DUBAI, Sept 8 Petrochemical shares supported
Saudi Arabia's stock index in early trade on Thursday after
crude oil prices bounced back, although other Gulf markets lost
Riyadh's index rose 0.3 percent in the first 30
minutes with Saudi Basic Industries, the largest
petrochemical producer, gaining 0.9 percent and Yanbu National
Petrochemicals (Yansab) adding 1.1 percent.
Brent crude climbed 1.5 percent to above $48.70 a
barrel after U.S. crude inventories surprisingly plunged last
week in their largest weekly drawdown for over three decades.
Dubai's main index nudged up 0.1 percent in very
low volume with Shuaa Capital adding 1.9 percent.
Shares in the investment firm have been outperforming since last
week, when the company started offering market-making facilities
to investors in Nasdaq Dubai's single stock futures contracts.
But construction firm Drake & Scull pulled back 1.9
percent, extending Wednesday's 1.7 percent loss.
Abu Dhabi's index edged down 0.3 percent as most
actively traded shares moved little. First Gulf Bank
lost 0.8 percent.
Qatar's index dropped 0.7 percent as some shares
continued to lag after outperforming last month in anticipation
of their inclusion in index compiler FTSE's secondary emerging
market index on Sept. 20. Islamic lender Masraf Al Rayan
lost 0.9 percent to 35.20 riyals after hitting a high
of 39.40 riyals last month.
(Reporting by Celine Aswad; Editing by Andrew Torchia and