Saudi, other bourses gains marginally as oil inches up

Saudi Arabia’s stock market gained marginally early on Monday as oil prices rebounded moderately after plunging nearly 8 percent at the end of last week. Most other Gulf bourses were also firm.

The Saudi index was up 0.2 percent after an hour of trade; it had dropped 1.3 percent on Sunday. Top petrochemical producer Saudi Basic Industries was up 0.5 percent and National Commercial Bank added 0.4 percent.

Tabuk Cement initially rose 1.7 percent after signing a memorandum of understanding to export 6,000 tonnes of cement to Yemen, where Saudi authorities have announced infrastructure projects in areas they control. But the stock later pulled back to stand flat.

Abdullah Abdul Mohsin Al Khodari Sons Co dropped 3.3 percent after its third-quarter loss widened.

Dubai’s index fell for its third straight session, edging down 0.2 percent. Real estate firms were the biggest drag with Union Properties falling 2.0 percent and Emaar Development dropping 1.0 percent.

The Abu Dhabi index inched up 0.2 percent with Waha capital rising 3.9 percent.

Qatar’s index was up 0.5 percent with the Middle East’s largest lender, Qatar National Bank adding 1.4 percent and Qatar First Bank gaining 1.7 percent.

Source: Reuters