DUBAI Nov 30 Saudi Arabia's stock market edged
up in early trade on Wednesday while other Gulf bourses were
mixed ahead of an OPEC decision expected late in the day on
proposed oil production cuts to prop up prices.
Most analysts believe the Organization of the Petroleum
Exporting Countries will cobble together a deal to reduce some
production at its meeting on Wednesday in Vienna, which starts
at 1000 GMT.
But there is a lot of uncertainty on the terms of the deal
and whether it will have much long-term effect on the oil
market, and in this environment, many institutional funds have
been cutting back activity, leaving Gulf stock markets to focus
on short-term trade by retail investors.
The Saudi index climbed 0.6 percent in the first 20
minutes. Saudi Arabian Mining Co (Ma'aden) surged 2.5
percent after announcing a 24 billion riyal ($6.4 billion)
project to boost its phosphate capacity, while petrochemical
blue-chip Saudi Basic Industries gained 1.1 percent.
Dubai's index edged down 0.2 percent, however, as
GFH Financial pulled back 1.7 percent. Abu Dhabi's
index was flat.
Qatar rose 0.5 percent as Qatar Navigation
added 1.7 percent after saying it would form a joint venture
with Qatar Ports to operate Hamad Port in Doha.
(Reporting by Andrew Torchia; Editing by Louise Ireland)