Gulf stocks get boost from oil prices, US bourses

Most Gulf stock markets edged up in quiet trade early on Wednesday, buoyed by an overnight rise in oil prices and US bourses, but much activity focused on second-tier stocks favoured by local speculators. Saudi Arabia’s index gained 0.4 per cent in the first 45 minutes of trade with publisher Saudi Research and Marketing jumping […]

Most Gulf stock markets edged up in quiet trade early on Wednesday, buoyed by an overnight rise in oil prices and US bourses, but much activity focused on second-tier stocks favoured by local speculators.

Saudi Arabia’s index gained 0.4 per cent in the first 45 minutes of trade with publisher Saudi Research and Marketing jumping its 10 per cent daily limit to 49.60 Saudi riyals, breaking out of a 36-45 riyal range in which it had been trapped since mid-February.

Dubai’s stock index rose 0.7 per cent as Islamic mortgage provider Amlak added 2.1 per cent. It reported that first-quarter profit jumped to Dh123 million from Dh6m a year earlier; managing director Arif Alharmi predicted “modest growth for the remainder of the year”.

Gulf Navigation fell 1.9 per cent after posting a 28 per cent jump in consolidated profit to Dh6.3m, which had been expected.

Abu Dhabi’s index was flat. Real estate blue chip Aldar Properties gained 1.2 per cent but Abu Dhabi National Energy Co dropped 5.3 per cent in thin trade after reporting a first-quarter net loss of Dh608m versus a year-earlier profit of Dh256m.

Qatar added 0.3 per cent as Dlala Brokerage continued its uptrend of the past month, rising 4.6 per cent.

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Source: Business

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