Saudi stocks weaken in early trade, rest of Gulf mixed

Shares in Saudi Arabia dropped in early trade Wednesday, dragged down by petrochemicals and banks, while other Gulf bourses were mixed.

Riyadh’s index was down 0.2 percent after an hour. Yanbu National Petrochemicals (Yansab) and National Commercial Bank fell 0.2 and 0.7 percent respectively.

On Tuesday, Yansab had surged 6.5 percent after its board recommended the distribution of higher dividends for the first half of this year compared to last.

Saudi healthcare and education shares were strong with Al Hammadi Co, the medical equipment supplier, adding 1.5 percent. The only listed eduction stock, Al Khaleej Training and Education, rose 1.6 percent in heavy trade.

Meanwhile the Dubai index slid 0.4 percent, weighed down by a 1.8 percent drop in the largest listed bank, Emirates NBD.

But Shuaa Capital, the most heavily traded stock, surged 4.8 percent after Reuters reported on Tuesday that Abu Dhabi Financial Group, Al Mal Capital and Arqaam Capital are among the bidders for Dubai Group’s 48.4 percent stake in the Islamic financial firm.

Abu Dhabi’s index gained 0.7 percent, supported by rises in Dana Gas and telecommunications firm Etisalat , which were each up more than 1.0 percent.

In Qatar, the index edged up 0.2 percent, buoyed by a 1.5 percent bounce in Qatar National Bank.

Source: Reuters