Stock markets in Gulf consolidate in quiet early trade

Gulf stock markets consolidated in a quiet market during Sunday with little corporate news to prompt trading, and with Friday’s sharp pull-back in oil prices offsetting strength in bourses worldwide.

The Saudi stocks edged up 0.1 percent to 6,806 points in the first half hour. The index tested and failed to break technical resistance on its April peak of 6,876 points on Thursday.

The petrochemical index underperformed, dropping 0.4 percent, while the cement sector was also weak.

Alawwal Bank jumped 2.0 percent, however, after changing its name to Alawwal Bank from Saudi Hollandi Bank in a rebranding exercise that coincides with Royal Bank of Scotland seeking a buyer for its 40 percent stake.

Dubai’s main index climbed 0.6 percent on the back of gains in the two most heavily traded stocks, GFH Financial, up 2.2 percent to 1.86 dirhams, and Union Properties, which surged 5.3 percent to 0.88 dirham, approaching major technical resistance on the year’s high of 0.91 dirham.

Abu Dhabi’s index rose 0.7 percent on the back of a 1.5 percent gain by Abu Dhabi Commercial Bank, which has been volatile because of merger speculation. Qatar’s index was flat.

Source: Reuters