Most Gulf markets gain ground

Saudi stocks slip

DUBAI, July 5, (RTRS): Gulf markets mostly edged up on Thursday, with gains in shares of blue-chip property and contracting companies leading Dubai higher while Saudi stocks slipped.

The Dubai index closed 0.7 percent up, with developers Dubai Investments, Emaar Properties and DAMAC Properties gaining 2.1 percent, 0.6 percent and 1.4 percent respectively.

Contractor Drake & Scull International, one of the worst-performing stocks on the Dubai index, corrected gains in early trade after tapping its CFO for a new “chief restructuring officer” role. It closed 0.2 percent up.

DSI has been lagging because of concerns about its financial position, business outlook and the outcome of an investigation into “violations” by previous management.

Its shares sank 9.9 percent on Tuesday.

Banks led losses in Saudi Arabia, where the market was down 0.9 percent. National Commercial Bank (NCB) dropped 1.6 percent and alRajhi Bank lost 1.4 percent.

Shares in retailer Fawaz Abdulaziz Alhokair Co continued to plunge, shedding another 9.2 percent after reporting a heavy annual profit fall last week and announced that it would close 75 stores.

Abu Dhabi National Energy Co slipped 0.9 percent along with oil prices, while Dana Gas rose by 1 percent.

The Abu Dhabi index closed 0.2 percent higher.

In Qatar, banks QNB and Masraf al-Rayan rose 0.65 percent and 0.82 percent respectively. Qatar Electricity & Water, the third-biggest gainer, closed 1.2 percent up.

The Qatar index ended the day with a 0.3 percent gain.

Saudi Arabia

■ The index dropped 0.9 percent to 8,178 points.

Dubai

■ The index rose 0.7 percent to 2,880 points.

Abu Dhabi

■ The index rose by 0.2 percent to 4,603 points.

Qatar

■ The index rose 0.3 percent to 9,260 points.

Kuwait

■ The index rose 1.0 percent to 5,180 points.

Bahrain

■ The index rose 0.6 percent to 1,331 points.

Oman

■ The index was flat at 4,524 points.

Egypt

■ The index fell 1.1 percent to 16,125 points.