Petrochemicals lift Saudi bourse

Rest of region sluggish

DUBAI, April 27 (RTRS): Petrochemical stocks and a few shares expected to benefit from Saudi Arabia’s economic reform plans lifted the Riyadh market on Wednesday while other Gulf bourses were sluggish.

The main Saudi stock index added 0.9 percent as the biggest petrochemical maker, Saudi Basic Industries, gained 1.5 percent after Brent oil rose as high as $47.05 a barrel, its highest this year.

Another producer, Saudi Kayan, was the most heavily traded stock and rose 5.2 percent.

Al Tayyar Travel jumped 7.7 percent in unusually heavy trade after the Saudi reform plan unveiled this week emphasised the need to develop the tourism sector, though no details were given.

Also, a joint venture between Al Tayyar and Dubai-based Equinox signed a deal with New York-listed Choice Hotels International to develop the Clarion, Comfort and Quality hotel brands in the United Arab Emirates and Saudi Arabia.

Property developer Al Andalus, which listed in January, rose 1.4 percent after saying it would pay its first dividend, of 0.5 riyal per share for 2015.

Elsewhere in the Gulf the mood was more subdued, with Dubai’s index dropping 1.6 percent. Emaar Properties lost 1.7 percent as it went ex-dividend.

Dubai Islamic Bank sank 3.6 percent after it posted a 7.2 percent increase in first-quarter net attributable profit to 875.3 million dirhams ($238.3 million), below EFG Hermes’ forecast of 938 million dirhams.

The Abu Dhabi market was almost flat as Union National Bank, which is expected to report first-quarter earnings as soon as Thursday, dropped 3.5 percent.

Qatar’s index slipped by 0.2 percent as Dlala Brokerage fell 2.4 percent after reporting first-quarter profit had fallen to 446,000 riyals ($123,000) from 6.43 million riyals a year earlier.

Much trading interest was sucked up by Qatar First Bank , which listed on Wednesday and was the day’s most heavily traded stock. It initially rose but closed with a 7.7 percent fall.

Saudi Arabia

The index gained 0.9 percent to 6,820 points.

Dubai

The index fell 1.6 percent to 3,507 points.

Abu Dhabi

The index edged up 0.1 percent to 4,588 points.

Egypt

The index fell 0.3 percent to 7,864 points. Qatar

The index edged down 0.2 percent to 10,160 points.

Kuwait

The index rose 0.5 percent to 5,429 points.

Oman

The index fell 0.4 percent to 5,939 points.

Bahrain

The index was flat at 1,112 points.