MIDEAST STOCKS-Gulf narrowly mixed early on, Saudi's Dar Al Arkan continues ascent

The Saudi index edged down 0.04% in the opening half-hour as Dar Al Arkan, the most heavily traded stock, climbed 2.8%

  
DUBAI  - Gulf stock indexes were mixed in narrow ranges in early trade on Monday, but real estate firm Dar Al Arkan continued a spectacular rally in Saudi Arabia.

The Saudi index edged down 0.04 percent in the opening half-hour as Dar Al Arkan, the most heavily traded stock, climbed 2.8 percent to 14.38 riyals.

It has jumped from around 7.50 riyals in mid-November, when MSCI said it was adding the stock to its Saudi Arabia Index; retail investors have piled into the stock in recent days, attracted by its volatility.

In Dubai, the index edged down 0.1 percent but real estate firm Emaar Development, which hit a record closing low of 5.34 dirhams last week, rebounded 1.3 percent to 5.42 dirhams. Its shares were sold in last month's initial public offer at 6.03 dirhams.

Qatar's index also barely moved, slipping 0.1 percent. Property firm Ezdan Holding, the most active stock, gained 1.9 percent, however, and Qatari Investors Group, which traded around 23 riyals in mid-November, surged 5.5 percent to 34.30 riyals.

(Reporting by Andrew Torchia; Editing by Hugh Lawson) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))



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