PHOTO
By Andrew Torchia
DUBAI, May 29 (Reuters) - Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices.
The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs.
Petrochemical shares were strong with Saudi Kayan gaining 1.3 percent, although small producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 1.6 percent.
The Dubai index added 0.7 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties , the most heavily traded stock, gaining 2.4 percent.
Amusement park operator DXB Entertainments , whose slide this year has weighed heavily on the Dubai market, edged up 0.5 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating.
Loss-making builder Drake & Scull gained 1.5 percent after banking sources told Reuters about its recovery plan, including its projection that earnings before interest, taxes, depreciation and amortization will turn positive this year.
Qatar's index edged down 0.1 percent but Qatar First Bank , the most heavily traded stock, climbed 5.8 percent. In the last several days it has rebounded from record lows in unusually heavy trade.
In Kuwait, logistics giant Agility climbed 2.3 percent to 0.706 dinar, after a 6.2 percent surge on Sunday. The company said at the end of last week that it had agreed to pay $95 million in cash to settle a civil lawsuit accusing it of defrauding the U.S. military on food supply contracts. The deal allows it to pursue U.S. government contracts again.
SICO Bahrain called the resolution of the U.S. case a major positive and upgraded the stock to a "buy" with a target price of 0.85 dinar.
HIGHLIGHTS
SAUDI ARABIA
* The index gained 0.6 percent to 6,822 points.
DUBAI
* The index rose 0.7 percent to 3,318 points.
ABU DHABI
* The index edged down 0.1 percent to 4,493 points.
QATAR
* The index edged down 0.1 percent to 10,112 points.
EGYPT
* The index edged up 0.02 percent to 13,208 points.
KUWAIT
* The index rose 0.2 percent to 6,663 points.
BAHRAIN
* The index edged up 0.1 percent to 1,319 points.
OMAN
* The index edged down 0.03 percent to 5,385 points.
((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
DUBAI, May 29 (Reuters) - Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices.
The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs.
Petrochemical shares were strong with Saudi Kayan gaining 1.3 percent, although small producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 1.6 percent.
The Dubai index added 0.7 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties , the most heavily traded stock, gaining 2.4 percent.
Amusement park operator DXB Entertainments , whose slide this year has weighed heavily on the Dubai market, edged up 0.5 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating.
Loss-making builder Drake & Scull gained 1.5 percent after banking sources told Reuters about its recovery plan, including its projection that earnings before interest, taxes, depreciation and amortization will turn positive this year.
Qatar's index edged down 0.1 percent but Qatar First Bank , the most heavily traded stock, climbed 5.8 percent. In the last several days it has rebounded from record lows in unusually heavy trade.
In Kuwait, logistics giant Agility climbed 2.3 percent to 0.706 dinar, after a 6.2 percent surge on Sunday. The company said at the end of last week that it had agreed to pay $95 million in cash to settle a civil lawsuit accusing it of defrauding the U.S. military on food supply contracts. The deal allows it to pursue U.S. government contracts again.
SICO Bahrain called the resolution of the U.S. case a major positive and upgraded the stock to a "buy" with a target price of 0.85 dinar.
HIGHLIGHTS
SAUDI ARABIA
* The index gained 0.6 percent to 6,822 points.
DUBAI
* The index rose 0.7 percent to 3,318 points.
ABU DHABI
* The index edged down 0.1 percent to 4,493 points.
QATAR
* The index edged down 0.1 percent to 10,112 points.
EGYPT
* The index edged up 0.02 percent to 13,208 points.
KUWAIT
* The index rose 0.2 percent to 6,663 points.
BAHRAIN
* The index edged up 0.1 percent to 1,319 points.
OMAN
* The index edged down 0.03 percent to 5,385 points.
((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
