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|10 July, 2018

MIDEAST STOCKS-Most Gulf markets up on financials, petrochemicals

Most Gulf markets traded higher early on Tuesday, as financials boosted Kuwait and Qatar, and higher oil prices lifted Saudi petrochemical stocks.

A Kuwaiti investor keeps track of stock prices at the Kuwait Stock Market October 13,2008.

A Kuwaiti investor keeps track of stock prices at the Kuwait Stock Market October 13,2008.

REUTERS/Stephanie McGehee

DUBAI - Most Gulf markets traded higher early on Tuesday, as financials boosted Kuwait and Qatar, and higher oil prices lifted Saudi petrochemical stocks.

Qatari shares were up 0.4 percent, lifted by a 1.3 percent rise in Qatar National Bank  a day before its quarterly earnings. Qatar Islamic Bank climbed 2 percent.

Bahrain-based broker SICO said in a report QNB could post a net profit 3.47 billion riyals ($952.90 million) in the second quarter, little changed from a year earlier based on a consensus estimate.

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Kuwait's premier index rose 0.7 percent after market heavyweight Kuwait National Bank posted a 16 percent rise in quarterly profit.

Shares of NBK were trading 0.3 percent higher and Kuwait Finance House rose 1.3 percent.

The Saudi index rose 0.3 percent, led by gains in petrochemical stocks amid higher oil prices.

Saudi Kayan Petrochemical was up 1.1 percent at 16.76 riyals.

Goldman Sachs said in a report this week it is raising its 12-month price target to 18.5 riyals from 16.9 riyals, on the back of higher estimates to reflect higher product pricing and lower feedstock costs. Saudi Basic Industries was up 0.8 percent. The Dubai index traded 0.4 percent higher, lifted by telecom and property stocks. Emirates Integrated Telecoms (du) was up 2 percent and Emaar Development  climbed 1.2 percent.

The Abu Dhabi index was flat, but higher oil prices lifted shares of Abu Dhabi National Energy, which climbed 1.7 percent in early trade. ($1 = 3.7503 riyals)

($1 = 3.6415 Qatar riyals)

(Reporting by Saeed Azhar Editing by Andrew Heavens) ((Saeed.azhar@thomsonreuters.com))