DUBAI Jan 10 Stock markets in Gulf were weak in
early trade on Tuesday with Saudi Arabia's index heading for its
third straight session of declines after oil prices fell to
three-week lows overnight.
The Riyadh index was down 0.5 percent after 35
minutes; 12 of the 14 listed petrochemical shares declined after
Brent crude futures retreated 4 percent on Monday. The
biggest petrochemical producer, Saudi Basic Industries
, fell 0.3 percent.
Telecommunications operator Zain Saudi fell 1.2
percent after announcing it would not appeal a 219.5 million
riyal ($58.5 million) judgement against it in a legal dispute
with rival Mobily. Zain said the payment would have no
impact on its financials as it already booked provisions.
Mobily was down 1.4 percent after the company
announced it had appointed Ahmed Abdelsalam Abdelrahman to
replace chief executive Ahmad Farroukh.
Qatar's index fell 0.3 percent with petrochemical
producer Industries Qatar pulling back 1.6 percent.
Dubai's index edged down only 0.3 percent to 3,711
points as some of the top gainers from the previous session were
sold. Ajman Bank, which jumped 7.8 percent on Monday,
retreated 3.0 percent.
The index is technically bullish after confirming a break in
the last two days above resistance at the mid-December peak of
3,659 points. That level is now support.
In neighbouring Abu Dhabi, the index was flat with
some large-cap banks making small gains. National Bank of Abu
Dhabi was up 0.5 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia)