Gulf equity markets were narrowly mixed on Sunday after oil prices stabilised, with low trading volumes indicating that investors remained cautious.
Brent crude oil steadied just above $60 a barrel on Friday as expectations for falling U.S. rig count numbers outweighed concerns about oversupply.
Oil’s weakness earlier last week ended a rally across Gulf stock markets, prompting investors to book profits and stay on the sidelines.
On Sunday, the main Saudi stock index was flat with a roughly equal split between gainers and losers. Petrochemicals giant Saudi Basic Industries edged up 0.4 percent.
Mecca real estate developer Jabal Omar was the main support, jumping 4.5 percent. The company, which uses the Islamic calendar, reported a second consecutive profitable quarter this month after at least five years of losses.
Makkah Construction and Development, which has a 10.1 percent stake in Jabal Omar, jumped 3.2 percent.
Insurance companies also outperformed. The sector’s index rose 0.5 percent and AXA Cooperative Insurance Co , which at the end of last week reported a 22.4 percent increase in 2014 net profit, surged its daily 10 percent limit.
Retailer United Electronics added 0.8 percent after the firm said it had launched a new store which would boost first-quarter sales.
QATAR, EGYPT
Markets in Dubai and Abu Dhabi edged down 0.5 percent each as most stocks declined in low-volume trade.
Qatar’s index edged up 0.2 percent on the back of property firms Barwa Real Estate and Ezdan Holding , up 2.5 and 0.7 percent respectively.
Qatari newspaper The Peninsula on Saturday quoted Economy and Trade Minister Sheikh Ahmed bin Jassim al-Thani as saying Doha would spend $12.5 billion on housing and infrastructure in the run-up to the 2022 FIFA World Cup. Also, both companies have yet to announce 2014 dividends.
Egypt’s bourse edged up 0.1 percent. Investment bank EFG Hermes climbed 1.0 percent after Qalaa Holdings hired it to advise on the possible sale of Qalaa’s food businesses.
Meanwhile, investment firm Pioneers Holding fell 0.9 percent; last week, a subsidiary of Europe’s biggest dairy group Lactalis raised its offer for Egypt’s Arab Dairy to 65.75 Egyptian pounds per share, topping the latest bid from Pioneers.
SUNDAY’S HIGHLIGHTS
SAUDI ARABIA
* The index inched up 0.01 percent to 9,301 points.
DUBAI
* The index edged down 0.5 percent to 3,840 points.
ABU DHABI
* The index fell 0.5 percent to 4,647 points.
QATAR
* The index edged up 0.2 percent to 12,525 points.
EGYPT
* The index added 0.1 percent to 9,495 points.
KUWAIT
* The index edged down 0.6 percent to 6,602 points.
OMAN
* The index slipped 0.1 percent to 6,634 points.
BAHRAIN
* The index climbed 0.1 percent to 1,461 points.
Source: Reuters
