Mideast stocks: Saudi, other bourses gains marginally as oil edges up

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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 <.TASI> was up 0.2 percent after an hour of trade; it had dropped 1.3 percent on Sunday. Top petrochemical producer Saudi Basic Industries <2010.SE> was up 0.5 percent and National Commercial Bank <1180.SE> added 0.4 percent.

Tabuk Cement <3090.SE> 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 <1330.SE> dropped 3.3 percent after its third-quarter loss widened.

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

The Abu Dhabi index <.ADI> inched up 0.2 percent with Waha capital <WAHA.AD> rising 3.9 percent.

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

(Reuters)

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