DUBAI Dec 26 The Saudi Arabian stock market's
post-budget rally lost steam early on Monday as the index neared
a technical resistance, while other major Gulf bourses were firm
in quiet trade.
The Saudi index added 1.5 percent to 7,191 points on
Sunday in reaction to Riyadh's modestly expansionary state
budget for 2017.
But it faces technical resistance on this year's peak of
7,235 points, hit earlier this month, and edged down 0.1 percent
to 7,181 in the first 20 minutes of trading on Monday.
Utility Saudi Electricity, which jumped 8.7
percent on Sunday after the government said in the budget it
would raise domestic fuel and electricity prices by unspecified
margins later this year, rose a further 0.9 percent.
Petrochemical stocks continued to outperform slightly after
the budget plan pledged not to raise gas feedstock prices before
2019. Most other shares were little changed.
In Dubai, the index edged up 0.6 percent, led by
amusement park operator DXB Entertainments, which was
the most heavily traded stock and gained 3.1 percent.
Abu Dhabi rose 0.8 percent, helped by a 1.4 percent
gain in telecommunications firm Etisalat, which
continued rising after saying on Sunday that it was ending its
management agreement with Saudi affiliate Mobily.
Qatar edged up 0.3 percent as Qatar National Bank
climbed 1.2 percent.
(Reporting by Andrew Torchia; Editing by Amrutha Gayathri)