July 12, 2018 / 8:32 AM / a year ago

MIDEAST STOCKS-Saudi down on lower oil prices; Emaar rebounds

RIYADH, July 12 (Reuters) - Gulf markets opened mixed on Thursday as oil prices fell and investors found no local catalysts that would push the markets higher.

Brent had slumped on Wednesday $5.46 or 6.9 percent after United States President Donald Trump threatened new tariffs on China and Libya said it would resume oil exports. Prices recouped some losses on Thursday and traded around $74.50 by 0820 GMT.

The Saudi index lost 0.5 percent The main drag was petrochemical giant SABIC, which dropped 1.3 percent.

Al Rajhi Bank and Bank Saudi Fransi fell 0.8 percent and 1.9 percent respectively.

Saudi retailer Jarir Marketing rose 0.7 percent, extending gains after it reported on Wednesday that its second- quarter estimated net profit rose around 10 percent to 162.6 million, from 147.8 million a year ago.

Contractor Al Khodari jumped 1.6 percent after it said on Thursday that it renewed an existing, 231.4 million-riyal Islamic facilities agreement with Riyad Bank.

In Dubai, the index shed 0.1 percent on a 1.9 percent drop by Dubai Investment Company.

Property developer Emaar rebounded from the previous session’s 2.2 percent decline. It was trading 1.2 percent higher in early trading. Emirates NBD added 0.5 percent.

Abu Dhabi’s index was flat. Aldar Properties fell 0.9 percent; Dana Gas rose 1.0 percent.

Doha’s main index was also flat. Industries Qatar rose 0.4 percent; Qatar National Bank shed 0.3 percent. (Reporting by Marwa Rashad, editing by Larry King)

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