* Saudi's PetroRabigh continues slide on poor Q1 earnings
* Dubai's DXB Entertainments hits lowest level since April
* Heavy speculative trade in Arabtec shares and rights
* Shuaa Capital tumbles after Q1 results
* Kuwait rises before MSCI index announcement
By Andrew Torchia
DUBAI, May 15 Middle Eastern stock markets were
mixed on Monday with Saudi Arabia rising on the back of a
rebound in oil prices and a continued slide by amusement park
operator DXB Entertainments helping to drag down Dubai.
The Saudi index climbed 0.6 percent. Top
petrochemical producer Saudi Basic Industries, whose
margins could benefit from higher oil prices, gained 0.5
But PetroRabigh, which had tumbled its 10
percent daily limit on Sunday after reporting a sharp widening
of its quarterly loss, sank a further 5.4 percent.
Real estate developer Dar Al Arkan was the most
heavily traded stock and added 3.9 percent after saying its
board had accepted the resignation of Abdulrehman Hamad
al-Harkan as chief executive, effective on June 1, for personal
reasons. It did not name a new CEO.
Dubai's index slipped 1.1 percent on a late wave of
selling as DXB Entertainments sank 5.6 percent to its
lowest level since April 2015.
Investors have been disappointed by attendance figures at
the company's parks and last week it reported a wider
first-quarter loss, warning that attendance was likely to fall
in the next two quarters.
Builder Arabtec was the second most heavily
traded issue in Dubai, while rights to subscribe to its capital
increase were the most heavily traded.
The underlying stock jumped nearly 7 percent in early trade
but closed 0.1 percent lower at 0.762 dirham as the rights,
which began trading on Monday and will continue through May 28,
swung widely between 0.03 dirham and 0.215 dirham.
Since the rights allow the underlying stock to be bought at
a price of 1.0 dirham, well above the stock's current market
price, they may never be exercised. But the price of the rights
is so low that some local investors see a good chance for
short-term speculation with minimal downside.
Shuaa Capital dropped 6.6 percent despite
reporting that it had swung to a first-quarter profit from a
year-earlier loss; total revenues shrank during the quarter.
Abu Dhabi's index dropped 0.6 percent but Qatar
rose 0.6 percent on the back of several blue chips such
as Doha Bank, up 1.3 percent, and Barwa Real Estate
, which gained 1.4 percent.
Kuwait was the best-performing market in the region,
rising 0.7 percent. International equity index compiler MSCI was
due to announce late on Monday changes in its indexes that will
occur when Pakistan is reclassified to emerging market status
from a frontier market on June 1.
Pakistan has a roughly 10 percent weighting in MSCI's
frontier index and once it goes, the index will be more than a
fifth weighted to Kuwait, analysts have estimated. That could
mean significant flows of funds into Kuwait; about $6.4 billion
is currently under management with frontier equity funds.
Egypt's index edged down 0.04 percent although
Egyptian Iron & Steel jumped 7.1 percent after
reporting a slight reduction in its net loss for the first nine
months of its fiscal year.
* The index climbed 0.6 percent to 6,892 points.
* The index fell 1.1 percent to 3,378 points.
* The index dropped 0.6 percent to 4,564 points.
* The index rose 0.6 percent to 10,118 points.
* The index edged down 0.04 percent to 12,866
* The index rose 0.7 percent to 6,706 points.
* The index edged up 0.1 percent to 1,312 points.
* The index edged down 0.1 percent to 5,416 points.
(Editing by Pritha Sarkar)