Petchems boost Saudi stocks but Gulf bourses mostly sluggish

Petrochemical shares boosted Saudi Arabia’s stock market early Sunday backed by strong oil prices but most share markets in the Gulf were barely changed.

The main Saudi equities index edged up 0.2 percent in the first half-hour as petrochemical blue chip Saudi Basic Industries climbed 1.2 percent to 84.50 riyals. It faces technical resistance at 86-87 riyals, the top of the range in which it has been trading since April.

Dubai’s stock index also bucked the general flat trend, gaining 0.3 percent to 3,583 points, rising again to near technical resistance at its April peak of 3,605 points. Real estate blue chip Emaar Properties added 0.6 percent.

Qatar’s index was flat. Stocks which surged last week on hopes they would be included in the FTSE’s emerging markets index next month, such as Qatar National Bank and Qatar Insurance, were unchanged to slightly lower.

Source: Reuters