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MIDEAST STOCKS-Saudi boosted by oil, other bourses steady
February 12, 2017 / 8:14 AM / 10 months ago

MIDEAST STOCKS-Saudi boosted by oil, other bourses steady

DUBAI, Feb 12 (Reuters) - Petrochemical shares boosted Saudi Arabia’s bourse in early trade on Sunday after oil prices firmed at the end of last week, while small and mid-sized stocks were the main movers on other Gulf markets.

Saudi Arabia’s index was up 1 percent after 45 minutes of trade with all but one of the 14 listed Saudi petrochemical shares higher. Saudi Kayan added 1.8 percent after Brent oil futures closed 1.9 percent higher at $56.70 a barrel on Friday.

The positive mood spilled into other sectors, with banking shares also advancing. National Commercial Bank rose 1 percent.

Billionaire Prince Alwaleed bin Talal’s Kingdom Holding jumped 5.3 percent after it traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61 million in the deal.

Dubai’s main index edged up 0.1 percent. GFH Financial Group advanced 2.3 percent after the Bahrain-based company announced that one of its subsidiaries had raised $50 million for one of its funds and the financial impact was expected to be reflected in first-quarter results.

Dubai Investment added 1.6 percent after a subsidiary acquired a 153,000 square foot (14,214 square metre) shopping centre in Ventura, California. The value of the acquisition was not disclosed.

In Abu Dhabi, RAK Properties gained 1.3 percent after its full-year net profit rose 9.2 percent and revenue in 2016 came in 6 percent higher. The Abu Dhabi index was up 0.4 percent.

Kuwait’s index edged up 0.1 percent as Jazeera Airways rose 1.5 percent after the board recommended a cash dividend of 35 fils per share. The airline reported a drop of 29.9 percent in 2016 full-year net profit. (Reporting by Celine Aswad; Editing by Andrew Torchia and Susan Fenton)

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