DUBAI, March 23 Saudi Arabia's stock market
outperformed the region in early trade on Thursday, recovering
some of the previous session's losses, while in Dubai builder
Drake & Scull climbed after it agreed to sell a major asset.
The Saudi stock index was up 0.5 percent after 15
minutes of trade as the petrochemical sector recovered some of
the previous session's heavy losses, after Brent oil
bounced from a four-month low hit on Wednesday. Saudi Kayan
Petrochemical rose 1.3 percent.
The insurance sector, which has been very volatile in recent
days, also firmed with all but three of the 35 listed insurers
advancing. Solidarity Saudi Takaful rose 1.4 percent.
In Dubai, Drake & Scull climbed 2.9 percent after
it sold its ownership stake in a Dubai development project, One
Palm, to Omniyat Properties, its partner on that project. The
value of the sale was not disclosed.
DSI said the transaction was an important milestone in its
turnaround and capital restructuring plan initiated in fourth
quarter of 2016.
But a 1.1 percent decline in shares of heavyweight Emaar
Properties was dragged on Dubai's index,
which was down 0.1 percent.
In Abu Dhabi, the index was down 0.1 percent in very
thin trade. Large-cap Aldar Properties fell 0.8
Doha's index was flat. Islamic lender Masraf Al Rayan
added 1.3 percent but telecommunications operator
Ooredoo lost 2.5 percent as it went ex-dividend.
Kuwait's index, which had jumped 2.0 percent on
Wednesday, was flat. Boubyan Bank climbed 2.5 percent
but telecommunications provider Zain fell 1.1 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia and