Saudi and Qatar stocks rebound, rest of Gulf mixed at early trade

Stock markets in Saudi Arabia and Qatar made a partial recovery at early trade on Sunday from last week’s losses, with other Gulf markets mixed in quiet trade.

Saudi Arabia’s index added 0.5 percent in the first hour of trading. Petrochemicals group Saudi Basic Industries SE> dropped 1.5 percent as it went ex-dividend, but many stocks reliant on domestic demand gained ground after sliding last week on concern over the kingdom’s economic slowdown.

Builder Abdullah Abdul Mohsin al-Khodari and Sons climbed by 8.6 percent after it renewed a 132 million riyal ($35.2 million) Islamic credit facility, allowing it to obtain working capital for projects, and won a 69 million riyal contract from the water ministry.

Dubai edged 0.3 percent higher, buoyed by a 0.9 percent gain by Emaar Properties. Abu Dhabi dipped by 0.2 percent, with the 10 most heavily traded stocks barely moving.

Qatar’s index rose 0.4 percent as top lender Qatar National Bank rebounded 1 percent.

Drilling rig provider Gulf International Services added 1.4 percent after the Qatar exchange said that index compiler FTSE had added GIS to the list of companies eligible for its secondary emerging markets index.

FTSE’s original list of 20 companies did not include GIS, sending the stock 1.4 percent lower on Thursday. FTSE will publish a confirmed list of stocks to be included in its index after the market closes on Wednesday.

Source: Reuters