* Saudi insurers, petrochemicals recover
* Foreign funds net buyers in Egypt
* Dubai's Drake & Scull up on major asset sale
* Abu Dhabi sees lowest volume since December
* Kuwait extends gains
By Celine Aswad
DUBAI, March 23 Most stock markets in the Gulf
made small gains on Thursday, recovering some of the week's
losses, but trading volumes remained very low. Egypt rebounded
as foreign funds bought shares there.
The Saudi stock index climbed 0.7 percent as the
petrochemical sector regained some of the previous session's
heavy losses, after Brent oil bounced from a four-month
low hit on Wednesday. Saudi Kayan Petrochemical rose
The insurance sector, which has been very volatile in
recent days, also firmed with all but four of the 35 listed
insurers advancing. Buruj Cooperative Insurance jumped
9.3 percent and was the top performer on the exchange.
Egypt's index climbed 1.2 percent with trading
volume nearly doubling from the previous session as foreign
funds were net buyers of equities, exchange data showed.
The top two gainers in that index were private equity firm
Qalaa Holdings, which jumped 6.8 percent, and
investment firm EFG Hermes, up 4.2 percent.
Dubai builder Drake & Scull climbed 2.2 percent
after it sold its ownership stake in a Dubai development
project, One Palm, to Omniyat Properties, its partner in the
scheme. 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 the
fourth quarter of 2016.
A 1.1 percent decline in shares of heavyweight Emaar
Properties dragged on Dubai's index, which
fell 0.4 percent.
ENBD REIT, the second real estate investment
trust to list in Dubai and the first equity instrument to list
since an exchange-traded fund in June 2016, traded at $1.17 on
its first day on NASDAQ Dubai, up from its initial public offer
price of $1.11. Volume was tiny.
Abu Dhabi's index added 0.3 percent but saw its
lowest daily volume since mid-December. Dana Gas rose
In Qatar, the index advanced 0.5 percent with 70
percent of traded shares gaining. Islamic lender Masraf Al Rayan
was the top performer, climbing 2.8 percent.
Kuwait's index, which had jumped 2.0 percent on
Wednesday, added a further 0.3 percent with trading volume
staying very high. The largest logistics company in the Gulf,
Agility, jumped 3.2 percent.
* The index added 0.7 percent to 6,879 points.
* The index fell 0.4 percent at 3,461 points.
* The index edged up 0.3 percent to 4,495 points.
* The index rose 0.5 percent to 10,445 points.
* The index gained 0.3 percent to 7,043 points.
* The index rebounded 1.2 percent to 13,032 points.
* The index added 0.3 percent to 5,635 points.
* The index rose 0.6 percent to 1,376 points.
(Editing by Andrew Torchia and Andrew Heavens)