Weak petchem stocks weigh on Tadawul

DUBAI: The Tadawul All Share Index (TASI) lost 0.8 percent in low volumes on Sunday weighed down by the petrochemical sector as the Brent oil price stayed near a one-month low. Ethylene maker National Petrochemical lost 3.5 percent to close at its lowest price since November.

Shares of companies that might benefit from index compiler MSCI upgrading Riyadh to emerging market status were relatively resilient; dairy producer Almarai rose 0.9 percent to SR82.90 ($22.10), a fresh all-time high. MSCI will announce on June 20 whether it is putting Saudi Arabia on review for a possible upgrade.

In Abu Dhabi, Dana Gas soared 13.2 percent and was the most heavily traded stock. It has rocketed 46 percent this month on news that it has received a portion of its overdue payments from Egypt and on hopes for its legal efforts to recover money from Iraqi Kurdistan.

A 0.9 percent rise in shares in the second-largest bank in the region by assets after QNB, First Abu Dhabi Bank, also carried the Abu Dhabi index 0.5 percent higher.

In Dubai, builder Drake & Scull rose 1.2 percent; it has risen 5.5 percent since Thursday in unusually large volumes.

The Dubai stock index fell 0.4 percent as 12 shares rose but 18 declined including builder Arabtec, down 1.6 percent.

In Egypt, the index fell 0.5 percent, easing from an all-time high as some investors booked profits. The largest listed lender, Commercial International Bank, lost 1.1 percent.