|Published : 29 Nov 2016, 15:44:36|
Mideast stocks little change; Saudi close to technical breakout
Gulf markets were little changed in on Tuesday while Saudi Arabia's stock market neared a bullish technical breakout in the early trade.
The Saudi index climbed 0.7 per cent in the first half-hour to 6,950 points, its highest level since Jan. 3.
As on Monday, the banking and petrochemical sectors moved little and much activity focused on smaller stocks.
Retailer Jarir Marketing, beaten down earlier this year by an economic slowdown due to low oil prices, jumped 5.2 per cent.
Insurance stocks favoured by local retail speculators also surged, with Al Rajhi Takaful up 7.8 per cent.
Central bank data released on Monday suggested the government was bringing home large amounts of money from abroad and using it to pay debts to the private sector.
Dubai's index rose 1.0 per cent as Dubai Investments surged 2.7 per cent.
Construction firm Arabtec climbed 1.6 per cent after it appointed Hamish Tyrwhitt as new chief executive.
Abu Dhabi's index rose 0.5 per cent, buoyed by banks, with Abu Dhabi Commercial Bank adding 2.1 per cent. Qatar's index was flat, however, according to a news agency report.