DUBAI Dec 18 Stock markets in the Gulf made
small gains on Sunday morning after crude oil prices climbed
back towards 17-month highs at the end of last week.
Brent futures rose 2.2 percent to settle at $55.21 a
barrel on Friday after Goldman Sachs boosted its price forecast
for 2017 and producers showed signs of adhering to a global deal
to reduce output.
Saudi Arabian petrochemical shares were bid up in the first
hour of trade with all but one of the 14 listed producers
advancing, pulling the main Saudi stock index 0.3
percent higher. Top producer Saudi Basic Industries
added 0.5 percent.
Commodities transportation company National Shipping Co
(Bahri) climbed 1.9 percent after it announced its
board had proposed a cash dividend cash of 2.5 riyals per share
for 2016, in line with 2015. Its dividend yield is at 6.0
percent, according to Thomson Reuters data.
Dubai's main index added 0.6 percent with gainers
outnumbering losers 17 to one. Some of Thursday's top decliners
recovered with Emaar Malls Group adding 1.5 percent.
NBAD Securities said in a note that traders might look to
book partial gains on stocks that rallied recently and shift to
those staging fresh breakouts.
Blue chips helped carry Abu Dhabi's index 0.9 percent
higher. Dana Gas jumped 3.7 percent and First Gulf
Bank rose 2.4 percent.
Stock markets in Bahrain and Qatar were closed for national
(Reporting by Celine Aswad; Editing by Andrew Torchia and John