DUBAI Feb 12 Petrochemical shares boosted Saudi
Arabia's bourse in early trade on Sunday after oil prices firmed
at the end of last week, while small and mid-sized stocks were
the main movers on other Gulf markets.
Saudi Arabia's index was up 1 percent after 45
minutes of trade with all but one of the 14 listed Saudi
petrochemical shares higher. Saudi Kayan added 1.8
percent after Brent oil futures closed 1.9 percent
higher at $56.70 a barrel on Friday.
The positive mood spilled into other sectors, with banking
shares also advancing. National Commercial Bank rose 1
Billionaire Prince Alwaleed bin Talal's Kingdom Holding
jumped 5.3 percent after it traded 90 percent of its
shares in Euro Disney into Walt Disney Co
stock, gaining a net profit of $61 million in the deal.
Dubai's main index edged up 0.1 percent. GFH
Financial Group advanced 2.3 percent after the
Bahrain-based company announced that one of its subsidiaries had
raised $50 million for one of its funds and the financial impact
was expected to be reflected in first-quarter results.
Dubai Investment added 1.6 percent after a
subsidiary acquired a 153,000 square foot (14,214 square metre)
shopping centre in Ventura, California. The value of the
acquisition was not disclosed.
In Abu Dhabi, RAK Properties gained 1.3 percent
after its full-year net profit rose 9.2 percent and revenue in
2016 came in 6 percent higher. The Abu Dhabi index was up
Kuwait's index edged up 0.1 percent as Jazeera
Airways rose 1.5 percent after the board recommended a
cash dividend of 35 fils per share. The airline reported a drop
of 29.9 percent in 2016 full-year net profit.
(Reporting by Celine Aswad; Editing by Andrew Torchia and Susan