February 26, 2017 / 8:34 AM / in 10 months

MIDEAST STOCKS-Gulf little changed, new listings surge on Saudi secondary market

DUBAI, Feb 26 (Reuters) - Gulf stocks were generally little changed in early Sunday trade but most new listings surged on Saudi Arabia’s secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time.

The main Saudi index edged down 0.02 percent in the first hour. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trading volume; Al Jazira climbed 9.8 percent and Riyad REIT gained 5.1 percent.

In the new Saudi Parallel Market, where seven stocks started trading, retailer Abdullah Saad Mohammed Abo Moati Stationaries rose 6.7 percent from its initial public offer price in volume of a little over 1 million shares.

Raydan Cuisines climbed 6.3 percent and Al-Omran Industrial and Trading Co jumped 11 percent.

In Qatar, the index edged down 0.1 percent as Qatar Navigation (Milaha) dropped 5.1 percent after it swung to a surprise fourth-quarter net loss of 47.7 million riyals ($13.1 million); QNB Financial Services had forecast a profit of 142.4 million riyals.

Dubai’s index edged up 0.2 percent as DAMAC Properties, the developer which earlier this month opened a Donald Trump-branded golf course and residential project in Dubai, added 1.4 percent to 2.91 dirhams in unusually heavy trade.

It rose above technical resistance at the April 2016 peak of 2.88 dirhams. The stock has surged from 2.17 dirhams at the time of the U.S. presidential election in November.

Abu Dhabi’s index was 0.2 percent higher as First Gulf Bank gained 1.1 percent. (Reporting by Andrew Torchia; Editing by Mark Potter)

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