Gulf stocks rise in quiet trade, Saudi blue chips strong

Most Gulf stock markets inched higher in quiet, early trade Sunday after oil prices and global bourses climbed on Friday.

Saudi Arabia’s index added 0.5 percent in the first half hour as, among blue chips, Saudi Basic Industries climbed 0.6 percent and Al Rajhi Bank rose 1.3 percent.

In Dubai, the index added 0.7 percent with GFH Financial, the most heavily traded stock, surging 3.1 percent.

Abu Dhabi edged down 0.1 percent because of weakness in banks, with First Gulf Bank losing 0.8 percent. Most of the 10 most heavily traded stocks barely moved.

Qatar’s index edged up 0.2 percent as Industries Qatar rose 1.0 percent and Qatar National Bank climbed 0.6 percent.

Source: Reuters