October 16, 2019 / 7:55 AM / a month ago

MIDEAST STOCKS-Petrochemicals hurt Qatar, Gulf mostly quiet early on

Oct 16 (Reuters) - Gulf stocks mostly rose early on Wednesday, although Qatari petrochemical shares pulled down that market.

Saudi Arabia’s index edged up 0.2%, with AL Rajhi Bank gaining 0.5% and Jabal Omar Development up 1.7%.

Yamamah Cement gained 3.1% after posting third-quarter profit of 54.7 million riyals ($14.58 million), compared with a loss of 46.4 million riyals year ago.

In Qatar, the index slipped 0.1%. Mesaieed Petrochemical fell 2.9% and Qatar Navigation 2.6%.

Dubai’s index inched up 0.1% after falling the day before. Dubai Islamic Bank added 0.8% and Deyaar Development advanced 3.6%. The real estate developer’s board is scheduled to meet on Wednesday to approve third-quarter earnings.

Union Properties increased 1.6% after the company announced that it completed 30% of Dubai Autodrome Business Park phase two.

The Abu Dhabi index was up 0.2%, helped by a 1.6% rise in Abu Dhabi Commercial Bank and a 0.1% gain by First Abu Dhabi Bank, the country’s largest lender. ($1 = 3.7507 riyals) (Reporting by Ateeq Shariff in Bengaluru, editing by Larry King )

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