DUBAI, Sept 21 Stock markets in the Gulf made
small gains in early trade on Wednesday with investors buying
small and mid-sized shares, while Qatar's index slipped as the
FTSE passive funds inflow faded.
Riyadh's index rose 0.3 percent to 5,943 points
after 45 minutes of trade, pulling slightly away from its
technical support at the August low of 5,911 points.
Petrochemical shares firmed as Brent futures bounced
back over $46 a barrel. The largest listed producer Saudi Basic
Industries added 0.3 percent.
The insurance sub-index added 1.1 percent as almost
all the constituents advanced, recouping some of the heavy
losses of the week. BUPA Arabia, a mid-sized medical
insurer, rose 0.9 percent.
Generally, local day traders tend to turn to the smaller
sized companies and speculative shares to turn a quick profit,
especially after an extended period of decline.
In Dubai, small and mid-sized shares generated the majority
of turnover, pulling the stock index up 0.4 percent.
Shuaa Capital, the most traded stock, jumped 5.6
Meanwhile Qatar's stock index edged down 0.2 percent,
after advancing 1.0 percent on Tuesday as passive funds flowed
into the companies now included in FTSE's secondary emerging
Seven of the 22 shares which are now FTSE members pulled
back, with Qatar National Bank falling 0.6 percent
while five of them advanced with Masraf Al Rayan
adding 0.3 percent.
(Reporting by Celine Aswad; Editing by Alison Williams)