Bourses in the Gulf were mixed Wednesday with Saudi Arabia's bourse supported by the petrochemical sector. Saudi Arabia's index rose 0.4 percent in moderate trade as Brent prices firmed over $46 a barrel. Saudi Basic Industries, the petrochemical heavyweight, climbed 0.9 percent. The insurance sub-index, usually actively traded by day traders, added 1.7 percent as almost all the constituents advanced, recouping some of the heavy losses of the week. BUPA Arabia, a mid-sized medical insurer, rose 2.9 percent. But banking shares were mixed, with the sub-index losing 0.2 percent as the sector's heavyweights diverged. Al Rajhi Bank, the largest listed Islamic lender, dropped 2.7 percent. "There is an overhang from the construction sector on Saudi banks, but we believe that the capital buffers in top-tier banks are sufficient," said Kunal Damle, institutional sales for brokerage at Bahrain's Securities & Investment Company (SICO). Samba Financial Group, which derived 11 percent of its net income from corporate banking in the first half of the year, jumped 4.9 percent. The exchange will be closed on Thursday in observance of the kingdom's national day holiday and will resume trade on Sunday Sept. 25. Qatar's stock index slipped 0.04 percent, after advancing 1.0 percent on Tuesday as passive funds flowed into the companies now included in the FTSE's secondary emerging market index. Seven of the 22 shares which are now FTSE members pulled back, with Ezdan Holding Group dropping 1.2 percent, while five of them advanced with Masraf Al Rayan adding 0.3 percent. But mobile operator Ooredoo, now a member of the FTSE emerging market index, added 2.4 percent after the company said late on Tuesday it had no intention of selling any of its interest in Indonesian subsidiary Indosat Ooredoo. There had been media speculation it was considering a stake sale to focus on Middle Eastern markets. Dubai's index failed to hold onto small gains from earlier in the day and dropped 0.3 percent as declines in blue chips weighed on the exchange. Emaar Properties retreated 1.3 percent and Dubai Investments lost 1.0 percent. But Abu Dhabi's index rose 0.2 percent although activity was lower than previous sessions this week. Union National Bank, which has shed 6.7 percent since Sunday, added 1.0 percent. WEDNESDAY'S HIGHLIGHTS SAUDI ARABIA * The index rose 0.4 percent to 5,949 points. QATAR * The index slipped 0.04 percent to 10,253 points. DUBAI * The index fell 0.3 percent to 3,446 points. ABU DHABI * The index added 0.2 percent to 4,470 points. EGYPT * The index dropped 1.4 percent to 7,938 points. BAHRAIN * The index gained 0.2 percent to 1,134 points. OMAN * The index declined 0.03 percent to 5,750 points. ($1 = 3.7508 riyals) Source: Reuters
