Saudi Arabia's stock benchmark Tadawul All Share Index ended flat Monday at 5,916.31 points, as bargain hunters picked up attractive stocks after two sessions of losses that dragged the index to a 23-week low, but global concerns still weighed on sentiment. Banking stocks led the rally with Al Rajhi Bank and Samba Financial Group gaining 0.7 percent each. “Investors are probably going to unwind their position and re-enter once they're back from holidays because of uncertainty on what's happening internationally,” said Asim Bukhtiar, head of research at Riyadh Capital. Elsewhere, UAE bourses edged higher as investors picked up cheap stocks, while limited gains suggest a wary approach due to global concerns. Dubai's benchmark rose 0.9 percent to close at 1,465 points, trimming its 2011 losses to 10.2 percent. “The markets are consolidating after the weakness we saw yesterday - investors are not too worried about oil prices, which are holding steady,” said Sleiman Aboulhosn, assistant fund manager at Al Masah Capital. Oil prices were mixed Monday as traders digested rapidly moving events in Libya. Brent North Sea crude for October delivery fell 26 cents to settle at $108.36 a barrel. However, New York's main contract, West Texas Intermediate (WTI) light sweet crude for September delivery, added $1.86 to close at $84.12 a barrel, with its direction more linked to the health of US supplies. Abu Dhabi's benchmark ended 0.6 percent higher at 2,571 points, lifting from Sunday's near 24-week lows. Qatar's index ended near flat at 8,096 points. Oman's shares ended lower and volumes slumped to a one-week low, as investors unwound positions ahead of Eid. The benchmark ended 0.2 percent lower at 5,484 points, extending losses for a second session. Kuwait's index ended 0.3 percent higher at 5,781 points, rising from Sunday's seven-year low. Meanwhile, Arab capital markets plunged by nearly $32 billion in the first 20 days of August to maintain a downward trend caused by the global fiscal turmoil and political unrest sweeping the region, official figures showed on Monday. Most of the decline was in Tadawul, Arab Monetary Fund said. From around $913.3 billion at the end of July, the combined market capitalization of the Arab world's 15 official stock exchanges dipped to about $881 billion, a decline of $32.3 billion in 20 days or an average $2.1 billion per working day. Tadawul alone plunged by around $16 billion to $321 billion from $337 billion, accounting for half the total Arab market fall. Qatar was another key victim, with its market capitalization falling to $118 billion from around $123 billion in the same period. Kuwait's bourse slumped to $98.5 billion from $101.7 billion.
