Petrochemicals hurt Qatar, Gulf stocks mostly quiet early on

Gulf stocks mostly rose early on Wednesday, although Qatari petrochemical shares pulled down that market.

Saudi Arabia’s index edged up 0.2 percent, with AL Rajhi Bank gaining 0.5 percent and Jabal Omar Development up 1.7 percent.

Yamamah Cement gained 3.1 percent after posting third-quarter profit of 54.7 million riyals ($14.58 million), compared with a loss of 46.4 million riyals year ago.

In Qatar, the index slipped 0.1 percent. Mesaieed Petrochemical fell 2.9 percent and Qatar Navigation 2.6 percent.

Dubai’s index inched up 0.1 percent after falling the day before. Dubai Islamic Bank added 0.8 percent and Deyaar Development advanced 3.6 percent. The real estate developer’s board is scheduled to meet on Wednesday to approve third-quarter earnings.

Union Properties increased 1.6 percent after the company announced that it completed 30 percent of Dubai Autodrome Business Park phase two.

The Abu Dhabi index was up 0.2 percent, helped by a 1.6 percent rise in Abu Dhabi Commercial Bank and a 0.1 percent gain by First Abu Dhabi Bank, the country’s largest lender. ($1 = 3.7507 riyals)

Source: Reuters

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