Saudi rises in early trade, most Gulf markets move little

In Abu Dhabi, the index edged down 0.1 percent

  
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrative purpose

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrative purpose

REUTERS/Faisal Al Nasser
DUBAI: Saudi Arabia's stock market rose in a broad-based rally early on Sunday with most other major Gulf bourses moving little.

The Saudi index  climbed 0.6 percent with all 10 of the most active stocks gaining. Insurer SABB Takaful surged 5.5 percent after Saudi British Bank said it had completed the purchase of all of HSBC's stake in SABB Takaful.

Al Tayyar Travel, its founder detained in Saudi Arabia's corruption probe, added 2.9 percent; after plunging in response to the probe, it has been edging back up in the last few days.

Saudi Airlines Catering climbed 1.8 percent after saying it had won a 501 million riyal ($136.5 million), five-year contract to supply inflight catering services to Saudi budget airline flynas.

Banque Saudi Fransi inched up 0.1 percent after the central bank said the bank faced an unspecified fine over irregularities in an employee incentive programme. The investigation into the irregularities was already well-known and official action had been anticipated by investors. 

In Abu Dhabi, the index edged down 0.1 percent but Manazel Real Estate, the most heavily traded stock, gained 1.9 percent after saying plans were underway to expand into Middle East and North African markets, including Saudi Arabia, because of rising demand for middle-income housing. It gave no details.

Dubai's index fell 0.1 percent as Emaar Properties pulled back 0.8 percent. Its unit Emaar Development, which performed weekly on its debut last week, dropped 1.0 percent.

In Kuwait, logistics firm Agility gained 2.8 percent after its 80.5 percent-owned unit Metal and Recycling Co reported quarterly profit more than doubled from a year earlier to 171,524 dinars ($570,000) as sales rose 15 percent.

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

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