|Published : 15 Mar 2017, 15:42:24|
Gulf markets edge up in quiet trading
Most Gulf stock markets edged up in early trade on Wednesday ahead of an expected US interest rate hike later in the day, reports Reuters.
Saudi Arabia's index climbed 0.4 per cent with most banking shares after credit rating agency Moody's raised its outlook for the Saudi banking system to "stable" from "negative".
Al Jazira Bank gained 1.4 per cent and electronics retailer United Electronics jumped 5.3 per cent. Petrochemical firm Yansab fell 1.8 per cent as it went ex-dividend.
In Dubai, the index rose 0.1 per cent as Shuaa Capital added 2.2 per cent and GFH Financial was flat.
Late on Tuesday, GFH confirmed that it was in talks on a possible merger with Shuaa, although Shuaa has still not issued any statement.
District cooling firm Tabreed fell 2.1 per cent as it went ex-dividend.
In Bahrain, Khaleeji Commercial Bank surged 4.5 per cent in very thin trade.
GFH said it would raise its stake in the bank to 55.38 per cent from 46.97 per cent by acquiring shares owned by Emirates Islamic Bank.
Qatar's index edged down 0.1 per cent as Mazaya Qatar Real Estate Development sank 4.5 per cent after saying annual net profit fell to 74.6 million riyals from 112.7 million riyals in the previous year.