(Reuters) – Saudi Arabia’s stock market rose in early trading on Thursday, boosted by bank shares, while the Qatar stock exchange suffered a technical failure and cancelled some trades.
Saudi Arabia’s main index <.TASI> was up 0.6 percent after an hour. National Commercial Bank <1180.SE>, the largest Saudi lender, added 1.3 percent.
Anaam International Holding Group <4061.SE> surged 4.6 percent in heavy trade after it signed a non-binding memorandum of understanding to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar Co. The companies will get new shares issued by Anaam as part of the deal.
Amana Cooperative Insurance <8310.SE> added 1.1 percent after the Capital Market Authority approved the company’s request to raise 100 million riyals ($26.7 million) through a rights issue.
But Saudi Industrial Export <4140.SE> dived 9.9 percent. It has been plunging for seven days, after a speculative bubble in the stock pushed it up over 200 percent since early October.
The Qatar stock exchange reported a technical failure which it later said had been resolved. The exchange then announced cancellation of all trades that were executed during the morning before the failure occurred. It did not disclose details of the glitch.
The market <.QSI> resumed trading in the late morning and was little changed.
Abu Dhabi’s index <.ADI> edged 0.1 percent higher after falling in the last two sessions. First Abu Dhabi Bank <FAB.AD>, the United Arab Emirates’ largest lender, added 0.4 percent while Dana Gas <DANA.AD> lost 1.0 percent.
The Dubai index <.DFMGI> fell 0.2 percent with Union Properties <UPRO.DU> down 3.1 percent and Emaar Malls <EMAA.DU> losing 1.1 percent.
But Arabtec <ARTC.DU> rose for a third straight session and was up 1.3 percent. The company’s unit Target Engineering said this week that it had secured a 521 million dirham ($142 million) construction contract, while Arabtec said it was progressing with debt refinancing.
Ajman Bank <AJBNK.DU> fell 1.0 percent. Shuaa Capital <SHUA.DU>, which traded flat, said it had acquired a 4.8 percent stake in the bank for 100 million dirhams ($27.2 million).