DUBAI: Gulf stock markets were marginally firmer in early trade on Sunday with most Saudi Arabian insurance company shares continuing to rebound from sharp losses last week.
The main Saudi stock index edged up 0.02 percent in the first hour. Amana Insurance, which had plunged 14.9 percent last week on expectations for a shakeout in the sector caused by tougher regulation, surged 6.6 percent.
Food company Almarai rose 2.9 percent after saying the Public Investment Fund, the main Saudi sovereign wealth fund, had retained a 16.3 percent stake in the company after a 25 percent capital increase through an issue of bonus shares.
Dubai’s index edged up 0.1 percent, led by Islamic Arab Insurance, which surged 3.7 percent and was the most heavily traded stock. On Thursday, it had risen sharply in its heaviest trade since March, which appeared to attract speculative investors into the stock.
Abu Dhabi also gained 0.1 percent but Dana Gas fell 2.5 percent after a London High Court judge adjourned hearings on its $700 million of Islamic bonds to mid-November.
The company is fighting sukuk holders in courts in Britain and the United Arab Emirates, arguing it does not need to redeem the instruments because they have become invalid; some equity investors have been hoping the hearings will result in a settlement that benefits the firm.
Qatar’s index added 0.2 percent, buoyed by a 2.0 percent rise in Qatar National Bank, which last week reported solid third-quarter earnings.
But Gulf Warehousing sank 4.4 percent, heading for its lowest close since mid-June, just after other Arab states triggered a plunge in the Qatari stock market by imposing sanctions on Doha.
Source: Brecorder.com
