DUBAI, Sept 7 Stock markets in the Gulf were
mixed in quiet early trade on Wednesday as some investors stayed
away from the bourses ahead of market closures next week for Eid
Riyadh's main index was down 0.2 percent in the
first hour. Emaar the Economic City rose 2.9 percent
after it said on Wednesday that an affiliate had obtained a 2.7
billion riyal ($720 million) Islamic loan from banks to finance
the second phase of building King Abdullah Port.
Amana Cooperative Insurance jumped 3.5 percent
after the board recommended a 56.3 percent share capital
reduction through a reverse stock split of 1.125 shares for
every two shares held.
But petrochemical shares were weak with giant Saudi Basic
Industries falling 0.3 percent. Producers' margins are
being squeezed by unfavourable oil-derivative product spreads
after Brent crude, which hit a one-week high of $49.40
per barrel on Monday after Russia and Saudi Arabia agreed to
cooperate on stabilising the oil market, fell back to $47.60.
Qatar's index dropped 0.9 percent as half of traded
shares retreated. Islamic lender Masraf Al Rayan
declined 1.4 percent.
Dubai's index slipped 0.2 percent with most trade
concentrated in small caps. Drake & Scull dropped 0.9
But Gulf Navigation added 1.7 percent after the
company said it had signed a new settlement agreement in its
long debt dispute with Nordic American Tankers and that its debt
to Nordic American had now been settled fully. It gave no
Abu Dhabi's index was flat in quiet trade. Dana Gas
pulled back 1.7 percent but First Gulf Bank
was up 0.4 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia)