DUBAI May 21 Stock markets in Saudi Arabia and
the United Arab Emirates rose in early trade on Sunday, with
Saudi petrochemical shares particularly strong, after oil prices
rebounded at the end of last week.
The Saudi stock index added 1.0 percent in the first
50 minutes as Saudi Basic Industries, the top
petrochemical producer, gained by the same margin.
Mining company Ma'aden rose 2.9 percent. Among
tens of billions of dollars worth of deals announced by U.S.
companies on Saturday during President Donald Trump's visit to
Riyadh, GE said it would provide technology to Ma'aden to
reduce its energy costs and boost efficiency.
Dubai's index edged up 0.2 percent. Gulf Navigation
climbed 2.9 percent after reporting first-quarter net
profit grew 39 percent from year ago to 8.8 million dirhams
Abu Dhabi's index was 0.1 percent higher, but Qatar
fell 0.4 percent as Qatar National Bank, the
largest lender, lost 1.1 percent.
(Reporting by Andrew Torchia; Editing by Mark Potter)