DUBAI (Reuters) - Most Gulf stock markets opened in positive territory on Sunday on the back of last week's gain in oil prices, although the Abu Dhabi index fell slightly, pulled down by energy producer Dana Gas.
The Saudi index gained 0.4 percent in the first hour in a broad rise. Blue chip Saudi Basic Industries Corp was up 0.3 percent after reporting a 5.4 percent rise in first-quarter net profit, broadly in line with analysts' forecasts.
Islamic lender Alinma , one of the most heavily traded stocks, climbed 0.5 percent after reporting a quarterly profit rise of 38 percent on year.
In Dubai, the index was up 0.3 percent, lifted by Shuaa Capital, which jumped 6.7 percent to 1.12 dirhams and was the market’s most heavily traded stock.
Shuaa began rebounding from an 18-month low last Thursday and is testing technical resistance on its 200-day average, now at 1.14 dirhams, which it has not exceeded since June 2017.
The company said last week it had completed the acquisition of Integrated Capital and brokerage subsidiary Integrated Securities, which became the third company to offer technical short-selling services on the Abu Dhabi Securities Exchange.
In Abu Dhabi, energy producer Dana Gas dropped 3.0 percent, pushing the index down 0.2 percent. Late last week, an English court refused the company’s application to overturn a previous order restraining Dana Gas from distributing dividends to its shareholders for 2017.
A London high court judge ordered Dana to pay any dividends into an English bank account where the funds must be held until the company’s dispute with creditors over its $700 million Islamic bond is resolved, sources told Reuters on Friday.
Qatar's index gained 0.7 percent as Industries Qatar rose 3.4 percent after posting a 37 percent rise in first-quarter net profit to 1.3 billion riyals ($357 million); the average forecast of three analysts polled by Reuters had been 1.10 billion riyals.
(Reporting by Davide Barbuscia; Editing by Andrew Torchia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: email@example.com))