Saudi Arabia's stock market benchmark Tadawul All-Share Index (TASI) ended higher on Wednesday for the first session in four as volumes dropped to second-lowest of the past three weeks. The index climbed 0.23 percent to 6,774.98 points. Rajhi climbed 1.2 percent and Rabigh Refining and Petrochemical Co added 1.2 percent. Yanbu Cement dropped 1.1 percent after reporting a 19 percent fall in first-quarter earnings, blaming a fall in prices due to more competition, as well as lower sales. “Market sentiments were mostly dull amid a drop in Q1 earnings by Yanbu Cement, creating apprehension related to quarterly earning guidance,” said Mohammed Ishaq Ali, a fund manager at Al Rajhi Capital. “The market factored better than expected results by Jarir to turn positive in the last minute of trading and is looking forward to announcements from heavy weights.” Retailer Jarir Marketing Co gained 1.9 after reporting a 10 percent rise in first-quarter net profit. “The technical correction in a rising market is healthy but lackluster trading volumes are a bit of a concern,” added Ishaq. “There is no catalyst to push the market upwards.” Elsewhere in the region, Dubai index fell 2.1 percent to 1,800 points, its biggest one-day drop since March 29 and lowest finish March 24. Abu Dhabi's index declined for a fifth session in seven, slipping 0.1 percent to 2,844 points as bank stocks were mixed. Emaar Properties headed losers as Dubai's index DFM slumped to a two-week low, with investors cashing in on recent gains amid increasing caution ahead of first-quarter results. Emaar dropped 3 percent to its lowest close since March 24, the day before government conglomerate Dubai World unveiled a multi-billion debt restructuring offer. “People are selling ahead of earnings,” said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading. “Rising volatility is not necessarily a bad thing because it will add a bit of excitement, which was lacking.” “If the market is moving sideways, it's harder to tempt new buyers into the market, but (recent falls) could draw some new buyers to take positions ahead of Q1 results.”
