DUBAI, June 29 (Reuters) - Major stock markets in the Gulf firmed in early trade on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week.
Riyadh's index
.TASI
added 0.7 percent in the first 45 minutes of trade, buoyed by the petrochemcial sector
.TISI
as oil prices rose back towards $50 a barrel. Brent futures
LCOc1
were up 1.0 percent in Asian trade.
Shares in retailer L'azurde Company for Jewellery
4011.SE
surged their 10 percent daily limit to 40.70 riyals as they listed in Riyadh. The company sold 12.9 million shares in its initial public offer at 37.0 riyals per share.
Main competitor Fitaihi Holding
4180.SE
rose 0.6 percent. L'azurde is the first retail company to list in Saudi Arabia this year, and its stock price performance in coming months may depend on the outlook for discretionary spending in the midst of an economic slowdown due to low oil prices.
Dubai's stock index
.DFMGI
rose 0.2 percent with the main support from Emaar Properties
EMAR.DU
, up 0.2 percent, and Arabtec
ARTC.DU
, which was 1.5 percent higher.
But Dubai Parks and Resorts
DUBA.DU
, the most heavily traded stock, dropped 1.9 percent after the amusement park developer said on Tuesday it had made an exception to its exclusive right to develop and operate Six Flags-branded theme parks in the Gulf Cooperation Council, in order to let Six Flags help Saudi Arabia build theme parks
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Abu Dhabi's index
.ADI
edged up 0.4 percent with Abu Dhabi National Energy (TAQA)
TAQA.AD
, the top gainer, rising 4.1 percent. Abu Dhabi said on Wednesday it would merge state investment funds Mubadala Development Co and International Petroleum Investment Co to improve their financial performance; this could signal more action to restructure Abu Dhabi's state assets, such as loss-making TAQA.
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In Qatar, stocks that are members of the MSCI emerging market index were the main drag on the benchmark
.QSI
, which was down 0.5 percent. Islamic lender Masraf Al Rayan
MARK.QA
fell 0.9 percent and Qatar National Bank
QNBK.QA
lost 0.7 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
Riyadh's index
Shares in retailer L'azurde Company for Jewellery
Main competitor Fitaihi Holding
Dubai's stock index
But Dubai Parks and Resorts
Abu Dhabi's index
In Qatar, stocks that are members of the MSCI emerging market index were the main drag on the benchmark
(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))