Gulf stocks edge up with global equities; EEC leaps in Saudi

Most Gulf stock markets went up in early trade Monday after emerging market equities rose sharply in Asia.

Saudi Arabia’s stock index gained 0.4 percent as Emaar the Economic City (EEC) jumped 7.9 percent in unusually heavy trade.

The stock had risen 3.5 percent on Sunday, when Reuters quoted a source as saying Saudi Arabia’s top sovereign fund, the Public Investment Fund, was in talks to invest in King Abdullah Economic City, the huge project being developed by EEC.

Middle East Healthcare Co added 2.5 percent after saying Saudi tax authorities have agreed to its request for a 13.6 million riyal ($3.6 million) tax credit.

In Dubai, the index edged up 0.2 percent. Property firm Deyaar gained 1.3 percent after saying it had started work on a Dubai hotel project.

Abu Dhabi’s index climbed 0.7 percent, supported by rebounds in blue-chip lenders First Gulf Bank and National Bank of Abu Dhabi, which were each up more than 1.5 percent.

Qatar’s index fell 0.4 percent, however, as stocks pulled back across the board, with Industries Qatar falling 1.3 percent after gaining 1.5 percent on Sunday.

Source: Reuters