DUBAI: Saudi stocks edged up on Monday with banks and industrial companies driving the index higher, while indexes in Dubai and most other parts of the Gulf slipped.
The Saudi index closed up 1.3 percent, with Al Rajhi Bank and Saudi Basic Industries Corporation the main drivers, climbing 2.5 percent and 1.9 percent, respectively.
The Dubai index closed 0.4 percent down, with Emaar Properties falling 1.4 percent. Dubai Islamic Bank closed 0.6 percent down.
Contractor Drake & Scull International, one of the worst-performing stocks on the Dubai index in recent weeks and down around 69 percent so far this year, closed 10.6 percent up.
DSI has been lagging because of concerns about its financial position, business outlook and the outcome of an internal investigation into alleged violations by previous management, the results of which were passed to authorities.
In Abu Dhabi, the index ended broadly flat, closing up 0.03 percent. Abu Dhabi National Energy Co was one of the main gainers, climbing 4.4 percent. Emirates Telecommunications Group, which has the largest weighting on the index closed up 0.3 percent.
In Qatar, Qatar National Bank reversed an earlier gain to finish 1.0 percent down. The bank is due to release of its second-quarter financial results on Wednesday.
Qatar Islamic Bank closed 1.2 percent down.
The wider index finished 0.7 percent lower.
Source: Brecorder
