BRIEF-Fitch says Cyprus bond issue reduces refinancing risks
* Cyprus's EUR850 million bond issue reduces refinancing risks and demonstrates sovereign's improved financing flexibility
DUBAI May 17 Declines in large caps weighed on Saudi stocks in early trade on Wednesday while the Dubai market rose as property developer DAMAC extended gains.
The Riyadh index was down 0.1 percent after 45 minutes of trade as a little under two-thirds of the 14 listed petrochemical producers fell. Heavyweight Saudi Basic Industries was down 0.8 percent.
Much activity focused on second and third-tier stocks. Saudi Paper Manufacturing was up 4.4 percent as about 2 million shares traded hands, more than double the usual daily volume.
The Qatar index lost 0.3 percent as a little over two-thirds of traded shares declined. The largest listed property developer, Ezdan Holding, fell 0.9 percent.
In Dubai, DAMAC extended the previous session's 2.9 percent gain to add another 1.4 percent. Its shares have been rising since index compiler MSCI said on Monday it would be added to its United Arab Emirates index on June 1.
Arqaam Capital estimated the inclusion would bring $68 million of passive fund inflows into the stock.
The Dubai index was up 0.4 percent as six other traded shares rose while 18 declined.
Abu Dhabi's index edged up 0.2 percent as Dana Gas rose 2.4 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and John Stonestreet)
* TWO BOARD MEMBERS YUSHENG ZHAO AND TUEN TING CHEUNG LEAVE BOARD AT OWN REQUEST AS OF TODAY