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The Financial Express

Mideast stocks edge up at opening

Published: December 10, 2017 15:52:37 | Updated: December 12, 2017 12:13:07


File Photo (Reuters) File Photo (Reuters)

Most of the stocks rose in early trade on Sunday with Qatar's Mesaieed Petrochemical again attracting unusually heavy trading volume.

The Qatari index climbed 1.4 per cent; it has been trading near six-year lows for a month and appears to have established strong support in that area.

Mesaieed, the most heavily traded stock, gained 1.2 per cent. On Thursday, Mesaieed had posted its largest volume since April 2016, reports Reuters.

All 10 of Qatar's most active stocks rose and drilling rig provider Gulf International Services added 4.3 per cent.

Saudi Arabia's index rose 0.4 per cent with real estate firm Dar Al Arkan continuing a strong rally. It climbed 2.0 per cent to 13.10 riyals.

Petrochemical firm Saudi Kayan, the most heavily traded stock, surged 4.8 per cent to 10.50 riyals.

Dubai gained 0.5 per cent with Union Properties rising sharply for a second straight day. It climbed 3.0 per cent to 0.86 dirham, having tested and confirmed support in the past three weeks around 0.80 dirham.

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