DUBAI Jan 1 Saudi Arabia's stock market rose in
early trading on Sunday with activity focusing on second- and
third-tier stocks rather than blue chips.
The main Saudi index was up 0.5 percent in the first
hour. Petrochemical and banking blue chips were little changed
but major gains were seen in stocks such as conglomerate Jazan
Development, which jumped 5.9 percent after announcing
a 0.50 riyal per share dividend for 2016.
Saudi Automotive Services surged its 10 percent daily limit
after saying it would post a special gain of 4.4 million riyals
($1.2 million) for the fourth quarter after selling two of its
equities investment portfolios.
Nama Chemicals plunged by its 10 percent daily
limit for a second straight day. It resumed trading last week
after its shares were suspended for a day because its
accumulated losses had reached more than 75 percent of its
capital. The company now plans a capital reduction.
Oman's stock index dropped 0.7 percent as Oman
Telecommunications tumbled 4.0 percent and rival
Ooredoo Oman sank 6.7 percent.
On Thursday, the Capital Market Authority said Oman's
telecommunications companies would pay a royalty to the
government of 12 percent of revenues in 2017, up from 7 percent.
Other markets in the Gulf, as well as Cairo's exchange, were
closed for New Year holidays.
(Reporting by Andrew Torchia; editing by David Clarke)