DUBAI Oct 6 Saudi petrochemical shares
continued rising early on Thursday, encouraged by strong oil
prices, but most stocks in the region weakened in quiet trade.
The Saudi index edged up 0.2 percent after Brent oil
futures rose as high as $52.09 per barrel overnight, the
highest since early June.
National Petrochem, which surged 8.2 percent on
Wednesday, climbed a further 3.0 percent to 15.60 riyals; NCB
Capital and SICO upgraded their views of the stock this week,
with targets of 17.30 and 19.00 riyals respectively.
National Industrialisation (Tasnee), which has
petrochemical assets, gained 4.8 percent in unusually heavy
But most other stocks in the market moved little and
telecommunications firm Zain Saudi pulled back 2.6
percent after rising sharply in the previous two days on hopes
it would benefit from deregulation.
Dubai's index fell 0.5 percent as DXBE
Entertainments sagged 2.0 percent. It has been weak
since last Friday, when it announced delays to the opening of
some of its theme parks; instead of all of them opening on Oct.
31, some facilities will now open on Nov. 15 and Dec. 16.
Abu Dhabi's index lost 0.3 percent, despite a 2.0
percent rise by Union National Bank, while Qatar
edged down 0.2 percent despite a 1.1 percent rise by
telecommunications company Ooredoo.
(Reporting by Andrew Torchia; Editing by Mark Potter)