ICEC

Gulf stocks edge up with rise in overseas markets

Strength in international equities markets at the end of last week helped lift share prices in the Gulf in early trade Sunday.

Dubai’s index added 0.6 percent as mid-cap shares outperformed. Construction firm Arabtec, which has yet to publish its quarterly financial report, added 3.4 percent.

Similarly, mid-cap shares helped push Abu Dhabi’s index up 0.1 percent. RAK Properties was 1.7 percent higher.

Qatar’s main index climbed 0.2 percent in very thin volume with 10 of 17 traded shares advancing. Industries Qatar, which reported strong earnings late last week, rose 1 percent.

Saudi Arabia’s index edged up 0.5 percent in the first 20 minutes of trade as all 14 petrochemical shares advanced; heavyweight Saudi Basic Industries added 0.3 percent. Etihad Etisalat (Mobily), the second largest telecommunications operator by market value, rose 3 percent.

Source: Reuters

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