Foreign investors still bullish on GCC stocks: Foreign investors continued buying into GCC stock markets in 1Q, with net inflows totaling USD 2.8 bn — just a bit lower than the USD 3 bn they put in during 1Q 2024, according to Kamco Invest’s quarterly report (pdf).

Foreigners stepped in where locals stepped back: With local investors offloading shares, foreigners were quick to step in and pick up the slack — taking advantage of cheaper valuations and turning what could’ve been a weak quarter into a solid one for cross-border inflows.

The bigger picture had its fair share of headwinds: Most regional stock markets didn’t perform well — six out of seven closed the quarter in the red. Investor sentiment took a hit due to global worries, especially over US trade tensions and signs of a potential economic slowdown, Kamco said, adding that the usual selling pressure around Eid also added to the drag.

March saw sentiment shifting: Things were looking good at the start of the year, with steady foreign buying in both January and February. But that momentum didn’t carry through the quarter — March saw a noticeable slowdown, with some investors switching to net selling.

Abu Dhabi led the pack, pulling in USD 2.3 bn in foreign capital, followed by Dubai which logged USD 343 mn in net inflows. Meanwhile, Saudi Arabia saw smaller amounts of net buying at USD 252.3 mn, with foreigners now allowed to invest in listed firms that hold property in Makkah and Madinah.

On the flip side, foreign investors were net sellers in both Qatar (USD 421 mn in outflows) and Oman (USD 459.2 mn out).

Saudi led the stock performance scoreboard: Saudi companies accounted for 5 of the top 10 Gulf stocks in terms of trading value. Al Rajhi Bank topped the list with USD 6.3 bn, dethroning Aramco which stock fell to third place at USD 4.4 bn.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei inching up 1.1% and Shanghai Composite up 0.3%, while Hong Kong’s Hang Seng is down 0.7%. Meanwhile, Wall Street futures are collectively in the red, indicating minor losses on market open.

TASI

11,681

+0.8% (YTD: -3.0%)

MSCI Tadawul 30

1,489

+1.0% (YTD: -1.4%)

NomuC

28,463

+0.6% (YTD: -9.6%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

5.0% repo

4.5% reverse repo

EGX30

31,640

+2.6% (YTD: +6.4%)

ADX

9,324

+0.7% (YTD: -1.0%)

DFM

5,205

+1.4% (YTD: +0.9%)

S&P 500

5,376

+1.7% (YTD: -8.6%)

FTSE 100

8,403

+0.9% (YTD: +2.8%)

Euro Stoxx 50

5,099

+2.8% (YTD: +4.1%)

Brent crude

USD 66.12

-2%

Natural gas (Nymex)

USD 3.00

-0.7%

Gold

USD 3,310.43

+0.7%

BTC

USD 93,617.56

+0.1% (YTD: -0.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 6.1 bn. The index is down 3.0% YTD.

In the green: Musharaka Reit (+10.0%), Albaha (+10.0%) and Mulkia Reit (+10.0%).

In the red: ACIG (-3.4%), Etihad Etisalat (-3.2%) and SPPC (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% yesterday on turnover of SAR 30.5 mn. The index is down 9.6% YTD.

In the green: NBM (+10.0%), APICO (+8.5%) and Ghida Alsultan (+5.7%).

In the red: Almohafaza For Education (-9.6%), Munawla (-5.7%) and Multi Business (-5.5%).

CORPORATE ACTIONS-

Nomu-listed Sama Water’s BoD recommended a SAR 4 mn dividend distribution for FY 2024, at SAR 0.08 a piece, it said in a disclosure to Tadawul. The dividends are pending general assembly approval, where a distribution date will be announced.

Derayah Financial Company’s board approved a SAR 79.1 mn dividend distribution at SAR 0.325 per share for 1Q 2025, the company said in a disclosure to Tadawul. The distribution date is set for 14 May.

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