20 May 2015
JEDDAH -- Most Gulf stock markets moved little in early trade on Tuesday in the absence of fresh catalysts and against a mixed global background.
Brent oil prices have dropped in Asian trade on Tuesday on signs of weakness at the world's top energy consumer China, but US crude futures have edged up on rising demand ahead of the summer driving season.
Asian shares have risen after both the Dow Jones industrial average and the S&P 500 in the United States closed at record highs.
Saudi Arabia stocks were higher after the close on Tuesday, as gains in the Transport, Insurance and Hotels & Tourism sectors led shares higher.
At the close in Saudi Arabia, the Tadawul
All Share gained 0.03%. The best performers of the session on the Tadawul All Share were Saudi Transport & Investment Co, which rose 9.58% or 5.99 points to trade at 68.50 at the close.
Meanwhile, Salama Cooperative Insurance Co added 4.66% or 1.34 points to end at 30.10 and Arabia Insurance Cooperative Co was up 4.64% or 0.69 points to 15.55 in late trade.
The worst performers of the session were Wataniya Insurance Company
, which fell 3.04% or 2.99 points to trade at 95.25 at the close.
Emaar The Economic City declined 2.66% or 0.45 points to end at 16.45 and ACE Arabia Cooperative Insurance was down 2.23% or 1.70 points to 74.50.
Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 99 to 64. Shares in Saudi Transport & Investment Co rose to 52-week highs; rising 9.58% or 5.99 to 68.50.
Crude oil for July delivery was down 2.08% or 1.25 to $58.99 a barrel.
Elsewhere in commodities trading, Brent oil for delivery in July fell 1.67% or 1.10 to hit $65.17 a barrel, while the June Gold contract fell 1.03% or 12.60 to trade at $1215.00 a troy ounce.
Meanwhile, Dubai's index climbed 0.9 percent as most stocks rose and heavyweight Emaar Properties , which dominated trading volumes, added 1.9 percent.
Abu Dhabi edged up 0.3 percent, supported by telecommunications firm Etisalat, up 0.4 percent. Qatar's bourse was nearly flat as Ezdan Holding and Qatar Insurance remained volatile after surging on their inclusion in MSCI's emerging markets index last week.
Ezdan rose 1.2 percent but Qatar Insurance dropped 2.0 percent. Kuwait's index inched up 0.1 percent, while Oman was flat.
© The Saudi Gazette 2015