DUBAI: Gulf stock markets were mixed at Sunday’s close, with Abu Dhabi and Dubai ending the day in a narrow range, while the Saudi stock market, the biggest in the region, dropped 0.57 percent, amid weakness in energy and financial stocks.
The Gulf market took little respite from a rise in oil prices and a rebound for Wall Street stocks on Friday and following US President Donald Trump announced plans to impose tariffs on steel and aluminum imports.
“The low liquidity is still affecting the United Arab Emirates stock market and there seems little interest to allocate funds that are sitting on the side,” said Tariq Qaqish, Managing Director Asset Management at Menacorp in Dubai.
“We do see stocks trading at attractive levels and close to book values yet weak investor confidence is keeping investors away,” he said.
The Abu Dhabi index was up 0.2 percent, with health care and utilities sectors providing it underlying support.
Abu Dhabi National Energy Co. rose 1.27 percent and Gulf Pharmaceutical Industries climbed 8.6 percent.
The Dubai index was up 0.1 percent.
In Dubai, Aramex was down 2.15 percent after its board met on Thursday and proposed a full year cash dividend of 156.3 percent of paid up capital
Saudi Arabia’s index fell 0.57 percent, hurt by a 2.03 percent drop in Saudi Arabian Mining Company, the majority owner of the world’s largest fully integrated aluminum facility, after Trump announced plans to impose a 10-percent tariff on aluminum imports.
He will make a final decision by April 11.
Banking stocks were also weak, with Al Rajhi Banking & Investment Corp. dropping 0.57 percent and Alinma Bank falling 1.8 percent. Saudi banks are reeling from news that the government has demanded additional Zakat payments from them going back as far as 2002.
NCB Capital, in a report on technicals, said the index had a bearish undertone based on its daily chart, but could find support at 7,250 and 7,150 points.
Kuwait’s stock index was down 0.59 percent, weighed by Gulf Bank , which was down 2.7 percent
Qatar’s market was closed for a bank holiday.
Oman’s benchmark was down 0.17 percent, while Bahrain’s market index was up 0.49 percent.
Egypt’s index recovered from early weakness to close 0.49 percent higher, fueled by energy and financial stocks.
EFG Hermes Holdings rose 2.3 percent after Friday’s announcement that RA Mena Holdings increased its stake in the company to 8.1 percent from 2.63 percent.
Gulf markets mixed, Saudi stocks slip on banks
Gulf markets mixed, Saudi stocks slip on banks
Closing Bell: Saudi main index closes in green at 10,552
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 67.67 points, or 0.65 percent, to close at 10,552.26.
The total trading turnover of the benchmark index was SR3.49 billion ($931.5 million), as 78 of the listed stocks advanced, while 177 retreated.
The MSCI Tadawul Index increased, up 15.15 points, or 1.10 percent, to close at 1,392.59.
The Kingdom’s parallel market Nomu lost 183.55 points, or 0.78 percent, to close at 23,271.1. This comes as 26 of the listed stocks advanced, while 37 retreated.
The best-performing stock was Canadian Medical Center Co., with its share price surging by 6.30 percent to SR6.41.
Other top performers included Saudi Arabian Mining Co., which saw its share price rise by 5.30 percent to SR63.60, and Al Majed Oud Co., which saw a 5.27 percent increase to SR131.90.
Methanol Chemicals Co. posted the biggest decline of the session, with its shares falling 5.98 percent to SR8.17.
Saudi Ground Services Co. saw its shares fall 5.96 percent to SR36, while Alramz Real Estate Co. declined 5.85 percent to SR59.60.
On the announcements front, First Avenue for Real Estate Development said it has acquired full ownership of the Capital Avenue–Al Qirawan Tower in Riyadh for about SR310 million, according to a Tadawul filing.
The acquisition of all partners’ stakes in the Jadwa Capital Avenue Real Estate Fund gives the company full control of the project on King Salman Road. With construction 90 percent complete and final works expected in the first quarter of 2026, the nearly 35,700-sq.-meter tower offers about 15,000 sq. meters of leasable space.
The acquisition, financed through internal resources and bank funding, aligns with the company’s strategy to enhance its portfolio and returns. The transaction is projected to positively impact financial results from the first half of 2027.
First Avenue’s shares traded 0.34 percent lower on the parallel market to reach SR5.88.
