Saudi boosted by oil as other bourses steady
12 Feb 2017 - 23:24
Dubai: Petrochemical shares boosted Saudi Arabia's bourse in early trade on Sunday after oil prices firmed at the end of last week, while small and mid-sized stocks were the main movers on other Gulf markets.
Saudi Arabia's index was up 1 percent after 45 minutes of trade with all but one of the 14 listed Saudi petrochemical shares higher. Saudi Kayan added 1.8 percent after Brent oil futures closed 1.9 percent higher at $56.70 a barrel on Friday.
The positive mood spilled into other sectors, with banking shares also advancing. National Commercial Bank rose 1 percent.
Prince Alwaleed bin Talal's Kingdom Holding jumped 5.3 percent after it traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61m in the deal.
Dubai's main index edged up 0.1 percent. GFH Financial Group advanced 2.3 percent after the Bahrain-based company announced that one of its subsidiaries had raised $50 m for one of its funds and the financial impact was expected to be reflected in first-quarter results.
Dubai Investment added 1.6 percent after a subsidiary acquired a 153,000 square foot (14,214 square metre) shopping centre in Ventura, California. The value of the acquisition was not disclosed.
In Abu Dhabi, RAK Properties gained 1.3 percent after its full-year net profit rose 9.2 percent and revenue in 2016 came in 6 percent higher. The Abu Dhabi index was up 0.4 percent.
Kuwait's index edged up 0.1 percent as Jazeera Airways rose 1.5 percent after the board recommended a cash dividend of 35 fils per share. The airline reported a drop of 29.9 percent in 2016 full-year net profit.
Qatar Stock Exchange (QSE) benchmark index gained 34.36 points or 0.32 percent when the bourse closed trading at 10,663.49 points,according to QNA. The volume of shares traded fell to 5,784,340 from 8,204,932 on Thursday and the value was down to QR186m from QR260m.