MIDEAST STOCKS- #Saudi stocks continue to gain, rest of Gulf falls | Reuters

MIDEAST STOCKS-Saudi stocks continue to gain, rest of Gulf falls | Reuters:

Saudi Arabia’s stock market was the sole gainer in early trading on Thursday, with most major Gulf bourses sliding before corporate earnings announcements next week.

Saudi’s main index rose 0.4 percent, with petrochemical company Saudi Basic Industries adding 0.5 percent and Saudi British Bank rising 2.3 percent.

Contractor Al Khodari rose 4.2 percent in heavy trade after its board proposed to use its statutory reserve of 71 million riyals ($18.93 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million riyals.