DUBAI, Sept 6 Saudi Arabia's stock market
continued rebounding early on Tuesday after a sharp rise on the
previous day, while other Gulf stock markets were narrowly mixed
in quiet trade.
Riyadh's stock index climbed 0.5 percent to 6,232
points in the first half-hour, adding to a 1.7 percent gain on
Monday, when oil prices surged as Saudi Arabia and Russia said
they would cooperate to support oil prices.
Petrochemical stocks outperformed on Tuesday morning, with
Saudi Basic Industries up 1.2 percent, and miner
Ma'aden rose 3.2 percent after it said a subsidiary
had started trial production at a new ammonia plant.
However, many analysts think the Saudi-Russia deal may do
little to boost oil prices in the long term; the two countries
did not announce specific steps, and it might be difficult for
them to join with other big producers to restrain output.
The Saudi stock index faces technical resistance at
6,226-6,257 points, the lows in early August and June.
Other Gulf markets moved little. Dubai edged down
0.1 percent as Shuaa Capital, which had soared its 15
percent daily limit to a 16-month high on Monday in heavy trade,
fell back 1.6 percent.
The Dubai-listed shares of Orascom Construction
climbed 0.9 percent in thin trade after its board of directors
approved a proposal to buy back up to 1 million of the company's
Abu Dhabi's index slipped 0.3 percent as Abu Dhabi
Commercial Bank lost 1.2 percent, while Qatar
dropped 0.5 percent as several blue chips pulled back with
Islamic lender Masraf Al Rayan, the most heavily
traded stock, down 1.2 percent.
(Editing by Andrew Torchia)