Saudi and Qatar markets up on early trade; Abu Dhabi index dips

Stock markets in Saudi Arabia and Qatar made a partial recovery on Sunday from last week’s losses, with other Gulf markets mixed in quiet trade.

Saudi Arabia’s index added 0.5 per cent in the first hour of trading. Petrochemicals group Saudi Basic Industries dropped 1.5 per cent as it went ex-dividend, but many stocks reliant on domestic demand gained ground after sliding last week on concern over the kingdom’s economic slowdown.

Builder Abdullah Abdul Mohsin Al Khodari and Sons climbed by 8.6 per cent after it renewed a 132-million Saudi riyal Islamic credit facility, allowing it to obtain working capital for projects, and won a 69m-riyal contract from the water ministry.

Dubai edged 0.3 per cent higher, buoyed by a 0.9 per cent gain by Emaar Properties. Abu Dhabi dipped by 0.2 per cent, with the 10 most heavily traded stocks barely moving.

Qatar’s index rose 0.4 per cent as top lender Qatar National Bank rebounded 1 per cent.

Drilling rig provider Gulf International Services added 1.4 per cent after the Qatar exchange said that index compiler FTSE had added GIS to the list of companies eligible for its secondary emerging markets index.

FTSE’s original list of 20 companies did not include GIS, sending the stock 1.4 per cent lower on Thursday. FTSE will publish a confirmed list of stocks to be included in its index after the market closes on Wednesday.

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