Gulf bourses edge up on positive global trend

Gulf stock markets pushed up early on Thursday in line with a positive global trend for equities and oil prices, but trade was quiet before next week’s long Eid al-Fitr holidays.

Saudi Arabia’s index was up 0.2 percent in the first 15 minutes. Big petrochemical producer Saudi Basic Industries added 0.6 percent.

Shares in L’azurde Company for Jewellery, which rose 7.6 percent when they listed on Wednesday, edged down 0.3 percent. The stock, a play on the Saudi retail sector, has so far not performed as well as most new Saudi listings, as consumers’ discretionary income has been hit by an economic slowdown caused by government austerity steps.

Dubai’s index rose 0.5 percent. Marka, a small operator of retail outlets whose shares usually see tiny volumes, was the most active stock, jumping 4.4 percent.

Abu Dhabi added 0.8 percent, buoyed by a 2.9 percent rise in First Gulf Bank and a 1.5 percent rise by National Bank of Abu Dhabi, which are in merger talks with each other.

Source: Reuters