Gulf stocks mixed in early trade, low-priced shares boost Dubai

Gulf stock markets were mixed in quiet, at Monday’s early trade with low-priced shares favoured by local retail investors lifting Dubai’s bourse.

The Dubai index added 0.6 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties, the most heavily traded stock, gaining 0.8 percent.

Amusement park operator DXB Entertainments, whose slide this year has weighed heavily on the Dubai market, edged up 0.9 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating.

Saudi Arabia’s index edged down 0.2 percent in the first 45 minutes as petrochemical producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 4.2 percent.

Qatar’s index lost 0.5 percent as Qatar National Bank fell 1.2 percent, although Qatar First Bank, the most heavily traded stock, climbed 4.2 percent. In the last several days it has rebounded from record lows in unusually heavy trade.

Source: Reuters