai's main benchmark, the Dubai Financial Market General Index gained 0.4 per cent to 1400.74 points, the highest level since Oct 4.

Saudi Arabia's Tadawul All Share Index rose 1.4 per cent yesterday after crude climbed above $80 a barrel.

In the capital, banking stocks led the gains on the Abu Dhabi Securities Exchange.

Union National Bank advanced 2.6 per cent to Dh3.05 a share. First Gulf Bank added 1 per cent to Dh14.20. RAK Bank was up 1 per cent to Dh4.90. The Abu Dhabi Securities Exchange General Index was up 1.3 per cent to 2597.75 points.

Elsewhere in the region, Kuwait's index was up 0.2 per cent to 5843.10 points. Bahrain's measure was little changed at 1165.18 points. Oman's measure added 0.5 per cent to 5567.78. Qatar's benchmark added 0.5 per cent to 8289.36 points.