|12-22-2014, 08:39 PM||#1|
Gulf bourses mixed but the good mood remains
Saudi Arabia’s bourse fluctuated in early Monday trading after two straight sessions of heavy gains as the effect for the government’s 2015 budget seems to have been priced in.
The Tadawul All Share Index was down 0.28% at 09:15 GMT, giving gained 16% in the past three sessions, as some profit taking took place.
Dar Al Arkan dropped 2.5% and continued to be the most actively traded share on the stock market after rising 9.3% on Sunday. Cement makers and banks fell.
Petrochemicals company Saudi Kana jumped 7%, after closing 9.8% higher on Sunday. Other gainers included Al Tayyar Group and Makkah Construction.
The 2015 government budget is anticipated Monday afternoon, and it is expected to show spending will not be reduced. However, it could show the first projected deficit in six years as a result of the recent fall in oil prices.
Most other bourses in the region rose on Monday, but some of the morning gains were erased. Sentiment seems to have stabilized and investors think the damaging sell off is now behind equities in the Gulf.
Dubai was last up 1.7%, after having gained 4.2% in early trading. Abu Dhabi was slightly lower but Kuwait and Oman posted strong gains of 1.2% and 3.7% respectively.
Qatar was 2.5% higher, pushed higher by heavyweight Qatar Islamic Bank and Gulf International Services.
Brent crude oil gained more than 1% on Monday to top the $62-a-barrel mark.
The long-term outlook for the commodity seems cloudy, but investors and analysts believe it found strong support at $60 a barrel and it should remain above that level for a while.
Comments from some minister of the Organization of the Petroleum Exporting Countries (OPEC) over the last couple of days showed members were trying to reassure markets that the fluctuation in the oil market will ease and prices will begin to recover next year.
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