Gulf stocks inch up in early trade, petchems buoy Saudi

Most major Gulf bourses inched up in early trade Wednesday in line with global stocks markets, as petrochemical producers led Saudi Arabia’s bourse.

The Saudi index, which added 1.3 percent on Tuesday to a new high for the year, climbed 0.3 percent in the first 15 minutes.

The petrochemical sector index added 0.5 percent after oil prices rose overnight. Relatively small companies in the sector outperformed, with Petrochem up 4.1 percent.

Abu Dhabi’s index rose 0.3 percent on the back of a 1.1 percent gain by telecommunications firm Etisalat. Qatar was up 0.2 percent as Qatar Navigation added 1.1 percent.

Dubai’s index edged down 0.2 percent although Gulf Navigation rose as much as 1.9 percent after it said it had formed a partnership with SeaQuest, a Geneva-based firm providing ship and project management services. Gulf Navigation will use the tie-up to expand its business in these areas around the Middle East and Africa, it said.

Source: Reuters