DUBAI: Gulf stock markets were mostly subdued in early trade on Wednesday, in line with global markets, although builder Drake & Scull (DSI) was strong in Dubai.
The Dubai index was up 0.3 percent as DSI, the most heavily traded stock, climbed 2.4 percent. It has been trading near five-month lows.
The Abu Dhabi index was flat as Abu Dhabi National Energy Co gained 2.0 percent, continuing a strong three-week uptrend.
Union National Bank rose 2.2 percent to 3.79 dirhams after SICO Bahrain upgraded the stock to “buy” from “neutral” with a target of 4.5 dirhams, saying the bank had the cheapest valuation, adjusted for return on equity, in its Gulf Cooperation Council universe, along with a dividend yield of 5.6 percent.
The Qatari index was down 0.5 percent, weighed down by banks and insurance stocks. Al Ahli Bank was down 1.9 percent and Qatar General Insurance & Reinsurance slipped 0.6 percent.
Saudi Arabia’s index was flat in quiet trade; Saudi Paper fell 1.9 percent after its board proposed a capital decrease to 240 million riyals ($64 million) from 450 million riyals to extinguish accumulated losses of 210 million riyals.
Source: Brecorder
