January 12, 2017 / 8:07 AM / 6 months ago

MIDEAST STOCKS-Saudi recovers on oil rebound, outperforms Gulf

2 Min Read

DUBAI, Jan 12 (Reuters) - Blue chips helped carry Saudi Arabia's stock index higher in early trade on Thursday after oil prices recovered overnight, but profit taking in large capital stocks weighed on other Gulf markets.

Riyadh's equities index had risen 0.6 percent after 45 minutes. Eight of the 12 listed banks advanced, with Saudi British Bank, the sector's chief gainer, up 1.6 percent.

Petrochemical producers were also strong, with all but one of 14 firms recovering some of this week's losses. Saudi Kayan added 1.2 percent.

Blue chips dragged on Dubai and the main index was down 0.1 percent, with Emaar Properties slipping 0.7 percent.

However, some small and mid-sized shares continued to be snapped up; Gulf General Investment was the top performer, jumping 4.9 percent.

The Abu Dhabi index pulled back 0.6 percent. First Gulf Bank fell 1.5 percent and National Bank of Abu Dhabi lost 2.4 percent. The duo are set to complete a merger in coming months.

Qatar's index was also weak, edging down 0.2 percent as the largest listed stock, Qatar National Bank, lost 0.5 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Mark Potter)

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