July 15, 2018 / 8:08 AM / 3 months ago

MIDEAST STOCKS-Saudi up on higher oil prices; Aramex down in Dubai

DUBAI, July 15 (Reuters) - Gulf markets were mixed on Sunday as investors digested a late rise in oil prices that still left the commodity lower for the week.

Oil prices edged up about 1 percent on Friday as strike actions in Norway and Iraq hit supplies. Still, futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.

The Saudi index gained 0.1 percent, with petrochemical giant Saudi Basic Industries Corporation rising 0.2 percent and Jabal Omar Development climbing 0.5 percent.

Saudi Arabia’s Arriyadh Development Co gained 1.7 percent, despite second-quarter net profit dipping by 3 percent to 44.6 million riyals ($11.9 million).

In Dubai, the index edged up 0.05 percent. The biggest drag was provided by a 7.0 percent fall by Aramex , the logistics and supply chain management company.

Abu Dhabi’s index was broadly flat, falling 0.01 percent. Emirates Telecommunications (Etisalat) was 0.6 percent down, providing the biggest drag on the index. Sharjah Islamic Bank fell 6.5 percent. ($1 = 3.7503 riyals) (Reporting by Tom Arnold; Editing by Toby Chopra)

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