DUBAI Feb 26 Gulf stocks were generally little
changed in early Sunday trade but most new listings surged on
Saudi Arabia's secondary market as that bourse, which has less
onerous listing requirements than the main Riyadh market, opened
its doors for the first time.
The main Saudi index edged down 0.02 percent in the
first hour. Real estate investment trusts, which have been
soaring since Al Jazira Maten REIT listed in
mid-February, continued to rise in heavy trading volume; Al
Jazira climbed 9.8 percent and Riyad REIT gained 5.1
In the new Saudi Parallel Market, where seven stocks started
trading, retailer Abdullah Saad Mohammed Abo Moati Stationaries
rose 6.7 percent from its initial public offer price
in volume of a little over 1 million shares.
Raydan Cuisines climbed 6.3 percent and Al-Omran
Industrial and Trading Co jumped 11 percent.
In Qatar, the index edged down 0.1 percent as Qatar
Navigation (Milaha) dropped 5.1 percent after it swung
to a surprise fourth-quarter net loss of 47.7 million riyals
($13.1 million); QNB Financial Services had forecast a profit of
142.4 million riyals.
Dubai's index edged up 0.2 percent as DAMAC
Properties, the developer which earlier this month
opened a Donald Trump-branded golf course and residential
project in Dubai, added 1.4 percent to 2.91 dirhams in unusually
It rose above technical resistance at the April 2016 peak of
2.88 dirhams. The stock has surged from 2.17 dirhams at the time
of the U.S. presidential election in November.
Abu Dhabi's index was 0.2 percent higher as First
Gulf Bank gained 1.1 percent.
(Reporting by Andrew Torchia; Editing by Mark Potter)