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DUBAI, March 12 (Reuters) - Stock markets in the Gulf were mostly lower in early trade on Sunday after crude oil prices plunged at the end of last week to a three-month low, but Dubai's Shuaa Capital and Saudi Arabia's Bank Aljazira surged in response to company-specific news.
A little over two-thirds of Saudi Arabia's 14 listed petrochemical makers traded lower with Saudi Kayan Petrochemical
2350.SE
retreating 2.5 percent, helping drag the overall Saudi index
.TASI
0.7 percent lower.
Shares in Banque Saudi Fransi
1050.SE
lost 1.2 percent after Credit Agricole
CAGR.PA
, which owns 31 percent of the Saudi lender, said it was satisfied with business at the bank. On Wednesday Reuters reported the French major stakeholder had hired JP Morgan
JPM.N
for a potential sale of its stake valued at around $2.4 billion.
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But Bank Aljazira
1020.SE
jumped its 10 percent daily limit after the lender proposed a 30 percent capital increase through a bonus share issue.
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Dubai's index
.DFMGI
fell 0.3 percent as two-thirds of the traded shares dropped. Emaar Properties
EMAR.DU
lost 1 percent and DXB Entertainments
DXBE.DU
was down 1.6 percent.
Shuaa Capital
SHUA.DU
jumped 10.4 percent, however, after saying it had signed an agreement to acquire Integrated Capital and Abu-Dhabi based brokerage Integrated Securities. The acquisition is pending regulatory approval and is expected to close in the coming weeks, Shuaa said.
Integrated Financial Group is managed and controlled by Abu Dhabi Financial Group. Last November, Abu Dhabi Financial Group bought a 48.36 percent stake in Shuaa.
Abu Dhabi's index
.ADI
was down 0.4 percent in very thin trade. Heavyweight First Gulf Bank
FGB.AD
fell 1.2 percent.
Qatar's index
.QSI
, however, extended Thursday's 1.0 percent gain and added 0.2 percent. Building materials maker Qatari Investors Group
QIGD.QA
was the top gainer, climbing 2.0 percent.
In Kuwait, National Bank of Kuwait
NBKK.KW
fell 2.8 percent as the stock went ex-dividend. The index
.KWSE
fell 0.3 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia and Mark Potter) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
A little over two-thirds of Saudi Arabia's 14 listed petrochemical makers traded lower with Saudi Kayan Petrochemical
Shares in Banque Saudi Fransi
But Bank Aljazira
Dubai's index
Shuaa Capital
Integrated Financial Group is managed and controlled by Abu Dhabi Financial Group. Last November, Abu Dhabi Financial Group bought a 48.36 percent stake in Shuaa.
Abu Dhabi's index
Qatar's index
In Kuwait, National Bank of Kuwait
(Reporting by Celine Aswad; Editing by Andrew Torchia and Mark Potter) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))