DUBAI Nov 29 Saudi Arabia's stock market neared
a bullish technical breakout in early trade on Tuesday while
speculative activity in small caps boosted United Arab Emirates
markets, though other bourses in the Gulf were little changed.
The Saudi index climbed 0.7 percent in the first
half-hour to 6,950 points, its highest level since Jan. 3. A
close above major technical resistance on the April peak of
6,876 points would confirm a major double bottom formed by the
January and October lows and pointing up to around 8,400 points
in the long term.
As on Monday, the banking and petrochemical
sectors moved little and much activity focused on
Retailer Jarir Marketing, beaten down earlier this
year by an economic slowdown due to low oil prices, jumped 5.2
percent. Insurance stocks favoured by local retail speculators
also surged, with Al Rajhi Takaful up 7.8 percent.
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, which could
boost economic growth in the fourth quarter.
Dubai's index rose 1.0 percent as Dubai Investments
surged 2.7 percent.
Construction firm Arabtec climbed 1.6 percent
after it appointed Hamish Tyrwhitt as new chief executive;
Tyrwhitt was chief executive of Australian contractor Leighton
Holdings, since rebranded CIMIC Group, between 2011 and
Abu Dhabi's index rose 0.5 percent, buoyed by banks,
with Abu Dhabi Commercial Bank adding 2.1 percent.
Qatar's index was flat, however.
(Reporting by Andrew Torchia; Editing by Andrew Heavens)