Gulf stock markets mixed ahead of OPEC meeting

Stock markets in the Gulf were mixed in early trade Thursday ahead of an OPEC meeting later in the day that will discuss the possibility of coordinated action among oil producers to support prices.

Riyadh’s stock index added 0.4 percent after 45 minutes of trade, with support from some petrochemical shares after Brent oil hit $50 a barrel. Saudi Basic Industries climbed 0.9 percent.

Low-cost supermarket operator Abdullah Al Othaim jumped 7.0 percent to 103.75 riyals in heavy trade, heading for its highest close since August 2015.

The stock is trading close to its mean fair value of 108.27 riyals, according to a Reuters survey of analysts. Of 12 analysts, seven have a “buy” rating on Othaim and the rest a “hold”.

Healthcare stocks were also advancing with National Medical Care and Dallah Healthcare Holding each gaining more than 1.5 percent.

Dubai’s index edged 0.4 percent lower, weighed down by declines in blue chips Dubai Islamic Bank and telecommunications operator du. Those stocks were each down more than 1.0 percent.

Shuaa Capital, which had surged 6.3 percent on Wednesday after Reuters identified several bidders for a stake in it, dropped back 2.5 percent.

Abu Dhabi’s Etisalat and Dana Gas were the main drags on the index in that market, which edged down 0.3 percent. Etisalat declined 0.6 percent and Dana fell 1.8 percent.

Blue chips helped push the Qatari index 0.4 percent higher. Industries Qatar and Qatar National Bank rose 0.6 percent and 0.3 percent respectively.

Source: Reuters