MIDEAST STOCKS-Saudi index buoyed by petrochemical shares, Halwani Bros jumps | Nasdaq
Saudi Arabia's main index edged higher in early trade on Monday, buoyed by petrochemical shares a day after the energy ministry announced the discovery of four new oil and gas fields.
Saudi Basic Industries 2010.SE rose 0.6% and Saudi Kayan Petrochemical 2350.SE gained 0.8%, supporting a 0.1% rise in the benchmark index .TASI.
State-owned Saudi Aramco 2222.SE edged up 0.1% after the announcement that it had discovered oil in the Al-Ajramiyah well, northwest of the city of Rafhaa, with tests showing a rate of 3,850 barrels per day.
Halwani Brothers Company 6001.SE jumped 9.9% to a record high of 88.9 riyals after the food producer and distributor proposed raising capital through a bonus share issue and distributing a 1.5 riyal-per-share cash dividend for 2020.
The Dubai index .DFMGI was down 0.2%. Blue-chip developer Emaar Properties EMAR.DU lost 0.8% while Damac Properties DAMAC.DU shed 1.5%.
DXB Entertainments DXBE.DU was the biggest loser in percentage term, falling 4% to 0.095 dirham.
Its shares were due to see their fifth consecutive day of losses since filings showed Meraas, which owns more than half of the loss-making theme park group intended to make a conditional offer to acquire the remaining shares and take it private.
In Abu Dhabi, the index .ADI was up 0.2% with Emirates Telecommunications Group ETISALAT.AD and First Abu Dhabi Bank FAB.AD gaining 0.3% and 0.2% respectively.
The Qatari index .QSI was trading down 0.1%. Qatar Fuel QFLS.QA and the telecom company Ooredoo ORDS.QA both fell 1%.
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